As of March 17, 2016, the authorized capital stock of the Parent Borrower consists of 120,000,000 shares, $1.00 par value per share, of which 67,367,309 ordinary shares, 9,200,000 shares of 7.5% Non-Cumulative Preferred Shares, Series B and 9,200 shares of 6.35% Non-Cumulative Preferred Shares, Series C are issued and outstanding. As of the Effective Date, all such outstanding shares of the Parent Borrower have been duly and validly issued and are fully paid and nonassessable.