Common use of LIBOR Notes Clause in Contracts

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (4) if fewer than two offered quotations referred to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (5) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (4), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither whether “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is or is not specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, appears on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent as the arithmetic mean of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) Agents), in the London interbank market selected by the Calculation Agent to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (43) if fewer than two offered quotations referred to in clause (32) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) Agents), in that principal financial center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (54) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (4), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”as

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (4) if fewer than two offered quotations referred to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center Principal Financial Center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (5) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (4), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”LIBOR

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither whether “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is or is not specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, appears on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent as the arithmetic mean of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) ), in the London interbank market selected by the Calculation Agent to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (43) if fewer than two offered quotations referred to in clause (32) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) ), in that principal financial center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (54) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (43), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”” means the display on Reuters Service (or any successor service) on the page specified on the face hereof (or any other page as may replace that page on that service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency.

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither whether “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is or is not specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, appears on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent as the arithmetic mean of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) Agents), in the London interbank market selected by the Calculation Agent to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (43) if fewer than two offered quotations referred to in clause (32) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) Agents), in that principal financial center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (54) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (43), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”be

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (4) if fewer than two offered quotations referred to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (5) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (4), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”Interest

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “"LIBOR Note.” " Unless otherwise specified on the face hereof, “"LIBOR” " means: (1) if “"LIBOR Moneyline Telerate” " is specified on the face hereof or if neither “"LIBOR Reuters” " nor “"LIBOR Moneyline Telerate” " is specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “"LIBOR Reuters” " is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (4) if fewer than two offered quotations referred to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (5) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (4), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”approximately

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “"LIBOR Note.” " Unless otherwise specified on the face hereof, “"LIBOR” " means: (1) if “"LIBOR Moneyline Telerate” " is specified on the face hereof or if neither “"LIBOR Reuters” " nor “"LIBOR Moneyline Telerate” " is specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “"LIBOR Reuters” " is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (4) if fewer than two offered quotations referred to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (5) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (4), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”A-3-18

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (4) if fewer than two offered quotations referred to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center Principal Financial Center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (5) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (4), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollarsDollars. “LIBOR Page”” means either: (1) if “LIBOR Reuters” is specified on the face hereof, the display on the Reuter Monitor Money Rates Service (or any successor service) on the page specified on the face hereof (or any other page as may replace that page on that service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency; or (2) if “LIBOR Telerate” is specified on the face hereof or neither “LIBOR Reuters” nor “LIBOR Telerate” is specified on the face hereof as the method for calculating LIBOR, the display on Telerate (or any successor service) on the page specified on the face hereof (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency.

LIBOR Notes. If LIBOR Notes will bear interest at the Interest interest rates (calculated with reference to LIBOR and the Spread and/or Spread Multiplier, if any, subject to the Maximum Rate Basis is LIBORor the Minimum Rate, this Note shall if any), and will be deemed a “LIBOR Note.” Unless otherwise payable on the dates, specified on the face hereofof the LIBOR Note and in the applicable Pricing Supplement. Unless otherwise indicated in the applicable Pricing Supplement, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified with respect to any Interest Reset Date will be determined by the Calculation Agent in accordance with the following provisions. On the relevant LIBOR Interest Determination Date, LIBOR will be determined on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is basis of either of the following, as specified on in the face hereof as applicable Pricing Supplement: the method for calculating LIBOR, the rate offered rates for deposits in the LIBOR Specified Currency (as defined below) having the specified Index Maturity specified on the face hereofMaturity, commencing on the related next succeeding Interest Reset Date, that appears which appear on the display designated as page “LIBOR” on the Reuters Monitor Money Rates Service (or such other page as may replace the LIBOR Page page on that service for the purpose of displaying London interbank offered rates of major banks for deposits in the Specified Currency) (as defined below“Reuters Screen LIBOR Page”) as of 11:00 A.M., London time, on the particular such LIBOR Interest Determination Date; or . If at least two (2) if “LIBOR Reuters” is specified such offered rates appear on the face hereofReuters Screen LIBOR Page, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of the such offered rates, calculated rates as determined by the Calculation Agent. If fewer than two (2) offered rates appear, LIBOR with respect to such Interest Reset Date will be determined as described in (ii) below; or the offered rate, if the LIBOR Page by its terms provides only for a single rate, rates for deposits in the LIBOR Specified Currency having the particular specified Index Maturity, commencing on the related next succeeding Interest Reset Date, that which appear on the display designated as Page 3740 or appearsPage 3750, as the case may beapplicable, on the LIBOR Page Dow Xxxxx Telerate Service (or such other page as may replace any such page on that service for the purpose of displaying London interbank offered rates of major banks for deposits in the Specified Currency) (each a “Telerate Page”) as of 11:00 A.M., London time, on the particular such LIBOR Interest Determination Date; or . If no such offered rate appears, LIBOR with respect to such Interest Reset Date will be determined as described in (3ii) below. If neither “Reuters Screen LIBOR Page” nor a “Telerate Page” is specified in the applicable Pricing Supplement, LIBOR will be determined as if a Telerate Page had been so specified. With respect to a LIBOR Interest Determination Date on which fewer than two offered rates appearfor the applicable Index Maturity appear on the Reuters Screen LIBOR Page as described in (i)(a) above, or on which no rate appearsappears on Telerate Page 3740 or 3750, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified described in clause (1i)(b) or (2)above, as applicable, LIBOR will be determined on the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates basis of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market rates at approximately 11:00 A.M., London time, on that such LIBOR Interest Determination Date at which deposits in the Specified Currency having the specified Index Maturity are offered to prime banks in the London interbank market by four (4) major banks in the London interbank market selected by the Calculation Agent (after consultation with IRSA) commencing on the second (2nd) Business Day immediately following such LIBOR Interest Determination Date and in a principal amount equal to an amount of not less than US$1,000,000 (or its approximate equivalent in a Specified Currency other than U.S. dollars) that in IRSA’s judgment is representative for a single transaction in the LIBOR Currency in that such market at that time; or such time (4a “Representative Amount”). The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least two (2) if such quotations are provided, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of such quotations. If fewer than two offered (2) quotations referred are provided, LIBOR with respect to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as such Interest Reset Date will be the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial CenterNew York City time, on the particular such LIBOR Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center New York City, selected by the Calculation Agent (after consultation with IRSA), for loans in the LIBOR Specified Currency to leading European banks, banks having the particular specified Index Maturity commencing on the Interest Reset Date and in a principal amount Representative Amount; provided that is representative for a single transaction in the LIBOR Currency in that market at that time; or if fewer than three (53) if the banks so selected as aforesaid by the Calculation Agent are not quoting as mentioned in clause (4)this sentence, LIBOR with respect to such Interest Reset Date will be LIBOR in effect on the particular such LIBOR Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”.

LIBOR Notes. If LIBOR Notes will bear interest at the Interest interest rates (calculated with reference to LIBOR and the Spread and/or Spread Multiplier, if any, subject to the Maximum Rate Basis is LIBORor the Minimum Rate, this Note shall if any), and will be deemed a “LIBOR Note.” Unless otherwise payable on the dates, specified on the face hereofof the LIBOR Note and in the applicable Pricing Supplement. Unless otherwise indicated in the applicable Pricing Supplement, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified with respect to any Interest Reset Date will be determined by the Calculation Agent in accordance with the following provisions. On the relevant LIBOR Interest Determination Date, LIBOR will be determined on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is basis of either of the following, as specified on in the face hereof as applicable Pricing Supplement: the method for calculating LIBOR, the rate offered rates for deposits in the LIBOR Specified Currency (as defined below) having the specified Index Maturity specified on the face hereofMaturity, commencing on the related next succeeding Interest Reset Date, that appears which appear on the display designated as page “LIBOR” on the Reuters Monitor Money Rates Service (or such other page as may replace the LIBOR Page page on that service for the purpose of displaying London interbank offered rates of major banks for deposits in the Specified Currency) (as defined below“Reuters Screen LIBOR Page”) as of 11:00 A.M., London time, on the particular such LIBOR Interest Determination Date; or . If at least two (2) if “LIBOR Reuters” is specified such offered rates appear on the face hereofReuters Screen LIBOR Page, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of the such offered rates, calculated rates as determined by the Calculation Agent. If fewer than two (2) offered rates appear, LIBOR with respect to such Interest Reset Date will be determined as described in (ii) below; or the offered rate, if the LIBOR Page by its terms provides only for a single rate, rates for deposits in the LIBOR Specified Currency having the particular specified Index Maturity, commencing on the related next succeeding Interest Reset Date, that which appear on the display designated as Page 3740 or appearsPage 3750, as the case may beapplicable, on the LIBOR Page Dow 11924629 Xxxxx Telerate Service (or such other page as may replace any such page on that service for the purpose of displaying London interbank offered rates of major banks for deposits in the Specified Currency) (each a “Telerate Page”) as of 11:00 A.M., London time, on the particular such LIBOR Interest Determination Date; or . If no such offered rate appears, LIBOR with respect to such Interest Reset Date will be determined as described in (3ii) below. If neither “Reuters Screen LIBOR Page” nor a “Telerate Page” is specified in the applicable Pricing Supplement, LIBOR will be determined as if a Telerate Page had been so specified. With respect to a LIBOR Interest Determination Date on which fewer than two offered rates appearfor the applicable Index Maturity appear on the Reuters Screen LIBOR Page as described in (i)(a) above, or on which no rate appearsappears on Telerate Page 3740 or 3750, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified described in clause (1i)(b) or (2)above, as applicable, the rate calculated LIBOR will be determined by the Calculation Agent of at least two offered quotations obtained by Independent Financial Advisor on the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates basis of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market rates at approximately 11:00 A.M., London time, on that such LIBOR Interest Determination Date at which deposits in the Specified Currency having the specified Index Maturity are offered to prime banks in the London interbank market by four (4) major banks in the London interbank market selected by the Independent Financial Advisor (after consultation with IRSA) commencing on the second (2nd) Business Day immediately following such LIBOR Interest Determination Date and in a principal amount equal to an amount of not less than US$1,000,000 (or its approximate equivalent in a Specified Currency other than U.S. dollars) that in IRSA’s judgment is representative for a single transaction in the LIBOR Currency in that such market at that time; or such time (4a “Representative Amount”). The Independent Financial Advisor will request the principal London office of each of such banks to provide a quotation of its rate. If at least two (2) if such quotations are provided, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of such quotations. If fewer than two offered (2) quotations referred are provided, LIBOR with respect to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as such Interest Reset Date will be the arithmetic mean of the rates quoted to the Independent Financial Advisor at approximately 11:00 A.M., in the applicable Principal Financial CenterNew York City time, on the particular such LIBOR Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center New York City, selected by the Calculation Agent Independent Financial Advisor (after consultation with IRSA), for loans in the LIBOR Specified Currency to leading European banks, banks having the particular specified Index Maturity commencing on the Interest Reset Date and in a principal amount Representative Amount; provided that is representative for a single transaction in the LIBOR Currency in that market at that time; or if fewer than three (53) if the banks so selected as aforesaid by the Calculation Agent Independent Financial Advisor are not quoting as mentioned in clause (4)this sentence, LIBOR with respect to such Interest Reset Date will be LIBOR in effect on the particular such LIBOR Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”.

LIBOR Notes. If the Interest Rate Basis is you purchase a LIBOR note, your note will bear interest at an interest rate equal to LIBOR, this Note shall which will be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified on the face hereof as the method for calculating LIBOR, the London interbank offered rate for deposits in U.S. dollars or any other index currency, as noted in the applicable pricing supplement. In addition, when LIBOR Currency (as defined below) having is the Index Maturity specified interest rate basis the applicable LIBOR rate will be adjusted by the spread or spread multiplier, if any, indicated in the applicable pricing supplement. Unless we specify otherwise in the applicable pricing supplement, LIBOR will be determined in the following manner: • LIBOR will be the London interbank offered rate appearing on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Reuters Page (as defined below) LIBOR01 as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “relevant LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rateinterest determination date, for deposits in the LIBOR Currency relevant index currency having the particular Index Maturityrelevant index maturity specified in the applicable pricing supplement, commencing beginning on the related Interest Reset Daterelevant interest reset date. Table of Contents • If Reuters Page LIBOR01 applies and the rate described above does not appear on that page, that appear or appears, as the case may be, then LIBOR will be determined on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates basis of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturityrates, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on the relevant LIBOR interest determination date, at which deposits of the following kind are offered to prime banks in the London interbank market by four major banks in that Interest Determination Date market selected by the calculation agent: deposits in the index currency having the relevant index maturity specified in the applicable pricing supplement, beginning on the relevant interest reset date, and in a representative amount. The calculation agent will request the principal amount that is representative London office of each of these banks to provide a quotation of its rate. If at least two quotations are provided, LIBOR for a single transaction in the relevant LIBOR Currency in that market at that time; or (4) if interest determination date will be the arithmetic mean of the quotations provided. • If fewer than two offered quotations referred to in clause (3) are provided as requesteddescribed above, LIBOR for the rate calculated by the Calculation Agent as relevant LIBOR interest determination date will be the arithmetic mean of the rates quoted for loans of the following kind to leading European banks quoted, at approximately 11:00 A.M., in the applicable Principal Financial CenterNew York City Time, on the particular Interest Determination Date that LIBOR interest determination date, by three major banks (in New York City, one of which may include affiliates of the purchasing agent) in that principal financial center be TD or an affiliate, selected by the Calculation Agent for calculation agent: loans of the index currency having the relevant index maturity designated in the LIBOR Currency to leading European banksapplicable pricing supplement, having beginning on the particular Index Maturity relevant interest reset date and in a principal amount representative amount. • If fewer than three banks selected by the calculation agent are quoting as described above, LIBOR for the new interest period will be LIBOR in effect for the prior interest period. If the initial interest rate has been in effect for the prior interest period, however, it will remain in effect for the new interest period. • If LIBOR has been permanently discontinued, the calculation agent will, as directed by TD, use as a substitute for LIBOR and for each future LIBOR interest determination date, the alternative reference rate selected by the central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof) that is representative consistent with accepted market practice (the “Alternative Rate”). As part of such substitution, the calculation agent will, as directed by TD, make such adjustments to the Alternative Rate or the spread thereon, as well as the Business Day convention, LIBOR interest determination dates and related provisions and definitions (“Adjustments”), in each case that are consistent with accepted market practice for the use of such Alternative Rate for debt obligations such as the notes; provided however that if there is no clear market consensus as to whether any rate has replaced LIBOR in customary market usage, TD will appoint in its sole discretion an independent financial advisor (the “IFA”) to determine an appropriate Alternative Rate and any Adjustments, and the decision of the IFA will be binding on TD, the calculation agent and the noteholders. EURIBOR Notes If you purchase a single transaction Euro interbank offered rate-linked note, your note will bear interest at an interest rate based on estimated euro interbank term deposit rates, designated as “EURIBOR” that is calculated and published by a designated distributor and administered by the European Money Markets Institute, or any entity that may assume responsibility for the administration of the rate. In addition, when EURIBOR is the interest rate basis the EURIBOR base rate will be adjusted by the spread or spread multiplier, if any, specified in the LIBOR Currency applicable pricing supplement. Unless we specify otherwise in the applicable pricing supplement, EURIBOR will be determined in the following manner: • EURIBOR will be the offered rate for deposits in euros having the index maturity specified in the applicable pricing supplement, beginning on the second euro business day after the relevant EURIBOR interest determination date, as that rate appears on Reuters Screen EURIBOR01 page as of 11:00 A.M., Brussels time, on the relevant EURIBOR interest determination date. Table of Contents • If the rate described above does not appear on Reuters Screen EURIBOR01 page, EURIBOR will be determined on the basis of the rates, at approximately 11:00 A.M., Brussels time, on the relevant EURIBOR interest determination date, at which deposits of the following kind are offered to prime banks in the euro-zone interbank market by the principal euro-zone office of each of four major banks in that market at that time; or (5) if the banks so selected by the Calculation Agent calculation agent: euro deposits having the relevant index maturity specified in the applicable pricing supplement, beginning on the relevant interest reset date, and in a representative amount. The calculation agent will request the principal euro-zone office of each of these banks to provide a quotation of its rate. If at least two quotations are not provided, EURIBOR for the relevant EURIBOR interest determination date will be the arithmetic mean of the quotations. • If fewer than two quotations are provided as described above, EURIBOR for the relevant EURIBOR interest determination date will be the arithmetic mean of the rates for loans of the following kind to leading euro-zone banks quoted, at approximately 11:00 A.M., Brussels time on that EURIBOR interest determination date, by three major banks, one of which may be TD or an affiliate, in the euro-zone selected by the calculation agent: loans of euros having the relevant index maturity specified in the applicable pricing supplement, beginning on the relevant interest reset date, and in a representative amount. • If fewer than three banks selected by the calculation agent are quoting as mentioned in clause (4)described above, LIBOR EURIBOR for the new interest period will be EURIBOR in effect on for the particular Interest Determination Dateprior interest period. “LIBOR Currency” means If the currency specified on initial interest rate has been in effect for the face hereof as to which LIBOR shall be calculated orprior interest period, if no currency is specified on however, it will remain in effect for the face hereof, United States dollars. “LIBOR Page”new interest period.

LIBOR Notes. If the Interest Rate Basis is LIBOR, this Note shall be deemed a “LIBOR Note.” Unless otherwise specified on the face hereof, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is specified on the face hereof as the method for calculating LIBOR, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified on the face hereof, commencing on the related Interest Reset Date, that appears on the LIBOR Page (as defined below) as of 11:00 A.M., London time, on the particular Interest Determination Date; or (2) if “LIBOR Reuters” is specified on the face hereof, the arithmetic mean of the offered rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date, that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date; or (3) if fewer than two offered rates appear, or no rate appears, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified in clause (1) or (2), as applicable, the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (4) if fewer than two offered quotations referred to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center, on the particular Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular Index Maturity and in a principal amount that is representative for a single transaction in the LIBOR Currency in that market at that time; or (5) if the banks so selected by the Calculation Agent are not quoting as mentioned in clause (4), LIBOR in effect on the particular Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”Interest

LIBOR Notes. If LIBOR Notes will bear interest at the Interest interest rates (calculated with reference to LIBOR and the Spread and/or Spread Multiplier, if any, subject to the Maximum Rate Basis is LIBORor the Minimum Rate, this Note shall if any), and will be deemed a “LIBOR Note.” Unless otherwise payable on the dates, specified on the face hereofof the LIBOR Note and in the applicable Pricing Supplement. Unless otherwise indicated in the applicable Pricing Supplement, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified with respect to any Interest Reset Date will be determined by the Calculation Agent in accordance with the following provisions. On the relevant LIBOR Interest Determination Date, LIBOR will be determined on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is basis of either of the following, as specified on in the face hereof as applicable Pricing Supplement : the method for calculating LIBOR, the rate offered rates for deposits in the LIBOR Specified Currency (as defined below) having the specified Index Maturity specified on the face hereofMaturity, commencing on the related next succeeding Interest Reset Date, that appears which appear on the display designated as page “LIBOR” on the Reuters Monitor Money Rates Service (or suc h other page as may replace the LIBOR Page page on that service for the purpose of displaying London interbank offered rates of major banks for deposits in the Specified Currency) (as defined below“Reuters Screen LIBOR Page”) as of 11:00 A.M., London time, on the particular such LIBOR Interest Determination Date; or . If at least two (2) if “LIBOR Reuters” is specified such offered rates appear on the face hereofReuters Screen LIBOR Page, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of the such offered rates, calculated rates as determined by the Calculation Agent. If fewer than two (2) offered rates appear, LIBOR with respect to such Interest Reset Date will be determined as described in (ii) below; or the offered rate, if the LIBOR Page by its terms provides only for a single rate, rates for deposits in the LIBOR Specified Currency having the particular specified Index Maturity, commencing on the related next succeeding Interest Reset Date, that which appear on the display designated as Page 3740 or appearsPage 3750, as the case may beapplicable, on the LIBOR Page Dow Xxxxx Telerate Service (or such other page as may replace any such page on that service for the purpose of displaying London interbank offered rates of major banks for deposits in the Specified Currency) (each a “Telerate Page”) as of 11:00 A.M., London time, on the particular such LIBOR Interest Determination Date; or . If no such offered rate appears, LIBOR with respect to such Interest Reset Date will be determined as described in (3ii) below. If neither “Reuters Screen LIBOR Page” nor a “Telerate Page” is specified in the applicable Pricing Supplement, LIBOR will be determined as if a Telerate Page had been so specified. With respect to a LIBOR Interest Determination Date on which fewer than two offered rates appearfor the applicable Index Maturity appear on the Reuters Screen LIBOR Page as described in (i)(a) above, or on which no rate appearsappears on Telerate Page 3740 or 3750, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified described in clause (1i)(b) or (2)above, as applicable, LIBOR will be determined on the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates basis of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market rates at approximately 11:00 A.M., London time, on that such LIBOR Interest Determination Date at which deposits in the Specified Currency having the specified Index Maturity are offered to prime banks in the London interbank market by four (4) major banks in the London interbank market selected by the Calculation Agent (after consultation with APSA) commencing on the second (2nd) Business Day immediately following such LIBOR Interest Determination Date and in a principal amount equal to an amount of not less than US$1,000,000 (or its approximate equivalent in a Specified Currency other than U.S. dollars) that in APSA’s judgment is representative for a single transaction in the LIBOR Currency in that such market at that time; or such time (4a “Representative Amount”). The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least two (2) if such quotations are provided, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of such quotations. If fewer than two offered (2) quotations referred are provided, LIBOR with respect to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as such Interest Reset Date will be the arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial CenterNew York City time, on the particular such LIBOR Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center New York City, selected by the Calculation Agent (after consultation with APSA), for loans in the LIBOR Specified Currency to leading European banks, banks having the particular specified Index Maturity commencing on the Interest Reset Date and in a principal amount Representative Amount; provided that is representative for a single transaction in the LIBOR Currency in that market at that time; or if fewer than three (53) if the banks so selected as aforesaid by the Calculation Agent are not quoting as mentioned in clause (4)this sentence, LIBOR with respect to such Interest Reset Date will be LIBOR in effect on the particular such LIBOR Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”.

LIBOR Notes. If LIBOR Notes will bear interest at the Interest interest rates (calculated with reference to LIBOR and the Spread and/or Spread Multiplier, if any, subject to the Maximum Rate Basis is LIBORor the Minimum Rate, this Note shall if any), and will be deemed a “LIBOR Note.” Unless otherwise payable on the dates, specified on the face hereofof the LIBOR Note and in the applicable Pricing Supplement. Unless otherwise indicated in the applicable Pricing Supplement, “LIBOR” means: (1) if “LIBOR Moneyline Telerate” is specified with respect to any Interest Reset Date will be determined by the Calculation Agent in accordance with the following provisions. On the relevant LIBOR Interest Determination Date, LIBOR will be determined on the face hereof or if neither “LIBOR Reuters” nor “LIBOR Moneyline Telerate” is basis of either of the following, as specified on in the face hereof as applicable Pricing Supplement: the method for calculating LIBOR, the rate offered rates for deposits in the LIBOR Specified Currency (as defined below) having the specified Index Maturity specified on the face hereofMaturity, commencing on the related next succeeding Interest Reset Date, that appears which appear on the display designated as page “LIBOR” on the Reuters Monitor Money Rates Service (or such other page as may replace the LIBOR Page page on that service for the purpose of displaying London interbank offered rates of major banks for deposits in the Specified Currency) (as defined below“Reuters Screen LIBOR Page”) as of 11:00 A.M., London time, on the particular such LIBOR Interest Determination Date; or . If at least two (2) if “LIBOR Reuters” is specified such offered rates appear on the face hereofReuters Screen LIBOR Page, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of the such offered rates, calculated rates as determined by the Calculation Agent. If fewer than two (2) offered rates appear, LIBOR with respect to such Interest Reset Date will be determined as described in (ii) below; or the offered rate, if the LIBOR Page by its terms provides only for a single rate, rates for deposits in the LIBOR Specified Currency having the particular specified Index Maturity, commencing on the related next succeeding Interest Reset Date, that which appear on the display designated as Page 3740 or appearsPage 3750, as the case may beapplicable, on the LIBOR Page Dow Xxxxx Telerate Service (or such other page as may replace any such page on that service for the purpose of displaying London interbank offered rates of major banks for deposits in the Specified Currency) (each a “Telerate Page”) as of 11:00 A.M., London time, on the particular such LIBOR Interest Determination Date; or . If no such offered rate appears, LIBOR with respect to such Interest Reset Date will be determined as described in (3ii) below. If neither “Reuters Screen LIBOR Page” nor a “Telerate Page” is specified in the applicable Pricing Supplement, LIBOR will be determined as if a Telerate Page had been so specified. With respect to a LIBOR Interest Determination Date on which fewer than two offered rates appearfor the applicable Index Maturity appear on the Reuters Screen LIBOR Page as described in (i)(a) above, or on which no rate appearsappears on Telerate Page 3740 or 3750, as the case may be, on the particular Interest Determination Date on the LIBOR Page as specified described in clause (1i)(b) or (2)above, as applicable, the rate calculated LIBOR will be determined by the Calculation Agent of at least two offered quotations obtained by Independent Financial Advisor on the Calculation Agent after requesting the principal London offices of each of four major reference banks (which may include affiliates basis of the purchasing agent) in the London interbank market to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market rates at approximately 11:00 A.M., London time, on that such LIBOR Interest Determination Date at which deposits in the Specified Currency having the specified Index Maturity are offered to prime banks in the London interbank market by four (4) major banks in the London interbank market selected by the Independent Financial Advisor (after consultation with IRSA) commencing on the second (2nd) Business Day immediately following such LIBOR Interest Determination Date and in a principal amount equal to an amount of not less than US$1,000,000 (or its approximate equivalent in a Specified Currency other than U.S. dollars) that in IRSA’s judgment is representative for a single transaction in the LIBOR Currency in that such market at that time; or such time (4a “Representative Amount”). The Independent Financial Advisor will request the principal London office of each of such banks to provide a quotation of its rate. If at least two (2) if such quotations are provided, LIBOR with respect to such Interest Reset Date will be the arithmetic mean of such quotations. If fewer than two offered (2) quotations referred are provided, LIBOR with respect to in clause (3) are provided as requested, the rate calculated by the Calculation Agent as such Interest Reset Date will be the arithmetic mean of the rates quoted to the Independent Financial Advisor at approximately 11:00 A.M., in the applicable Principal Financial CenterNew York City time, on the particular such LIBOR Interest Determination Date by three major banks (which may include affiliates of the purchasing agent) in that principal financial center New York City, selected by the Calculation Agent Independent Financial Advisor (after consultation with IRSA), for loans in the LIBOR Specified Currency to leading European banks, banks having the particular specified Index Maturity commencing on the Interest Reset Date and in a principal amount Representative Amount; provided that is representative for a single transaction in the LIBOR Currency in that market at that time; or if fewer than three (53) if the banks so selected as aforesaid by the Calculation Agent Independent Financial Advisor are not quoting as mentioned in clause (4)this sentence, LIBOR with respect to such Interest Reset Date will be LIBOR in effect on the particular such LIBOR Interest Determination Date. “LIBOR Currency” means the currency specified on the face hereof as to which LIBOR shall be calculated or, if no currency is specified on the face hereof, United States dollars. “LIBOR Page”.