Exhibit 4.3





 Exhibit 4.3 
  

DEUTSCHE BANK AKTIENGESELLSCHAFT 

Issuer 
 AND 

DELAWARE TRUST COMPANY 

Trustee 
 AND 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

Paying Agent, Authenticating Agent, Issuing Agent and Registrar 

Senior Debt Funding Indenture 

Dated as of July 30, 2018 












 CROSS REFERENCE SHEET1 
 Provisions of Trust Indenture Act and Senior Debt Funding Indenture to be dated as of
July 30, 2018, among DEUTSCHE BANK AKTIENGESELLSCHAFT, DELAWARE TRUST COMPANY, as Trustee, and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Paying Agent, Authenticating Agent, Issuing Agent and Registrar: 

 

			
	 Section of the Act
	  	 Section of Indenture

	 310(a)(1) and (2)
	  	 7.09

	 310(a)(3) and (4)
	  	 Inapplicable

	 310(b)
	  	 7.08 and 7.10(a), 7.10(b) and 7.10(d)

	 311(a) and (b)
	  	 Inapplicable

	 312(a)
	  	 4.01 and 4.02(a)

	 312(b)
	  	 4.02(b)

	 312(c)
	  	 4.02(b)

	 313(a)
	  	 4.04

	 313(b)(1)
	  	 Inapplicable

	 313(b)(2)
	  	 4.04

	 313(c)
	  	 4.04

	 313(d)
	  	 4.04

	 314(a)
	  	 4.03

	 314(b)
	  	 Inapplicable

	 314(c)(1) and (2)
	  	 12.05

	 314(c)(3)
	  	 Inapplicable

	 314(d)
	  	 Inapplicable

	 314(e)
	  	 12.05

	 314(f)
	  	 Inapplicable

	 315(a), (c) and (d)
	  	 7.01

	 315(b)
	  	 5.11

	 315(e)
	  	 5.12

	 316(a)(1)
	  	 5.09

	 316(a)(2)
	  	 Not required

	 316(a) (last sentence)
	  	 8.04

	 316(b)
	  	 5.07

	 317(a)
	  	 5.02

	 317(b)
	  	 3.04(a) and 3.04(b)

	 318(a)
	  	 12.07


  
  

	1 	This Cross Reference Sheet is not part of the Indenture. 













 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	ARTICLE 1	  			
	DEFINITIONS	  			
		
	 Section 1.01.  Certain Terms Defined
	  			
		
	ARTICLE 2	  			
	SECURITIES	  			
		
	 Section 2.01.  Forms Generally
	  	 	4	 
	 Section 2.02.  Form of Trustee’s Certificate of
Authentication
	  	 	4	 
	 Section 2.03.  Amount Unlimited; Issuable in Series
	  	 	5	 
	 Section 2.04.  Authentication and Delivery of Securities
	  	 	6	 
	 Section 2.05.  Execution of Securities
	  	 	7	 
	 Section 2.06.  Certificate of Authentication
	  	 	8	 
	 Section 2.07.  Denomination and Date of Securities; Payments of
Interest
	  	 	8	 
	 Section 2.08.  Registration, Transfer and Exchange
	  	 	8	 
	 Section 2.09.  Mutilated, Defaced, Destroyed, Lost and Stolen
Securities
	  	 	11	 
	 Section 2.10.  Cancellation of Securities; Disposition Thereof
	  	 	11	 
	 Section 2.11.  Temporary Securities
	  	 	11	 
		
	ARTICLE 3	  			
	COVENANTS OF THE ISSUER	  			
		
	 Section 3.01.  Payment of Principal and Interest
	  	 	12	 
	 Section 3.02.  Offices for Payments, Etc
	  	 	12	 
	 Section 3.03.  Appointment to Fill a Vacancy in Office of Trustee
	  	 	13	 
	 Section 3.04.  Paying Agents
	  	 	13	 
	 Section 3.05.  Written Statement to Trustee
	  	 	13	 
	 Section 3.06.  Luxembourg Publications
	  	 	13	 
		
	ARTICLE 4	  			
	SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE
TRUSTEE	  			
		
	 Section 4.01.  Issuer to Furnish Trustee Information as to Names and Addresses
of Securityholders
	  	 	14	 
	 Section 4.02.  Preservation and Disclosure of Securityholders
Lists
	  	 	14	 
	 Section 4.03.  Reports by the Issuer
	  	 	14	 
	 Section 4.04.  Reports by the Trustee
	  	 	14	 
		
	ARTICLE 5	  			
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
OR DEFAULT	  			
		
	 Section 5.01.  Event of Default Defined; No Acceleration of Maturity in case
of Default in Payment
	  	 	14	 
	 Section 5.02.  Collection Of Indebtedness By Trustee; Trustee May Prove
Debt
	  	 	15	 
	 Section 5.03.  Application of Proceeds
	  	 	16	 
	 Section 5.04.  Suits for Enforcement
	  	 	16	 
	 Section 5.05.  Restoration of Rights on Abandonment of
Proceedings
	  	 	16	 
	 Section 5.06.  Limitations on Suits by Securityholders
	  	 	17	 
	 Section 5.07.  Unconditional Right of Securityholders to Institute Certain
Suits
	  	 	17	 
	 Section 5.08.  Powers and Remedies Cumulative; Delay or Omission Not Waiver of
Default
	  	 	17	 
	 Section 5.09.  Control by Holders of Securities
	  	 	17	 
	 Section 5.10.  Waiver of Past Defaults
	  	 	18	 
	 Section 5.11.  Trustee to Give Notice of Default; But May Withhold in Certain
Circumstances
	  	 	18	 
	 Section 5.12.  Right of Court to Require Filing of Undertaking to Pay
Costs
	  	 	18	 
		
	ARTICLE 6	  			
	RESOLUTION MEASURES	  			
		
	 Section 6.01.  Securities Subject to Resolution Measures
	  	 	18	 


  
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	 	  	PAGE	 
	ARTICLE 7	  			
	CONCERNING THE TRUSTEE AND AGENT	  			
		
	 Section 7.01.  Duties and Responsibilities of the Trustee and Agent; During
Default; Prior to Default
	  	 	20	 
	 Section 7.02.  Certain Rights of the Trustee and Agent
	  	 	21	 
	 Section 7.03.  Trustee Not Responsible for Recitals, Disposition of Securities
or Application of Proceeds Thereof
	  	 	22	 
	 Section 7.04.  Trustee and Agents May Hold Securities or Coupons; Collections,
Etc
	  	 	22	 
	 Section 7.05.  Monies Held by Trustee
	  	 	22	 
	 Section 7.06.  Compensation and Indemnification of Trustee and Agent and Their
Prior Claim
	  	 	22	 
	 Section 7.07.  Right of Trustee and Agent to Rely on Officers’
Certificate, Etc
	  	 	22	 
	 Section 7.08.  Indentures not Creating Potential Conflicting Interests for the
Trustee or Agent
	  	 	23	 
	 Section 7.09.  Persons Eligible for Appointment as Trustee
	  	 	23	 
	 Section 7.10.  Resignation and Removal; Appointment of Successor
Trustee
	  	 	23	 
	 Section 7.11.  Acceptance of Appointment by Successor Trustee
	  	 	24	 
	 Section 7.12.  Merger, Conversion, Consolidation or Succession to Business of
Trustee
	  	 	25	 
	 Section 7.13.  Appointment of Authenticating Agent and Calculation
Agent
	  	 	25	 
	 Section 7.14.  USA Patriot Act
	  	 	25	 
		
	ARTICLE 8	  			
	CONCERNING THE SECURITYHOLDERS	  			
		
	 Section 8.01.  Evidence of Action Taken by Securityholders
	  	 	26	 
	 Section 8.02.  Proof of Execution of Instruments and of Holding of
Securities
	  	 	26	 
	 Section 8.03.  Holders to be Treated as Owners
	  	 	26	 
	 Section 8.04.  Securities Owned by Issuer Deemed Not Outstanding
	  	 	27	 
	 Section 8.05.  Right of Revocation of Action Taken
	  	 	27	 
		
	ARTICLE 9	  			
	SUPPLEMENTAL INDENTURES	  			
		
	 Section 9.01.  Supplemental Indentures Without Consent of
Securityholders
	  	 	27	 
	 Section 9.02.  Supplemental Indentures With Consent of
Securityholders
	  	 	28	 
	 Section 9.03.  Effect of Supplemental Indenture
	  	 	29	 
	 Section 9.04.  Documents to be Given to Trustee
	  	 	29	 
	 Section 9.05.  Notation on Securities in Respect of Supplemental
Indentures
	  	 	29	 
		
	ARTICLE 10	  			
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE; OFFICE SUBSTITUTION	  			
		
	 Section 10.01.  Successor Corporation Substituted
	  	 	29	 
	 Section 10.02.  Office Substitution
	  	 	30	 
		
	ARTICLE 11	  			
	SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONIES	  			
		
	 Section 11.01.  Satisfaction and Discharge of Indenture
	  	 	30	 
	 Section 11.02.  Repayment Of Monies Held By Paying Agent
	  	 	30	 
	 Section 11.03.  Return of Monies Held by Trustee and Paying Agent Unclaimed
for Two Years
	  	 	30	 


  
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	 	  	PAGE	 
	ARTICLE 12	  			
	MISCELLANEOUS PROVISIONS	  			
		
	 Section 12.01.  Incorporators, Stockholders, Officers and Directors of Issuer
Exempt From Individual Liability
	  	 	31	 
	 Section 12.02.  Provisions of Indenture for the Sole Benefit of Parties and
Holders of Securities and Coupons
	  	 	31	 
	 Section 12.03.  Successors and Assigns of Issuer Bound by
Indenture
	  	 	31	 
	 Section 12.04.  Notices and Demands on Issuer, Trustee and Holders of
Securities and Coupons
	  	 	31	 
	 Section 12.05.  Officers’ Certificates and Opinions of Counsel;
Statements to be Contained Therein
	  	 	32	 
	 Section 12.06.  Payments Due on Saturdays, Sundays or Holidays
	  	 	33	 
	 Section 12.07.  Conflict of Any Provision of Indenture With Trust Indenture
Act of 1939
	  	 	33	 
	 Section 12.08.  New York Law to Govern
	  	 	33	 
	 Section 12.09.  Counterparts
	  	 	33	 
	 Section 12.10.  Effect of Headings
	  	 	33	 
	 Section 12.11.  Securities in a
Non-U.S. Currency
	  	 	33	 
	 Section 12.12.  Submission to Jurisdiction
	  	 	34	 
	 Section 12.13.  Judgment Currency
	  	 	34	 
	 Section 12.14.  Waiver of Jury Trial
	  	 	34	 
		
	ARTICLE 13	  			
	REDEMPTION OF SECURITIES	  			
		
	 Section 13.01.  Applicability of Article; Approval by Competent
Authority
	  	 	34	 
	 Section 13.02.  Notice of Redemption; Partial Redemptions
	  	 	34	 
	 Section 13.03.  Payment of Securities Called For Redemption
	  	 	35	 
	 Section 13.04.  Exclusion of Certain Securities From Eligibility for Selection
for Redemption
	  	 	36	 


  
 iii 













 THIS SENIOR DEBT FUNDING INDENTURE, dated as of July 30, 2018 among DEUTSCHE BANK
AKTIENGESELLSCHAFT (the “Issuer”), DELAWARE TRUST COMPANY, as trustee (the “Trustee”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Paying Agent, Authenticating Agent, Issuing Agent and Registrar. 

W I T N E S S E T H: 
 WHEREAS,
the Issuer has duly authorized the issue from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”) up to such principal amount or amounts as may
from time to time be authorized in accordance with the terms of this Indenture; 
 WHEREAS, the Issuer has duly authorized the execution and
delivery of this Indenture to provide, among other things, for the authentication, delivery and administration of the Securities; and 

WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done; 

NOW, THEREFORE: 
 In consideration
of the premises and the purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities and of the
coupons, if any, appertaining thereto as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Certain Terms Defined. The following terms (except as otherwise expressly provided or unless the context otherwise
clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939 or
the definitions of which in the Securities Act of 1933 are referred to in the Trust Indenture Act of 1939, including terms defined therein by reference to the Securities Act of 1933 (except as herein otherwise expressly provided or unless the
context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of this Indenture. All accounting terms used herein and not expressly defined shall have the
meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” means such accounting principles as are generally accepted with respect to the
Issuer at the time of the computation under the system of accounting employed by the Issuer in its filings with the Securities Exchange Commission under the Securities Exchange Act of 1934. The words “herein”,
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular. 
 “Agent” means any Registrar, Paying
Agent, Authenticating Agent or Issuing Agent. 
 “Authenticating Agent” shall have the meaning set forth in
Section 7.13. DBTCA shall initially act as the Authenticating Agent. 
 “Authorized Agent” shall have the meaning set
forth in Section 12.12. 
 “Authorized Newspaper” means a newspaper (which, in the case of The City of New York, will,
if practicable, be The Wall Street Journal (Eastern Edition), in the case of the United Kingdom, will, if practicable, be the Financial Times (London Edition) and, in the case of Luxembourg, will, if practicable, be the Luxemburger Wort) published
in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in The City of New York, the United Kingdom or in Luxembourg, as applicable. If
it shall be impractical to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof which is made or given with the approval of the Trustee shall constitute a sufficient
publication of such notice. 
 “Authorized Signatories” means any two persons acting together authorized by the Issuer, its
articles of association or otherwise under German law to act on behalf of the Issuer. 
 “Bearer Security” means any
Security other than a Registered Security. 
 “Beneficial Owner” shall mean (i) if any Securities are in global form,
the beneficial owners of such Securities (and any interest therein) and (ii) if any Securities are in definitive form, the holders in whose name such Securities are registered in the Security register of the Issuer and any beneficial owners
holding an interest in such Securities in definitive form. 












 “Board” means the Management Board (Vorstand) of the Issuer or any
committee of such Board duly authorized to act on its behalf. 
 “Board Resolution” means a copy of one or more resolutions
duly adopted or consented to by the Board, or any other evidence of due corporate action under German law in full force and effect and delivered to the Trustee. 

“bridge bank” shall mean a newly chartered German bank that would receive some or all of the Issuer’s equity securities,
assets, liabilities and/or material contracts, including those attributable to the Issuer’s branches and subsidiaries, in a resolution proceeding. 

“Business Day” means, with respect to any Security, a day that in the city (or in any of the cities, if more than one) in
which the Securities are payable, as specified in the form of such Security, is not a Saturday, Sunday or a day on which banking institutions are authorized or required by law, regulation or executive order to close, except as may otherwise be
provided in the form of Securities. 
 “Calculation Agent” has the meaning set forth in Section 7.13. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date.

 “competent resolution authority” means any authority with the ability to exercise a Resolution Measure. 

“competent supervisory authority” means any authority primarily responsible for the prudential supervision of the Issuer. 

“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee shall, at any
particular time, be principally administered, which office is, at the date as of which this Indenture is dated, at 251 Little Falls Drive, Wilmington, DE 19808, Attention: corporate trust. 

“Coupon” means any interest coupon appertaining to a Security. 

“DBTCA” means Deutsche Bank Trust Company Americas. 

“Depositary” means, with respect to the Securities of any series issuable or issued in the form of one or more Registered
Global Securities, the Person designated as Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series shall
mean the Depositary with respect to the Registered Global Securities of that series. 
 “Dollar” means the coin or currency
of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 
 “Event of
Default” means any event or condition specified as such in Section 5.01. 
 “FATCA” means Sections 1471
through 1474 of the Internal Revenue Code of 1986, as amended, and any regulations or official interpretations thereof, including any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code of 1986, as amended, and
any intergovernmental agreements between the United States and any other jurisdiction with respect thereto. 
 “group
entity” shall mean an entity that is included in the corporate group subject to a Resolution Measure. 
 “Holder”,
“Holder of Securities”, “Securityholder” or other similar terms mean (a) in the case of any Registered Security, the Person in whose name such Security is registered in the security register kept by the Issuer
for that purpose in accordance with the terms hereof, and (b) in the case of any Bearer Security, the bearer of such Security, or any Coupon appertaining thereto, as the case may be. 

“Indenture” means this instrument as originally executed and delivered or, as so amended or supplemented or both, and shall
include the forms and terms of particular series of Securities established as contemplated hereunder. 
 “Interest” means,
when used with respect to non-interest bearing Securities, interest payable after maturity. 

“Issuing Agent” means DBTCA. 

“Issuer” means Deutsche Bank Aktiengesellschaft, a German stock corporation with limited liability, and, subject to Article
10, its successors and assigns. 

  
 2 













 “Issuer Order” means a written statement, request or order of the Issuer
signed in its name by any two Authorized Signatories of the Issuer. 
 “Judgment Currency” shall have the meaning set forth
in Section 12.13. 
 “Market Exchange Rate” shall have the meaning set forth in Section 12.11. 

“New York Banking Day” shall have the meaning set forth in Section 12.13. 

“Non-U.S. Currency” means a currency issued by the government of a country other than
the United States (or any currency unit comprised of any such currencies). 
 “Office” means the Issuer’s head office
or one of the Issuer’s branch offices. 
 “Officers’ Certificate” means a certificate (i) signed by any two
Authorized Signatories of the Issuer and (ii) delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in Section 12.05. 

“Opinion of Counsel” means an opinion in writing signed by senior legal counsel of the Issuer or by such other legal counsel
who may be an employee of or counsel to the Issuer and who shall be satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and include the statements provided for in Section 12.05.

 “original issue date” of any Security (or portion thereof) means the earlier of (a) the date of such Security or
(b) the date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution. 

“Original Issue Discount Security” means any Security that provides for an amount less than the principal amount thereof to be
due and payable upon repayment prior to its stated maturity. 
 “Outstanding” when used with reference to Securities, shall
mean, subject to the provisions of Section 8.04, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except 

(a) Securities theretofore cancelled by the Trustee or delivered to the Registrar for cancellation; and 

(b) Securities which shall have been paid or in substitution for which other Securities shall have been authenticated and
delivered pursuant to the terms of Section 2.09 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a person in whose hands such Security is a legal, valid and
binding obligation of the Issuer). 
 In determining whether the Holders of the requisite principal amount of Outstanding Securities of any
or all series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue 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 if repaid on such date. 
 “Paying
Agent” means DBTCA, with respect to payments to be made in Dollars (or such other currency as to which DBTCA or its agent has agreed to make payments hereunder), or any person authorized by the Issuer in accordance with Section 3.04.

 “Periodic Offering” means an offering of Securities of a series from time to time, the specific terms of which
Securities, including, without limitation, the rate or rates of interest, if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Issuer or its agents upon
the issuance of such Securities. 
 “Person” means any individual, corporation, partnership, joint venture, association,
joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“principal” whenever used with reference to the Securities or any Security or any portion thereof, shall be deemed to include
“and premium, if any”. 
 “record date” shall have the meaning set forth in Section 2.07. 

“Redemption Notice Period” shall have the meaning set forth in Section 13.02. 

“Registered Global Security” means a Security evidencing all or a part of a series of Registered Securities, issued to the
Depositary for such series in accordance with Section 2.04, and bearing the legend prescribed in Section 2.04. 

“Registered Security” means any Security registered on the Security register of the Issuer. 

  
 3 













 “Registrar” shall have the meaning set forth in Section 2.08. 

“Required Currency” shall have the meaning set forth in Section 12.13. 

“Resolution Measure” shall have the meaning set forth in Section 6.01. 

“Responsible Officer” when used with respect to any Person means the chairman of the board of directors, any vice chairman of
the board of directors, the chairman of the trust committee, the chairman of the executive committee, any vice chairman of the executive committee, the president, any vice president (whether or not designated by numbers or words added before or
after the title “vice president”), the cashier, the secretary, the treasurer, any trust officer, any assistant trust officer, any assistant vice president, any assistant cashier, any assistant secretary, any assistant treasurer, or any
other officer or assistant officer of the Person customarily performing functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such
Person’s knowledge of and familiarity with the particular subject. 
 “Securities Act of 1933” means the Securities Act
of 1933, as amended. 
 “Securities Exchange Act of 1934” means the Securities Exchange Act of 1934, as amended. 

“Security” or “Securities” has the meaning stated in the first recital of this Indenture, or, as the case may
be, Securities that have been authenticated and delivered under this Indenture. 
 “Trust Indenture Act of 1939” means the
Trust Indenture Act of 1939, as amended. 
 “Trustee” means the Person identified as “Trustee” in the first
paragraph hereof and, subject to the provisions of Article 7, shall also include any successor trustee. “Trustee” shall also mean or include each Person who is then a trustee hereunder and if at any time there is more than one such
Person, “Trustee” as used with respect to the Securities of any series shall mean the trustee with respect to the Securities of such series. 

“Yield to Maturity” means the yield to maturity on a series of Securities, calculated at the time of issuance of such series,
or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice. 

ARTICLE 2 

SECURITIES 

Section 2.01. Forms Generally. The Securities of each series and the Coupons, if any, to be attached thereto shall be
substantially in such form (not inconsistent with this Indenture) as shall be established by one or more Board Resolutions (as set forth in a Board Resolution) or one or more Officers’ Certificates detailing such establishment or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends
or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as
may be determined by the officers executing such Securities and Coupons, if any, as evidenced by their execution of such Securities and Coupons. 

The definitive Securities and Coupons, if any, shall be printed, lithographed on security printed paper or may be produced in any other manner,
all as determined by the officers executing such Securities and Coupons, if any, as evidenced by their execution of such Securities and Coupons, if any. 

Section 2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication
on all Securities shall be in substantially the following form: 
 “This is one of the Securities referred to in the within-mentioned
Senior Debt Funding Indenture. 
  

			
	  

	as Trustee
	 By:
	 	  

		 	 Authorized Officer




  
 4 













 If at any time there shall be an Authenticating Agent appointed with respect to any series
of Securities, then the Trustee’s Certificate of Authentication to be borne by the Securities of each such series shall be substantially as follows: 

“This is one of the Securities referred to in the within-mentioned Senior Debt Funding Indenture. 

 

			
	  

	as Authenticating Agent
		
	 By:
	 	  

		 	 Authorized Officer



 Section 2.03. Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series
and are intended to qualify as eligible liabilities instruments for the minimum requirement for own funds and eligible liabilities as applicable to the Issuer. 

The obligations under the Securities constitute unsecured and unsubordinated obligations of the Issuer ranking pari passu among
themselves and with all other unsecured and unsubordinated obligations of the Issuer, subject, however, to statutory priorities conferred on certain unsecured and unsubordinated obligations in the event of any Resolution Measures imposed on the
Issuer or in the event of the dissolution, liquidation, insolvency or composition of the Issuer, or if other proceedings are opened for the avoidance of the insolvency of, or against, the Issuer; and pursuant to Section 46f(5) of the German
Banking Act (Kreditwesengesetz), the obligations under the Securities rank in priority to the Issuer’s obligations under any of its debt instruments (Schuldtitel) within the meaning of Section 46f(6) sentence 1 of the
German Banking Act (including the obligations under any such debt instruments that were issued by the Issuer before July 21, 2018 and that are subject to Section 46f(9) of the German Banking Act) or any successor provision. 

There shall be established in one or more Board Resolutions, in one or more Officers’ Certificates detailing such establishment or in one
or more indentures supplemental hereto, prior to the initial issuance of Securities of any series: 
 (a) the designation of the Securities
of the series, which shall distinguish the Securities of the series from the Securities of all other series; 
 (b) the qualification of the
Securities of the series as eligible liabilities for bank regulatory purposes; 
 (c) whether the Issuer may substitute the Office through
which the Issuer is acting for all purposes under the Securities of the series; 
 (d) any limit upon the aggregate principal amount of the
Securities of the series that 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 2.08, 2.09, 2.11, 9.05 or 13.03); 
 (e) if other than Dollars, the coin or currency in which the Securities of that series are
denominated (including, but not limited to, any Non-U.S. Currency); 
 (f) the date or dates on which
the principal of the Securities of the series is payable (and any provisions relating to postponing or shortening the date on which the principal of the Securities is payable); 

(g) the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall
accrue, on which such interest shall be payable and (in the case of Registered Securities) on which a record shall be taken for the determination of Holders to whom interest is payable and/or the method by which such rate or rates or date or dates
shall be determined; 
 (h) the place or places where the principal of and any interest on Securities of the series shall be payable (if
other than as provided in Section 3.02); 
 (i) the right, if any, of the Issuer to redeem, purchase or repay Securities, in whole or in
part, at its option and the period or periods within which, the price or prices at which and any terms and conditions, including the Redemption Notice Period, upon which Securities of the series may be so redeemed, purchased or repaid; 

(j) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of the series pursuant to any mandatory redemption or
analogous provisions or at the option of a Holder thereof and the price or prices at which and the period or periods within which and any terms and conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in
part, pursuant to such obligation; 
 (k) if other than denominations of $1,000 and any integral multiple thereof in the case of Registered
Securities, or $1,000 and any integral multiple thereof in the case of Bearer Securities, the denominations in which Securities of the series shall be issuable; 

  
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 (l) whether the Securities of the series will be issuable as Registered Securities (and if
so, whether such Securities will be issuable as Registered Global Securities) or Bearer Securities (with or without Coupons), or any combination of the foregoing, any restrictions applicable to the offer, sale, transfer, exchange or delivery of
Bearer Securities or Registered Securities or the payment of interest thereon and, if other than as provided in Section 2.08, the terms upon which Bearer Securities of any series may be exchanged for Registered Securities of such series and
vice versa; 
 (m) whether and under what circumstances the Issuer will pay additional amounts on the Securities of the series in respect of
any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such Securities rather than pay such additional amounts; 

(n) if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 

(o) any trustees, depositaries, authenticating or Paying Agents, transfer agents or registrars or any other agents with respect to the
Securities of such series; 
 (p) any additions to or modifications of the covenants of the Issuer set forth herein with respect to the
Securities of such series; and 
 (q) any other terms of the series. 

All Securities of any one series and Coupons, if any, appertaining thereto, shall be substantially identical, except in the case of Registered
Securities as to denomination and except as may otherwise be provided by the Board Resolution or Officers’ Certificate referred to above or as set forth in any such indenture supplemental hereto. 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 such Board Resolution, such Officers’ Certificate or in any such indenture supplemental hereto. 

Section 2.04. Authentication and Delivery of Securities. The Issuer may deliver Securities of any series having attached thereto
appropriate Coupons, if any, executed by the Issuer to the Trustee for authentication together with the applicable documents referred to below in this Section, and the Trustee or an Authenticating Agent on behalf of the Trustee shall thereupon
authenticate and deliver such Securities to or upon an Issuer Order with respect to those Securities or pursuant to such procedures acceptable to the Trustee and to such recipients as may be specified from time to time by an Issuer Order. If
provided for in such procedures, the authorization of the authentication and delivery of any Securities may be given pursuant to oral instructions from the Issuer or its duly authorized agent, which instructions shall be promptly confirmed in
writing. In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in the case of subparagraphs 2.04(b), 2.04(c) and 2.04(d) below
only at or before the time of the first request of the Issuer to the Trustee to authenticate Securities of such series) and (subject to Section 7.01) shall be fully protected in relying upon, unless and until such documents have been superseded
or revoked: 
 (a) an Issuer Order requesting such authentication and setting forth delivery instructions if the Securities and Coupons, if
any, are not to be delivered to the Issuer, provided that, with respect to Securities of a series subject to a Periodic Offering, (i) such Issuer Order may be delivered by the Issuer to the Trustee prior to the delivery to the Trustee of
such Securities for authentication and delivery, (ii) the Trustee shall authenticate and deliver Securities of such series for original issue from time to time, in an aggregate principal amount not exceeding the aggregate principal amount
established for such series, pursuant to an Issuer Order or pursuant to procedures acceptable to the Trustee as may be specified from time to time by an Issuer Order, (iii) the maturity date or dates, original issue date or dates, interest rate
or rates and any other terms of Securities of such series (including Redemption Notice Periods) shall be determined by an Issuer Order or pursuant to such procedures and (iv) if provided for in such procedures, such Issuer Order may authorize
authentication and delivery pursuant to oral or electronic instructions from the Issuer or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing; 

(b) any Board Resolution, Officers’ Certificate and/or executed supplemental indenture referred to in Sections 2.01 and 2.03 by or
pursuant to which the forms and terms of the Securities and Coupons, if any, were established; 
 (c) an Officers’ Certificate setting
forth the form or forms and terms of the Securities and Coupons, if any, stating that the form or forms and terms of the Securities and Coupons, if any, have been established pursuant to Sections 2.01 and 2.03 and comply with this Indenture, and
covering such other matters as the Trustee may reasonably request; and 

  
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 (d) at the option of the Issuer, either an Opinion of Counsel, or a letter addressed to the
Trustee permitting it to rely on an Opinion of Counsel, substantially to the effect that: 
 (i) the forms of the Securities
and Coupons, if any, have been duly authorized and established in conformity with the provisions of this Indenture; 
 (ii)
the terms of the Securities have been, or will be when established in accordance with such procedures as shall be referred to herein, duly authorized by the Issuer and established in conformity with the provisions of this Indenture; 

(iii) when the Securities and Coupons, if any, have been executed by the Issuer and authenticated by the Trustee, or an
Authenticating Agent on behalf of the Trustee, in accordance with the provisions of this Indenture and delivered to and duly paid for by the purchasers thereof, they will have been duly issued under this Indenture and will be valid and binding
obligations of the Issuer, enforceable in accordance with their respective terms, and will be entitled to the benefits of this Indenture; and 

(iv) the execution and delivery by the Issuer of, and the performance by the Issuer of its obligations under, the Securities
and Coupons, if any, will not contravene any provision of applicable law or the articles of association of the Issuer or any agreement or other instrument binding upon the Issuer or any of its consolidated subsidiaries that is material to the Issuer
and its subsidiaries, taken as a whole, or, to the best of such counsel’s knowledge, any judgment, order or decree of any U.S. governmental body, agency or court having jurisdiction over the Issuer or any of its consolidated subsidiaries, and
no consent, approval or authorization of any U.S. governmental body or agency is required for the performance by the Issuer of its obligations under the Securities and Coupons, if any, except such as are specified and have been obtained and such as
may be required by the securities or blue sky laws of the various states in connection with the offer and sale of the Securities and Coupons, if any. 

In rendering such opinions, such counsel may make customary exceptions and qualifications, in particular, such counsel may qualify any opinions
as to enforceability by stating that such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium and other similar laws affecting the rights and remedies of creditors and is subject to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). Such counsel may also state that, insofar as such opinion involves factual matters, he has relied, to the extent he deems proper, upon certificates
of officers of the Issuer and its subsidiaries and certificates of public officials. 
 The Trustee shall have the right to decline to
authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees,
executive committee, or a trust committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights, duties or
immunities under the Securities, this Indenture or otherwise. 
 If the Issuer shall establish pursuant to Section 2.03 that the
Securities of a series are to be issued in the form of one or more Registered Global Securities, then the Issuer shall execute and the Trustee shall, in accordance with this Section and the Issuer Order with respect to such series, authenticate and
deliver one or more Registered Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Securities of such series issued and not yet cancelled, (ii) shall be
registered in the name of the Depositary for such Registered Global Security or Securities or the nominee of such Depositary, (iii) shall be held by the Registrar, as custodian for the Depositary or pursuant to such Depositary’s
instructions and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities in definitive registered form, this Security may not be transferred except as a whole by
the Depositary to the nominee of the Depositary or 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 successor
Depositary.” 
 Each Depositary designated pursuant to Section 2.03 must, at the time of its designation and at all times while it
serves as Depositary, be a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation. 

Section 2.05. Execution of Securities. The Securities and, if applicable, each Coupon appertaining thereto shall be signed on
behalf of the Issuer by any two Authorized Signatories of the Issuer authorized to execute Securities or, if applicable, Coupons, which Securities or Coupons may, but need not, be attested. Such signatures may be the manual, facsimile or electronic
signatures of the present or any future such Authorized Signatory. Minor errors or defects in any such reproduction of any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered
by the Trustee. 

  
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 In case any Authorized Signatory of the Issuer who shall have signed any of the Securities
or Coupons, if any, pursuant to his or her authorization to do so, shall cease to be an Authorized Signatory, or such authorization shall be withdrawn, before the Security or Coupon so signed (or the Security to which the Coupon so signed
appertains) shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security or Coupon nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security or Coupon had not
ceased to be such Authorized Signatory or the authorization to sign such Security or Coupon had not been withdrawn; and any Security or Coupon may be signed on behalf of the Issuer by any two Authorized Signatories as, at the actual date of the
execution of such Security or Coupon, shall be authorized by the Issuer to do so, although at the date of the execution and delivery of this Indenture any such person was not so authorized. 

Section 2.06. Certificate of Authentication. Only such Securities as shall bear thereon a certificate of authentication
substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. No Coupon shall be
entitled to the benefits of this Indenture or shall be valid and obligatory for any purpose until the certificate of authentication on the Security to which such Coupon appertains shall have been duly executed by the Trustee. The execution of such
certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this
Indenture. 
 Section 2.07. Denomination and Date of Securities; Payments of Interest. The Securities of each series shall be
issuable as Registered Securities or Bearer Securities in denominations established as contemplated by Section 2.03 or, with respect to the Registered Securities of any series, if not so established, in denominations of $1,000 and any integral
multiple thereof. If denominations of Bearer Securities of any series are not so established, such Securities shall be issuable in denominations of $1,000 and any integral multiple thereof. The Securities of each series shall be numbered, lettered
or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may determine, as evidenced by the execution and authentication thereof. 

Each Registered Security shall be dated the date of its authentication. Each Bearer Security shall be dated as provided in the Board
Resolutions or Officers’ Certificate of the Issuer referred to in Section 2.03. The Securities of each series shall bear interest, if any, from the date, and such interest shall be payable on the dates, established as contemplated by
Section 2.03. 
 The Person in whose name any Registered Security of any series is registered at the close of business on any record
date applicable to a particular series with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer or exchange of such Registered
Security subsequent to the record date and prior to such interest payment date, except if and to the extent the Issuer shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted
interest shall be paid to the Persons in whose names Outstanding Registered Securities for such series are registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment
of such defaulted interest) established by notice given by mail by or on behalf of the Issuer to the Holders of Registered Securities not less than 15 days preceding such subsequent record date. In the case of Securities not in definitive registered
form, the term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest) for such Securities of any series shall mean the date specified as such in the terms of the Registered
Securities of such series established as contemplated by Section 2.03, or, if no such date is so established, the date that is one New York Banking Day immediately preceding the relevant date of payment in respect of such interest payment date.
In the case of Securities in definitive registered form, the term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest) for such Securities shall mean the date specified as
such in the terms of such Securities established as contemplated by Section 2.03, or, if no such date is so established, the close of business on the 15th day (whether or not such 15th day is a New York Banking Day) before such interest payment date. 
 Section 2.08.
Registration, Transfer and Exchange. The Issuer will keep at each office or agency to be maintained for the purpose as provided in Section 3.02 for each series of Securities a register or registers in which, subject to such reasonable
regulations as it may prescribe, it will provide for the registration of Registered Securities of such series and the registration of transfer of Registered Securities of such series. The Issuer hereby appoints DBTCA as the registrar for the purpose
of registering the Registered Securities and transfers of such Registered Securities in the register as provided herein (“Registrar”). Such register shall be in written form in the English language or in any other form capable of
being converted into such form within a reasonable time. At all reasonable times such register or registers shall be open for inspection by the Trustee. 

  
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 Upon due presentation for registration of transfer of any Registered Security of any series
at any such office or agency to be maintained for the purpose as provided in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Registered Security or
Registered Securities of the same series, maturity date, interest rate and original issue date in authorized denominations for a like aggregate principal amount. 

Bearer Securities (except for any temporary global Bearer Securities) and Coupons (except for Coupons attached to any temporary global Bearer
Securities) shall be transferable by delivery. 
 At the option of the Holder thereof, Registered Securities of any series (other than a
Registered Global Security, except as set forth below) may be exchanged for a Registered Security or Registered Securities of such series having authorized denominations and an equal aggregate principal amount, upon surrender of such Registered
Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02 and upon payment, if the Issuer shall so require, of the charges hereinafter provided. If the Securities of any
series are issued in both registered and unregistered form, except as otherwise specified pursuant to Section 2.03, at the option of the Holder thereof, Bearer Securities of any series may be exchanged for Registered Securities of such series
having authorized denominations and an equal aggregate principal amount, upon surrender of such Bearer Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02, with, in
the case of Bearer Securities that have Coupons attached, all unmatured Coupons and all matured Coupons in default thereto appertaining, and upon payment, if the Issuer shall so require, of the charges hereinafter provided. At the option of the
Holder thereof, if Bearer Securities of any series, maturity date, interest rate and original issue date are issued in more than one authorized denomination, except as otherwise specified pursuant to Section 2.03, such Bearer Securities may be
exchanged for Bearer Securities of such series having authorized denominations and an equal aggregate principal amount, upon surrender of such Bearer Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in
accordance with Section 3.02 or as specified pursuant to Section 2.03, with, in the case of Bearer Securities that have Coupons attached, all unmatured Coupons and all matured Coupons in default thereto appertaining, and upon payment, if
the Issuer shall so require, of the charges hereinafter provided. Unless otherwise specified pursuant to Section 2.03, Registered Securities of any series may not be exchanged for Bearer Securities of such series. Whenever any Securities are so
surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. All Securities and Coupons surrendered upon any exchange or transfer
provided for in this Indenture shall be promptly cancelled and disposed of by the Trustee and the Trustee will deliver a certificate of disposition thereof to the Issuer. 

All Registered Securities presented for registration of transfer, exchange, redemption or payment shall (if so required by the Issuer or the
Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer, Registrar, Trustee and Authenticating Agent duly executed by the Holder or his attorney duly authorized in
writing. 
 The Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any exchange or registration of transfer of Securities. No service charge shall be made for any such transaction. 
 The
Issuer shall not be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days immediately preceding the first mailing of notice of redemption of Securities of such series to be redeemed,
(b) any Securities selected, called or being called for redemption, in whole or in part, except, in the case of any Security to be redeemed in part, the portion thereof not so to be redeemed or (c) any Securities if the Holder thereof has
exercised any right to require the Issuer to repurchase such Securities, in whole or in part, except, in the case of any Security to be repurchased in part, the portion thereof not so to be repurchased. 

Notwithstanding any other provision of this Section 2.08, unless and until it is exchanged in whole or in part for Securities in
definitive registered form, a Registered Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such
Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 

If at any time the Depositary for any Registered Securities of a series represented by one or more Registered Global Securities notifies the
Issuer that it is unwilling or unable to continue as Depositary for such Registered Securities or if at any time the Depositary for such Registered Securities shall no longer be eligible under Section 2.04, the Issuer shall appoint a successor
Depositary eligible under Section 2.04 with respect to such Registered Securities. If a successor Depositary eligible under Section 2.04 for such Registered Securities is not 

  
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appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer’s election pursuant to Section 2.03 that such Registered
Securities be represented by one or more Registered Global Securities shall no longer be effective and the Issuer will execute, and the Trustee, upon receipt of an Issuer Order for the authentication and delivery of definitive Securities of such
series, will authenticate and deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Registered Global Security or
Securities representing such Registered Securities in exchange for such Registered Global Security or Securities. 
 The Issuer may at any
time and in its sole discretion determine that the Registered Securities of any series issued in the form of one or more Registered Global Securities shall no longer be represented by a Registered Global Security or Securities. In such event the
Issuer will execute, and the Trustee, upon receipt of an Issuer Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive registered form without
coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Registered Global Security or Securities representing such Registered Securities, in exchange for such Registered Global Security or
Securities. 
 If specified by the Issuer pursuant to Section 2.03 with respect to Securities represented by a Registered Global
Security, the Depositary for such Registered Global Security may surrender such Registered Global Security in exchange in whole or in part for Securities of the same series in definitive registered form on such terms as are acceptable to the Issuer
and such Depositary. Thereupon, the Issuer shall execute, and the Trustee shall authenticate and deliver, without service charge, 

(i) to the Person specified by such Depositary a new Registered Security or Securities of the same series, of any authorized
denominations as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Registered Global Security; and 

(ii) to such Depositary a new Registered Global Security in a denomination equal to the difference, if any, between the
principal amount of the surrendered Registered Global Security and the aggregate principal amount of Registered Securities authenticated and delivered pursuant to clause (i) above. 

Upon the exchange of a Registered Global Security for Securities in definitive registered form without coupons, in authorized denominations,
such Registered Global Security shall be cancelled by the Trustee or an agent of the Issuer or the Trustee. Securities in definitive registered form without coupons issued in exchange for a Registered Global Security pursuant to this
Section 2.08 shall be registered in such nominee names and in such authorized denominations as the Depositary for such Registered Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered. 

All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 Notwithstanding anything
herein or in the terms of any series of Securities to the contrary, none of the Issuer, the Trustee or any agent of the Issuer or the Trustee (any of which, other than the Issuer, shall rely on an Officers’ Certificate and an Opinion of
Counsel) shall be required to exchange any Bearer Security for a Registered Security if such exchange would result in adverse U.S. federal income tax consequences to the Issuer (such as, for example, the inability of the Issuer to deduct from its
income, as computed for U.S. federal income tax purposes, the interest payable on the Bearer Securities) under then applicable U.S. federal income tax laws. 

The Trustee and Agents shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on exchange or
transfer imposed under this Indenture or under applicable law with respect to any exchange or transfer of any interest in any Security other than to require delivery of such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

So long as the Depositary, or its nominee, is the registered owner of any Registered Global Security, the Depositary, or its nominee, shall be
considered by the Issuer, the Trustee and any Agent as the sole owner or holder of the Securities represented by such Registered Global Security for all purposes whatsoever under this Indenture. None of the Issuer, the Trustee or any agent will have
any responsibility or liability for any aspect of the records relating to or payment made on account of beneficial ownership interests of a Registered Global Security or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests. 

  
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Neither the Trustee nor any agent shall have any responsibility or liability for any actions taken or not taken by the Depositary. The Trustee and agents shall be fully protected in relying upon
information furnished by the Depositary with respect to its agent members and other members, participants and any beneficial owners. 

Section 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security or any Coupon
appertaining to any Security shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request of any officer of the Issuer, the Trustee shall authenticate and deliver a new
Security of the same series, maturity date, interest rate and original issue date, bearing a number or other distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of
and in substitution for the Security so destroyed, lost or stolen with Coupons corresponding to the Coupons appertaining to the Securities so mutilated, defaced, destroyed, lost or stolen, or in exchange or substitution for the Security to which
such mutilated, defaced, destroyed, lost or stolen Coupon appertained, with Coupons appertaining thereto corresponding to the Coupons so mutilated, defaced, destroyed, lost or stolen. In every case the applicant for a substitute Security or Coupon
shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or
theft, evidence to their satisfaction of the destruction, loss or theft of such Security or Coupon and of the ownership thereof and in the case of mutilation or defacement shall surrender the Security and related Coupons to the Trustee or such
agent. 
 Upon the issuance of any substitute Security or Coupon, the Issuer 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 or its agent) connected therewith. In case any Security or Coupon which has matured or is about to mature or has
been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may instead of issuing a substitute Security, pay or authorize the payment of the same or the relevant Coupon (without surrender thereof
except in the case of a mutilated or defaced Security or Coupon), if the applicant for such payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as any of them may require to
save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft
of such Security or Coupon and of the ownership thereof. 
 Every substitute Security or Coupon of any series issued pursuant to the
provisions of this Section by virtue of the fact that any such Security or Coupon is destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security or Coupon shall
be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities or Coupons of such
series duly authenticated and delivered hereunder. All Securities and Coupons shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, defaced or destroyed, lost or stolen Securities and Coupons and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or
payment of negotiable instruments or other securities without their surrender. 
 Section 2.10. Cancellation of Securities;
Disposition Thereof. All Securities and Coupons surrendered for payment, redemption, registration of transfer or exchange, if surrendered to the Issuer or any agent of the Issuer or the Trustee or any agent of the Trustee, shall be delivered to
the Trustee or its agent for cancellation or, if surrendered to the Trustee, shall be cancelled by it upon receipt of an Issuer Order; and no Securities or Coupons shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee or its agent shall dispose of cancelled Securities and Coupons held by it and deliver a certificate of disposition to the Issuer. If the Issuer or its agent shall acquire any of the Securities or Coupons,
such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities or Coupons unless and until the same are delivered to the Trustee or its agent for cancellation. 

Section 2.11. Temporary Securities. Pending the preparation of definitive Securities for any series, the Issuer may execute and the
Trustee (upon receipt of an Issuer Order) shall authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Issuer). Temporary Securities of any
series shall be issuable as Registered Securities without Coupons, or as Bearer Securities with or without Coupons attached thereto, of any authorized denomination, and substantially in the form of the definitive Securities of such series but with
such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer as evidenced by the execution and authentication thereof. Temporary Securities may contain such references to any
provisions of 

  
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this Indenture as may be appropriate. Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner,
and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary Registered Securities of such series may be surrendered in
exchange therefor without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02 and, in the case of Bearer Securities, at any agency maintained by the Issuer for such purpose as specified
pursuant to Section 2.03, and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such series an equal aggregate principal amount of definitive Securities of the same series having authorized denominations
and, in the case of Bearer Securities, having attached thereto any appropriate Coupons. Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series,
unless otherwise established pursuant to Section 2.03. The provisions of this Section are subject to any restrictions or limitations on the issue and delivery of temporary Bearer Securities of any series that may be established pursuant to
Section 2.03 (including any provision that Bearer Securities of such series initially be issued in the form of a single global Bearer Security to be delivered to a depositary or agency located outside the United States and the procedures
pursuant to which definitive or global Bearer Securities of such series would be issued in exchange for such temporary global Bearer Security). 

ARTICLE 3 

COVENANTS OF THE ISSUER 

Section 3.01. Payment of Principal and Interest. The Issuer covenants and agrees for the benefit of each series of Securities that
it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series (together with any additional amounts payable pursuant to the terms of such Securities) at the place or places, at the
respective times and in the manner provided in such Securities and in the Coupons, if any, appertaining thereto and in this Indenture. The interest on Securities with Coupons attached (together with any additional amounts payable pursuant to the
terms of such Securities) shall be payable only upon presentation and surrender of the several Coupons for such interest installments as are evidenced thereby as they severally mature. If any temporary Bearer Security provides that interest thereon
may be paid while such Security is in temporary form, the interest on any such temporary Bearer Security (together with any additional amounts payable pursuant to the terms of such Security) shall be paid, as to the installments of interest
evidenced by Coupons attached thereto, if any, only upon presentation and surrender thereof, and, as to the other installments of interest, if any, only upon presentation of such Securities for notation thereon of the payment of such interest, in
each case subject to any restrictions that may be established pursuant to Section 2.03. The interest on Registered Securities (together with any additional amounts payable pursuant to the terms of such Securities) shall be payable only to or
upon the written order of the Holders thereof and, at the option of the Issuer, may be paid by wire transfer or by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as they appear on the
registry books of the Issuer. 
 Section 3.02. Offices for Payments, Etc. So long as any Registered Securities are authorized for
issuance pursuant to this Indenture or are outstanding hereunder, the Issuer will maintain in the United States of America, an office or agency where the Registered Securities of each series may be presented for payment, where the Securities of each
series may be presented for exchange as is provided in this Indenture and, if applicable, pursuant to Section 2.03 and where the Registered Securities of each series may be presented for registration of transfer as in this Indenture provided.

 The Issuer will maintain one or more offices or agencies in a city or cities located outside the United States (including any city in
which such an agency is required to be maintained under the rules of any stock exchange on which the Securities of such series are listed) where the Bearer Securities, if any, of each series and Coupons, if any, appertaining thereto may be presented
for payment. No payment on any Bearer Security or Coupon will be made upon presentation of such Bearer Security or Coupon at an agency of the Issuer within the United States nor will any payment be made by transfer to an account in, or by mail to an
address in, the United States unless pursuant to applicable United States laws and regulations then in effect such payment can be made without adverse tax consequences to the Issuer. Notwithstanding the foregoing, payments in Dollars of Bearer
Securities of any series and Coupons appertaining thereto which are payable in Dollars may be made at an agency of the Issuer maintained in the United States of America if such payment in Dollars at each agency maintained by the Issuer outside the
United States for payment on such Bearer Securities is illegal or effectively precluded by exchange controls or other similar restrictions. 

  
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 The Issuer will maintain in the United States of America, an office or agency where notices
and demands to or upon the Issuer in respect of the Securities of any series, the Coupons appertaining thereto or this Indenture may be served. 

The Issuer will give to the Trustee written notice of the location of each such office or agency and of any change of location thereof. In case
the Issuer shall fail to maintain any agency required by this Section to be located in the United States of America, or shall fail to give such notice of the location or of any change in the location of any of the above agencies, presentations and
demands may be made and notices may be served at the Corporate Trust Office of the Trustee. 
 The Issuer may from time to time designate one
or more additional offices or agencies where the Securities of a series and any Coupons appertaining thereto may be presented for payment, where the Securities of that series may be presented for exchange as provided in this Indenture and pursuant
to Section 2.03 and where the Registered Securities of that series may be presented for registration of transfer as in this Indenture provided, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable
or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain the agencies provided for in this Section. The Issuer will give to the Trustee prompt written notice
of any such designation or rescission thereof. 
 Section 3.03. Appointment to Fill a Vacancy in Office of Trustee. The Issuer,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder. 

Section 3.04. Paying Agents. Whenever the Issuer shall appoint a Paying Agent other than the Trustee or DBTCA in its capacity as
Paying Agent hereunder with respect to the Securities of any series (the “Paying Agent”), it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section, 
 (a) that it will hold all sums received by it as such agent for the payment of the principal of or
interest on the Securities of such series (whether such sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the Securities of such series, or Coupons
appertaining thereto, if any, or of the Trustee, 
 (b) that it will give the Trustee notice of any failure by the Issuer (or by any other
obligor on the Securities of such series) to make any payment of the principal of or interest on the Securities of such series when the same shall be due and payable, and 

(c) that it will pay any such sums so held in trust by it to the Trustee upon the Trustee’s written request at any time during the
continuance of the failure referred to in clause 3.04(b) above. 
 The Issuer will, on or prior to 10 A.M. New York City time on each due
date of the principal of or interest on the Securities of such series, deposit with the Paying Agent a sum sufficient to pay such principal or interest so becoming due, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify
the Trustee of any failure to take such action. 
 If the Issuer shall act as its own Paying Agent with respect to the Securities of any
series, it will, on or before each due date of the principal of or interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series or the Coupons appertaining thereto
a sum sufficient to pay such principal or interest so becoming due. The Issuer will promptly notify the Trustee of any failure to take such action. 

The Issuer hereby appoints DBTCA to act as the initial Paying Agent with respect to the Securities. 

Anything in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Sections 11.02 and 11.03. 
 Section 3.05. Written Statement to Trustee. The Issuer will furnish to the Trustee on
or before March 31 in each year (beginning with March 31, 2019) a brief certificate that complies with the requirements of the Trust Indenture Act of 1939 (which need not comply with Section 12.05) from the principal executive,
financial or accounting officer of the Issuer stating that in the course of the performance by the signer of his duties as an officer of the Issuer he would normally have knowledge of any Event of Default, default or
non-compliance by the Issuer in the performance of any covenants or conditions contained in this Indenture, stating whether or not he has knowledge of any such Event of Default, default or non-compliance and, if so, specifying each such Event of Default, default or non-compliance of which the signer has knowledge and the nature thereof. 

Section 3.06. Luxembourg Publications. In the event of the publication of any notice pursuant to Section 5.11, 7.10(a), 7.11,
9.02, 11.03 or 13.02, the Issuer making such publication in the Borough of 

  
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Manhattan, The City of New York and London shall also, to the extent that notice is required to be given to Holders of Securities of any series by applicable Luxembourg law or stock exchange
regulation, as evidenced by an Officers’ Certificate delivered to such party, make a similar publication in Luxembourg. 
 ARTICLE 4

 SECURITYHOLDERS LISTS AND REPORTS BY THE
ISSUER AND THE TRUSTEE 
 Section 4.01. Issuer to Furnish Trustee
Information as to Names and Addresses of Securityholders. If and so long as the Trustee shall not be the Security registrar for the Securities of any series, the Issuer will furnish or cause to be furnished to the Trustee, upon the
Trustee’s request, a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of the Registered Securities of such series pursuant to Section 312 of the Trust Indenture Act of 1939: 

(a) semi-annually not more than 15 days after each record date for the payment of interest on such Registered Securities, as hereinabove
specified, as of such record date and on dates to be determined pursuant to Section 2.03 for non-interest bearing Registered Securities in each year, and 

(b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request as of a date not
more than 15 days prior to the time such information is furnished by the Issuer. 
 Section 4.02. Preservation and Disclosure of
Securityholders Lists. (a) DBTCA shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of each series of Securities contained in the most recent list furnished to it
as provided in Section 4.01. The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so furnished. 

(b) The rights of Holders to communicate with other Holders with respect to this Indenture or the Securities are as provided by the Trust
Indenture Act of 1939. 
 (c) Neither the Issuer nor the Trustee will be held accountable by reason of any disclosure of information as to
names and addresses of Holders made pursuant to the Trust Indenture Act of 1939. 
 Section 4.03. Reports by the Issuer. The
Issuer covenants to file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents, and other reports that the Issuer may be required to file
with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 or pursuant to Section 314 of the Trust Indenture Act of 1939, provided, that only the Trustee may institute a legal proceeding
against the Issuer to enforce the foregoing delivery obligation. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of
any information contained therein or determinable from information contained therein. 
 Section 4.04. Reports by the Trustee.
Any Trustee’s report required under Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted on or before January 15 in each year beginning January 15, 2019, as provided in Section 313(c) of the Trust
Indenture Act of 1939, so long as any Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more than 60 days prior thereto. 

ARTICLE 5 
 REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT OR DEFAULT 

Section 5.01. Event of Default Defined; No Acceleration of Maturity in case of Default in Payment. (a) “Event of
Default” with respect to Securities of any series wherever used herein means the opening of insolvency proceedings against the Issuer by a German court having jurisdiction over the Issuer. 

There are no other events of default under the Securities. If an Event of Default occurs and is continuing, then, unless the principal of all
the Securities shall have already become due and payable, either the Trustee or the Holders of not less than 33 1⁄3% in aggregate principal amount of all the
Securities then Outstanding hereunder (treated as one class), by notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the entire principal (or, if any Securities are Original Issue Discount Securities, such
portion of the principal as may be specified in the terms thereof) of all the Securities then Outstanding and interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due
and payable. 
 For all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have
been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after 

  
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such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such
portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon
and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 
 (b) Subject to
Section 5.02, there is no right of acceleration in the case of a default in the payment of principal of, or interest on, or other amounts owing under any series of Securities or a default in the performance of any other covenant of the Issuer
under the Securities or this Indenture (any such default in payment or default in performance, a “default”). 
 (c) The
Trustee shall not be deemed to have knowledge of any Event of Default or default unless it has received written notification at the Corporate Trust Office of the Trustee and such notice references the series of Securities and this Indenture, or if
the Trustee has actual knowledge of such default or Event of Default. 
 Section 5.02. Collection Of Indebtedness By Trustee; Trustee
May Prove Debt. If an Event of Default or a default with respect to Securities of any series occurs and is continuing, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered (but not obligated) to pursue
any available remedy by proceedings at law or in equity to collect any principal of and interest on the Securities of such series due and unpaid, or to enforce the performance of any provision of the Securities of such series or this Indenture, and
may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor upon the Securities and collect in the manner provided by law out of the property of the
Issuer or other obligor upon the Securities, wherever situated, the monies adjudged or decreed to be payable. 
 In case there shall be
pending proceedings relative to the Issuer or any other obligor upon the Securities under Title 11 of the United States Code or any other applicable U.S. federal or state or non-U.S. bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor, or in
case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or otherwise, shall be entitled and empowered (but not obligated), by intervention in such proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, 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 reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of its negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the Issuer or other obligor upon
the Securities, or to the creditors or property of the Issuer or such other obligor, 
 (ii) unless prohibited by applicable
law and regulations, to vote on behalf of the Holders of the Securities of any series in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or Person performing
similar functions in comparable proceedings, and 
 (iii) to collect and receive any monies payable on any such claims, and
to distribute all amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized by each of the
Securityholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation
to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of its negligence or
bad faith. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

  
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 All rights of action and of asserting claims under this Indenture, or under any of the
Securities of any series or Coupons appertaining to such Securities, may be enforced by the Trustee without the possession of any of the Securities of such series or Coupons appertaining to such Securities or the production thereof on any trial or
other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and
compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Securities or Coupons appertaining to such Securities in respect of which such action was taken.

 In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to
which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Securities or Coupons appertaining to such Securities in respect to which such action was taken, and it shall not be necessary to make any Holders of
such Securities or Coupons appertaining to such Securities parties to any such proceedings. 
 Section 5.03. Application of Proceeds.
Any monies collected by the Trustee pursuant to this Article in respect of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such monies on account of principal or
interest, upon presentation of the several Securities and Coupons appertaining to such Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced
principal amounts in exchange for the presented Securities of like series if only partially paid, or upon surrender thereof if fully paid: 
  

	 	FIRST:	 To the payment of costs and expenses applicable to such series in respect of which monies have been collected,
including reasonable compensation to the Trustee, Agent and each predecessor Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee, Agent and each predecessor Trustee
except as a result of negligence or bad faith; 


  

	 	SECOND:	 In case the principal of the Securities of such series in respect of which monies have been collected shall not
have become and be then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by
the Trustee) upon the overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made ratably to the Holders of
Securities, without discrimination or preference; 


  

	 	THIRD:	 In case the principal of the Securities of such series in respect of which monies have been collected shall
have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal, and (to the extent that such
interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series; and in
case such monies shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest or Yield to Maturity, without preference or priority of principal over
interest or Yield to Maturity, or of interest or Yield to Maturity over principal, or of any installments of interest over any other installments of interest, or of any Security of such series over any other Security of such series, ratably to the
aggregate of such principal and accrued and unpaid interest or Yield to Maturity; and 


  

	 	FOURTH:	 To the payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto.



 Section 5.04. Suits for Enforcement. In case an Event of Default or a default has occurred, has not been
waived and is continuing, the Trustee may proceed to protect and enforce the rights vested in it by this Indenture, including by judicial proceedings, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of
any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 

Section 5.05. Restoration of Rights on Abandonment of Proceedings. In case the Trustee shall have proceeded to enforce any right
under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the Issuer and the Trustee shall be restored respectively to
their former positions and rights hereunder, and all 

  
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rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken. 

Section 5.06. Limitations on Suits by Securityholders. No Holder of any Security of any series or of any Coupon appertaining
thereto shall have any right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to this Indenture, or for the appointment
of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of the Event of Default or default and of the continuance
thereof, as hereinbefore provided, and unless also the Holders of not less than a majority in aggregate principal amount of the Securities of each affected series then Outstanding (treated as a single class) shall have made written request upon the
Trustee to institute such action or proceedings in its own name as trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby and
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee
pursuant to Section 5.09; it being understood and intended, and being expressly covenanted by the taker and Holder of every Security or Coupon with every other taker and Holder and the Trustee, that no one or more Holders of Securities of any
series or Coupons appertaining to such Securities shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities or Coupons
appertaining to such Securities, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of
all Holders of Securities of the applicable series and Coupons appertaining to such Securities. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity. 
 Section 5.07. Unconditional Right of Securityholders to Institute Certain Suits. To
the extent required by the Trust Indenture Act, but subject to the provisions of this Indenture and in any Securities, the right of any Holder of any Security or Coupon to receive payment of the principal of and interest on such Security or Coupon
on or after the respective due dates expressed in such Security or Coupon, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 5.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default. Except as provided in Section 5.06, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or Coupons 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 prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 No delay or omission of the Trustee or of any Holder of Securities or Coupons to
exercise any right or power accruing upon any Event of Default or default occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or default or an acquiescence
therein; and, subject to Section 5.06, every power and remedy given by this Indenture or by law to the Trustee or to the Holders of Securities or Coupons may be exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Holders of Securities or Coupons. 
 Section 5.09. Control by Holders of Securities. The Holders of a majority
in aggregate principal amount of the Securities of each series affected (with all such series voting as a single class) at the time Outstanding 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 by this Indenture; provided that such direction shall not be otherwise than in accordance with law and the
provisions of this Indenture and provided further that (subject to the provisions of Section 7.01) the Trustee shall have the right to decline to follow any such direction if the Trustee shall determine that the action or proceeding so directed
may not lawfully be taken (as advised by counsel) or if the Trustee in good faith shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the
actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood that (subject to
Section 7.01) the Trustee shall have no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders. 

Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is
not inconsistent with such direction or directions by Securityholders. 

  
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 Section 5.10. Waiver of Past Defaults. The Holders of a majority in aggregate
principal amount of the Securities of all series at the time Outstanding with respect to which an Event of Default or a default shall have occurred and be continuing (voting as a single class) may on behalf of the Holders of all such Securities
waive any past Event of Default or default and its consequences, except a default in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such
waiver, the Issuer, the Trustee and the Holders of all such Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or Event of Default or impair
any right consequent thereon. 
 Upon any such waiver, such Event of Default or default shall cease to exist and be deemed to have been cured
and not to have occurred, and any Event of Default or default arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Event of
Default or default or impair any right consequent thereon. 
 Section 5.11. Trustee to Give Notice of Default; But May Withhold in
Certain Circumstances. If an Event of Default or a default with respect to the Securities of any series occurs and is continuing of which a Responsible Officer of the Trustee shall have received written notification at the Corporate Trust Office
of the Trustee or obtained actual knowledge of, then the Trustee shall give notice of all such Events of Default or defaults with respect to that series within ninety days after the Trustee receives such notice or has such actual knowledge
(i) if any Bearer Securities of a series affected are then Outstanding, to the Holders thereof, (A) by mail to such Holders who have filed their names and addresses with the Trustee within the two years preceding the notice at such
addresses as were so furnished to the Trustee and (B) either through the customary notice provisions of the clearing system or systems through which beneficial interests in such Bearer Securities are owned if such Bearer Securities are held
only in global form or by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York, and at least once in an Authorized Newspaper in London (and, if required by Section 3.06, at least once in an
Authorized Newspaper in Luxembourg), and (ii) if any Registered Securities of a series affected are then Outstanding, by mailing notice to the Holders of then Outstanding Registered Securities of each series affected at their addresses as they
shall appear on the registry books, unless in each case such defaults shall have been cured before the mailing or publication of such notice (the term “defaults” for the purpose of this Section being hereby defined to mean any event
or condition which is, or with notice or lapse of time or both would become, a default in the payment of the principal of or interest on any Securities of any series or an Event of Default); provided that, except in the case of default in the
payment of the principal of or interest on any of the Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors or
trustees and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders of such series. 

Section 5.12. Right of Court to Require Filing of Undertaking to Pay Costs. All parties to this Indenture agree, and each
Holder of any Security or Coupon 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’ 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 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more than 10% in aggregate principal amount of the Securities of such series, or, in the case of any suit relating to Securities
of more than one but less than all series, 10% in aggregate principal amount of Securities then Outstanding and affected thereby, or, in the case of any suit relating to all the Securities then Outstanding, 10% in aggregate principal amount of all
Securities then Outstanding, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security on or after the due date expressed in such Security or any date fixed for redemption.

 ARTICLE 6 

RESOLUTION MEASURES 

Section 6.01. Securities Subject to Resolution Measures. By acquiring the Securities, the Holders (including the Beneficial
Owners) shall be bound by and shall be deemed to consent to the imposition of any Resolution Measure by the competent resolution authority. 

  
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 (a) Under the relevant resolution laws and regulations as applicable to the Issuer from time
to time, the Securities may be subject to the powers exercised by the competent resolution authority to: 
 (i) write down,
including write down to zero, the claims for payment of the principal amount, the interest amount, if any, or any other amount in respect of the Securities; 

(ii) convert the Securities into ordinary shares of (i) the Issuer or (ii) any group entity or (iii) any bridge
bank or other instruments of ownership of such entities qualifying as common equity tier one capital (and issue to or confer on the Holders (including the Beneficial Owners) such ordinary shares or instruments); and/or 

(iii) apply any other resolution measure, including, but not limited to, (A) any transfer of the Securities to another
entity, (B) the amendment, modification or variation of the terms and conditions of the Securities or (C) the cancellation of the Securities; 

(each, a “Resolution Measure”). 

For the avoidance of doubt, any non-payment by the Issuer arising out of any such Resolution Measure
will not constitute a failure by the Issuer under the terms of the Securities or this Indenture to make a payment of principal of, interest on, or other amounts owing under the Securities. 

(b) By its acquisition of the Securities, each Holder (including each Beneficial Owner) shall be deemed irrevocably to have agreed: 

(i) to be bound by, to acknowledge and to accept any Resolution Measure and any amendment, modification or variation of the
terms and conditions of the Securities to give effect to any Resolution Measure; 
 (ii) that it will have no claim or other
right against the Issuer arising out of any Resolution Measure; and 
 (iii) that the imposition of any Resolution Measure
will not constitute an Event of Default or a default (A) under the Securities, (B) under this Indenture or (C) for the purpose of, but only to the fullest extent permitted by, the Trust Indenture Act of 1939 (including, without
limitation, Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act of 1939). 

(c) The terms and conditions of the Securities shall continue to apply in relation to the residual principal amount of, or outstanding amount
payable in respect of, the Securities, subject to any modification of the amount of interest payable, if any, to reflect the reduction of the principal amount, and any further modification of the terms that the competent resolution authority may
decide in accordance with applicable laws and regulations relating to the resolution of banks, banking group companies, credit institutions and/or investment firms incorporated in the Federal Republic of Germany. 

(d) No repayment of any then-current principal amount of the Securities or payment of interest or any other amount thereon (to the extent of
the portion thereof affected by the imposition of a Resolution Measure) shall become due and payable after the imposition of any Resolution Measure by the competent resolution authority, unless such repayment or payment would be permitted to be made
by the Issuer under the laws and regulations of the Federal Republic of Germany then applicable to the Issuer. 
 (e) By its acquisition of
the Securities, each Holder (including each Beneficial Owner) waives, to the fullest extent permitted by the Trust Indenture Act of 1939 and applicable law, any and all claims against the Trustee or the Agents for, agrees not to initiate a suit
against the Trustee or the Agents in respect of, and agrees that the Trustee and the Agents shall not be liable for, any action that the Trustee or the Agents take, or abstain from taking, in either case in accordance with the imposition of a
Resolution Measure by the competent resolution authority with respect to the Securities. 
 (f) Upon the imposition of a Resolution Measure
by the competent resolution authority with respect to the Securities, the Issuer shall provide a written notice directly to the Holders in accordance with Section 12.04 as soon as practicable regarding such imposition of a Resolution Measure by
the competent resolution authority for purposes of notifying Holders of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee and the Agents for information purposes, and the Trustee and the Agents shall be entitled to
rely, and will not be liable for relying, on the competent resolution authority and the Resolution Measure identified in such notice. Any delay or failure by the Issuer to give notice shall not affect the validity or enforceability of any Resolution
Measure nor the effects thereof on the Securities. 
 (g) If any Securities are called or being called for redemption by the Issuer or
submitted or being submitted by the Holders for repurchase by the Issuer pursuant to the Holders’ option to require the Issuer to repurchase 

  
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such Securities, but the competent resolution authority has imposed a Resolution Measure with respect to the Securities prior to the payment of the redemption or repurchase amount, the relevant
redemption or repurchase notice, if any, shall be automatically rescinded and shall be of no force and effect, and no payment of the redemption or repurchase amount will be due and payable. 

(h) Upon the imposition of any Resolution Measure by the competent resolution authority, the Trustee shall not be required to take any further
directions from Holders of the Securities under Section 5.09, which section authorizes Holders of a majority in aggregate principal amount of the Securities at the time Outstanding to direct certain actions relating to the Securities, and if
any such direction was previously given under Section 5.09 to the Trustee by the Holders, it shall automatically cease to be effective, be null and void and have no further effect. This Indenture shall impose no duties, obligations or
liabilities upon the Trustee or the Agents whatsoever with respect to the imposition of any Resolution Measure by the competent resolution authority. The Trustee and the Agents shall be fully protected in acting or refraining from acting in
accordance with a Resolution Measure. Notwithstanding the foregoing, if, following completion of the imposition of a Resolution Measure by the competent resolution authority, the Securities remain outstanding (for example, if the imposition of a
Resolution Measure results in only a partial write-down of the principal of the Securities), then the Trustee’s and each Agent’s duties under this Indenture shall remain applicable with respect to the Securities following such completion
to the extent that the Issuer, the Trustee and the Agents agree pursuant to a supplemental indenture, unless the Issuer, the Trustee and the Agents agree that a supplemental indenture is not necessary. 

(i) By the acquisition of the Securities, each Holder (including each Beneficial Owner) shall be deemed irrevocably to have (i) consented
to the imposition of any Resolution Measure as it may be imposed without any prior notice by the competent resolution authority of its decision to exercise such power with respect to the Securities, (ii) authorized, directed and requested the
Depositary and any direct participant in the Depositary or other intermediary through which it holds such Securities to take any and all necessary action, if required, to implement the imposition of any Resolution Measure with respect to the
Securities as it may be imposed, without any further action or direction on the part of such Holders of the Securities, the Trustee or the Agents and (iii) acknowledged and accepted that the provisions contained in this Section are exhaustive
on the matters described in this Section to the exclusion of any other agreements, arrangements or understandings between it and the Issuer relating to the terms and conditions of the Securities. 

(j) If the competent resolution authority imposes a Resolution Measure with respect to less than the total outstanding principal amount of the
Securities, unless the Trustee or the Agents are otherwise instructed by the Issuer or the competent resolution authority, any cancellation, write-off or conversion into equity made in respect of the
Securities pursuant to the Resolution Measure will be made on a substantially pro rata basis among the Securities of any series. 

The Issuer’s obligations to indemnify the Trustee and the Agents in accordance with Sections 7.02 and 7.06, and to the extent applicable,
the obligations of the Holders to indemnify the Trustee and the Agents under this Indenture shall survive the imposition of a Resolution Measure by the competent resolution authority with respect to the Securities. 

ARTICLE 7 

CONCERNING THE TRUSTEE AND AGENT 

Section 7.01. Duties and Responsibilities of the Trustee and Agent; During Default; Prior to Default.  

(a) In case an Event of Default or a default with respect to the Securities of a series has occurred (which has not been cured or waived) the
Trustee shall exercise with respect to such series of Securities such of 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’s own affairs. 
 (b) Prior to the occurrence of an Event of Default or a default with
respect to the Securities of any series and after the curing or waiving of such Event of Default or all such defaults with respect to such series which may have occurred: 

(i) the duties and obligations of the Trustee and Agent with respect to the Securities of any series shall be determined solely
by the express provisions of this Indenture, and the Trustee and Agent shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee or Agent; and 
 (ii) in the absence of bad faith on the part of the Trustee or
Agent, the Trustee and Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, 

  
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upon any statements, certificates or opinions furnished to the Trustee or Agent and conforming to the requirements of this Indenture; but in the case of any such statements, certificates or
opinions which by any provision hereof are specifically required to be furnished to the Trustee or Agent, the Trustee or Agent shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

 (c) No provision of this Indenture shall be construed to relieve the Trustee or any Agent from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that: 
 (i) the Trustee or Agent shall not be liable for
any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee or Agent, unless it shall be proved that the Trustee or Agent was negligent in ascertaining the pertinent facts; and 

(ii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders pursuant to Section 5.09 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. 
 None of the provisions contained in this Indenture shall require the Trustee or Agent to expend or risk its own funds or
otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that the repayment of such funds or indemnity satisfactory to
it against such liability is not reasonably assured to it. 
 The provisions of this Section 7.01 are in furtherance of and subject to
Section 315 of the Trust Indenture Act of 1939. 
 Section 7.02. Certain Rights of the Trustee and Agent. In furtherance of
and subject to the Trust Indenture Act of 1939, and subject to Section 7.01: 
 (a) the Trustee and Agent may rely and shall be
protected in acting or refraining from acting upon any resolution, Officers’ Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) any request, direction,
order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board may be evidenced to the
Trustee or the Agent by a copy thereof certified by the secretary or an assistant secretary of the Issuer; 
 (c) the Trustee or Agent may
consult with counsel and any written advice or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance thereon in
accordance with such advice or Opinion of Counsel; 
 (d) the Trustee or Agent shall be under no obligation to exercise any of the trusts or
powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee or Agent security or indemnity
satisfactory to it against the costs, expenses and liabilities which might be incurred therein or thereby; 
 (e) the Trustee or Agent shall
not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Indenture; 

(f) the Trustee or Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in
aggregate principal amount of the Securities of all series affected then Outstanding; provided that, if the payment within a reasonable time to the Trustee or Agent of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Trustee or Agent, not reasonably assured to the Trustee or Agent by the security afforded to it by the terms of this Indenture, the Trustee or Agent may require indemnity satisfactory to it
against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or Agent or any predecessor Trustee or Agent, shall be repaid by the Issuer
upon demand; 
 (g) the Trustee or Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or
by or through agents or attorneys not regularly in its employ and the Trustee or Agent shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder; 

  
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 (h) in no event shall the Trustee or Agents be responsible or liable for special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

(i) the Trustee and Agents shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
hereunder by reason of any occurrence beyond the control of the Trustee or Agents (including but not limited to (i) any act or provision of any present or future law or regulation or governmental authority, (ii) any act of God or war,
(iii) local or national disturbance or disaster, (iv) any act of terrorism, (v) strikes, (vi) work stoppages, (vii) civil or military disturbances, (viii) nuclear or natural catastrophes, (ix) interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services, or (x) the unavailability of the Federal Reserve Bank wire, facsimile or other wire or communication facility). 

Section 7.03. Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals
contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same. Neither Trustee nor Agent
makes any representation as to the validity or sufficiency of this Indenture or of the Securities or Coupons. Neither Trustee nor Agent shall be accountable for the use or application by the Issuer of any of the Securities or of the proceeds
thereof. 
 Section 7.04. Trustee and Agents May Hold Securities or Coupons; Collections, Etc. The Trustee, Agent or any agent of
the Issuer or the Trustee or Agent, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons with the same rights it would have if it were not the Trustee or Agent or such agent and may otherwise deal with
the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it were not the Trustee, Agent or such other agent of the Issuer or the Trustee. 

Section 7.05. Monies Held by Trustee. Subject to the provisions of Section 11.03 hereof, all monies received by the Trustee or
Paying Agent shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law. Neither the
Trustee nor Paying Agent nor any agent of the Issuer the Trustee or Paying Agent shall be under any liability for interest on any monies received by it hereunder. 

Section 7.06. Compensation and Indemnification of Trustee and Agent and Their Prior Claim. The Issuer covenants and agrees
to pay to the Trustee and Agent from time to time, and the Trustee and Agent shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the
Issuer covenants and agrees to pay or reimburse the Trustee, Agent and each predecessor Trustee and Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the
provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from
its negligence or bad faith. The Issuer also indemnifies the Trustee, Agent and each predecessor Trustee and Agent and all of their respective officers, directors and employees, for and to hold each harmless against, any loss, liability or expense
(including, but not limited to, reasonable compensation and the expenses and disbursements of its counsel and of all agents and other Persons not regularly in its employ) incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of this Indenture or the trusts hereunder and its duties hereunder, including the costs and expenses of defending itself against or investigating any claim of liability in the premises. The
obligations of the Issuer under this Section to compensate and indemnify the Trustee, Agent and each predecessor Trustee and Agent and to pay or reimburse the Trustee, Agent and each predecessor Trustee and Agent for expenses, disbursements and
advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or
collected by the Trustee or Agent as such, except funds held in trust for the benefit of the Holders of particular Securities or Coupons, and the Securities are hereby subordinated to such senior claim. The Issuer’s payment obligations pursuant
to this Section and any lien arising hereunder shall survive the discharge of this Indenture and the resignation or removal of the Trustee or Agent. When the Trustee or Agent incurs expenses after the occurrence of an Event of Default with respect
to the Issuer, the expenses are intended to constitute expenses of administration under any bankruptcy or insolvency law. 

Section 7.07. Right of Trustee and Agent to Rely on Officers’ Certificate, Etc. Subject to Sections 7.01
and 7.02, whenever in the administration of the trusts of this Indenture the Trustee or Agent shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) shall be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee or Agent, and such


  
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certificate, shall be full warrant to the Trustee or Agent for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof. 

Section 7.08. Indentures not Creating Potential Conflicting Interests for the Trustee or Agent. The following indenture is hereby
specifically described for the purposes of Section 310(b)(1) of the Trust Indenture Act of 1939: this Indenture with respect to the Securities of any other series. 

Section 7.09. Persons Eligible for Appointment as Trustee. The Trustee for each series of Securities hereunder shall at all times
be a company organized and doing business under the laws of the United States of America or of any State or the District of Columbia having a combined capital and surplus of at least $5,000,000, and which is authorized under such laws to exercise
corporate trust powers and is subject to supervision or examination by U.S. federal, state or District of Columbia authority. If such company publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.09, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 

The provisions of this Section are in furtherance of and subject to Section 310(a) of the Trust Indenture Act of 1939. 

Section 7.10. Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter
appointed, may at any time resign with respect to one or more or all series of Securities by giving 30 days’ prior written notice of resignation to the Issuer and (i) if any Bearer Securities of a series affected are then Outstanding, the
Issuer shall provide notice of such resignation to the Holders thereof (A) by mail to such Holders who have filed their names and addresses with the Trustee within the two years preceding the notice at such addresses as were so furnished to the
Trustee and (B) either through the customary notice provisions of the clearing system or systems through which beneficial interests in such Bearer Securities are owned if such Bearer Securities are held only in global form or by publication at
least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York, and at least once in an Authorized Newspaper in London (and, if required by Section 3.06, at least once in an Authorized Newspaper in Luxembourg), and
(ii) if any Registered Securities of a series affected are then Outstanding, the Issuer shall mail notice of such resignation to the Holders of then Outstanding Registered Securities of each series affected at their addresses as they shall
appear on the registry books. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument executed by the successor trustee or trustees. If
no successor trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months may, subject to the provisions of Section 5.12, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

(b) In case at any time any of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939 with respect
to any series of Securities after written request therefor by the Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 of this Indenture and
Section 310(a) of the Trust Indenture Act of 1939 and shall fail to resign after written request therefor by the Issuer or by any Securityholder; or 

(iii) the Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged to be
bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation
or liquidation; 
 then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of Securities and appoint a successor
trustee for such series by written instrument, in duplicate, executed by Authorized Signatories of the Issuer, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the
provisions of Section 315(e) of the Trust Indenture Act of 1939, any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six 

  
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months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee with
respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in aggregate principal amount of the Securities of each series at the time outstanding may at any time remove the
Trustee with 30 days’ prior written notice to the Trustee with respect to Securities of such series and appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor trustee
so appointed and to the Issuer the evidence provided for in Section 8.01 of the action in that regard taken by the Securityholders. 

(d) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series
pursuant to any of the provisions of this Section 7.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

(e) Any Agent may at any time resign by giving 30 days’ prior written notice to the Issuer. Upon receiving such notice of resignation, the
Issuer shall promptly appoint a successor agent or agents. If no successor agent shall have been so appointed within 30 days after the mailing of such notice or resignation, the resigning agent may petition any court of competent jurisdiction for
the appointment of a successor agent, or for other appropriate relief, at the sole cost of the Issuer. The Issuer may remove any Agent with 30 days’ prior written notice to such Agent. 

Section 7.11. Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided in Section 7.10
shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named
as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section 11.03, pay over to the
successor trustee all monies at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor trustee, the Issuer
shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all funds held or
collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 7.06. 
 If a successor trustee is
appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental
hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor trustee with respect to the Securities of any series as to which the predecessor
trustee is not retiring shall continue to be vested in the predecessor trustee, and shall 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, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustee’s co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts under separate indentures. 
 No successor trustee with respect to any series of Securities shall accept appointment as
provided in this Section 7.11 unless at the time of such acceptance such successor trustee shall be qualified under Section 310(b) of the Trust Indenture Act of 1939 and eligible under the provisions of Section 7.09. 

Upon acceptance of appointment by any successor trustee as provided in this Section 7.11, the Issuer shall give notice thereof (i) if
any Bearer Securities of a series affected are then Outstanding, to the Holders thereof, (A) by mail to such Holders who have filed their names and addresses with the Trustee within the two years preceding the notice at such addresses as were
so furnished to the Trustee and (B) either through the customary notice provisions of the clearing system or systems through which beneficial interests in such Bearer Securities are owned if such Bearer Securities are held only in global form
or by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York and at least once in an Authorized Newspaper in London (and, if required by Section 3.06, at least once in an Authorized Newspaper in
Luxembourg), and (ii) if any Registered Securities of a series affected are then Outstanding, by mailing notice to the Holders of then Outstanding Registered Securities of each series affected at their addresses as they shall appear on the
registry books. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 7.10. If the Issuer fails to give
such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be given at the expense of the Issuer. 

  
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 Section 7.12. Merger, Conversion, Consolidation or Succession to Business of
Trustee. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under Section 310(b) of the Trust Indenture Act and
eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. 

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Securities of any series
shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities so authenticated; and, in case at that time any of the Securities
of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in all such cases such certificate shall have
the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate of authentication of any predecessor Trustee
or to authenticate Securities of any series in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

Section 7.13. Appointment of Authenticating Agent and Calculation Agent. As long as any Securities of a series remain Outstanding,
the Issuer may, by an instrument in writing, appoint an authenticating agent (the “Authenticating Agent”) which shall be authorized to act on behalf of the Trustee to authenticate Securities, including Securities issued upon
exchange, registration of transfer, partial redemption or pursuant to Section 2.09. Securities of each such series authenticated by such Authenticating Agent shall be entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee. Whenever reference is made in this Indenture to the authentication and delivery of Securities of any series by the Trustee or to the Trustee’s Certificate of Authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent for such series and a Certificate of Authentication executed on behalf of the Trustee by such Authenticating Agent. Such Authenticating Agent
shall at all times be a corporation organized and doing business under the laws of the United States of America or of any State, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
$5,000,000 (determined as provided in Section 7.09 with respect to the Trustee) and subject to supervision or examination by U.S. federal or state authority. 

Any corporation into which any Authenticating Agent may be merged or converted, or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency business of any Authenticating Agent, shall continue to be the Authenticating Agent with
respect to all series of Securities for which it served as Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or such Authenticating Agent. Any Authenticating Agent may at any time, and if
it shall cease to be eligible shall, resign by giving written notice of resignation to the Trustee and to the Issuer. 
 Upon receiving such
a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 7.13 with respect to one or more series of Securities, the Issuer
shall appoint a successor Authenticating Agent and the Issuer shall provide notice of such appointment to the Trustee and all Holders of Securities of such series in the manner and to the extent provided in Section 12.04. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Issuer
agrees to pay to the Authenticating Agent for such series from time to time reasonable compensation. The Authenticating Agent for the Securities of any series shall have no responsibility or liability for any action taken by it as such at the
direction of the Trustee. 
 Sections 7.02, 7.03, 7.04, 7.06, 7.09 and 8.03 shall be applicable to any Authenticating Agent. 

The Issuer may, by a separate agreement, appoint a calculation agent (“Calculation Agent”) with respect to one or more series
of Securities. 
 Pursuant to this Section, DBTCA is hereby appointed to act as the initial Authenticating Agent with respect to the
Securities. 
 Section 7.14. USA Patriot Act. The parties hereto acknowledge that in order to help the United States government
fight the funding of terrorism and money laundering activities, pursuant to federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act), all financial institutions are required to obtain, verify, record and
update information that identifies each person establishing a relationship or 

  
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opening an account with DBTCA or the Trustee. To the extent permitted by law, the parties to this Indenture agree that they will provide to the Trustee and the Agents such information as it may
reasonably request in order for the Trustee and the Agents to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the
individual or entity who is establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

ARTICLE 8 

CONCERNING THE SECURITYHOLDERS 

Section 8.01. Evidence of Action Taken by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the
Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Sections 7.01 and 7.02) conclusive in favor of the Trustee and the Issuer, if made in the
manner provided in this Article 8. 
 Section 8.02. Proof of Execution of Instruments and of Holding of Securities. Subject to
Sections 7.01 and 7.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in the following manner: 

(a) The fact and date of the execution by any Holder of any instrument may be proved by the certificate of any notary public or other officer
of any jurisdiction authorized to take acknowledgments of deeds or administer oaths that the person executing such instruments acknowledged to him the execution thereof, or by an affidavit of a witness to such execution sworn to before any such
notary or other such officer. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute sufficient proof of the authority of the person executing the same. The fact of
the holding by any Holder of an Bearer Security of any series, and the identifying number of such Security and the date of his holding the same, may be proved by the production of such Security or by a certificate executed by any trust company,
bank, banker or recognized securities dealer wherever situated satisfactory to the Trustee, if such certificate shall be deemed by the Trustee to be satisfactory. Each such certificate shall be dated and shall state that on the date thereof a
Security of such series bearing a specified identifying number was deposited with or exhibited to such trust company, bank, banker or recognized securities dealer by the Person named in such certificate. Any such certificate may be issued in respect
of one or more Bearer Securities of one or more series specified therein. The holding by the Person named in any such certificate of any Bearer Securities of any series specified therein shall be presumed to continue for a period of one year from
the date of such certificate unless at the time of any determination of such holding (1) another certificate bearing a later date issued in respect of the same Securities shall be produced, (2) the Security of such series specified in such
certificate shall be produced by some other Person, or (3) the Security of such series specified in such certificate shall have ceased to be Outstanding. Subject to Sections 7.01 and 7.02, the fact and date of the execution of any such
instrument and the amount and numbers of Securities of any series held by the Person so executing such instrument and the amount and numbers of any Security or Securities for such series may also be proven in accordance with such reasonable rules
and regulations as may be prescribed by the Trustee for such series or in any other manner which the Trustee for such series may deem sufficient. 

(b) In the case of Registered Securities, the ownership of such Securities shall be proved by the Security register or by a certificate of the
Security registrar. 
 The Issuer may set a record date for purposes of determining the identity of Holders of Registered Securities of any
series entitled to vote or consent to any action referred to in Section 8.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment or reconsideration) not
more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, with respect to Registered Securities of any series, only Holders of Registered Securities of
such series of record on such record date shall be entitled to so vote or give such consent or revoke such vote or consent. 

Section 8.03. Holders to be Treated as Owners. The Issuer, the Trustee, Agent and any agent of the Issuer or the Trustee may deem
and treat the Person in whose name any Security shall be registered upon the Security 

  
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register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the
purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Indenture, interest on such Security and for all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the
Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Bearer Security and the Holder of any Coupon as the absolute owner of such Bearer Security or
Coupon (whether or not such Bearer Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes and neither the Issuer, the Trustee, nor any agent of the Issuer or the Trustee
shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon
any such Security or Coupon. 
 Section 8.04. Securities Owned by Issuer Deemed Not Outstanding. In determining whether the
Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Issuer or any other obligor on the
Securities with respect to which such determination is being made or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities with respect to
which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver only Securities which the Trustee knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any Person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer or any other obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. Upon request
of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the account of any of the above-described Persons; and,
subject to Sections 7.01 and 7.02, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are Outstanding for the purpose
of any such determination. 
 Section 8.05. Right of Revocation of Action Taken. At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in
connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at
the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the Holder of any Security shall be conclusive and binding upon such
Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon any
such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action shall be conclusively binding upon
the Issuer, the Trustee and the Holders of all the Securities affected by such action. 
 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.01. Supplemental Indentures Without Consent of Securityholders. The Issuer and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 
 (a) to evidence the
succession of another corporation to the Issuer, or successive successions, and the assumption by the successor corporation of the covenants, agreements and obligations of the Issuer pursuant to Article 10; 

(b) to add to the covenants of the Issuer such further covenants, restrictions, conditions or provisions as the Issuer and the Trustee shall
consider to be for the protection of the Holders of Securities or Coupons, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions a default permitting the
enforcement of all or any of the several remedies provided in 

  
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this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular
period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such a default or may limit the remedies available to the Trustee upon such a
default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such a default;  

(c) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental indenture, or to make any other provisions as the Issuer may deem necessary or desirable, provided that no such action shall adversely affect the interests of the
Holders of the Securities or Coupons; 
 (d) to establish the forms or terms of Securities of any series or of the Coupons appertaining to
such Securities as permitted by Sections 2.01 and 2.03; 
 (e) 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, pursuant to the requirements of Section 7.11; and 
 (f) to give effect to any variation to the terms of the Securities as a
result of the imposition of any Resolution Measure; 
 in each case, as permitted by relevant laws and regulations and subject to approval by the competent
supervisory or resolution authority, as applicable. 
 The Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this Section may be
executed without the consent of the Holders of any of the Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02. Supplemental Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 8) of the
Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such supplemental indenture (voting as one class), the Issuer, when authorized by a resolution of its Board (which
resolution may provide general terms or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant to an Issuer Order), and the Trustee may, from time to time and at any time,
enter into an indenture or indentures supplemental hereto 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 Holders of the Securities of each such series or of the Coupons appertaining to such Securities; provided, that no such supplemental indenture shall (a) (i) change the final maturity of any Security, (ii) reduce the
principal amount thereof, (iii) reduce the rate or change the time of payment of interest thereon, (iv) reduce any amount payable on redemption thereof, (v) make the principal thereof (including any amount in respect of original issue
discount), or interest thereon payable in any coin or currency other than that provided in the Securities and Coupons or in accordance with the terms thereof, (vi) modify or amend any provisions for converting any currency into any other
currency as provided in the Securities or Coupons or in accordance with the terms thereof, (vii) reduce the amount of the principal of an Original Issue Discount Security that would be provable in bankruptcy pursuant to Section 5.02 or
(viii) alter the provisions of Section 12.11 or Section 12.13 or impair or affect the right of any Securityholder to institute suit for the payment thereof or, if the Securities provide therefor, any right of repayment at the option
of the Securityholder, in each case without the consent of the Holder of each Security so affected, or (b) reduce the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any such supplemental
indenture, without the consent of the Holders of each Security so affected. However, no such indenture supplemental hereto shall be entered into unless such indenture is permitted by relevant laws and regulations and, if applicable, approved by the
competent supervisory or resolution authority. 
 A supplemental indenture which changes or eliminates any covenant or other provision of
this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of Holders of Securities of such series, or of Coupons appertaining to such Securities, with respect
to such covenant or provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series or of the Coupons appertaining to such Securities. 

  
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 Upon the request of the Issuer, and upon the filing with the Trustee of evidence of the
consent of the Holders of the Securities as aforesaid and other documents, if any, required by Section 8.01, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such supplemental indenture affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

It shall not be necessary for the consent of the Securityholders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Promptly after the execution by the Issuer and
the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall give notice thereof (i) if any Bearer Securities of a series affected are then Outstanding, to the Holders thereof, (A) by mail to such
Holders who have filed their names and addresses with the Trustee within the two years preceding the notice at such addresses as were so furnished to the Trustee and (B) either through the customary notice provisions of the clearing system or
systems through which beneficial interests in such Bearer Securities are owned if such Bearer Securities are held only in global form or by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York, and
at least once in an Authorized Newspaper in London (and, if required by Section 3.06, at least once in an Authorized Newspaper in Luxembourg) and (ii) if any Registered Securities of a series affected are then Outstanding, by mailing
notice thereof by first class mail to the Holders of then Outstanding Registered Securities of each series affected at their addresses as they shall appear on the registry books, and in each case such notice shall set forth in general terms the
substance of such supplemental indenture. Any failure of the Trustee to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 9.03. Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof,
this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer and the Holders of
Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be
and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 9.04. Documents to be
Given to Trustee. In connection with the execution of any supplemental indenture, the Trustee, subject to the provisions of Sections 7.01 and 7.02, shall be entitled to receive, and shall be fully protected for relying upon, an Officers’
Certificate and an Opinion of Counsel stating that any such supplemental indenture executed pursuant to this Article 9 is authorized or permitted by the terms of this Indenture and that all conditions precedent to the execution of such supplemental
indenture provided for in this Indenture have been satisfied. 
 Section 9.05. Notation on Securities in Respect of Supplemental
Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series as to any matter
provided for by such supplemental indenture or as to any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Issuer, to any modification of
this Indenture contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding. 

ARTICLE 10 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE; OFFICE
SUBSTITUTION 
 Section 10.01. Successor Corporation Substituted. In case of any merger or consolidation or sale,
lease or conveyance of all or substantially all of the Issuer’s assets to any other Person, the successor legal entity or the Person which acquires by sale, lease or conveyance substantially all the assets of the Issuer (if other than the
Issuer) may succeed to and be substituted for the Issuer, with the same effect as if it had been named herein; provided that no such succession or substitution shall occur unless (i) it is effected in a manner as prescribed by applicable
laws and regulations and the competent supervisory or resolution authority has raised no objection to such succession or substitution, and (ii) the Trustee has received an Officer’s Certificate and Opinion of Counsel each stating that the
conditions set forth in clause (i) have been satisfied. Such successor corporation may, subject to all the terms, conditions and limitations provided in this Indenture, cause to be signed, and may issue either in its own name or in the name of
the Issuer prior to such succession any or all holders of the Securities 

  
 29 













 
issuable hereunder which together with any Coupons appertaining thereto theretofore shall not have been signed by the Issuer and delivered to the Trustee; upon an Issuer Order of such successor
corporation, instead of the Issuer, the Trustee shall authenticate and shall deliver any Securities together with any Coupons appertaining thereto which previously shall have been signed and delivered by the officers of the Issuer to the Trustee for
authentication, and any Securities which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued together with any Coupons appertaining thereto shall in all
respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution
hereof. 
 In case of any such consolidation, merger, sale, lease or conveyance such changes in phrasing and form (but not in substance) may
be made in the Securities and Coupons thereafter to be issued as may be appropriate. 
 In the event of any such sale or conveyance (other
than a conveyance by way of lease) the Issuer or any successor corporation which shall theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants under this Indenture and the
Securities and may be liquidated and dissolved. 
 Section 10.02. Office Substitution. The Issuer may issue one or more series of
Securities that permit the Issuer at any time, without the consent of the Holders or the Trustee, to designate another Office of the Issuer as substitute for the Office through which the Issuer has acted to issue the Securities of such series with
the same effect as if such substitute Office had been originally named as the Office through which the Issuer had acted to issue the Securities of such series for all purposes under the Indenture and the Securities of such series. In order to give
effect to such substitution, the Issuer shall give notice of such substitution to the Trustee and the Holders of the Securities of such series. With effect from the substitution date, such substitute Office shall, without any amendment of the
Securities of such series or entry into any supplemental indenture, assume all of the obligations of the originally-named Office as principal obligor under the Securities of such series. 

ARTICLE 11 

SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED
MONIES 
 Section 11.01. Satisfaction and Discharge of Indenture. If at any time (i) the Issuer shall have
paid or caused to be paid the principal of and interest on all the Securities of any series Outstanding hereunder and all unmatured Coupons appertaining thereto (other than Securities of such series and Coupons appertaining thereto which have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable or (ii) the Issuer shall have delivered to the Trustee for cancellation all Securities of
any series theretofore authenticated and all unmatured Coupons appertaining thereto (other than any Securities of such series and Coupons appertaining thereto which shall have been destroyed, lost or stolen and which shall have been replaced or paid
as provided in Section 2.09), then this Indenture shall cease to be of further effect (except as to (i) rights of registration of transfer and exchange of Securities of such Series and of Coupons appertaining thereto and the Issuer’s
right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities or Coupons, (iii) rights of Holders of Securities and Coupons appertaining thereto to receive payments of principal thereof
and interest thereon, upon the original stated due dates therefor, (iv) the rights, obligations, duties and immunities of the Trustee hereunder (including but not limited to those set forth in Section 7.06), and (v) the obligations of
the Issuer under Section 3.02) and the Trustee, on demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel in accordance with Section 12.05 and at the cost and expense of the Issuer, shall execute proper
instruments acknowledging such satisfaction of and discharging this Indenture; provided, that the rights of Holders of the Securities and Coupons to receive amounts in respect of principal of and interest on the Securities and Coupons held by
them shall not be delayed longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Securities are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter reasonably
incurred and to compensate the Trustee for any services thereafter reasonably rendered by the Trustee in connection with this Indenture or the Securities of such series. 

Section 11.02. Repayment Of Monies Held By Paying Agent. In connection with the satisfaction and discharge of this Indenture with
respect to Securities of any series, all monies then held by any Paying Agent under the provisions of this Indenture with respect to such series of Securities shall, upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon
such Paying Agent shall be released from all further liability with respect to such monies. 
 Section 11.03. Return of Monies Held
by Trustee and Paying Agent Unclaimed for Two Years. Any monies deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any 

  
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Security of any series or Coupons attached thereto and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable,
shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee for such series or such Paying Agent, and the
Holder of the Securities of such series and of any Coupons appertaining thereto shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any
payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such monies shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to
make any such repayment with respect to monies deposited with it for any payment (a) in respect of Registered Securities of any series, shall at the expense of the Issuer, mail by first-class mail to Holders of such Securities at their
addresses as they shall appear on the Security register, and (b) in respect of Bearer Securities of any series, shall at the expense of the Issuer either give through the customary notice provisions of the clearing system or systems through
which beneficial interests in such Bearer Securities are owned if such Bearer Securities are held only in global form or cause to be published once, in an Authorized Newspaper in the Borough of Manhattan, The City of New York and once in an
Authorized Newspaper in London (and if required by Section 3.06, once in an Authorized Newspaper in Luxembourg), notice, that such monies remain and that, after a date specified therein, which shall not be less than thirty days from the date of
such mailing or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 
 ARTICLE 12 

MISCELLANEOUS PROVISIONS 

Section 12.01. Incorporators, Stockholders, Officers and Directors of Issuer Exempt From Individual Liability. No recourse under
or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder,
officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities and the Coupons appertaining thereto by the Holders thereof and as part of the consideration for the issue of the Securities and the
Coupons appertaining thereto. 
 Section 12.02. Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities and
Coupons. Nothing in this Indenture, in the Securities or in the Coupons appertaining thereto, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the
Holders of the Securities or Coupons, if any, any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto
and their successors and of the Holders of the Securities or Coupons, if any. 
 Section 12.03. Successors and Assigns of Issuer
Bound by Indenture. All the covenants, stipulations, promises and agreements in this Indenture contained by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 12.04. Notices and Demands on Issuer, Trustee and Holders of Securities and Coupons. Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities or Coupons to or on the Issuer may be given or served by being deposited postage prepaid, first-class mail or by overnight
delivery (except as otherwise specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to Deutsche Bank Americas, 60 Wall Street, Mail Stop NYC60-4008, New York, NY 10005, Attention:
Treasury Department. Any notice, direction, request or demand by the Issuer or any Holder of Securities or Coupons to or upon the Trustee shall be deemed to have been sufficiently given or served by being deposited postage prepaid, first-class mail
or by overnight delivery (except as otherwise specifically provided herein) addressed (until another address of the Trustee is filed by the Trustee with the Issuer) to: 
  

			
	 If to the Trustee:
	  	 Delaware Trust Company
 251 Little Falls
Drive
 Wilmington, Delaware 19808
 Attention: Corporate
Trust



  
 31 














			
		
	 If to the Paying Agent or Registrar:
	  	 Deutsche Bank Trust Company Americas
 60 Wall
Street, 16th Floor
Mail Stop: NYC60-1630
New York, New York 10005
 USA
Attention: Corporates
Team, Deutsche Bank AG
 Facsimile: (732) 578-4635

		
	 with a copy to:
	  	 Deutsche Bank Trust Company Americas
c/o Deutsche Bank National Trust

Trust and Agency Services
100 Plaza One – 8th Floor

MSJCY03-0801
 Jersey City, New Jersey 07311-3901

USA
 Attention: Corporates Team, Deutsche Bank AG

Facsimile: (732) 578-4635


 Where this Indenture provides for notice to Holders of Registered Securities, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at its last address on the books of the Registrar. In any case where notice to such Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice
may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case, by reason of the suspension of or
irregularities in regular mail service, it shall be impracticable to mail or send by overnight delivery notice to the Issuer when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be reasonably satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. 
 The Trustee, the Issuer and
the Agents each agree to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods;
provided that none of the Trustee, the Issuer or any Agent shall have any obligation to verify or confirm that the Person sending such notices, instructions or directions by unsecured email, pdf, facsimile transmission or other similar
unsecured electronic methods is, in fact, a Person authorized to give such notices, instructions or directions. If the Issuer elects to give the Trustee e-mail or facsimile instructions (or instructions by a
similar electronic method) and the Trustee acts upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions. The Issuer agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 12.05. Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein. Upon any
application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand
as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
provided for in this Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) 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, (c) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an
opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

  
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 Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as
it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion
may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or Opinion of Counsel may be based, insofar as it relates to factual matters, information with respect
to which is in the possession of the Issuer, upon the certificate, statement or opinion of or representations by an officer or officers of the Issuer, unless such counsel knows that the certificate, statement or opinion or representations with
respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based, insofar as it relates to accounting matters, upon
a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Any certificate or opinion of any independent firm of public accountants filed with and directed to the Trustee shall contain a statement that
such firm is independent. 
 Section 12.06. Payments Due on Saturdays, Sundays or Holidays. Unless otherwise provided in
Securities of a series, if the date for payment of interest on or the date of maturity of principal of the Securities of any series or any Coupons appertaining thereto or the date fixed for redemption or repayment of any such Security or Coupon
shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of payment, the date of maturity or the date
fixed for redemption, and no interest shall accrue for the period after such date. 
 Section 12.07. Conflict of Any Provision of
Indenture With Trust Indenture Act of 1939. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in
this Indenture by operation of, Sections 310 to 318, inclusive, of the Trust Indenture Act of 1939, such imposed duties or incorporated provision shall control. 

Section 12.08. New York Law to Govern. This Indenture and each Security and Coupon shall be deemed to be a contract under the laws
of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law. 

Section 12.09. Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original; but
such counterparts shall together constitute but one and the same instrument. 
 Section 12.10. Effect of Headings. The Article
and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 12.11. Securities in a Non-U.S. Currency. Unless otherwise specified in an
Officers’ Certificate delivered pursuant to Section 2.03 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 a coin or currency other than
Dollars, 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 that amount of Dollars that could be obtained for such amount at the Market Exchange Rate. For
purposes of this Section, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not
available for any reason with respect to such currency, the Issuer shall appoint a foreign exchange agent to calculate, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most
recent available date, or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question, or such other quotations as such foreign exchange agent shall deem appropriate. The provisions of this
paragraph shall apply in determining the equivalent principal amount in respect of Securities of a series denominated in a currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this
Indenture including without limitation any determination contemplated in Section 5.01(b). 
 All decisions and determinations regarding
the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, 

  
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be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Issuer and all Holders. 

Section 12.12. Submission to Jurisdiction. The Issuer agrees that any legal suit, action or proceeding arising out of or based upon
this Indenture may be instituted in any U.S. state or federal court in the Borough of Manhattan, City and State of New York, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying of venue
of any such proceeding, and irrevocably submits to the jurisdiction of such court in any suit, action or proceeding. The Issuer has appointed DB USA Corporation, 60 Wall Street, New York, New York 10005, Attention: Office of the Secretary as its
authorized agent (the “Authorized Agent”) upon which process may be instituted in any U.S. state or federal court in the Borough of Manhattan, City and State of New York and the Issuer expressly accepts the jurisdiction of any such
court in respect of such action. Such appointment shall be irrevocable unless and until a successor authorized agent, located or with an office in the Borough of Manhattan, City and State of New York, shall have been appointed by the Issuer and such
appointment shall have been accepted by such successor authorized agent. The Issuer represents and warrants that the Authorized Agent has agreed to act as said agent for service of process, and the Issuer agrees to take any and all action, including
the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Issuer shall be
deemed, in every respect, effective service of process upon the Issuer. 
 Section 12.13. Judgment Currency. The Issuer 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 on the Securities of any
series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), 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, to the extent permitted by applicable
law, 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, or 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, “New York
Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or required by law or executive order to close. 

Section 12.14 Waiver of Jury Trial. EACH OF THE ISSUER, THE TRUSTEE, EACH HOLDER AND EACH OF THE AGENTS HEREBY IRREVOCABLY WAIVES,
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 SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

ARTICLE 13 

REDEMPTION OF SECURITIES 

Section 13.01. Applicability of Article; Approval by Competent Authority. The provisions of this Article shall be applicable to
the Securities of any series which are redeemable before their maturity. Any redemption of Securities of any series prior to their stated maturity shall be subject to (i) receipt by the Issuer of prior written approval of the competent
authority, if then required under applicable law, capital adequacy guidelines, regulations or policies of such competent authority; and (ii) compliance with any other regulatory requirements. If the Securities are redeemed without prior written
approval of such competent authority, then the amounts paid on the Securities must be returned to the Issuer irrespective of any agreement to the contrary. 

Section 13.02. Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Registered Securities of any
series to be redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, to such Holders of Securities of such


  
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series at their last addresses as they shall appear upon the registry books at least 30 days and not more than 60 days prior to the date fixed for redemption, or within such other redemption
notice period as has been designated for any Securities of such series pursuant to Section 2.03 or 2.04 (the “Redemption Notice Period”). Notice of redemption to the Holders of Bearer Securities to be redeemed as a whole or in
part, who have filed their names and addresses with the Registrar within two years preceding such notice of redemption, shall be given by mailing notice of such redemption, by first class mail, postage prepaid, at least 30 and not more than 60 days
prior to the date fixed for redemption or within any applicable Redemption Notice Period to such Holders at such addresses as were so furnished to the Registrar (and, in the case of any such notice given by the Issuer, the Registrar shall make such
information available to the Issuer for such purpose). Notice of redemption to all other Holders of Bearer Securities shall be published by the Issuer in an Authorized Newspaper in the Borough of Manhattan, The City of New York and in an Authorized
Newspaper in London (and, if required by Section 3.06, in an Authorized Newspaper in Luxembourg), in each case, once in each of three successive calendar weeks, the first publication to be not less than 30 nor more than 60 days prior to the
date fixed for redemption or within any applicable Redemption Notice Period; provided that notice to Holders of Bearer Securities held only in global form may be made, at the option of the Issuer, through the customary notice provisions of
the clearing system or systems through which beneficial interests in such Bearer Securities are owned. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder
receives the notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any
other Security of such series. 
 The notice of redemption to each such Holder shall specify, the principal amount of each Security of such
series held by such Holder to be redeemed, the CUSIP number, the date fixed for redemption, the redemption price (or if not then ascertainable, the manner of calculation thereof), the place or places of payment, that payment will be made upon
presentation and surrender of such Securities and, in the case of Securities with Coupons attached thereto, of all Coupons appertaining thereto maturing after the date fixed for redemption, that interest accrued to the date fixed for redemption will
be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state
the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed
portion thereof will be issued. 
 The notice of redemption of Securities of any series to be redeemed at the option of the Issuer shall be
given by the Issuer or, at the Issuer’s request (to be provided at least 5 Business Days prior to the dissemination of such notice), by the Trustee in the name and at the expense of the Issuer. 

On or before 10:00 am (NY time) on the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will
deposit with the Trustee or with one or more Paying Agents (or, if the Issuer is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 3.04) an amount of money or other property sufficient to redeem on
the redemption date all the Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. The Issuer will deliver to the Trustee and the Agents at least 45
days prior to the date fixed for redemption or no more than 60 days prior to the first day of any applicable Redemption Notice Period an Officers’ Certificate stating (i) the aggregate principal amount of Securities to be redeemed,
(ii) the redemption date, and (iii) the applicable provisions of this Indenture or the Securities pursuant to which the redemption shall occur. The Issuer shall deliver to the Trustee, prior to the giving of any notice of redemption to
Holders pursuant to this Section, an Officers’ Certificate stating that either (i) no restrictions apply to such redemption, or (ii) in case of a redemption at the election of the Issuer prior to the expiration of any restriction on
such redemption such restriction has been complied with. 
 If less than all the Securities of a series are to be redeemed, the Registrar
shall select, by lot or pro rata or in accordance with the procedures of the Depositary, Securities of such Series to be redeemed in whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for
Securities of such series or any multiple thereof. The Registrar shall promptly notify the Issuer in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption,
the principal amount thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 
 Section 13.03.
Payment of Securities Called For Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on


  
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the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption, and on and after said date (unless the Issuer
shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or portions of Securities so called for redemption shall cease to accrue, and the unmatured Coupons, if
any, appertaining thereto shall be void, and, except as provided in Sections 7.05 and 11.03, such Securities shall cease from and after the date fixed for redemption to be entitled to any benefit or security under this Indenture, and the Holders
thereof shall have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Securities at a place of payment specified
in said notice, together with all Coupons, if any, appertaining thereto maturing after the date fixed for redemption, said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price,
together with interest accrued thereon to the date fixed for redemption; provided that payment of interest becoming due on or prior to the date fixed for redemption shall be payable in the case of Securities with Coupons attached thereto, to
the Holders of the Coupons for such interest upon surrender thereof, and in the case of Registered Securities, to the Holders of such Registered Securities registered as such on the relevant record date subject to the terms and provisions of
Sections 2.03 and 2.07 hereof. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal shall, until paid or duly provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by such Security. 

If any Security with Coupons attached thereto is surrendered for redemption and is not accompanied by all appurtenant Coupons maturing after
the date fixed for redemption, the surrender of such missing Coupon or Coupons may be waived by the Issuer and the Trustee, if there be furnished to each of them such security or indemnity as they may require to save each of them harmless. 

Upon presentation of any Security other than a Registered Global Security redeemed in part only, the Issuer shall execute and the Trustee shall
authenticate and deliver to or on the order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so
presented. 
 Section 13.04. Exclusion of Certain Securities From Eligibility for Selection for Redemption. Securities shall be
excluded from eligibility for selection for redemption if they are identified by registration and certificate number in an Officers’ Certificate delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may
be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written statement as directly or indirectly controlling or controlled by or
under direct or indirect common control with the Issuer. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all
as of the date first written above. 
  

			
	DEUTSCHE BANK AKTIENGESELLSCHAFT
		
	By:	 	 /s/ Marco Zimmermann

		 	Name: Marco Zimmermann
		 	Title: Managing Director
		
	By:	 	 /s/ Gerard Neber

		 	Name: Gerard Neber
		 	Title: Director
	
	DELAWARE TRUST COMPANY, as Trustee
		
	By:	 	 /s/ Thomas Musarra

		 	Name: Thomas Musarra
		 	Title: Vice President
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Paying Agent, Authenticating Agent, Issuing Agent and Registrar
		
	By:	 	 /s/ Jacqueline Bartnick

		 	Name: Jacqueline Bartnick
		 	Title: Director
		
	By:	 	 /s/ Annie Jaghatspanyan

		 	Name: Annie Jaghatspanyan
		 	Title: Vice President