Common use of TERMS AND CONDITIONS OF THE BONDS Clause in Contracts

TERMS AND CONDITIONS OF THE BONDS. The following represent the terms and conditions of the Bonds (the Conditions) save for the paragraph in italics that shall be read as complementary information. The issue of the 4.107 per cent fixed rated Bonds due 28 June 2020 for an aggregate amount of EUR 30,000,000.- (the Bonds) was authorised by a resolution of the Board of Directors of Montea Management NV/SA, statutory director of Montea Comm. VA (the Issuer) passed on 11 June 2013. The Bonds are issued in conformity with the agency agreement dated on or around the Issue Date (the Agency Agreement, as amended or subsequently adjusted, as the case may be), concluded between the Issuer and Bank Degroof NV/SA acting as domiciliary agent, listing agent and paying agent (the Agent, such term including any successor under the Agency Agreement). These Conditions include a summary of provisions of the Agency Agreement as well as the clearing services agreement (Overeenkomst van dienstverlening inzake de uitgifte van gedematerialiseerde obligaties/Convention de services de clearing relatifs à l’émission d’obligations dématérialisées) relating to the Bond Issue, which is to be concluded on or around the Issue Date between the Issuer, the Agent and the National Bank of Belgium (the Clearing Agreement). The Agency Agreement and the Clearing Agreement may be consulted during the opening hours of the Agent’s office at the following address: rue de l’Xxxxxxxxx 00, X-0000 Xxxxxxxx. Such agreements solely provide for rights and obligations for the Issuer, the Agent and, as the case may be, the National Bank of Belgium (the NBB), and the Bondholders cannot derive any right, directly or indirectly, on the Issuer, the Agent or the NBB. In these Conditions, any reference to the Conditions is to be understood as a reference to the paragraphs below, unless the context requires a different interpretation.

TERMS AND CONDITIONS OF THE BONDS. ‌ The following represent the terms and conditions of the Bonds (the Conditions) save for the paragraph in italics that shall be read as complementary information. The issue of the 4.107 3.355 per cent fixed rated Bonds due 28 June 2020 May 2021 for an aggregate amount of EUR 30,000,000.- (the Bonds, which expression includes any further notes issued pursuant to Condition 5.15 “Further issues” and forming a single series therewith) was authorised by a resolution of the Board of Directors of Montea Management NV/SA, statutory director of Montea Comm. VA (the Issuer) passed on 11 June 201312 May 2014. The Bonds are issued in conformity with the agency agreement dated on or around the Issue Date (the Agency Agreement, as amended or subsequently adjusted, as the case may be), concluded between the Issuer and Bank Degroof NV/SA acting as domiciliary agent, listing agent and paying agent (the Agent, such term including any successor under the Agency Agreement). These Conditions include a summary of provisions of the Agency Agreement as well as the clearing services agreement (Overeenkomst van dienstverlening inzake de uitgifte van gedematerialiseerde obligaties/Convention de services de clearing relatifs à l’émission d’obligations dématérialisées) relating to the Bond Issue, which is to be concluded on or around the Issue Date between the Issuer, the Agent and the National Bank of Belgium (the Clearing Agreement). The holders of the Bonds (the "Bondholders") are bound by, and are deemed to have notice of, all the provisions of the Agency Agreement and the Clearing Agreement applicable to them as reproduced in these Conditions. The Agency Agreement and the Clearing Agreement may be consulted during the opening hours (08.30 am – 03.30 pm) of the Agent’s office at the following address: rue de l’Xxxxxxxxx 00, X-0000 Xxxxxxxx. Such agreements solely provide for rights and obligations for the Issuer, the Agent and, as the case may be, the National Bank of Belgium (the NBB), and the Bondholders cannot derive any right, directly or indirectly, on the Issuer, the Agent or the NBB. In these Conditions, any reference to the Conditions is to be understood as a reference to the paragraphs below, unless the context requires a different interpretation.

TERMS AND CONDITIONS OF THE BONDS. ‌‌ The following represent the terms and conditions of the Bonds (the Conditions) save for the paragraph in italics that shall be read as complementary information. The issue of the 4.107 3.355 per cent fixed rated Bonds due 28 June 2020 May 2021 for an aggregate amount of EUR 30,000,000.- (the Bonds, which expression includes any further notes issued pursuant to Condition 5.15 “Further issues” and forming a single series therewith) was authorised by a resolution of the Board of Directors of Montea Management NV/SA, statutory director of Montea Comm. VA (the Issuer) passed on 11 June 201312 May 2014. The Bonds are issued in conformity with the agency agreement dated on or around the Issue Date (the Agency Agreement, as amended or subsequently adjusted, as the case may be), concluded between the Issuer and Bank Degroof NV/SA acting as domiciliary agent, listing agent and paying agent (the Agent, such term including any successor under the Agency Agreement). These Conditions include a summary of provisions of the Agency Agreement as well as the clearing services agreement (Overeenkomst van dienstverlening inzake de uitgifte van gedematerialiseerde obligaties/Convention de services de clearing relatifs à l’émission d’obligations dématérialisées) relating to the Bond Issue, which is to be concluded on or around the Issue Date between the Issuer, the Agent and the National Bank of Belgium (the Clearing Agreement). The holders of the Bonds (the "Bondholders") are bound by, and are deemed to have notice of, all the provisions of the Agency Agreement and the Clearing Agreement applicable to them as reproduced in these Conditions. The Agency Agreement and the Clearing Agreement may be consulted during the opening hours (08.30 am – 03.30 pm) of the Agent’s office at the following address: rue de l’Xxxxxxxxx 00, X-0000 Xxxxxxxx. Such agreements solely provide for rights and obligations for the Issuer, the Agent and, as the case may be, the National Bank of Belgium (the NBB), and the Bondholders cannot derive any right, directly or indirectly, on the Issuer, the Agent or the NBB. In these Conditions, any reference to the Conditions is to be understood as a reference to the paragraphs below, unless the context requires a different interpretation.