Document:

Amendment No. 2 to Amended and Restated Declaration of the Co-Registrant

 Exhibit 4.2 
 AMENDMENT NO. 2 TO THE 
 AMENDED AND RESTATED 

 DECLARATION OF TRUST AND TRUST AGREEMENT 
 OF 
 DB MULTI-SECTOR COMMODITY MASTER TRUST 
 This Amendment No. 2 (“Amendment No. 2”) to the Amended and Restated Declaration of Trust and Trust Agreement
dated as of November 21, 2006 (the “Declaration of Trust”) of DB Multi-Sector Commodity Master Trust (the “Master Trust”) by and among DB Commodity Services LLC (the “Managing Owner”),
Wilmington Trust Company and PowerShares DB Multi-Sector Commodity Trust. 
 WHEREAS, the Managing Owner has determined
that the DB Agriculture Master Fund will (i) replace its current index, Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess ReturnTM with Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess
ReturnTM (the “Index”) and (ii) commence tracking the Index on October 19, 2009; 
 WHEREAS, the Managing Owner wishes to amend the Declaration of Trust pursuant to Section 11.1(b)(iii) thereof to give effect to the replacement of Exhibit B as provided below, effective as of October 19, 2009. 

NOW, THEREFORE, in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency of all
of which are hereby acknowledged, the Declaration of Trust is amended as follows: 
  

	 	1.	Exhibit B to the Declaration of Trust shall be amended and replaced in its entirety with Exhibit A attached hereto. 

  

	 	2.	This Amendment No. 2 to the Declaration of Trust shall be governed by, and construed in accordance with, the laws of the State of Delaware.

  

	 	3.	Terms used but not otherwise defined herein shall have the meaning ascribed to such term in the Declaration of Trust, as amended. 

 Remainder of page left blank intentionally. 

 IN WITNESS WHEREOF, this Amendment No. 2 has been executed
for and on behalf of the undersigned as of the 30th day of
September, 2009. 
  

			
	 DB COMMODITY SERVICES LLC, as
 Managing Owner

		
	By:	 	 /s/ Martin Kremenstein

	Name:	 	Martin Kremenstein
	Title:	 	Chief Operating Officer
		
	By:	 	 /s/ Michael Gilligan

	Name:	 	Michael Gilligan
	Title:	 	Principal Financial Officer

  

			
	Acknowledged:
	 WILMINGTON TRUST COMPANY, not in its
 individual capacity but solely as Trustee
 of the Master Trust

		
	By:	 	 /s/ Joseph B. Feil

	Name:	 	Joseph B. Feil
	Title:	 	Vice President

  

 2 

 Exhibit A 
  

 3 

 Exhibit B 
 AMENDED AND RESTATED 
 DESCRIPTION OF THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD EXCESS RETURNTM 
 SECTOR INDEXES 
 DBLCITM and Deutsche Bank Liquid Commodity
IndexTM are trade marks of Deutsche Bank AG and are the subject of Community Trade Mark Nos. 3055043 and 3054996. Trade Mark applications in the United States are pending. Any use of these marks must be with the consent of or under license from
Deutsche Bank AG. 
 INTRODUCTION 
 Pursuant to paragraph 6 of the Description of the Deutsche Bank Liquid Commodity Index–Optimum Yield Excess ReturnTM Sector Indexes (the “Description”), which is Exhibit B to the
Amended and Restated Declaration of Trust and Trust Agreement of DB Multi-Sector Commodity Master Trust, dated as of November 21, 2006, the Index Sponsor has made the determination that changes in regulatory circumstances affecting certain of
the Index Commodities (the “Changes”) with respect to the Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess ReturnTM (“DBLCI-OY Agriculture ERTM”) have arisen, and, in the view of
the Index Sponsor, such Changes necessitate the replacement of the DBLCI-OY Agriculture ERTM. 
 Because of the Changes, the Index Sponsor
has determined that the replacement index should include additional Index Commodities that are not currently part of the DBLCI-OY Agriculture ERTM in order to permit the replacement index to reflect the performance of the agricultural sector in
light of the Changes. Therefore, the Index Sponsor is amending and restating the Description in full (the “Amended and Restated Description”) in order to replace the DBLCI-OY Agriculture ERTM with the Deutsche Bank Liquid
Commodity Index Diversified Agriculture Excess ReturnTM (the “DBLCI Diversified Agriculture ERTM”). The Amended and Restated Description includes the historical closing levels of Deutsche Bank Liquid Commodity Index
Diversified Agriculture Excess ReturnTM and incorporates herein the historical closing levels of all other Sector Indexes (as defined below) as published and amended from time-to-time. 
 1. GENERAL 
 Each of the Deutsche Bank
Liquid Commodity Index–Optimum Yield Excess ReturnTM (the “DBLCI-OYERTM”) and the Deutsche Bank Liquid Commodity Index Excess ReturnTM (the “DBLCI ERTM”)
(“DBLCI-OYERTM” and “DBLCI ERTM,” collectively, “DBLCITM” or “DBLCI ERTM”) is intended to reflect the performance of certain sectors of
commodities (each, a “Sector Index”). Each Sector Index is calculated on an excess return, or unfunded basis. All Sector Indexes, excluding portions of the Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess
ReturnTM, are rolled in a manner which are aimed at potentially maximizing the roll benefits in backwardated markets and minimizing the losses from rolling in contangoed markets (“Optimum Yield”) with respect to each Sector
Index. Only Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess ReturnTM is rolled both on an Optimum Yield basis and non-Optimum Yield basis as provided under “Contract Selection (Non-OY Single Commodity Indexes only)”
in paragraph 2 herein. Each Sector Index is comprised of one or more underlying commodities (the “Index

 
Commodities”). The composition of Index Commodities with respect to each Sector Index varies according to each specific sector that such Sector Index intends to reflect. Each Index
Commodity is represented in the Sector Index as an index with respect to that specific Index Commodity (“Single Commodity Index”). Each Index Commodity is assigned a weight (the “Index Base Weight”) which is
intended to reflect the proportion of such Index Commodity relative to each Sector Index. 
 The Sector Indexes include: 
  

	•	 	 Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess ReturnTM (“DBLCI-OY Energy ERTM”) is intended to reflect
the performance of the energy sector. 

  

	•	 	 Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess ReturnTM (“DBLCI-OY CL ERTM”) is intended to reflect
the performance of the crude oil sector. 

  

	•	 	 Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess ReturnTM (“DBLCI-OY Precious Metals ERTM”) is
intended to reflect the performance of the precious metals sector. 

  

	•	 	 Deutsche Bank Liquid Commodity Index–Optimum Yield Gold Excess ReturnTM (“DBLCI-OY GC ERTM”) is intended to reflect the
performance of the gold sector. 

  

	•	 	 Deutsche Bank Liquid Commodity Index–Optimum Yield Silver Excess ReturnTM (“DBLCI-OY SI ERTM”) is intended to reflect the
performance of the silver sector. 

  

	•	 	 Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess ReturnTM (“DBLCI-OY Industrial Metals ERTM”)
is intended to reflect the performance of the base metals sector. 

  

	•	 	 Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess ReturnTM (“DBLCI Diversified Agriculture ERTM”) is
intended to reflect the performance of the agricultural sector. 

 DBLCI-OY CL ERTM, DBLCI-OY GC ERTM, or DBLCI-OY SI
ERTM are Sector Indexes with a single Index Commodity, or Single Commodity Sector Indexes. 
 Each Sector Index has been calculated back to
a base date (the “Base Date”). On the Base Date the closing level of each Sector Index, or Closing Level, was 100. 
 The
sponsor of the each Sector Index is Deutsche Bank AG London (the “Index Sponsor”). 
  

 2 

 SECTOR INDEXES OVERVIEW 
  

										
	 Sector Index
	  	 Single Commodity Index
	  	 Exchange (Contract Symbol)1
	  	 Base Date
	  	Index Base
Weight	 
					
	DBLCI-OY Energy ERTM	  	Sweet Light Crude Oil (WTI)	  	NYMEX (CL)	  	June 4, 1990	  	22.50	% 
		  	Heating Oil	  	NYMEX (HO)	  		  	22.50	% 
		  	Brent Crude Oil	  	ICE-UK (LCO)	  		  	22.50	% 
		  	RBOB Gasoline	  	NYMEX (XB)	  		  	22.50	% 
		  	Natural Gas	  	NYMEX (NG)	  		  	10.00	% 
					
	DBLCI-OY CL ERTM2	  	Sweet Light Crude Oil (WTI)	  	NYMEX (CL)	  	December 2, 1988	  	100.00	% 
					
	DBLCI-OY Precious Metals ERTM	  	Gold	  	COMEX (GC)	  	December 2, 1988	  	80.00	% 
		  	Silver	  	COMEX (SI)	  		  	20.00	% 
					
	DBLCI-OY GC ERTM2	  	Gold	  	COMEX (GC)	  	December 2, 1988	  	100.00	% 
					
	DBLCI-OY SI ERTM2	  	Silver	  	COMEX (SI)	  	December 2, 1988	  	100.00	% 
					
	DBLCI-OY Industrial Metals ERTM	  	Aluminum	  	LME (MAL)	  	September 3, 1997	  	33.33	% 
		  	Zinc	  	LME (MZN)	  		  	33.33	% 
		  	Copper - Grade A	  	LME (MCU)	  		  	33.33	% 
					
	DBLCI Diversified Agriculture ERTM	  	Corn3	  	CBOT (C)	  	January 18, 1989	  	12.50	% 
		  	Soybeans3	  	CBOT (S)	  		  	12.50	% 
		  	Wheat3	  	CBOT (W)	  		  	6.25	% 
		  	Kansas Wheat3	  	KCB (KW)	  		  	6.25	% 
		  	Sugar3	  	ICE-US (SB)	  		  	12.50	% 
		  	Cocoa4	  	ICE-US (CC)	  		  	11.11	% 
		  	Coffee4	  	ICE-US (KC)	  		  	11.11	% 
		  	Cotton4	  	ICE-US (CT)	  		  	2.78	% 
		  	Live Cattle4	  	CME (LC)	  		  	12.50	% 
		  	Feeder Cattle4	  	CME (FC)	  		  	4.17	% 
		  	Lean Hogs4	  	CME (LH)	  		  	8.33	% 

  

	1	 Connotes the exchanges on which the underlying futures contracts are traded with respect to each
Single Commodity Index. 

	2	 DBLCI-OY CL ERTM, DBLCI-OY GC ERTM, or DBLCI-OY SI ERTM are Sector Indexes with a single
Index Commodity, or Single Commodity Sector Indexes. 

	3	 Connotes Single Commodity Index rolled on Optimum Yield basis. 

	4	 Connotes non-OY Single Commodity Index. 

 Legend: 
 “CBOT” means the Board
of Trade of the City of Chicago Inc., or its successor. 
 “CME” means the Chicago Mercantile Exchange, Inc., or its successor.

 “COMEX” means the Commodity Exchange Inc., New York, or its successor. 
 “ICE-UK” means ICE Futures Europe, or its successor. 
 “ICE-US” means ICE
Futures U.S., Inc., or its successor. 
 “KCB” mean the Board of Trade of Kansas City, Missouri, Inc., or its successor. 
 “LME” means The London Metal Exchange Limited, or its successor. 
 “NYMEX” means the New York Mercantile Exchange, or its successor. 
  

 3 

 Each Single Commodity Index employs a rule-based approach when it ‘rolls’ from one futures
contract to another for each Index Commodity. Rather than select a new futures contract based on a predetermined schedule (e.g., monthly), each futures contract underlying a Single Commodity Index (excluding the following Single Commodity Indexes of
the DBLCI Diversified Agriculture ERTM: Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle and Live Hogs (the “non-OY Single Commodity Indexes”)) rolls to the futures contract which generates the maximum ‘implied roll
yield’ (the “OY Single Commodity Indexes”). The futures contract having a delivery month within the next thirteen months which generates the highest implied roll yield will be included in each OY Single Commodity Index. As a
result, each OY Single Commodity Index is able to potentially maximize the roll benefits in backwardated markets and minimize the losses from rolling in contangoed markets. 
 In general, as a futures contract approaches its expiration date, its price will move towards the spot price in a contango market. Assuming the spot price does not change, this would result in the futures
contract price decreasing. The opposite is true in a backwardated market. A contango market will tend to cause a drag on each OY Single Commodity Index while a backwardated market will tend to cause a push on an OY Single Commodity Index.

 Each of the non-OY Single Commodity Indexes rolls only to the next to expire futures contract as provided under “Contract Selection
(Non-OY Single Commodity Indexes only)” in paragraph 2 below. 
 DBLCITM is calculated in USD on both an excess return
(unfunded) and total return (funded) index levels. 
 The futures contract price of the underlying futures contracts of each Single Commodity
Index (and, in turn, each Index Commodity) will be the exchange closing prices for the underlying futures contract of each such Single Commodity Index on each weekday when banks in New York, New York are open (“Index Business
Days”). If a weekday is not an Exchange Business Day but is an Index Business Day, the exchange closing price from the previous Index Business Day will be used for the underlying futures contract of each Single Commodity Index.
“Exchange Business Day” means, in respect of the underlying futures contract of each Single Commodity Index, a day that is (or, but for the occurrence of an Index Disruption Event, as provided in paragraph 3, or Force Majeure Event,
as provided in paragraph 4, would have been) a trading day for such underlying futures contract of each Single Commodity Index on the relevant Exchange, as defined in paragraph 3. 
 2. INDEX CALCULATION AND RULES 
 The excess return calculation of each Sector Index is equal
to the percentage change of the market values of the underlying Single Commodity Indexes with respect to each Index Commodity. The excess return calculation of each Single Commodity Sector Index is equal to the percentage change of the market values
of the underlying Single Commodity Index with respect to the applicable Index Commodity. Each Single Commodity Index will have two futures contracts on each Index Commodity throughout roll periods and one futures contracts on all other days.

  

 4 

 Excess Return Calculation of DBLCI ERTM 
 The excess return calculation of the DBLCI ERTM in USD is expressed as: 
 

 
 Where: 
  

					
	ILer(t)	 	=	 	Excess Return Index level on day t
	ILer(t-1)	 	=	 	Excess Return Index level on index calculation day t-1
	PC(t,i)	 	=	 	Close price of commodity future i on day t
	PC(t-1,i)	 	=	 	Close price of commodity future i on index calculation day t-1
	N(t-1,i)	 	=	 	Notional holding of commodity future i on index calculation day t-1

 Contract Selection (All Sector Indexes, excluding non-OY Single Commodity Indexes) 

 On the first New York business day of each month (the “Verification Date”) each futures contract currently in each OY Single
Commodity Index is tested for continued inclusion in the OY Single Commodity Index based on the month in which the futures contract underlying the OY Single Commodity Index requires delivery of the underlying Index Commodity (the “Delivery
Month”). If, on the Verification Date, the Delivery Month is the next month, a new futures contract is selected for the OY Single Commodity Index. For example, if the first New York business day is May 1, 2006, and the Delivery Month
of a futures contract currently in the OY Single Commodity Index is June 2006, a new futures contract with a later Delivery Month will be selected for the OY Single Commodity Index. 
 For each futures contract selected for an OY Single Commodity Index, the new futures contract selected for inclusion in the OY Single
Commodity Index will be the futures contract with the maximum “implied roll yield” based on the closing price for each eligible futures contract (“Eligible Futures Contract”). Eligible Futures Contracts are any futures
contracts having a Delivery Month (i) no sooner than the month after the Delivery Month of the futures contract currently in the OY Single Commodity Index, and (ii) no later than the 13th month after the Verification Date. For example, if the first New York business day is May 1, 2006
and the Delivery Month of a futures contract currently in the OY Single Commodity Index is therefore June 2006, the Delivery Month of an Eligible Futures Contract must be between July 2006 and June 2007. The implied roll yield is expressed as:

 

 
  

 5 

 Where: 
  

					
	Y(t,i)	 	=	 	On any day t, the implied roll yield for entering into the commodity futures contract on an Index Commodity with exchange Delivery Month i
	PC(t,b)	 	=	 	Close price of the base commodity future b
	PC(t,i)	 	=	 	Close price of any Eligible Futures Contract with exchange Delivery Month i
	F(t,i,b)	 	=	 	Fraction of year between the base futures contract on b and the futures contract with exchange Delivery Month i. Calculated as number of calendar days between dates divided by
365.
	b	 	=	 	Base commodity futures contract is the Index Commodity futures contract currently in the OY Single Commodity Index.

 The futures contract with the maximum implied roll yield is then selected for inclusion in a OY
Single Commodity Index. If two futures contracts have the same implied roll yield, the futures contract with the minimum number of months prior to the exchange expiry month is selected for the OY Single Commodity Index. 
 Contract Selection (Non-OY Single Commodity Indexes only) and Recomposition Periods 
 On the first Index Business Day of each month, each non-OY Single Commodity Index will select a new futures contract to replace the old futures contract as
provided in the following schedule. After selection of the replacement futures contract, each non-OY Single Commodity Index will roll such replacement futures contract as provided in the sub-paragraph “Monthly Index Roll Period.”

 Schedule of Rolling each Non-OY Index Commodity of DBLCI Diversified Agriculture ERTM 
  

																											
	 Contract
	  	 Exchange (Symbol)
	  	Jan	  	Feb	  	Mar	  	Apr	  	May	  	Jun	  	Jul	  	Aug	  	Sep	  	Oct	  	Nov	  	Dec
	 Cocoa
	  	ICE-US (CC)	  	H	  	H	  	K	  	K	  	N	  	N	  	U	  	U	  	Z	  	Z	  	Z	  	H
	 Coffee
	  	ICE-US (KC)	  	H	  	H	  	K	  	K	  	N	  	N	  	U	  	U	  	Z	  	Z	  	Z	  	H
	 Cotton
	  	ICE-US (CT)	  	H	  	H	  	K	  	K	  	N	  	N	  	Z	  	Z	  	Z	  	Z	  	Z	  	H
	 Live Cattle
	  	CME (LC)	  	G	  	J	  	J	  	M	  	M	  	Q	  	Q	  	V	  	V	  	Z	  	Z	  	G
	 Feeder Cattle
	  	CME (FC)	  	H	  	H	  	J	  	K	  	Q	  	Q	  	Q	  	U	  	V	  	X	  	F	  	F
	 Lean Hogs
	  	CME (LH)	  	G	  	J	  	J	  	M	  	M	  	N	  	Q	  	V	  	V	  	Z	  	Z	  	G

  

			
	 Month Letter Codes
	  	
		
	 Month
	  	Letter Code
	 January
	  	F
	 February
	  	G
	 March
	  	H
	 April
	  	J
	 May
	  	K
	 June
	  	M
	 July
	  	N
	 August
	  	Q
	 September
	  	U
	 October
	  	V
	 November
	  	X
	 December
	  	Z

  

 6 

 Monthly Index Roll Period 
 For purposes of this sub-paragraph, the term “Single Commodity Index” also includes the term “non-OY Single Commodity Index.” 
 After the futures contract selection, the monthly Single Commodity Index roll unwinds the old futures contract and enters a position in
the new futures contract. This takes place between the 2nd
and 6th Index Business Day of the month. 
 If the old futures contract and the new futures contract are the same, then the contract will not be rolled and the notional holding is kept constant as
follows: 
 

 
 On each day during the roll period, new notional holdings are calculated. The calculations for the old
futures contracts comprising a Single Commodity Index that are leaving the Sector Index and the new futures contracts comprising a Single Commodity Index that are entering the Sector Index are different. 
 The notional holdings of the old futures contracts comprising a Single Commodity Index i is expressed as: 
 

 
 The notional holdings of the new futures contracts comprising a Single Commodity Index j is expressed as:

 

 
 Where: 
  

					
	N(t-1,i)	 	=	 	Notional holding of old commodity future i on index calculation day t-1
	N(t,i)	 	=	 	Notional holding of old commodity future i on index calculation day t
	N(t-1,j)	 	=	 	Notional holding of new commodity future j on index calculation day t-1
	N(t,j)	 	=	 	Notional holding of new commodity future j on index calculation day t
	db(t)	 	=	 	Number of index business days in the month up to and including day t

 On all days that are not monthly index roll days, the notional holdings of each future contract
comprising a Single Commodity Index remains constant as follows: 
 

 
 [Remainder of page left blank intentionally.] 
  

 7 

 DBLCI ERTM Re-weighting Calculation 
 For purposes of this sub-paragraph, the term “Single Commodity Index” also includes the term “non-OY Single Commodity Index.” 

The DBLCI ERTM is re-weighted on an annual basis on the 6th Index Business Day of each November. 
 The DBLCI ERTM calculation is expressed as the weighted average return of each underlying Single Commodity Index. 
 

 
 Where: 
  

					
	IL(t,c,rt)	 	=	 	Index level on day t in currency c with return type rt
	IL(d,c,rt)	 	=	 	Index level on last rebalancing day d in currency c with return type rt
	CIL(t,c,rt)	 	=	 	Component Single Currency Index level for commodity cf on day t in currency c with return type rt
	CIL(d,c,rt)	 	=	 	Component Single Currency Index level for commodity cf on last rebalancing day d in currency c with return type rt
	w(d,cf)	 	=	 	Weight of commodity cf on last rebalancing day d

 3. INDEX DISRUPTION EVENT 
 If an Index Disruption Event in relation to a futures contract underlying a Single Commodity Index continues for a period of five successive Exchange Business Days, the Index Sponsor will, in its
discretion, either (i) continue to calculate the relevant Closing Price of each futures contract underlying a Single Commodity Index by reference to the Closing Price of the relevant Exchange Traded Instrument with respect to such futures
contract underlying a Single Commodity Index on the immediately preceding Valid Date (as provided in the definition of the relevant Closing Price) for a further period of five successive Exchange Business Days or (ii) select: 
  

	(a)	an Exchange Traded Instrument relating to the relevant Index Commodity or in the determination of the Index Sponsor a commodity substantially similar to the relevant
Index Commodity published in U.S. Dollars; or 

  

	(b)	if no Exchange Traded Instrument as described in (a) above is available or the Index Sponsor determines that for any reason (including, without limitation, the
liquidity or volatility of such Exchange Traded Instrument at the relevant time) the inclusion of such Exchange Traded Instrument in a Single Commodity Index would not be appropriate, an Exchange Traded Instrument relating to the relevant Index
Commodity or in the determination of the Index Sponsor a commodity substantially similar to the relevant Index Commodity published in a currency other than U.S. Dollars; or 

  

 8 

	(c)	if no such Exchange Traded Instrument as described in (a) or (b) above is available or the Index Sponsor determines that for any reason (including, without
limitation, the liquidity or volatility of such Exchange Traded Instrument at the relevant time) the inclusion of such Exchange Traded Instrument would not be appropriate, an Exchange Traded Instrument relating to any commodity in the same Group of
Commodities as the relevant Index Commodity which is published in U.S. Dollars, 

 in each case to replace the exchange instrument
relating to the relevant Index Commodity, all as determined by the Index Sponsor. 
 In the case of (i) above, if an Index Disruption Event
in relation to the relevant Index Commodity continues for the further period of five successive Exchange Business Days referred to therein, on the expiry of such period the provisions of (ii) above shall apply. 
 In the case of a replacement of an Exchange Traded Instrument as described in (ii) above, the Index Sponsor will make such adjustments to the
methodology and calculation of the Sector Index (or Single Commodity Sector Index, as applicable) as it determines to be appropriate to account for the relevant replacement and will publish such adjustments in accordance with paragraph 7
(Publication of Closing Levels and Adjustments) below. 
 For the purposes of this Description: 
 “Closing Price” means, in respect of an Index Business Day, the closing price on the appropriate Exchange of the relevant Index Commodity.

 “Exchange” means: 
  

	(a)	in respect of Aluminum, LME; 

  

	(b)	in respect of Brent Crude Oil, ICE-UK; 

  

	(c)	in respect of Cocoa, ICE-US; 

  

	(d)	in respect of Coffee, ICE-US; 

  

	(e)	in respect of Copper - Grade A, LME; 

  

	(f)	in respect of Corn, CBOT; 

  

	(g)	in respect of Cotton, ICE-US; 

  

	(h)	in respect of Feeder Cattle, CME; 

  

	(i)	in respect of Gold, COMEX; 

  

	(j)	in respect of Heating Oil, NYMEX; 

  

	(k)	in respect of Kansas Wheat, KCB; 

  

	(l)	in respect of Live Cattle, CME; 

  

	(m)	in respect of Lean Hogs, CME; 

  

	(n)	in respect of Natural Gas, NYMEX; 

  

	(o)	in respect of RBOB Gasoline, NYMEX; 

  

	(p)	in respect of Silver, COMEX; 

  

	(q)	in respect of Soybeans, CBOT; 

  

	(r)	in respect of Sugar, ICE-US; 

  

	(s)	in respect of Sweet Light Crude Oil (WTI), NYMEX; 

  

	(t)	in respect of Wheat, CBOT; and 

  

	(u)	in respect of Zinc, LME. 

  

 9 

 “Exchange Business Day” means, in respect of an Index Commodity, a day that is (or, but for
the occurrence of an Index Disruption Event or Force Majeure Event would have been) a trading day for such Index Commodity on the relevant Exchange. 
 “Exchange Traded Instrument” means, in respect of an Index Commodity, an instrument for future delivery of that Index Commodity on a specified delivery date traded on the relevant Exchange. 
 “Group of Commodities” means each of (i) energy and oils, (ii) precious metals, (iii) industrial metals and
(iv) agricultural products. For the avoidance of doubt, (i) Brent Crude Oil, Heating Oil, Natural Gas, RBOB Gasoline, and Sweet Light Crude Oil (WTI) are energy and oils, (ii) Gold and Silver are precious metals, (iii) Aluminum,
Copper—Grade A and Zinc are industrial metals and (iv) Cocoa, Coffee, Corn, Cotton, Feeder Cattle, Kansas Wheat, Lean Hogs, Live Cattle, Soybeans, Sugar and Wheat are agricultural products. 
 “Index Disruption Event” means, in respect of an Index Commodity or a related Exchange Instrument, an event (other than a Force Majeure
Event) that would require the Index Sponsor to calculate the Closing Price in respect of the relevant Index Commodity on an alternative basis were such event to occur or exist on a day that is an Exchange Business Day (or, if different, the day on
which the Closing Price for such Exchange Instrument for the relevant Index Business Day would, in the ordinary course, be published or announced by the relevant Exchange). 
 “Valid Date” means, in respect of an Index Commodity, a day which is an Exchange Business Day in respect of such Index Commodity and a day on which an Index Disruption Event in respect of
such Index Commodity does not occur. 
 4. FORCE MAJEURE 
 If a Force Majeure Event occurs on an Index Business Day, the Index Sponsor may in its discretion: 
  

	(i)	make such determinations and/or adjustments to the terms of this Description as it considers appropriate to determine any Closing Level on any such Index Business Day;
and/or 

  

	(ii)	defer publication of the information relating to the applicable Sector Index (or applicable Single Commodity Sector Index) until the next Index Business Day on which it
determines that no Force Majeure Event exists; and/or 

  

	(iii)	permanently cancel publication of the information relating to the applicable Sector Index. 

 For the purposes of this Description: 
 “Force Majeure Event” means an event or
circumstance (including, without limitation, a systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labour disruption or any similar intervening circumstance) that is beyond the reasonable control of
the Index Sponsor and that the Index Sponsor determines affects the applicable Sector Index (or applicable Single Commodity Sector Index), any Index Commodity or any Exchange Instrument. 
  

 10 

 5. INDEX SPONSOR 
 All determinations made by the Index Sponsor will be made by it in good faith and in a commercially reasonable manner by reference to such factors as the Index Sponsor deems appropriate and will be final,
conclusive and binding in the absence of manifest error. 
 6. CHANGE IN THE METHODOLOGY OF THE DBLCITM 
 The Index Sponsor will, subject as provided below, employ the methodology described above and its application of such methodology shall be conclusive and
binding. While the Index Sponsor currently employs the above described methodology to calculate the Sector Indexes (including the Single Commodity Sector Indexes), no assurance can be given that fiscal, market, regulatory, juridical or financial
circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting any Index Commodity or a futures contract) will not arise that would, in the view of the Index Sponsor, necessitate a
modification of or change to such methodology and in such circumstances the Index Sponsor may make any such modification or change as it determines appropriate. The Index Sponsor may also make modifications to the terms of either the DBLCITM or
Sector Indexes (including the Single Commodity Sector Indexes) in any manner that it may deem necessary or desirable, including (without limitation) to correct any manifest or proven error or to cure, correct or supplement any defective provision
contained in this Description. The Index Sponsor will publish notice of any such modification or change and the effective date thereof in accordance with paragraph 7 (Publication of Closing Levels and Adjustments) below. 
 7. PUBLICATION OF CLOSING LEVELS AND ADJUSTMENTS 
 The Index Sponsor will publish the Closing Levels of the Sector Indexes (including the Single Commodity Sector Indexes) and the intra-day indicative Index level once every fifteen seconds throughout each trading day (NYSE Arca symbols:
DBLCI-OY Energy ER: DBENIX; DBLCI-OY CL ER: DBOLIX; DBLCI-OY Precious Metals ER: DBPMIX; DBLCI-OY GC ER: DGLDIX; DBLCI-OY SI ER: DBSLIX; DBLCI-OY Industrial Metals ER: DBBMIX; DBLCI-Diversified Agriculture ER: DBAGIX) (quoted in U.S. dollars) on the
consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at http://www.dbfunds.db.com and https://index.db.com, or any successor thereto. 
 The Index Sponsor will publish any adjustments made to the Sector Indexes on the Managing Owner’s website at http://www.dbfunds.db.com and https://index.db.com or any successor thereto.

 [Remainder of page left blank intentionally.] 
  

 11 

 8. HISTORICAL CLOSING LEVELS 
 This Amended and Restated Description incorporates the historical closing levels as published and amended from time-to-time of all Sector
Indexes other than DBLCI Diversified Agriculture ERTM. 
 Set out below are the closing levels and related data with
respect to the DBLCI Diversified Agriculture ERTM as of August 31, 2009. 
 With respect to this paragraph 8 only, the
DBLCI Diversified Agriculture ERTM shall hereinafter be referred to as the “Index” and PowerShares DB Agriculture Fund shall hereinafter be referred to as the “Fund.” 
 With respect to the Closing Levels Tables, historic daily Index Closing Levels have been calculated with respect to the Index since its Base
Date. 
 The Base Date for the Index is January 18, 1989. 
 The Base Date was selected by the Index Sponsor based on the availability of price data with respect to the relevant underlying futures
contracts on the Index Commodities of the Index. 
 Since June 2006, the historic data with respect to the closing prices of
futures contracts on Feeder Cattle (FC), Cotton #2 (CT), Coffee (KC), Cocoa (CC), Live Cattle (LC), Lean Hogs (LH), Corn (C), Wheat (W), Soybeans (S), Sugar #11 (SB) and Kansas Wheat (KW) originated from Reuters. Prior to June 2006, the closing
prices of futures contracts on Feeder Cattle (FC), Cotton #2 (CT), Coffee (KC), Cocoa (CC), Live Cattle (LC), Lean Hogs (LH), Corn (C), Wheat (W), Soybeans (S), Sugar #11 (SB) and Kansas Wheat (KW) were obtained from publicly available information
from Logical Information Machines (http://www.lim.com), Bloomberg, and Reuters. The Index Sponsor has not independently verified the information extracted from these sources. The Index calculation methodology and commodity future selection
are the same prior to and following June 2006. 
 Complete price histories regarding certain futures contracts on the Index
Commodities were not available (e.g., due to lack of trading on specific days). In the event that prices on such futures contracts on the Index Commodities were unavailable during a contract selection day, such futures contract was excluded from the
futures contract selection process. The Index Sponsor believes that the incomplete price histories should not have a material impact on the calculation of the Index. 
 The Index Closing Level is equal to the weighted sum of the market value of the commodity futures contracts of all the respective Index Commodities that comprise the Index. The market value of the
commodity futures contracts of an Index Commodity is equal to the number of commodity futures contracts of an Index Commodity held multiplied by the commodity futures contracts closing price of an Index Commodity. 
 The weight of each Index Commodity of the Index is linked to the number of commodity futures contracts held of such Index Commodity and the
price of commodity futures contracts of the Index Commodity. The weight of an Index Commodity is defined as the market value of the commodity futures contracts of the Index Commodity divided by the sum of all market values of all commodity futures
contracts of the Index Commodities that comprise and Index multiplied by 100%. 
 The Index Commodities Weights Tables reflect
the range of the weightings with respect to each of the Index Commodities used to calculate the Index. 
 The Index rules
stipulate the holding in each Index Commodity futures contract. Holdings in each Index Commodity change during the Index rebalancing periods as determined by the optimum yield roll rules. 
 Cautionary Statement–Statistical Information 
 Various statistical information is presented on the following pages, relating to the Closing Levels of the Index, on an annual and cumulative basis, including certain comparisons of the Index to other
commodities indices. In reviewing such information, prospective investors should consider that: 
  

	•	 	 Changes in Closing Levels of the Index during any particular period or market cycle may be volatile. 

  

 12 

							
	 Index
	  	Worst Peak-
to-Valley
Drawdown

and Time
Period	 	 	Worst
Monthly
Drawdown
and Month
and Year	 
	 DBLCI Diversified Agriculture ERTM
	  	(53.40)	%, 	 	(14.37)	%, 
		  	4/97 – 4/02	  	 	10/08	  

 For example, the “Worst Peak-to-Valley Drawdown” of the Index, represents the greatest
percentage decline from any month-end Closing Level, without such Closing Level being equaled or exceeded as of a subsequent month-end, which occurred during the above-listed time period. 
 The “Worst Monthly Drawdown” of the Index occurred during the above-listed month and year. 
  

	•	 	 Neither the fees charged by the Fund nor the execution costs associated with establishing futures positions in the Index Commodities are incorporated
into the Closing Levels of the Index. Accordingly, such Index Levels have not been reduced by the costs associated with an actual investment, such as the Fund, with an investment objective of tracking the Index. 

  

	•	 	 The Index is independently calculated by Deutsche Bank AG London, the Index Sponsor. The DBLCI Diversified Agriculture ERTM index was established
on September 18, 2009. The Index calculation methodology and commodity futures contracts selection are the same before and after September 18, 2009 with respect to the DBLCI Diversified Agriculture ERTM, as described above.
Accordingly, the Closing Levels of the Index, terms of the Index methodology and Index Commodities, reflect an element of hindsight at the time the Index was established. See the Fund’s prospectus within the currently effective registration
statement—“Risk Factors— “You May Not Rely on Past Performance or Index Results in Deciding Whether to Buy Shares” and “— “Fewer Representative Commodities May Result In Greater Index Volatility.”

 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO
TRACK THE INDEX, BECAUSE THE DBLCI DIVERSIFIED AGRICULTURE ERTM INDEX WAS ESTABLISHED IN SEPTEMBER 18, 2009, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE
CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS
LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN
AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER
ACTIVE OR PASSIVE. 
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD SINCE INCEPTION WITH RESPECT TO THE DBLCI DIVERSIFIED AGRICULTURE ERTM THROUGH SEPTEMBER 18, 2009, THE INDEX’S CLOSING LEVELS REFLECT THE APPLICATION OF THE
INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT. 
  

 13 

 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL
TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED SEE THE PROSPECTUS WITHIN THE FUND’S CURRENTLY EFFECTIVE REGISTRATION STATEMENT UNDER “RISK FACTORS”, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE
IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
 THE MANAGING OWNER COMMENCED OPERATIONS IN JANUARY 2006. AS MANAGING OWNER, THE MANAGING OWNER AND ITS TRADING PRINCIPALS HAVE BEEN MANAGING THE DAY-TO-DAY OPERATIONS FOR THE FUND AND MANAGING FUTURES
TRADING ACCOUNTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS.

  

 14 

 VOLATILITY OF DBLCI DIVERSIFIED AGRICULTURE ERTM 
 The following table1 reflects various measures of volatility2 of the history of each Index as calculated on an excess return basis: 
  

				
	 Volatility Type
	  	DBLCI Diversified Agriculture ERTM3	 
	 Daily volatility over full history
	  	10.32	% 
	 Average rolling 3 month daily volatility
	  	9.57	% 
	 Monthly return volatility
	  	12.09	% 
	 Average annual volatility
	  	9.95	% 

 The following table reflects the daily volatility on an annual basis of each Index:

  

				
	 Year
	  	DBLCI Diversified Agriculture ERTM3	 
	 1989
	  	8.35	% 
	 1990
	  	7.92	% 
	 1991
	  	7.85	% 
	 1992
	  	6.93	% 
	 1993
	  	8.24	% 
	 1994
	  	12.80	% 
	 1995
	  	6.78	% 
	 1996
	  	7.80	% 
	 1997
	  	11.19	% 
	 1998
	  	8.06	% 
	 1999
	  	10.74	% 
	 2000
	  	8.87	% 
	 2001
	  	8.38	% 
	 2002
	  	9.51	% 
	 2003
	  	8.37	% 
	 2004
	  	11.01	% 
	 2005
	  	9.40	% 
	 2006
	  	9.57	% 
	 2007
	  	9.36	% 
	 2008
	  	21.09	% 
	 20091
	  	16.74	% 

  

	1	 As of
August 31, 2009. Past Index levels are not necessarily indicative of future Index levels. 

	2	 Volatility, for
these purposes, means the following: 

 Daily Volatility: The relative rate at which the price of the
Index moves up and down, found by calculating the annualized standard deviation of the daily change in price. 
 Monthly
Return Volatility: The relative rate at which the price of the Index moves up and down, found by calculating the annualized standard deviation of the monthly change in price. 
 Average Annual Volatility: The average of yearly volatilities for a given sample period. The yearly volatility is the relative rate at
which the price of the Index moves up and down, found by calculating the annualized standard deviation of the daily change in price for each business day in the given year. 
  

	3	 As of
January 18, 1989. Past Index levels are not necessarily indicative of future Index levels. 

  

 15 

 AGRICULTURE SECTOR DATA 
 RELATING TO 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE 
 EXCESS RETURNTM

 (DBLCI DIVERSIFIED AGRICULTURE ERTM) 
  

 16 

 CLOSING LEVELS TABLES 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE EXCESS RETURNTM 
  

											
	 	 	CLOSING LEVEL	 	CHANGES	 
	 	 	High1	 	Low2	 	Annual Index Changes3	 	 	Index Changes Since
Inception4	 
	19895	 	106.21	 	93.13	 	-3.76	% 	 	-3.76	% 
	1990	 	109.76	 	93.55	 	-2.79	% 	 	-6.45	% 
	1991	 	98.56	 	87.18	 	-1.67	% 	 	-8.01	% 
	1992	 	93.91	 	84.75	 	-4.28	% 	 	-11.95	% 
	1993	 	94.15	 	84.61	 	5.93	% 	 	-6.73	% 
	1994	 	112.01	 	90.78	 	12.43	% 	 	4.86	% 
	1995	 	111.80	 	99.83	 	5.05	% 	 	10.16	% 
	1996	 	127.26	 	108.40	 	6.19	% 	 	16.98	% 
	1997	 	146.63	 	116.98	 	10.46	% 	 	29.22	% 
	1998	 	130.61	 	94.76	 	-25.65	% 	 	-3.92	% 
	1999	 	99.66	 	77.22	 	-13.58	% 	 	-16.97	% 
	2000	 	85.25	 	75.94	 	-6.33	% 	 	-22.22	% 
	2001	 	80.19	 	66.48	 	-11.33	% 	 	-31.04	% 
	2002	 	80.12	 	64.94	 	9.63	% 	 	-24.40	% 
	2003	 	84.27	 	72.22	 	5.72	% 	 	-20.08	% 
	2004	 	92.94	 	79.92	 	7.93	% 	 	-13.74	% 
	2005	 	95.26	 	81.72	 	3.68	% 	 	-10.56	% 
	2006	 	93.91	 	82.42	 	3.47	% 	 	-7.45	% 
	2007	 	102.50	 	88.80	 	10.46	% 	 	2.23	% 
	2008	 	123.53	 	71.21	 	-19.22	% 	 	-17.42	% 
	20096	 	87.40	 	72.91	 	-2.59	% 	 	-19.56	% 

 THE FUND WILL TRADE WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE EXCESS RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND 
 NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE TOTAL RETURNTM 
  

											
	 	 	CLOSING LEVEL	 	CHANGES	 
	 	 	High1	 	Low2	 	Annual Index Changes3	 	 	Index Changes Since
Inception4	 
	19895	 	107.66	 	98.26	 	4.13	% 	 	4.13	% 
	1990	 	122.64	 	103.97	 	4.94	% 	 	9.27	% 
	1991	 	116.41	 	105.67	 	3.86	% 	 	13.49	% 
	1992	 	116.36	 	107.38	 	-0.87	% 	 	12.50	% 
	1993	 	123.83	 	108.46	 	9.21	% 	 	22.86	% 
	1994	 	150.59	 	120.79	 	17.40	% 	 	44.24	% 
	1995	 	161.94	 	140.22	 	11.11	% 	 	60.26	% 
	1996	 	189.53	 	158.05	 	11.77	% 	 	79.12	% 
	1997	 	229.29	 	179.14	 	16.30	% 	 	108.31	% 
	1998	 	211.30	 	160.18	 	-21.94	% 	 	62.61	% 
	1999	 	168.89	 	133.88	 	-9.40	% 	 	47.32	% 
	2000	 	154.70	 	141.66	 	-0.59	% 	 	46.45	% 
	2001	 	152.05	 	129.07	 	-8.20	% 	 	34.44	% 
	2002	 	158.33	 	127.33	 	11.44	% 	 	49.82	% 
	2003	 	168.63	 	143.96	 	6.81	% 	 	60.02	% 
	2004	 	186.83	 	160.03	 	9.43	% 	 	75.12	% 
	2005	 	194.37	 	169.54	 	7.04	% 	 	87.45	% 
	2006	 	203.52	 	178.87	 	8.57	% 	 	103.52	% 
	2007	 	235.57	 	196.35	 	15.48	% 	 	135.02	% 
	2008	 	285.15	 	166.00	 	-18.09	% 	 	92.50	% 
	20096	 	198.62	 	177.70	 	-2.19	% 	 	88.29	% 

 
 THE FUND
WILL NOT TRADE WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE TOTAL RETURNTM OVER
TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND 
 NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 Please refer to notes and legends that follow on page 27. 
  

 17 

 INDEX COMMODITIES WEIGHTS TABLES 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE EXCESS RETURNTM 
  

																									
	 	  	C7	 	 	S7	 	 	W7	 	 	KCW7	 
	 	  	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 
	 19895
	  	12.0	% 	 	11.7	% 	 	12.1	% 	 	10.7	% 	 	6.1	% 	 	6.3	% 	 	6.3	% 	 	6.5	% 
	 1990
	  	12.8	% 	 	12.7	% 	 	11.7	% 	 	12.6	% 	 	5.0	% 	 	5.9	% 	 	5.1	% 	 	5.9	% 
	 1991
	  	12.8	% 	 	12.9	% 	 	12.4	% 	 	12.1	% 	 	5.9	% 	 	6.2	% 	 	6.0	% 	 	6.5	% 
	 1992
	  	13.1	% 	 	11.3	% 	 	12.9	% 	 	12.7	% 	 	8.2	% 	 	7.1	% 	 	8.0	% 	 	7.0	% 
	 1993
	  	12.7	% 	 	12.8	% 	 	12.4	% 	 	12.9	% 	 	6.3	% 	 	6.3	% 	 	6.4	% 	 	6.3	% 
	 1994
	  	9.0	% 	 	12.3	% 	 	9.4	% 	 	12.4	% 	 	5.3	% 	 	6.3	% 	 	5.5	% 	 	6.4	% 
	 1995
	  	15.3	% 	 	13.7	% 	 	12.8	% 	 	12.5	% 	 	7.2	% 	 	6.3	% 	 	8.0	% 	 	6.8	% 
	 1996
	  	14.1	% 	 	13.1	% 	 	12.8	% 	 	13.6	% 	 	7.4	% 	 	6.2	% 	 	8.3	% 	 	6.4	% 
	 1997
	  	9.2	% 	 	11.8	% 	 	10.2	% 	 	12.3	% 	 	5.0	% 	 	6.3	% 	 	5.5	% 	 	6.2	% 
	 1998
	  	12.5	% 	 	13.1	% 	 	12.0	% 	 	12.9	% 	 	5.9	% 	 	6.1	% 	 	6.0	% 	 	6.5	% 
	 1999
	  	12.5	% 	 	12.9	% 	 	12.2	% 	 	11.7	% 	 	6.0	% 	 	6.0	% 	 	6.2	% 	 	6.3	% 
	 2000
	  	13.2	% 	 	12.5	% 	 	13.6	% 	 	12.5	% 	 	6.0	% 	 	6.2	% 	 	6.0	% 	 	6.2	% 
	 2001
	  	11.8	% 	 	11.7	% 	 	11.4	% 	 	12.2	% 	 	6.2	% 	 	6.2	% 	 	6.0	% 	 	5.5	% 
	 2002
	  	11.1	% 	 	11.7	% 	 	12.7	% 	 	13.2	% 	 	5.9	% 	 	5.8	% 	 	6.3	% 	 	5.9	% 
	 2003
	  	12.4	% 	 	11.7	% 	 	12.9	% 	 	13.8	% 	 	6.3	% 	 	6.6	% 	 	6.3	% 	 	5.8	% 
	 2004
	  	14.6	% 	 	13.1	% 	 	13.9	% 	 	14.0	% 	 	6.0	% 	 	6.6	% 	 	6.1	% 	 	6.5	% 
	 2005
	  	11.3	% 	 	10.9	% 	 	13.2	% 	 	13.6	% 	 	6.2	% 	 	6.2	% 	 	5.8	% 	 	6.1	% 
	 2006
	  	12.0	% 	 	13.4	% 	 	11.6	% 	 	11.4	% 	 	6.2	% 	 	7.1	% 	 	6.5	% 	 	8.2	% 
	 2007
	  	12.7	% 	 	12.1	% 	 	13.5	% 	 	14.7	% 	 	6.8	% 	 	7.4	% 	 	6.9	% 	 	7.1	% 
	 2008
	  	12.3	% 	 	10.9	% 	 	14.0	% 	 	11.5	% 	 	8.1	% 	 	6.1	% 	 	8.3	% 	 	6.1	% 
	 20096
	  	11.8	% 	 	11.5	% 	 	12.6	% 	 	11.1	% 	 	6.7	% 	 	6.2	% 	 	6.9	% 	 	6.3	% 

 THE FUND WILL TRADE WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE EXCESS RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF
THE FUND’S FUTURE PERFORMANCE. 
 LEGEND: 
  

							
	 Symbol
	 	 Index Commodity
	 	 Symbol
	 	 Index Commodity

	C	 	Corn	 	KC	 	Coffee
	S	 	Soybeans	 	CT	 	Cotton
	W	 	Wheat	 	LC	 	Live Cattle
	KCW	 	Kansas Wheat	 	FC	 	Feeder Cattle
	SB	 	Sugar	 	LH	 	Lean Hogs
	CC	 	Cocoa	 		 	

 Please refer to notes and legends that follow on page 27. 
  

 18 

 INDEX COMMODITIES WEIGHTS TABLES 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE EXCESS RETURNTM 
  

																									
	 	  	SB7	 	 	CC7	 	 	KC7	 	 	CT7	 
	 	  	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 
	 19895
	  	14.8	% 	 	17.4	% 	 	12.2	% 	 	10.0	% 	 	10.2	% 	 	7.7	% 	 	2.6	% 	 	3.5	% 
	 1990
	  	11.5	% 	 	12.2	% 	 	14.1	% 	 	10.6	% 	 	11.6	% 	 	11.1	% 	 	2.5	% 	 	3.0	% 
	 1991
	  	11.7	% 	 	12.3	% 	 	10.3	% 	 	8.7	% 	 	11.1	% 	 	9.8	% 	 	3.1	% 	 	3.3	% 
	 1992
	  	11.5	% 	 	15.1	% 	 	9.7	% 	 	7.9	% 	 	9.1	% 	 	7.0	% 	 	2.4	% 	 	2.5	% 
	 1993
	  	12.4	% 	 	11.7	% 	 	12.0	% 	 	9.7	% 	 	11.0	% 	 	10.1	% 	 	2.9	% 	 	3.1	% 
	 1994
	  	11.2	% 	 	12.6	% 	 	11.1	% 	 	10.6	% 	 	27.4	% 	 	11.4	% 	 	2.9	% 	 	3.8	% 
	 1995
	  	12.4	% 	 	11.7	% 	 	9.6	% 	 	10.5	% 	 	6.4	% 	 	9.8	% 	 	4.4	% 	 	4.2	% 
	 1996
	  	13.4	% 	 	13.0	% 	 	9.5	% 	 	10.6	% 	 	10.3	% 	 	9.6	% 	 	2.3	% 	 	2.8	% 
	 1997
	  	10.5	% 	 	12.9	% 	 	9.1	% 	 	11.0	% 	 	27.9	% 	 	11.5	% 	 	2.1	% 	 	2.8	% 
	 1998
	  	11.7	% 	 	12.9	% 	 	10.8	% 	 	11.2	% 	 	13.9	% 	 	12.3	% 	 	2.6	% 	 	2.7	% 
	 1999
	  	13.5	% 	 	10.9	% 	 	10.7	% 	 	8.8	% 	 	12.1	% 	 	11.7	% 	 	2.5	% 	 	2.7	% 
	 2000
	  	13.4	% 	 	12.2	% 	 	9.9	% 	 	10.8	% 	 	9.4	% 	 	10.8	% 	 	3.1	% 	 	2.8	% 
	 2001
	  	13.4	% 	 	12.3	% 	 	14.0	% 	 	16.8	% 	 	9.5	% 	 	5.7	% 	 	2.3	% 	 	1.3	% 
	 2002
	  	11.9	% 	 	10.8	% 	 	19.8	% 	 	15.8	% 	 	10.9	% 	 	11.2	% 	 	2.6	% 	 	2.7	% 
	 2003
	  	12.4	% 	 	13.5	% 	 	13.1	% 	 	10.1	% 	 	11.4	% 	 	9.2	% 	 	2.4	% 	 	3.1	% 
	 2004
	  	12.7	% 	 	12.0	% 	 	9.7	% 	 	12.1	% 	 	12.2	% 	 	11.8	% 	 	1.7	% 	 	2.7	% 
	 2005
	  	12.0	% 	 	15.6	% 	 	9.8	% 	 	8.0	% 	 	15.8	% 	 	10.7	% 	 	2.9	% 	 	2.9	% 
	 2006
	  	18.8	% 	 	12.4	% 	 	10.8	% 	 	11.5	% 	 	10.6	% 	 	9.7	% 	 	2.6	% 	 	2.3	% 
	 2007
	  	12.8	% 	 	8.9	% 	 	10.9	% 	 	12.2	% 	 	10.9	% 	 	9.8	% 	 	2.5	% 	 	2.6	% 
	 2008
	  	13.8	% 	 	12.7	% 	 	11.8	% 	 	13.5	% 	 	11.0	% 	 	10.9	% 	 	2.4	% 	 	2.9	% 
	 20096
	  	14.4	% 	 	14.2	% 	 	13.5	% 	 	13.6	% 	 	11.8	% 	 	10.7	% 	 	3.2	% 	 	2.8	% 

 THE FUND WILL TRADE WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE EXCESS RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND 
 NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 LEGEND: 
  

							
	 Symbol
	 	 Index Commodity
	 	 Symbol
	 	 Index Commodity

	C	 	Corn	 	KC	 	Coffee
	S	 	Soybeans	 	CT	 	Cotton
	W	 	Wheat	 	LC	 	Live Cattle
	KCW	 	Kansas Wheat	 	FC	 	Feeder Cattle
	SB	 	Sugar	 	LH	 	Lean Hogs
	CC	 	Cocoa	 		 	

 Please refer to notes and legends that follow on page 27. 
  

 19 

 INDEX COMMODITIES WEIGHTS TABLES 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE EXCESS RETURNTM 
  

																			
	 	  	LC7	 	 	FC7	 	 	LH7	 
	 	  	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 
	 19895
	  	11.9	% 	 	13.4	% 	 	3.8	% 	 	4.4	% 	 	7.8	% 	 	8.3	% 
	 1990
	  	12.1	% 	 	13.3	% 	 	3.8	% 	 	4.4	% 	 	9.7	% 	 	8.3	% 
	 1991
	  	13.4	% 	 	14.0	% 	 	4.4	% 	 	4.9	% 	 	9.0	% 	 	9.4	% 
	 1992
	  	12.7	% 	 	14.6	% 	 	4.1	% 	 	5.1	% 	 	8.3	% 	 	9.7	% 
	 1993
	  	12.0	% 	 	14.2	% 	 	4.0	% 	 	4.5	% 	 	7.8	% 	 	8.5	% 
	 1994
	  	9.3	% 	 	12.2	% 	 	3.3	% 	 	4.2	% 	 	5.4	% 	 	7.9	% 
	 1995
	  	12.2	% 	 	12.3	% 	 	3.5	% 	 	3.9	% 	 	8.2	% 	 	8.2	% 
	 1996
	  	9.8	% 	 	12.5	% 	 	3.1	% 	 	4.0	% 	 	9.0	% 	 	8.3	% 
	 1997
	  	10.5	% 	 	12.6	% 	 	3.6	% 	 	4.2	% 	 	6.4	% 	 	8.5	% 
	 1998
	  	12.3	% 	 	12.1	% 	 	4.2	% 	 	4.1	% 	 	8.3	% 	 	6.0	% 
	 1999
	  	12.3	% 	 	15.8	% 	 	4.3	% 	 	5.6	% 	 	7.7	% 	 	7.5	% 
	 2000
	  	12.1	% 	 	12.9	% 	 	4.0	% 	 	4.3	% 	 	9.3	% 	 	8.8	% 
	 2001
	  	12.7	% 	 	13.3	% 	 	4.1	% 	 	4.6	% 	 	8.5	% 	 	10.4	% 
	 2002
	  	10.5	% 	 	12.2	% 	 	3.4	% 	 	3.9	% 	 	4.9	% 	 	6.7	% 
	 2003
	  	11.7	% 	 	14.3	% 	 	4.0	% 	 	4.4	% 	 	7.1	% 	 	7.6	% 
	 2004
	  	11.0	% 	 	10.0	% 	 	4.0	% 	 	3.6	% 	 	8.0	% 	 	7.7	% 
	 2005
	  	11.7	% 	 	13.0	% 	 	4.0	% 	 	5.0	% 	 	7.4	% 	 	8.1	% 
	 2006
	  	10.9	% 	 	12.3	% 	 	3.6	% 	 	4.1	% 	 	6.5	% 	 	7.5	% 
	 2007
	  	11.4	% 	 	13.0	% 	 	3.8	% 	 	4.9	% 	 	7.9	% 	 	7.3	% 
	 2008
	  	9.1	% 	 	12.0	% 	 	3.1	% 	 	4.0	% 	 	6.1	% 	 	9.5	% 
	 20096
	  	9.6	% 	 	11.7	% 	 	3.7	% 	 	4.2	% 	 	5.8	% 	 	7.9	% 

 THE FUND WILL TRADE WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE EXCESS RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND 
 NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 LEGEND: 
  

							
	 Symbol
	  	 Index Commodity
	  	 Symbol
	  	 Index Commodity

	C	  	Corn	  	KC	  	Coffee
	S	  	Soybeans	  	CT	  	Cotton
	W	  	Wheat	  	LC	  	Live Cattle
	KCW	  	Kansas Wheat	  	FC	  	Feeder Cattle
	SB	  	Sugar	  	LH	  	Lean Hogs
	CC	  	Cocoa	  		  	

 Please refer to notes and legends that follow on page 27. 
  

 20 

 INDEX COMMODITIES WEIGHTS TABLES 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE TOTAL RETURNTM 
  

																									
	 	  	C7	 	 	S7	 	 	W7	 	 	KCW7	 
	 	  	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 
	 19895
	  	12.0	% 	 	11.7	% 	 	12.1	% 	 	10.7	% 	 	6.1	% 	 	6.3	% 	 	6.3	% 	 	6.5	% 
	 1990
	  	12.8	% 	 	13.0	% 	 	11.7	% 	 	13.0	% 	 	5.0	% 	 	6.3	% 	 	5.1	% 	 	6.5	% 
	 1991
	  	12.8	% 	 	12.9	% 	 	12.4	% 	 	12.1	% 	 	5.9	% 	 	6.2	% 	 	6.0	% 	 	6.5	% 
	 1992
	  	13.1	% 	 	11.3	% 	 	12.9	% 	 	12.7	% 	 	8.2	% 	 	7.1	% 	 	8.0	% 	 	7.0	% 
	 1993
	  	12.7	% 	 	12.8	% 	 	12.4	% 	 	12.9	% 	 	6.3	% 	 	6.3	% 	 	6.4	% 	 	6.3	% 
	 1994
	  	9.0	% 	 	12.3	% 	 	9.4	% 	 	12.4	% 	 	5.3	% 	 	6.3	% 	 	5.5	% 	 	6.4	% 
	 1995
	  	12.8	% 	 	13.7	% 	 	13.1	% 	 	12.5	% 	 	6.2	% 	 	6.3	% 	 	6.3	% 	 	6.8	% 
	 1996
	  	15.0	% 	 	13.1	% 	 	13.3	% 	 	13.6	% 	 	6.1	% 	 	6.2	% 	 	7.2	% 	 	6.4	% 
	 1997
	  	9.2	% 	 	11.8	% 	 	10.2	% 	 	12.3	% 	 	5.0	% 	 	6.3	% 	 	5.5	% 	 	6.2	% 
	 1998
	  	12.5	% 	 	13.1	% 	 	12.0	% 	 	12.9	% 	 	5.9	% 	 	6.1	% 	 	6.0	% 	 	6.5	% 
	 1999
	  	12.5	% 	 	12.9	% 	 	12.2	% 	 	11.7	% 	 	6.0	% 	 	6.0	% 	 	6.2	% 	 	6.3	% 
	 2000
	  	13.2	% 	 	13.5	% 	 	13.6	% 	 	13.6	% 	 	6.0	% 	 	6.2	% 	 	6.0	% 	 	6.2	% 
	 2001
	  	11.8	% 	 	11.7	% 	 	11.0	% 	 	12.2	% 	 	6.0	% 	 	6.2	% 	 	5.8	% 	 	5.5	% 
	 2002
	  	11.1	% 	 	11.7	% 	 	12.7	% 	 	13.2	% 	 	5.9	% 	 	5.8	% 	 	6.3	% 	 	5.9	% 
	 2003
	  	12.4	% 	 	11.7	% 	 	12.9	% 	 	13.8	% 	 	6.3	% 	 	6.6	% 	 	6.3	% 	 	5.8	% 
	 2004
	  	14.6	% 	 	13.1	% 	 	13.9	% 	 	14.0	% 	 	6.0	% 	 	6.6	% 	 	6.1	% 	 	6.5	% 
	 2005
	  	11.3	% 	 	10.9	% 	 	13.2	% 	 	13.6	% 	 	6.2	% 	 	6.2	% 	 	5.8	% 	 	6.1	% 
	 2006
	  	12.8	% 	 	13.4	% 	 	12.8	% 	 	11.4	% 	 	6.3	% 	 	7.1	% 	 	6.3	% 	 	8.2	% 
	 2007
	  	12.7	% 	 	12.7	% 	 	13.5	% 	 	12.9	% 	 	6.8	% 	 	6.2	% 	 	6.9	% 	 	6.2	% 
	 2008
	  	12.3	% 	 	10.9	% 	 	14.0	% 	 	11.5	% 	 	8.1	% 	 	6.1	% 	 	8.3	% 	 	6.1	% 
	 20096
	  	11.8	% 	 	11.5	% 	 	12.6	% 	 	12.0	% 	 	6.7	% 	 	5.9	% 	 	6.9	% 	 	6.2	% 

 THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE TOTAL RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND 
 NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 LEGEND: 
  

							
	 Symbol
	 	 Index Commodity
	 	 Symbol
	 	 Index Commodity

	C	 	Corn	 	KC	 	Coffee
	S	 	Soybeans	 	CT	 	Cotton
	W	 	Wheat	 	LC	 	Live Cattle
	KCW	 	Kansas Wheat	 	FC	 	Feeder Cattle
	SB	 	Sugar	 	LH	 	Lean Hogs
	CC	 	Cocoa	 		 	

 Please refer to notes and legends that follow on page 27. 
  

 21 

 INDEX COMMODITIES WEIGHTS TABLES 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE TOTAL RETURNTM 
  

																									
	 	  	SB7	 	 	CC7	 	 	KC7	 	 	CT7	 
	 	  	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 
	 19895
	  	14.8	% 	 	17.4	% 	 	12.2	% 	 	10.0	% 	 	10.2	% 	 	7.7	% 	 	2.6	% 	 	3.5	% 
	 1990
	  	11.5	% 	 	11.1	% 	 	14.1	% 	 	10.4	% 	 	11.6	% 	 	11.4	% 	 	2.5	% 	 	2.5	% 
	 1991
	  	11.7	% 	 	12.3	% 	 	10.3	% 	 	8.7	% 	 	11.1	% 	 	9.8	% 	 	3.1	% 	 	3.3	% 
	 1992
	  	11.5	% 	 	15.1	% 	 	9.7	% 	 	7.9	% 	 	9.1	% 	 	7.0	% 	 	2.4	% 	 	2.5	% 
	 1993
	  	12.4	% 	 	11.7	% 	 	12.0	% 	 	9.7	% 	 	11.0	% 	 	10.1	% 	 	2.9	% 	 	3.1	% 
	 1994
	  	11.2	% 	 	12.6	% 	 	11.1	% 	 	10.6	% 	 	27.4	% 	 	11.4	% 	 	2.9	% 	 	3.8	% 
	 1995
	  	13.3	% 	 	11.7	% 	 	10.4	% 	 	10.5	% 	 	9.5	% 	 	9.8	% 	 	2.8	% 	 	4.2	% 
	 1996
	  	14.8	% 	 	13.0	% 	 	9.3	% 	 	10.6	% 	 	9.1	% 	 	9.6	% 	 	2.2	% 	 	2.8	% 
	 1997
	  	10.5	% 	 	12.9	% 	 	9.1	% 	 	11.0	% 	 	27.9	% 	 	11.5	% 	 	2.1	% 	 	2.8	% 
	 1998
	  	11.7	% 	 	12.9	% 	 	10.8	% 	 	11.2	% 	 	13.9	% 	 	12.3	% 	 	2.6	% 	 	2.7	% 
	 1999
	  	13.5	% 	 	10.9	% 	 	10.7	% 	 	8.8	% 	 	12.1	% 	 	11.7	% 	 	2.5	% 	 	2.7	% 
	 2000
	  	13.4	% 	 	10.2	% 	 	9.9	% 	 	10.1	% 	 	9.4	% 	 	10.0	% 	 	3.1	% 	 	3.2	% 
	 2001
	  	12.8	% 	 	12.3	% 	 	15.7	% 	 	16.8	% 	 	8.4	% 	 	5.7	% 	 	2.2	% 	 	1.3	% 
	 2002
	  	11.9	% 	 	10.8	% 	 	19.8	% 	 	15.8	% 	 	10.9	% 	 	11.2	% 	 	2.6	% 	 	2.7	% 
	 2003
	  	12.4	% 	 	13.5	% 	 	13.1	% 	 	10.1	% 	 	11.4	% 	 	9.2	% 	 	2.4	% 	 	3.1	% 
	 2004
	  	12.7	% 	 	12.0	% 	 	9.7	% 	 	12.1	% 	 	12.2	% 	 	11.8	% 	 	1.7	% 	 	2.7	% 
	 2005
	  	12.0	% 	 	15.6	% 	 	9.8	% 	 	8.0	% 	 	15.8	% 	 	10.7	% 	 	2.9	% 	 	2.9	% 
	 2006
	  	11.6	% 	 	12.4	% 	 	11.4	% 	 	11.5	% 	 	11.5	% 	 	9.7	% 	 	2.9	% 	 	2.3	% 
	 2007
	  	12.8	% 	 	11.7	% 	 	10.9	% 	 	11.5	% 	 	10.9	% 	 	11.2	% 	 	2.5	% 	 	2.9	% 
	 2008
	  	13.8	% 	 	12.7	% 	 	11.8	% 	 	13.5	% 	 	11.0	% 	 	10.9	% 	 	2.4	% 	 	2.9	% 
	 20096
	  	14.4	% 	 	13.8	% 	 	13.5	% 	 	13.9	% 	 	11.8	% 	 	10.7	% 	 	3.2	% 	 	3.0	% 

 THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE TOTAL RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND 
 NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 LEGEND: 
  

							
	 Symbol
	 	 Index Commodity
	 	 Symbol
	 	 Index Commodity

	C	 	Corn	 	KC	 	Coffee
	S	 	Soybeans	 	CT	 	Cotton
	W	 	Wheat	 	LC	 	Live Cattle
	KCW	 	Kansas Wheat	 	FC	 	Feeder Cattle
	SB	 	Sugar	 	LH	 	Lean Hogs
	CC	 	Cocoa	 		 	

 Please refer to notes and legends that follow on page 27. 
  

 22 

 INDEX COMMODITIES WEIGHTS TABLES 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE TOTAL RETURNTM 
  

																			
	 	  	LC7	 	 	FC7	 	 	LH7	 
	 	  	High1	 	 	Low2	 	 	High1	 	 	Low2	 	 	High1	 	 	Low2	 
	 19895
	  	11.9	% 	 	13.4	% 	 	3.8	% 	 	4.4	% 	 	7.8	% 	 	8.3	% 
	 1990
	  	12.1	% 	 	13.1	% 	 	3.8	% 	 	4.3	% 	 	9.7	% 	 	8.6	% 
	 1991
	  	13.4	% 	 	14.0	% 	 	4.4	% 	 	4.9	% 	 	9.0	% 	 	9.4	% 
	 1992
	  	12.7	% 	 	14.6	% 	 	4.1	% 	 	5.1	% 	 	8.3	% 	 	9.7	% 
	 1993
	  	12.0	% 	 	14.2	% 	 	4.0	% 	 	4.5	% 	 	7.8	% 	 	8.5	% 
	 1994
	  	9.3	% 	 	12.2	% 	 	3.3	% 	 	4.2	% 	 	5.4	% 	 	7.9	% 
	 1995
	  	12.5	% 	 	12.3	% 	 	4.1	% 	 	3.9	% 	 	8.9	% 	 	8.2	% 
	 1996
	  	10.7	% 	 	12.5	% 	 	3.4	% 	 	4.0	% 	 	9.0	% 	 	8.3	% 
	 1997
	  	10.5	% 	 	12.6	% 	 	3.6	% 	 	4.2	% 	 	6.4	% 	 	8.5	% 
	 1998
	  	12.3	% 	 	12.1	% 	 	4.2	% 	 	4.1	% 	 	8.3	% 	 	6.0	% 
	 1999
	  	12.3	% 	 	15.8	% 	 	4.3	% 	 	5.6	% 	 	7.7	% 	 	7.5	% 
	 2000
	  	12.1	% 	 	13.1	% 	 	4.0	% 	 	4.4	% 	 	9.3	% 	 	9.5	% 
	 2001
	  	13.1	% 	 	13.3	% 	 	4.1	% 	 	4.6	% 	 	9.3	% 	 	10.4	% 
	 2002
	  	10.5	% 	 	12.2	% 	 	3.4	% 	 	3.9	% 	 	4.9	% 	 	6.7	% 
	 2003
	  	11.7	% 	 	14.3	% 	 	4.0	% 	 	4.4	% 	 	7.1	% 	 	7.6	% 
	 2004
	  	11.0	% 	 	10.0	% 	 	4.0	% 	 	3.6	% 	 	8.0	% 	 	7.7	% 
	 2005
	  	11.7	% 	 	13.0	% 	 	4.0	% 	 	5.0	% 	 	7.4	% 	 	8.1	% 
	 2006
	  	12.7	% 	 	12.3	% 	 	4.3	% 	 	4.1	% 	 	7.4	% 	 	7.5	% 
	 2007
	  	11.4	% 	 	13.2	% 	 	3.8	% 	 	4.4	% 	 	7.9	% 	 	7.3	% 
	 2008
	  	9.1	% 	 	12.0	% 	 	3.1	% 	 	4.0	% 	 	6.1	% 	 	9.5	% 
	 20096
	  	9.6	% 	 	11.1	% 	 	3.7	% 	 	4.2	% 	 	5.8	% 	 	7.6	% 

 THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE 
 DEUTSCHE BANK LIQUID COMMODITY INDEX DIVERSIFIED AGRICULTURE TOTAL RETURNTM OVER TIME. 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND 
 NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 LEGEND: 
  

							
	 Symbol
	 	 Index Commodity
	 	 Symbol
	 	 Index Commodity

	C	 	Corn	 	KC	 	Coffee
	S	 	Soybeans	 	CT	 	Cotton
	W	 	Wheat	 	LC	 	Live Cattle
	KCW	 	Kansas Wheat	 	FC	 	Feeder Cattle
	SB	 	Sugar	 	LH	 	Lean Hogs
	CC	 	Cocoa	 		 	

 Please refer to notes and legends that follow on page 27. 
  

 23 

 All statistics based on data from January 18, 1989 to August 31, 2009. 
  

										
	 VARIOUS STATISTICAL MEASURES
	  	DBLCI Diversified
Agriculture ERTM8	 	 	DBLCI Diversified
Agriculture TRTM9	 	 	Goldman Sachs
US Agriculture Total
Return10	 
	 Annualized Changes to Index Level11
	  	-1.0	% 	 	3.1	% 	 	-1.8	% 
	 Average rolling 3 month daily volatility12
	  	9.6	% 	 	9.4	% 	 	13.1	% 
	 Sharpe Ratio13
	  	-0.53	  	 	-0.10	  	 	-0.44	  
	 % of months with positive change14
	  	47	% 	 	52	% 	 	48	% 
	 Average monthly positive change15
	  	2.7	% 	 	2.7	% 	 	3.8	% 
	 Average monthly negative change16
	  	-2.5	% 	 	-2.4	% 	 	-3.5	% 
				
	 ANNUALIZED INDEX LEVELS17
	  	DBLCI Diversified
Agriculture ERTM8	 	 	DBLCI Diversified
Agriculture TRTM9	 	 	Goldman Sachs
US Agriculture Total
Return10	 
	 1 year
	  	-24.8	% 	 	-24.3	% 	 	-31.5	% 
	 3 year
	  	-2.1	% 	 	0.5	% 	 	0.9	% 
	 5 year
	  	-1.3	% 	 	1.7	% 	 	-1.6	% 
	 7 year
	  	1.2	% 	 	3.7	% 	 	-2.8	% 
	 10 year
	  	-0.4	% 	 	2.6	% 	 	-3.8	% 
	 15 year
	  	-1.9	% 	 	1.8	% 	 	-3.2	% 

 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND
NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT
THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN SEPTEMBER 2009, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY
HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO
ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE,
OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR
PASSIVE. 
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT
THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD JANUARY 1989 THROUGH SEPTEMBER 2009, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT. 
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE
DESCRIBED IN THE FUND’S PROSPECTUS WITHIN THE CURRENTLY EFFECTIVE REGISTRATION STATEMENT UNDER “RISK FACTORS”, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER
TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES
NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
 THE MANAGING OWNER COMMENCED OPERATIONS IN
JANUARY 2006. AS MANAGING OWNER, THE MANAGING OWNER AND ITS TRADING PRINCIPALS HAVE BEEN MANAGING THE DAY-TO-DAY OPERATIONS FOR THE FUND AND MANAGING FUTURES TRADING ACCOUNTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX
CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
 Please refer to notes and legends that follow on page 27. 
  

 24 

 DBLCI DIVERSIFIED AGRICULTURE ER, DBLCI DIVERSIFIED BROAD AGRICULTURE TR AND GOLDMAN
SACHS US AGRICULTURE TOTAL RETURN INDEX 
 

 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD
BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 Each of DBLCI Diversified Agriculture ER, DBLCI Diversified Agriculture TR
and Goldman Sachs US Agriculture Total Return Index are indices and do not reflect actual trading. DBLCI Diversified Agriculture TR and Goldman Sachs US Agriculture Total Return Index are calculated on a total return basis and do not reflect any
fees or expenses. 
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX,
BECAUSE THE INDEX WAS ESTABLISHED IN SEPTEMBER 2009, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED
BELOW. 
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR
SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX
CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED
HEREIN RELATES TO THE PERIOD JANUARY 1989 THROUGH SEPTEMBER 2009, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT. 
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE
DESCRIBED IN THE FUND’S PROSPECTUS WITHIN THE CURRENTLY EFFECTIVE REGISTRATION STATEMENT UNDER “RISK FACTORS”, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER
TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES
NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
 THE MANAGING OWNER COMMENCED OPERATIONS IN
JANUARY 2006. AS MANAGING OWNER, THE MANAGING OWNER AND ITS TRADING PRINCIPALS HAVE BEEN MANAGING THE DAY-TO-DAY OPERATIONS FOR THE FUND AND MANAGING FUTURES TRADING ACCOUNTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX
CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
 Please refer to notes and legends that follow on page 27. 
  

 25 

 COMPARISON OF DBLCI DIVERSIFIED AGRICULTURE TR AND GOLDMAN SACHS US AGRICULTURE

 TOTAL RETURN INDEX 
 

 
 NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD
BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE. 
 DBLCI Diversified Agriculture TR and Goldman Sachs US Agriculture Total
Return Index are indices and do not reflect actual trading. DBLCI Diversified Agriculture TR and Goldman Sachs US Agriculture Total Return Index are calculated on a total return basis and do not reflect any fees or expenses. 
 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED
IN SEPTEMBER 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET
FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT,
THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE. 
 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD JANUARY 1989
THROUGH SEPTEMBER 2009, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT. 
 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED IN THE FUND’S PROSPECTUS WITHIN
THE CURRENTLY EFFECTIVE REGISTRATION STATEMENT UNDER “RISK FACTORS”, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN,
ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR
THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
 THE MANAGING OWNER COMMENCED OPERATIONS IN JANUARY 2006. AS MANAGING OWNER, THE
MANAGING OWNER AND ITS TRADING PRINCIPALS HAVE BEEN MANAGING THE DAY-TO-DAY OPERATIONS FOR THE FUND AND MANAGING FUTURES TRADING ACCOUNTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN,
PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
 Please
refer to notes and legends that follow on page 27. 
  

 26 

 NOTES AND LEGENDS: 
  

	1.	“High” reflects the highest closing level of the Index during the applicable year. 

  

	2.	“Low” reflects the lowest closing level of the Index during the applicable year. 

  

	3.	“Annual Index Changes” reflect the change to the Index level on an annual basis as of December 31 of each applicable year. 

  

	4.	“Index Changes Since Inception” reflects the change of the Index level since inception on a compounded annual basis as of December 31 of each applicable
year. 

  

	5.	Closing levels as of inception on January 18, 1989. 

  

	6.	Closing levels as of August 31, 2009. 

  

	7.	The Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess ReturnTM and Deutsche Bank Liquid Commodity Index Diversified Agriculture Total ReturnTM
reflect the change in market value of C (Corn), S (Soybeans), W (Wheat), KW (Kansas Wheat), SB (Sugar) and CT (Cotton), on an optimum yield basis, and CC (Cocoa), KC (Coffee), LC (Live Cattle), FC (Feeder Cattle), and LH (Lean Hogs) on a non-optimum
yield basis. 

  

	8.	“DBLCI Diversified Agriculture ERTM” is Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess ReturnTM. 

  

	9.	“DBLCI Diversified Agriculture TRTM” is Deutsche Bank Liquid Commodity Index Diversified Agriculture Total ReturnTM. 

  

	10.	“Goldman Sachs US Agriculture Total Return” is S&P Goldman Sachs US Agriculture Total Return. 

  

	11.	“Annualized Changes to Index Level” reflect the change to the applicable index level on an annual basis as of December 31 of each applicable year.

  

	12.	“Average rolling 3 month daily volatility.” The daily volatility reflects the relative rate at which the price of the applicable index moves up and down,
which is found by calculating the annualized standard deviation of the daily change in price. In turn, an average of this value is calculated on a 3 month rolling basis. 

  

	13.	“Sharpe Ratio” compares the annualized rate of return minus the annualized risk-free rate of return to the annualized variability — often referred to as
the “standard deviation” — of the monthly rates of return. A Sharpe Ratio of 1:1 or higher indicates that, according to the measures used in calculating the ratio, the rate of return achieved by a particular strategy has equaled or
exceeded the risks assumed by such strategy. The risk-free rate of return that was used in these calculations was assumed to be 4.03%. 

  

	14.	“% of months with positive change” during the period from inception to August 31, 2009. 

  

	15.	“Average monthly positive change” during the period from inception to August 31, 2009. 

  

	16.	“Average monthly negative change” during the period from inception to August 31, 2009. 

  

	17.	“Annualized Index Levels” reflect the change to the level of the applicable index on an annual basis as of December 31 of each the applicable time period
(e.g., 1 year, 3, 5 or 7, 10 or 15 years, as applicable). 

 WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH
ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN SEPTEMBER 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE
CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. 
 NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE
ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE
HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE.

  

 27 

 ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD JANUARY 1989 THROUGH SEPTEMBER 2009, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

 NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS,
INCLUDING THOSE DESCRIBED IN THE FUND’S PROSPECTUS WITHIN THE CURRENTLY EFFECTIVE REGISTRATION STATEMENT UNDER “RISK FACTORS”, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK
ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX
INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND. 
 THE MANAGING OWNER
COMMENCED OPERATIONS IN JANUARY 2006. AS MANAGING OWNER, THE MANAGING OWNER AND ITS TRADING PRINCIPALS HAVE BEEN MANAGING THE DAY-TO-DAY OPERATIONS FOR THE FUND AND MANAGING FUTURES TRADING ACCOUNTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS
TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS. 
 ALTHOUGH THE INDEX SPONSOR WILL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEX FROM SOURCE(S) WHICH THE INDEX SPONSOR CONSIDERS RELIABLE, THE INDEX SPONSOR WILL NOT
INDEPENDENTLY VERIFY SUCH INFORMATION AND DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN. THE INDEX SPONSOR SHALL NOT BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN
THE INDEX AND THE INDEX SPONSOR IS UNDER NO OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN. 
 UNLESS OTHERWISE SPECIFIED, NO TRANSACTION
RELATING TO THE INDEX IS SPONSORED, ENDORSED, SOLD OR PROMOTED BY THE INDEX SPONSOR AND THE INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AS TO (A) THE ADVISABILITY OF PURCHASING OR ASSUMING ANY RISK IN CONNECTION WITH
ANY SUCH TRANSACTION (B) THE LEVELS AT WHICH THE INDEX STANDS AT ANY PARTICULAR TIME ON ANY PARTICULAR DATE (C) THE RESULTS TO BE OBTAINED BY THE ISSUER OF ANY SECURITY OR ANY COUNTERPARTY OR ANY SUCH ISSUER’S SECURITY HOLDERS OR
CUSTOMERS OR ANY SUCH COUNTERPARTY’S CUSTOMERS OR COUNTERPARTIES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH ANY LICENSED RIGHTS OR FOR ANY OTHER USE OR (D) ANY OTHER MATTER. THE
INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. 
 WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE INDEX SPONSOR HAVE ANY LIABILITY (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL
OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. 
  

 28Form of indenture

 Exhibit 4.10 
 INDENTURE 
 dated as of
                    , 2009 
 between

 Xinyuan Real Estate Co., Ltd. 
 and 
                             , 
 as Trustee 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	1
		
	 Section 1.1 Definitions
	  	1
	 Section 1.2 Other Definitions
	  	4
	 Section 1.3 Incorporation by Reference of Trust Indenture Act
	  	4
	 Section 1.4 Rules of Construction
	  	5
		
	 ARTICLE II. THE SECURITIES
	  	5
		
	 Section 2.1 Issuable in Series
	  	5
	 Section 2.2 Establishment of Terms of Series of Securities
	  	5
	 Section 2.3 Execution and Authentication
	  	7
	 Section 2.4 Registrar and Paying Agent
	  	8
	 Section 2.5 Paying Agent to Hold Money in Trust
	  	8
	 Section 2.6 Securityholder Lists
	  	9
	 Section 2.7 Transfer and Exchange
	  	9
	 Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities
	  	9
	 Section 2.9 Outstanding Securities
	  	10
	 Section 2.10 Treasury Securities
	  	10
	 Section 2.11 Temporary Securities
	  	10
	 Section 2.12 Cancellation
	  	11
	 Section 2.13 Defaulted Interest
	  	11
	 Section 2.14 Record Dates for Consents
	  	11
	 Section 2.15 Global Securities
	  	11
	 Section 2.16 CUSIP Numbers
	  	12
	 Section 2.17 Persons Deemed Owners
	  	12
		
	 ARTICLE III. REDEMPTION
	  	13
		
	 Section 3.1 Notice to Trustee
	  	13
	 Section 3.2 Selection of Securities to be Redeemed or Repurchased
	  	13
	 Section 3.3 Notice of Redemption
	  	13
	 Section 3.4 Effect of Notice of Redemption
	  	14
	 Section 3.5 Deposit of Redemption Price
	  	14
	 Section 3.6 Securities Redeemed in Part
	  	14
		
	 ARTICLE IV. COVENANTS
	  	14
		
	 Section 4.1 Payment of Principal and Interest
	  	14
	 Section 4.2 Additional Amounts
	  	15
	 Section 4.3 SEC Reports
	  	15
	 Section 4.4 Compliance Certificate
	  	16
	 Section 4.5 Corporate Existence
	  	16

  

 i 

			
	 ARTICLE V. SUCCESSORS
	  	17
		
	 Section 5.1 Merger, Consolidation, or Sale of Assets
	  	17
	 Section 5.2 Successor Corporation Substituted
	  	17
		
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	18
		
	 Section 6.1 Events of Default
	  	18
	 Section 6.2 Acceleration
	  	19
	 Section 6.3 Other Remedies
	  	19
	 Section 6.4 Waiver of Past Defaults
	  	19
	 Section 6.5 Control by Majority
	  	20
	 Section 6.6 Limitation on Suits
	  	20
	 Section 6.7 Rights of Holders of Securities to Receive Payment
	  	20
	 Section 6.8 Collection Suit by Trustee
	  	20
	 Section 6.9 Trustee May File Proofs of Claim
	  	21
	 Section 6.10 Priorities
	  	21
	 Section 6.11 Undertaking for Costs
	  	21
		
	 ARTICLE VII. TRUSTEE
	  	22
		
	 Section 7.1 Duties of Trustee
	  	22
	 Section 7.2 Rights of Trustee
	  	23
	 Section 7.3 Individual Rights of Trustee
	  	24
	 Section 7.4 Trustee’s Disclaimer
	  	24
	 Section 7.5 Notice of Defaults
	  	24
	 Section 7.6 Reports by Trustee to Holders
	  	24
	 Section 7.7 Compensation and Indemnity
	  	24
	 Section 7.8 Replacement of Trustee
	  	25
	 Section 7.9 Successor Trustee by Merger, etc.
	  	26
	 Section 7.10 Eligibility; Disqualification
	  	26
	 Section 7.11 Preferential Collection of Claims Against Company
	  	26
		
	 ARTICLE VIII. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	26
		
	 Section 8.1 Option to Effect Legal Defeasance or Covenant Defeasance
	  	26
	 Section 8.2 Legal Defeasance and Discharge
	  	26
	 Section 8.3 Covenant Defeasance
	  	27
	 Section 8.4 Conditions to Legal or Covenant Defeasance
	  	27
	 Section 8.5 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	28
	 Section 8.6 Repayment to Company
	  	29
	 Section 8.7 Reinstatement
	  	29
	 Section 8.8 Qualifying Trustee
	  	29
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	30
		
	 Section 9.1 Without Consent of Holders
	  	30
	 Section 9.2 With Consent of Holders
	  	31
	 Section 9.3 Limitations
	  	31
	 Section 9.4 Compliance with Trust Indenture Act
	  	32
	 Section 9.5 Revocation and Effect of Consents
	  	32
	 Section 9.6 Notation on or Exchange of Securities
	  	32
	 Section 9.7 Trustee Protected
	  	32

  

 ii 

			
	 ARTICLE X. SATISFACTION AND DISCHARGE
	  	32
		
	 Section 10.1 Satisfaction and Discharge
	  	32
	 Section 10.2 Application of Trust Money
	  	33
		
	 ARTICLE XI. MISCELLANEOUS
	  	34
		
	 Section 11.1 Trust Indenture Act Controls
	  	34
	 Section 11.2 Notices
	  	34
	 Section 11.3 Communication by Holders with Other Holders
	  	35
	 Section 11.4 Certificate and Opinion as to Conditions Precedent
	  	35
	 Section 11.5 Statements Required in Certificate or Opinion
	  	35
	 Section 11.6 Rules by Trustee and Agents
	  	35
	 Section 11.7 Legal Holidays
	  	35
	 Section 11.8 No Recourse Against Others
	  	36
	 Section 11.9 Counterparts
	  	36
	 Section 11.10 Governing Laws, Waiver of Trial by Jury
	  	36
	 Section 11.11 Successors
	  	36
	 Section 11.12 Severability
	  	36
	 Section 11.13 Table of Contents, Headings, Etc.
	  	36
	 Section 11.14 Securities in a Foreign Currency
	  	36
	 Section 11.15 Judgment Currency
	  	37
		
	 ARTICLE XII. SINKING FUNDS
	  	37
		
	 Section 12.1 Applicability of Article
	  	37
	 Section 12.2 Satisfaction of Sinking Fund Payments with Securities
	  	38
	 Section 12.3 Redemption of Securities for Sinking Fund
	  	38

  

 iii 

 XINYUAN REAL ESTATE CO., LTD. 
 Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of                     , 2009

  

					
	§ 310(a)(1)	 		  	7.10
			
	(a)(2)	 		  	7.10
	(a)(3)	 		  	Not Applicable
	(a)(4)	 		  	Not Applicable
	(a)(5)	 		  	7.10
	(b)	 		  	7.10
			
	§ 311(a)	 		  	7.11
			
	(b)	 		  	7.11
	(c)	 		  	Not Applicable
			
	§ 312(a)	 		  	2.6
			
	(b)	 		  	11.3
	(c)	 		  	11.3
			
	§ 313(a)	 		  	7.6
			
	(b)(1)	 		  	7.6
	(b)(2)	 		  	7.6
	(c)(1)	 		  	7.6
	(d)	 		  	7.6
			
	§ 314(a)	 		  	4.3, 4.4
			
	(b)	 		  	Not Applicable
	(c)(1)	 		  	11.4
	(c)(2)	 		  	11.4
	(c)(3)	 		  	Not Applicable
	(d)	 		  	Not Applicable
	(e)	 		  	11.5
	(f)	 		  	Not Applicable
			
	§ 315(a)	 		  	7.1
			
	(b)	 		  	7.5
	(c)	 		  	7.1
	(d)	 		  	7.1
	(e)	 		  	6.11
			
	§ 316(a)	 		  	2.10
			
	(a)(1)(A)	 		  	6.5
	(a)(1)(B)	 		  	6.4
	(b)	 		  	6.7
	(c)	 		  	2.14, 9.5(b)
			
	§ 317(a)(1)	 		  	6.8
			
	(a)(2)	 		  	6.9
	(b)	 		  	2.5
			
	§ 318(a)	 		  	11.1

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the
Indenture. 
  

 iv 

 Indenture dated as of
                    , 2009 between Xinyuan Real Estate Co., Ltd., an exempted company incorporated in the Cayman Islands (“Company”), and
                                        , as
trustee (“Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of
the Holders of the Securities or of a Series thereof issued under this Indenture. 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 
 “Additional Amounts” means any additional amounts which are required hereby or by
any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 
 “Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any
person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 
 “Agent” means any Registrar, Paying Agent or Service Agent. 
 “Authorized Newspaper” means a newspaper 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 place in connection with which the term is used. If it shall be impractical in the opinion of the Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu
thereof that is made or given by the Trustee shall constitute a sufficient publication of such notice. 
 “Board of Directors”
means the Board of Directors of the Company or any duly authorized committee thereof. 
 “Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate
and delivered to the Trustee. 
 “Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or
supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

“Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a
partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and 

 (4) any other interest or participation that confers on a person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital
Stock. 
 “Company” means the party named as such above until a successor replaces it pursuant to Article V and thereafter
means the successor. 
 “Company Request” means a written order or request signed in the name of the Company by the Company’s
Chief Executive Officer, President or a Vice President, and by its Chief Financial Officer, Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered. 
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.

 “Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or
more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depository”
as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series. 
 “Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.

 “Dollars” and “$” means the currency of The United States of America. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that
is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States of
America. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect from time to time. 
 “Global Security” or “Global Securities” means a
Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository
or nominee. 
 “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and
the payment for which the United States pledges its full faith and credit. 
 “Holder” or “Securityholder” means a person
in whose name a Security is registered. 
 “Indenture” means this Indenture as amended or supplemented from time to time and shall
include the form and terms of particular Series of Securities established as contemplated hereunder. 
 “interest” with respect to
any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 
  

 2 

 “Issue Date” means with respect to any Series of Securities the first date such Securities are
issued under this Indenture. 
 “Lien” means, with respect to any asset: 
 (1) any mortgage, deed of trust, deed to secure debt, lien (statutory or otherwise), pledge, hypothecation, encumbrance, restriction, collateral
assignment, charge or security interest in, on or of such asset; 
 (2) the interest of a vendor or a lessor under any conditional sale
agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; and 
 (3) in the case of Equity Interests or debt securities, any purchase option, call or similar right of a third party with respect to such Equity
Interests or debt securities. 
 “Maturity,” when used with respect to any Security or installment of principal thereof, means the
date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect
repayment or otherwise. 
 “Officer” means the Chief Executive Officer, the Chief Financial Officer, the President, any
Vice-President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company. 
 “Officers’
Certificate” means a certificate signed by two Officers, one of whom (in the case of an Officer’s Certificate delivered under Section 4.4) must be the Company’s principal executive officer, principal financial officer or
principal accounting officer. 
 “Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee.
The counsel may be an employee of or counsel to the Company. 
 “person” means any individual, corporation, partnership, joint
venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security. 
 “Responsible Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate
trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject. 
 “SEC” means the Securities and Exchange Commission. 
 “Securities” means the debentures,
notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture. 
 “Series” or
“Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated Maturity” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of
such Security or such installment of principal or interest is due and payable. 
 “Subsidiary” of any specified person means any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof. 
  

 3 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in
effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so
amended. 
 “Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean 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 Securities of that Series. 
 Section 1.2 Other Definitions. 
  

			
	 TERM
	  	DEFINED TO SECTION
	 “Bankruptcy Law”
	  	6.1
	 “Custodian”
	  	6.1
	 “Event of Default”
	  	6.1
	 “Judgment Currency”
	  	12.16
	 “Legal Holiday”
	  	12.7
	 “mandatory sinking fund payment”
	  	13.1
	 “Market Exchange Rate”
	  	12.15
	 “New York Banking Day”
	  	12.16
	 “optional sinking fund payment”
	  	13.1
	 “Paying Agent”
	  	2.4
	 “Registrar”
	  	2.4
	 “Required Currency”
	  	12.16
	 “Service Agent”
	  	2.4
	 “successor person”
	  	5.1

 Section 1.3 Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC. 
 “indenture securities” means the Securities. 
 “indenture security holder” means a Securityholder. 
 “indenture to be qualified” means
this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company, any successor obligor upon the Securities. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and
not otherwise defined herein are used herein as so defined. 
  

 4 

 Section 1.4 Rules of Construction. 
 Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it
in accordance with generally accepted accounting principles; 
 (c) references to “generally accepted accounting principles”
and “GAAP” shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied; 
 (d) “or” is not exclusive; 
 (e) words in the singular include the plural, and in the plural include the singular; and 
 (f) provisions apply to
successive events and transactions. 
 ARTICLE II. 
 THE SECURITIES 
 Section 2.1 Issuable in Series. 
 The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to the authority
granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority
granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect
of any matters, provided, that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 
 Section 2.2
Establishment of Terms of Series of Securities. 
 At or prior to the issuance of any Securities within a Series, the following shall
be established by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution or in a supplemental indenture or an Officer’s Certificate pursuant to authority granted under a Board Resolution:

 (a) the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 (b) the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 (c) any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 
 (d) whether the Securities rank as senior Securities, senior subordinated Securities or subordinated Securities or any combination thereof and the terms
of any such subordination; 
 (e) the terms and conditions, if any, upon which the Securities of the series shall be exchanged for or
converted into other securities of the Company or securities of another person; 
  

 5 

 (f) the provisions, if any, relating to any security provided for the Securities of the Series;

 (g) the date or dates on which the principal of the Securities of the Series is payable; 
 (h) the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not
limited to, any currency exchange rate, commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, or the
method for determining the date or dates from which interest will accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

(i) the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if such
amounts may be determined by reference to an index based on a currency or currencies or by reference to a currency exchange rate, commodity, commodity index, stock exchange index or financial index; 
 (j) if other than the Corporate Trust Office, the place or places where the principal of and interest, if any, on the Securities of the Series shall be
payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served, and the
method of such payment, if by wire transfer, mail or other means; 
 (k) if applicable, the period or periods within which, the price or
prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 (l) the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within
which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (m) if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which the Securities of the Series
shall be issuable; 
 (n) the forms of the Securities of the Series in r fully registered form (and, if in fully registered form, whether the
Securities of the Series shall be issued in whole or in part in the form of a Global Security or Securities, and the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other
individual Securities) and the form of the Trustee’s Certificate of Authentication thereon, which form shall be acceptable to the Trustee; 
 (o) any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein; 
 (p) the Trustee for the series of Securities, if other than the Trustee named on the first page hereof or its Successors; 
 (q) if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 6.2; 
 (r) any addition to or change in the covenants set forth
in Articles IV or V which applies to Securities of the Series; 
 (s) any addition to or change in the Events of Default which applies to any
Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 
  

 6 

 (t) if other than Dollars, the currency of denomination of the Securities of the Series,
which may be any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 
 (u) if other than Dollars, the designation of the currency, currencies or currency units in which payment of the principal of and interest,
if any, on the Securities of the Series will be made; 
 (v) if payments of principal of or interest, if any, on the Securities
of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 
 (w) whether Section 8.2 or 8.3 shall be inapplicable to the Securities of the Series; and 
 (x) any other terms of the Securities of the Series (which terms may modify, supplement or delete any provision of this Indenture with
respect to such Series; provided, however, that no such term may modify or delete any provision hereof if imposed by the TIA; and provided, further, that any modification or deletion of the rights, duties or immunities of the Trustee
hereunder shall have been consented to in writing by the Trustee). 
 All Securities of any one Series need not be issued at the
same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above, and the authorized
principal amount of any Series may be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officer’s Certificate. 
 Section 2.3 Execution and Authentication. 
 Two Officers shall sign the Securities for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated
under this Indenture. 
 The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the
principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Request. Such Company Request may authorize authentication and delivery pursuant to oral or
electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Any such electronic instructions shall be in a form acceptable to the Trustee. Each Security shall be
dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate. 
 The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution,
supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental
indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s
Certificate complying with Section 11.5, and (c) an Opinion of Counsel complying with Section 11.4 and covering such other matters as the Trustee shall reasonably request. 
  

 7 

 The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series:
(a) if the Trustee, being advised by counsel, determines that such action may not be taken lawfully; (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or
vice-presidents shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities or (c) if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 Section 2.4 Registrar and Paying Agent. 
 The
Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for
payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series
and this Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to each Series of Securities issued in registered form and to their transfer and exchange. The Company will give prompt written notice to
the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail
to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more co-registrars,
additional paying agents or additional service agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain
a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and
of any change in the name or address of any such co-registrar, additional paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and
the term “Service Agent” includes any additional service agent. 
 The Company hereby appoints the Trustee the initial Registrar,
Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 
 Section 2.5 Paying Agent to Hold Money in Trust. 
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying
Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. 

  

 8 

 
Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money.
If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. 
 Section 2.6 Securityholder Lists. 
 The Trustee
shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not
the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require,
of the names and addresses of Securityholders of each Series of Securities. 
 Section 2.7 Transfer and Exchange. 
 Where Securities of a Series in registered form are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them
for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover
any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6). 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Registrar) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 
 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to
register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part. 
 Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities. 
 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a new Security of the same Series and of like
tenor and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company and the
Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost
or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
  

 9 

 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Securities of that Series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 Section 2.9
Outstanding Securities. 
 Subject to Section 2.10, the Securities outstanding at any time are all the Securities authenticated by
the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not
outstanding. 
 If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company, a Subsidiary
of the Company or an Affiliate of the Company) holds as of 12:00 p.m. Eastern Time on the date of Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of
the Series cease to be outstanding and interest on them ceases to accrue. 
 A Security does not cease to be outstanding because the Company
or an Affiliate of the Company holds the Security. 
 In determining whether the Holders of the requisite principal amount of outstanding
Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
 Section 2.10 Treasury Securities. 
 In determining whether the Holders of the required principal amount of Securities of
a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or an Affiliate of the Company shall be disregarded, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 

Section 2.11 Temporary Securities. 
 Until
definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Request. Temporary Securities shall be substantially in the form of definitive Securities but may have
variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate definitive Securities of the same Series and date of maturity in
exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities. 
  

 10 

 Section 2.12 Cancellation. 
 The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer,
exchange, replacement or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and deliver such canceled Securities to the Company, unless the Company otherwise directs by Company
Request; provided, that the Trustee shall not be required to destroy Securities. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. 
 Section 2.13 Defaulted Interest. 
 If the Company
defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a
subsequent special record date. The Company shall fix the special record date and payment date. At least 10 days before the special record date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states
the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner. 
 Section 2.14 Record Dates for Consents. 
 (a) The Company may, but shall not be obligated to, set a record date for
the purpose of determining the identity of Holders entitled to consent to any supplement, amendment or waiver permitted by this Indenture. If a record date is fixed, the Holders of such Series and Securities outstanding on such record date, and no
other Holders, shall be entitled to consent to such supplement, amendment or waiver or revoke any consent previously given, whether or not such Holders remain Holders after such record date. No consent shall be valid or effective for more than
90 days after such record date unless consents from Holders of the principal amount of such Series and Securities required hereunder for such amendment or waiver to be effective shall have also been given and not revoked within such 90-day
period. 
 (b) The Company may, but shall not be obligated to, fix any day as a record date for the purpose of determining the Holders
of any Series of Securities entitled to join in the giving or making of any notice of Default, any declaration of acceleration, any request to institute proceedings or any other similar direction. If a record date is fixed, the Holders of such
Series and Securities outstanding on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided,
however, that no such action shall be effective hereunder unless taken on or prior to the date 90 days after such record date. 
 Section 2.15 Global Securities. 
 2.15.1 Terms of Securities. A Board Resolution, a supplemental indenture hereto
or an Officer’s Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or Securities. 
 2.15.2 Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depository for such Security or its nominee only if (i) such Depository notifies
the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a
successor Depository registered as a clearing agency under the Exchange Act within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such 

  

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Global Security shall be so exchangeable (subject, however, to the procedures of the Depository) or (iii) an Event of Default with respect to the
Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depository shall
direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 
 Except
as provided in this Section 2.15.2, a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another
nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository. 
 2.15.3 Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form: 
 “Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), New York, New York, to the issuer or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or such other name as may be requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as may be requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest herein.” 
 “Transfer of this Global Security shall be limited to transfers in whole, but not in part, to DTC, to nominees of DTC or to a successor thereof or
such successor’s nominee and limited to transfers made in accordance with the restrictions set forth in the Indenture referred to herein.” 
 2.15.4 Acts of Holders. The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other
action which a Holder is entitled to give or take under the Indenture. 
 2.15.5 Payments. Notwithstanding the other provisions of
this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
 2.15.6 Consents, Declaration and Directions. Except as provided in Section 2.15.5, the Company, the Trustee and any Agent shall treat a
person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depository with respect to such Global Security, for purposes of obtaining
any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
 Section 2.16 CUSIP Numbers.

 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 
 Section 2.17 Persons Deemed Owners. 
 Prior to
due presentment of a Security in registered form for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the person in whose name such Security is registered in the Register as the owner of such
Security for the purpose of receiving 

  

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payment of principal of and (subject to the record date provisions thereof) interest on and any Additional Amounts with respect to, such Security and for all
other purposes whatsoever, whether or not any payment with respect to such Security shall be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 No holder of any beneficial interest in any Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to
such Global Security, and such Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or
the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests. 
 ARTICLE III. 
 REDEMPTION 
 Section 3.1 Notice to Trustee. 
 The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay
the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the
Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give the
notice at least 45 days before the redemption date (or such shorter notice as may be acceptable to the Trustee). In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the
Trustee with an Officer’s Certificate evidencing compliance with such restriction or condition. 
 Section 3.2 Selection of Securities to be
Redeemed or Repurchased. 
 Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an
Officer’s Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed by such method as the Trustee shall deem fair and appropriate. 
 In the event of partial redemption, the Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption.
The Trustee may select for redemption a portion of the principal amount of any Security of such Series; provided, that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be
less than the minimum authorized denomination) for such Security. Provisions of this Indenture that apply to Securities of a Series called for redemption or repurchase also apply to portions of Securities of that Series called for redemption or
repurchase. 
 Section 3.3 Notice of Redemption. 
 Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 30 days but not more than 60 days before a redemption date,
the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance of the Series of Securities or a satisfaction and discharge of this Indenture pursuant to Articles VIII or XI hereof. 
  

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 The notice shall identify the Securities of the Series to be redeemed and shall state: 
 (a) the redemption date; 
 (b) the
redemption price (or if not then ascertainable, the manner of calculation thereof); 
 (c) the name and address of the Paying Agent;

 (d) that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 (e) that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; 
 (f) the CUSIP number, if any; and 
 (g) any
other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed. 
 At the
Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense. 
 Section 3.4 Effect of
Notice of Redemption. 
 Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called
for redemption become due and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest
to the redemption date; provided, that (unless otherwise specified with respect to such Securities pursuant to Section 2.2) installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the
Holders of such Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor according to their terms and the terms of this Indenture. 
 Section 3.5 Deposit of Redemption Price. 
 On or
before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 
 Section 3.6 Securities Redeemed in Part. 
 Upon
surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV. 
 COVENANTS

 Section 4.1 Payment of Principal and Interest. 
 The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will pay or cause to be paid the principal of and interest on the Securities of that Series on the dates and in the
manner provided in such Securities. Principal of and interest on any Series of Securities will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 12:00 p.m. Eastern Time on the
due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal and interest then due. 
  

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 The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal with respect to such Securities at the rate specified therefor in the Securities; it will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
 Section 4.2 Additional Amounts. 
 If any Securities of a Series provide for the payment of
Additional Amounts, the Company agrees to pay to the Holder of any such Security Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture there is mentioned, in any context, the payment of the
principal of or interest on, or in respect of, any Security of any Series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such Series established hereby or pursuant hereto to the extent
that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding
Additional Amounts in those provisions hereof where such express mention is not made. 
 Except as otherwise provided in or pursuant to this
Indenture or the Securities of the applicable Series, if the Securities of a Series provide for the payment of Additional Amounts, at least 10 days prior to the first interest payment date with respect to such Series of Securities (or if the
Securities of such Series shall not bear interest prior to Maturity, the first day on which a payment of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect
to the matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if other than the Trustee, an Officer’s Certificate instructing the Trustee
and such Paying Agent or Paying Agents whether such payment of principal of or interest on the Securities of such Series shall be made to Holders of Securities of such Series without withholding for or on account of any tax, assessment or other
governmental charge described in the Securities of such Series. If any such withholding shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of
Securities, and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant
to this Section 4.2. 
 Section 4.3 SEC Reports. 
 Unless otherwise specified with respect to Securities of a particular Series pursuant to Section 2.2, the Company will, if and to the extent required under the TIA: 
 (a) file with the Trustee, within 15 days after the Company is required to file the same with the SEC, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations prescribe) which the Company may be required to file with the SEC pursuant to Section 13 or
Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such sections, then to file with the Trustee and the SEC, in accordance with rules and regulations prescribed
from time to time by the SEC, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules and regulations; 
  

 15 

 (b) file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to
time by the SEC, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be required from time to time by such rules and regulations; and

 (c) transmit by mail to the Holders of Securities in the manner and to the extent provided in Section 7.6 within 30 days after
the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the SEC pursuant to subsections (a) and (b) of this Section as may be required to be transmitted to such Holders by rules
and regulations prescribed from time to time by the SEC. 
 The delivery of such reports, information and documents to the Trustee pursuant
to this Section 4.3 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, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 4.4 Compliance Certificate. 
 (a) The Company shall deliver to the Trustee with respect to such Series,
within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge
the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Series of Securities is prohibited or if such event has occurred, a description of the event and what action the
Company is taking or proposes to take with respect thereto. 
 (b) So long as any Series of Securities is outstanding, the Company will
deliver to the Trustee with respect to such Series, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or
proposes to take with respect thereto. 
 Section 4.5 Corporate Existence. 
 Subject to Article V hereof, the Company covenants and agrees for the benefit of the Holders of each Series of Securities that it shall do or cause
to be done all things necessary to preserve and keep in full force and effect its legal existence and rights and franchises; provided, however, that the foregoing shall not obligate the Company to preserve any such right or franchise
if the Company shall determine that the preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to any Holder. 
  

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 ARTICLE V. 
 SUCCESSORS 
 Section 5.1 Merger, Consolidation, or Sale of Assets. 
 The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it shall not, directly or indirectly:
(i) consolidate or merge with or into another person (whether or not the Company is the surviving corporation); or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of
the Company and its Subsidiaries taken as a whole, in one or more related transactions, to another person, unless: 
  

	 	(1)	the Company shall be the continuing entity, or the resulting, surviving or transferee person shall be a corporation, partnership, trust or other entity organized and validly
existing under the laws of any domestic or foreign jurisdiction, and such successor person (if not the Company) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to
the Trustee, all the obligations of the Company under the Securities and this Indenture and, for each Security that by its terms provides for conversion, shall have provided for the right to convert such Security in accordance with its terms;

  

	 	(2)	immediately after such transaction, no Default or Event of Default exists; and 

  

	 	(3)	the Company shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease,
conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article V and that all conditions precedent herein provided for relating to such
transaction have been complied with. 

 This Section 5.1 will not apply to: 
  

	 	(1)	a merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction; or 

  

	 	(1)	any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Company and its Subsidiaries.

 Section 5.2 Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Company in a transaction that is subject to,
and that complies with the provisions of, Section 5.1 hereof, the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is
made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company”
shall refer instead to the successor person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor person had been named as the Company herein; provided,
however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on any Series of Securities except in the case of a sale of all of the Company’s assets in a transaction that is subject
to, and that complies with the provisions of, Section 5.1 hereof. 
  

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 ARTICLE VI. 
 DEFAULTS AND REMEDIES 
 Section 6.1 Events of Default. 
 “Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the
establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 
 (a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days; or 
 (b) default in payment when due of the principal of any Security of that Series; or 
 (c) default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or 
 (d) default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has
been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for the period and after the notice specified below; 
 (e) the Company pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case, 
 (ii)
consents to the entry of an order for relief against it in an involuntary case, 
 (iii) consents to the appointment of a Custodian of it or
for all or substantially all of its property, 
 (iv) makes a general assignment for the benefit of its creditors, or 
 (v) generally is unable to pay its debts as the same become due; or 
 (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is
for relief against the Company in an involuntary case, 
 (ii) appoints a Custodian of the Company or for all or substantially all of its
property, or 
 (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or

 (g) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a
supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2. 
 The term “Bankruptcy Law”
means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 A Default under clause (d) above is not an Event of Default with respect to a particular series of Securities until the Trustee notifies the
Company, or the Holders of more than 50% in principal amount of the then outstanding Securities of that series notify the Company and the Trustee, of the Default and the Company does not cure the Default within 60 days after receipt of the
notice. The notice must specify the 

  

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Default, demand that it be remedied and state that the notice is a “Notice of Default.” Such notice shall be given by the Trustee if so requested
in writing by the Holders of more than 50% of the principal amount of the then outstanding Securities of that series. 
 Section 6.2
Acceleration. 
 If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing
(other than an Event of Default referred to in Section 6.1(e) or (f)) then in every such case the Trustee or the Holders of more than 50% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if
any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and
payable. If an Event of Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after such a
declaration of acceleration with respect to any Series has been made, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal or interest that has become due solely because of the acceleration) have been
cured or waived. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereon. 
 Section 6.3 Other Remedies. 
 If an Event of
Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and interest on such Securities or to enforce the performance of
any provision of such Securities or this Indenture. 
 The Trustee for such Securities may maintain a proceeding even if it does not possess
any of such Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of Securities in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.4 Waiver of
Past Defaults. 
 Holders of not less than a majority in aggregate principal amount of the then outstanding Securities of any Series by
notice to the Trustee for such Securities may on behalf of the Holders of all of such Securities waive an existing Default or Event of Default with respect to such Securities and its consequences hereunder, except a continuing Default or Event of
Default in the payment of the principal of or interest on such Securities or in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder of each outstanding Security of the
Series affected; provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Securities of any Series may rescind an acceleration of such Securities and its consequences, including any
related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

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 Section 6.5 Control by Majority. 
 Holders of a majority in aggregate principal amount of the then outstanding Securities of any Series may direct the time, method and place of conducting
any proceeding for exercising any remedy available to the Trustee for such Securities or exercising any trust or power conferred on it. However, the Trustee for any Series of Securities may refuse to follow any direction that conflicts with law or
this Indenture, that such Trustee determines may be unduly prejudicial to the rights of other Holders of such Securities or that may involve the Trustee in personal liability. 
 Section 6.6 Limitation on Suits. 
 A Holder of any Series of Securities may pursue a remedy with
respect to this Indenture or such Securities only if: 
 (1) such Holder gives to the Trustee for such Securities written notice that an
Event of Default with respect to such Series is continuing; 
 (2) Holders of more than 50% in aggregate principal amount of the then
outstanding Securities of such Series make a written request to the Trustee for such Securities to pursue the remedy; 
 (3) such Holder or
Holders offer and, if requested, provide to the Trustee for such Securities security or indemnity reasonably satisfactory to such Trustee against any loss, liability or expense; 
 (4) such Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and

 (5) during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Securities of such Series do
not give such Trustee a direction inconsistent with such request. 
 A Holder of any Series of Securities may not use this Indenture to
prejudice the rights of another Holder of such Series of Securities or to obtain a preference or priority over another Holder of Securities of such Series. 
 Section 6.7 Rights of Holders of Securities to Receive Payment. 
 Notwithstanding any other provision of this Indenture,
the right of any Holder of a Security of any Series to receive payment of principal of and interest on such Securities, on or after the respective due dates expressed or provided for in such Securities (including, if applicable, in connection with
an offer to purchase), or to bring 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 6.8 Collection Suit by Trustee. 
 If an Event of Default specified in
Section 6.1(a), (b) or (c) hereof with respect to Securities of any Series occurs and is continuing, the Trustee for such Securities is authorized to recover judgment in its own name and as trustee of an express trust against the
Company for the whole amount of principal and interest remaining unpaid on, such Securities and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel. 
  

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 Section 6.9 Trustee May File Proofs of Claim. 
 The Trustee for each Series of Securities is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in
order to have the claims of such Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel) and the Holders of the Securities for which it acts as trustee allowed in
any judicial proceedings relative to the Company (or any other obligor upon such Securities), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on
any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder of such Securities to make such payments to such Trustee, and in the event that such Trustee shall consent to the making of such payments directly
to such Holders, to pay to such Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, and any other amounts due such Trustee under the Indenture. To the extent
that the payment of any such compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, and any other amounts due such Trustee out of the estate in any such proceeding, shall be denied for any reason, payment of the
same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that such Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize such Trustee to authorize or consent to or accept or adopt on behalf of any Holder for which it acts as trustee any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of such Holder, or to authorize such Trustee to vote in respect of the claim of any such Holder in any such proceeding. 
 Section 6.10 Priorities. 
 If the Trustee of any
Series of Securities collects any money pursuant to this Article VI, it shall pay out the money in the following order: 
 First:
to the Trustee, its agents and attorneys for amounts due under the Indenture, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of such Securities for amounts due and unpaid on such Securities for principal and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and 
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 
 Subject to Section 2.13,
the Trustee may fix a record date and payment date for any payment to Holders of Securities pursuant to this Section 6.10. 
 Section 6.11
Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against any
Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the
Trustee, a suit by a Holder of a Security pursuant to Section 6.7 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Securities of any Series. 
  

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 ARTICLE VII. 
 TRUSTEE 
 Section 7.1 Duties of Trustee. 
 (a) Subject to Section 7.2(i), if an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in
it by this Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into this Indenture against the Trustee. 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by
any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture.

 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) This paragraph does not limit the effect of paragraph (b) of this Section. 
 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was
negligent in ascertaining the pertinent facts. 
 (iii) The Trustee shall not be liable with respect to any action taken, suffered or omitted
to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series. 
 (iv) No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any
of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk is not reasonably assured to it. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 (e) The Trustee may refuse to perform any duty or exercise any right or power at the request or direction of any Holder unless it
receives indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any
money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set
forth in paragraphs (b) and (c) of this Section with respect to the Trustee. 
  

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 Section 7.2 Rights of Trustee. 
 (a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need
not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate and/or an Opinion of Counsel covering such matters as the Trustee shall reasonably request. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate and/or Opinion of Counsel. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights
or powers, provided, that the Trustee’s conduct does not constitute negligence or bad faith. 
 (e) The Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee reasonable security or indemnity against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
 (f) The Trustee may
consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without negligence and in good
faith and in reliance thereon. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit. 
 (h) The Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Securities generally or the Securities of a particular Series and this Indenture. 
 (i) The Trustee shall
not be required to provide any bond or surety with respect to the execution of its trusts and powers hereunder. 
 (j) In no event shall
the Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form
of action. 
 (k) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 
 (l) Any request, demand or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request, and any resolution of the Board of Directors may be sufficiently evidenced by a Board
Resolution. 
 (m) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its
rights to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other person employed to act hereunder by the Trustee and appointed with due care by it.

  

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 (n) The Trustee may request that the Company deliver an Officer’s Certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded. 
 Section 7.3 Individual Rights of Trustee.

 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company
or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 
 Section 7.4 Trustee’s Disclaimer. 
 The
Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement herein
or in the Securities other than its authentication. 
 Section 7.5 Notice of Defaults. 
 If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the
Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or
Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series. 
 Section 7.6
Reports by Trustee to Holders. 
 Within 60 days after May 15 in the first year following the issuance of a Series of
Securities under this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar a brief report dated as of such May 15, in accordance with, and to the extent
required under, TIA § 313(a). 
 A copy of each report at the time of its mailing to Securityholders of any Series shall be filed by the
Trustee with the SEC and each stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange. 
 Section 7.7 Compensation and Indemnity. 
 The
Company shall pay to the Trustee from time to time such compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and
counsel. 
 The Company shall indemnify each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any
loss, liability or expense, including taxes (other than taxes based 

  

 24 

 
upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance of its duties under
this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate
counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers,
directors, employees, shareholders and agents of the Trustee. 
 The Company need not reimburse any expense or indemnify against any loss or
liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of
and interest on particular Securities of that Series. 
 Without prejudice to any other rights available to the Trustee under applicable law,
when the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(e) or (f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any
Bankruptcy Law. 
 The provisions of this Section shall survive the termination of this Indenture. 
 Section 7.8 Replacement of Trustee. 
 A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the
proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to
Securities of one or more Series if: 
 (a) the Trustee fails to comply with Section 7.10; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 (c) a Custodian or public officer takes charge of the Trustee or its property; or 
 (d) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed with respect to the Securities of a Series or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee with respect to the Securities of such
Series. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities of such Series may appoint a successor Trustee with respect to the Securities of such Series to
replace the successor Trustee appointed by the Company. 
 If a successor Trustee with respect to the Securities of any one or more Series
does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the Securities of the applicable Series may petition any court of
competent jurisdiction for the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or
removal 

  

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of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each
Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this
Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to fees accrued and expenses and liabilities incurred by it prior to such replacement. 
 Section 7.9 Successor Trustee by Merger, etc. 
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or entity, the successor corporation or entity without any further act shall be the
successor Trustee. 
 Section 7.10 Eligibility; Disqualification. 
 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in
its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 
 Section 7.11 Preferential Collection of
Claims Against Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A
Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
 ARTICLE VIII. 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.1 Option to Effect Legal Defeasance or Covenant Defeasance. 
 The Company may at any time elect to have either
Section 8.2 or 8.3 hereof be applied to all outstanding Securities of any Series upon compliance with the conditions set forth below in this Article VIII. 
 Section 8.2 Legal Defeasance and Discharge. 
 Upon the Company’s exercise under
Section 8.1 hereof of the option applicable to this Section 8.2, the Company will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its obligations with respect to
all outstanding Securities of such Series on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the
entire indebtedness represented by the outstanding Securities of such Series which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of this Indenture referred to in
clauses (1) and (2) below, and to have satisfied all its other obligations under such Securities and this Indenture (and the Trustee for such Securities, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1)
the rights of Holders of outstanding Securities of such Series to receive payments in respect of the principal of or interest on such Securities when such payments are due from the trust referred to in Section 8.4 hereof; 
 (2) the Company’s obligations with respect to such Securities under Article II hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee for such Securities hereunder and the Company’s obligations in connection
therewith; and 
  

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 (4) this Article VIII. 
 Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.2 notwithstanding the prior exercise of
its option under Section 8.3 hereof. 
 Section 8.3 Covenant Defeasance. 
 Upon the Company’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Company will, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, be released from each of its obligations under the covenants contained in Sections 4.3, 4.4 (to the extent that the duties required by Sections 4.3 and 4.4 are not imposed by
the TIA), 4.5, Section 5.1, and covenants specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate as being subject to Covenant Defeasance, in accordance with Section 2.2, with respect to the
outstanding Securities of the applicable Series on and after the date the conditions set forth in Section 8.4 hereof are satisfied (hereinafter, “Covenant Defeasance”), and such Securities will thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders of such Securities (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Securities will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities
of such Series, the Company may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as
specified above, the remainder of this Indenture and such Securities will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the
satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(d) (to the extent relating to any covenant subject to Covenant Defeasance) and 6.1(g) hereof will not constitute Events of Default; provided
further, that notwithstanding a Covenant Defeasance with respect to Section 5.1, any person to whom a sale, assignment, transfer, conveyance or other disposition is made pursuant to Section 5.1, shall as a condition to such sale,
assignment, transfer, conveyance or other disposition, assume by an indenture supplemental hereto in form reasonably satisfactory to the Trustee, executed by such successor person and delivered to the Trustee, the obligations of the Company to the
Trustee under Section 7.7 and the second paragraph of Section 8.5. 
 Section 8.4 Conditions to Legal or Covenant Defeasance.

 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.2 or 8.3 hereof with respect to Securities
of any Series: 
 (1) the Company must irrevocably deposit with the Trustee for such Securities, in trust, for the benefit of the Holders of
such Securities, cash in Dollars sufficient, non-callable Government Securities, the scheduled payments of principal of and interest on which shall be sufficient, or a combination thereof, without consideration of any reinvestment of interest, in
the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of and interest on the outstanding Securities of such Series on the stated date for payment thereof or on the
applicable redemption date, as the case may be, and the Company must specify whether such Securities are being defeased to such stated date for payment or to a particular redemption date, and if defeased to a particular redemption date, either a
notice of redemption shall have been given under Section 3.3 or the Company shall have given the Trustee irrevocable instructions to give such notice at the expense of the Company and under arrangements satisfactory to the Trustee; 

 

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 (2) in the case of an election under Section 8.2 hereof, the Company must deliver to the Trustee for
such Securities an Opinion of Counsel confirming that: 
 (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling; or 
 (B) since the date of this Indenture, there has been a change in the applicable federal income tax law,

 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities
of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred; 
 (3) in the case of an election under Section 8.3 hereof, the Company must deliver
to the Trustee for such Securities an Opinion of Counsel confirming that the Holders of such Securities will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such
deposit) or, insofar as Sections 6.1(e) or 6.1(f) are concerned, at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day) and the deposit
will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound; 
 (5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any
of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
 (6) the Company must deliver to the Trustee
for such Securities an Officer’s Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of such Securities over the other creditors of the Company with the intent of defeating, hindering,
delaying or defrauding any creditors of the Company or others; and 
 (7) the Company must deliver to the Trustee for such Securities an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.5 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.6 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with a Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Securities of any Series will be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal
and interest, but such money need not be segregated from other funds except to the extent required by law. 
  

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 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Securities of the applicable Series. 
 Notwithstanding anything in this Article VIII to the contrary,
the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized
investment bank, appraisal firm, or firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(1) hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.6 Repayment to
Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of or interest on any Series of Securities and remaining unclaimed for two years after such principal or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged
from such trust; and the Holders of such Securities will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an
Authorized Newspaper in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Company. 
 Section 8.7 Reinstatement. 
 If, in connection with a Legal Defeasance or Covenant Defeasance, the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable
Government Securities in accordance with Section 8.5, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this
Indenture and the applicable Securities will be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.5; provided, however, that, if the Company makes any payment of principal of or interest on any such Securities following the reinstatement of its obligations, the Company will be subrogated to the rights of the
Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 
 Section 8.8 Qualifying Trustee.

 Any trustee appointed pursuant to Section 8.4 for the purpose of holding trust funds deposited pursuant to that Section shall be
appointed under an agreement in form acceptable to the Trustee and shall provide to the Trustee a certificate of such trustee, upon which certificate the Trustee shall be entitled to conclusively rely, that all conditions precedent provided for
herein to the related Legal Defeasance or Covenant Defeasance have been complied with. In no event shall the Trustee be liable for any acts or omissions of said trustee. 
  

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 ARTICLE IX. 
 AMENDMENTS AND WAIVERS 
 Section 9.1 Without Consent of Holders. 
 Notwithstanding Section 9.2 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Securities of one or more
Series without the consent of any Securityholder: 
 (a) to cure any ambiguity, defect or inconsistency; 
 (b) to provide for uncertificated Securities in addition to or in place of certificated Securities; 
 (c) to provide for the assumption of the Company’s obligations to the Holders of the Securities by a successor to the Company pursuant to
Article V hereof; 
 (d) to add any additional Events of Default with respect to all or any series of Securities Outstanding hereunder;

 (e) to secure the Securities pursuant to the requirements of any covenant on liens in respect of such series of Securities or otherwise;

 (f) to change or eliminate any of the provisions of this Indenture, or to add any new provision to this Indenture, in respect of one or
more series of Securities; provided, however, that any such change, elimination or addition (A) shall neither (i) apply to any Security outstanding on the date of such indenture supplemental hereto nor (ii) modify the
rights of the Holder of any such Security with respect to such provision in effect prior to the date of such indenture supplemental hereto or (B) shall become effective only when no Security of such series remains outstanding; 
 (g) to make any change that would provide any additional rights or benefits to the Holders of Securities or that does not adversely affect the interests
hereunder of any Securityholder in any material respect; 
 (h) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA; 
 (i) to provide for the issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by this Indenture; 
 (j) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee; or 
 (k) to conform any provision of this Indenture, the Securities of any Series or any related security documents to the
description of such Securities contained in the Company’s prospectus, prospectus supplement, offering memorandum or similar document with respect to the offering of the Securities of such Series to the extent that such description was intended
to be a verbatim recitation of a provision in the Indenture, such Securities or any related security documents. 
 Upon the request of the
Company and upon receipt by the Trustee of the documents described in Sections 7.2, 9.7 and 11.4 hereof, the Trustee will join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of
this Indenture and make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities
under this Indenture or otherwise. 
  

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 Section 9.2 With Consent of Holders. 
 The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of
the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.4, the Holders
of at least a majority in principal amount of the outstanding Securities of each Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance
by the Company with any provision of this Indenture or the Securities with respect to such Series. 
 It shall not be necessary for the
consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. Upon the request of the
Company and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.2, 9.7 and 11.4 hereof, the
Trustee will join with the Company in the execution of such amended or supplemental indenture and make any further appropriate agreements and stipulations that may be therein contained, unless such amended or supplemental indenture directly affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 
 After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby. Any
failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 
 Section 9.3 Limitations. 
 Without the consent of each Securityholder affected, an amendment or
waiver may not: 
 (a) change the amount of Securities whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security; 
 (c) reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any
sinking fund or analogous obligation; 
 (d) reduce the principal amount of Discount Securities payable upon acceleration of the maturity
thereof; 
 (e) waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a
rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration); 

(f) make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security; 
 (g) make any change in Sections 6.4, 6.7 or this Section 9.3; or 
 (h) waive a redemption payment with respect to any Security or change any of the provisions with respect to the redemption of any Securities. 
  

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 Section 9.4 Compliance with Trust Indenture Act. 
 Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA
as then in effect. 
 Section 9.5 Revocation and Effect of Consents. 
 (a) Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder subject to
Section 9.5(b) may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. 
 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any
amendment, supplement or waiver which record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those persons
who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to revoke any consent previously given, whether or not such persons continue to be Holders after such record date. No such consent
shall be valid or effective for more than 90 days after such record date. The Company shall inform the Trustee in writing of the fixed record date if applicable. 
 (c) Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of
Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security. 
 Section 9.6 Notation on or Exchange of Securities. 
 The Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall
authenticate upon request new Securities of that Series that reflect the amendment or waiver. 
 Section 9.7 Trustee Protected. 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. 
 ARTICLE X. 
 SATISFACTION AND DISCHARGE 
 Section 10.1 Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to a Series of Securities issued hereunder, when: 
 (a) either: 
 (i) all such Securities
that have been authenticated, except lost, stolen or destroyed Securities that have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the
Trustee for cancellation; or 
  

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 (ii) all such Securities that have not been delivered to the Trustee for cancellation have become due and
payable, will become due and payable at their Stated Maturity within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at
the expense, of the Company, and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Securities, Dollars sufficient, non-callable Government
Securities, the scheduled payments of principal of and interest on which, shall be sufficient, or a combination thereof, without consideration of any reinvestment of interest, in the opinion of a nationally recognized investment bank, appraisal
firm, or firm of independent public accountants (which need not be received if only Dollars have been deposited) to pay and discharge the entire indebtedness on such Securities not delivered to the Trustee for cancellation for principal and accrued
interest to the date of maturity or redemption; 
 (b) no Default or Event of Default has occurred and is continuing on the date of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the
Company is a party or by which the Company is bound; 
 (c) the Company has paid or caused to be paid all sums payable by it under this
Indenture; and 
 (d) the Company has delivered irrevocable instructions to the Trustee for such Securities under this Indenture to
apply the deposited money toward the payment of such Securities at maturity or on the redemption date, as the case may be. 
 In addition,
the Company must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee for such Securities stating that all conditions precedent to satisfaction and discharge have been satisfied, and all fees and expenses of the Trustee
shall have been paid. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee
pursuant to subclause (iv) of clause (a) of this Section 10.1, the provisions of Sections 10.2 and 8.6 hereof will survive. In addition, Section 7.7 hereof and the second paragraph of Section 10.2 hereof shall survive
the satisfaction and discharge of this Indenture. 
 Section 10.2 Application of Trust Money. 
 Subject to the provisions of Section 8.6 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the
Trustee pursuant to Section 10.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Securities with respect to with such deposit was made and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as such Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with the Trustee; but such money need
not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 10.1 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Securities of the applicable Series. 
  

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 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 10.1 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this
Indenture and the applicable Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.1 hereof; provided, that if the Company has made any payment of principal of or interest on any Securities
because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE XI. 
 MISCELLANEOUS

 Section 11.1 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.

 Section 11.2 Notices. 
 Any notice
or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail: 
 if to the Company: 
 With a copy to: 
 if to the Trustee: 
 The Company or the Trustee by notice to
the other may designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication to a
Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar, unless otherwise provided in this Indenture. Failure to mail a notice or communication to a Securityholder of any Series or any defect in
it shall not affect its sufficiency with respect to other Securityholders of that or any other Series. 
 In case by reason of the suspension
of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder. 
  

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 If a notice or communication is mailed or published in the manner provided above, within the time
prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company mails a notice or communication to
Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. 
 Section 11.3 Communication by Holders with Other
Holders. 
 Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any
other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 11.4 Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee: 
 (a) an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with; and 
 (b) an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with. 
 Section 11.5 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to Section 4.4 hereof and TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and 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 has made such examination or investigation as is necessary to enable him to express an informed 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. 
 Section 11.6 Rules by Trustee and Agents. 
 The
Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 11.7 Legal Holidays. 
 Unless otherwise
provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, if a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a
Legal Holiday, and no interest shall accrue for the intervening period. A “Legal Holiday” is any day that is not a Business Day. 
  

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 Section 11.8 No Recourse Against Others. 
 A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under
the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities. 
 Section 11.9 Counterparts. 
 This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 Section 11.10
Governing Laws, Waiver of Trial by Jury. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS
INDENTURE AND THE SECURITIES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW, TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY. EACH OF THE COMPANY AND THE TRUSTEE 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 OR THE TRANSACTIONS
CONTEMPLATED THEREBY. 
 Section 11.11 Successors. 
 All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 
 Section 11.12 Severability. 
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 11.13 Table of Contents, Headings, Etc. 
 The Table of Contents, Cross-Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions hereof. 
 Section 11.14 Securities in a Foreign Currency.

 Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered
pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of
all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in 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 at such time. For purposes of this
Section 11.14, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City

  

 36 

 
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 Trustee shall use, 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 the Trustee, upon consultation with the Company, 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 currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
 All decisions and determinations of the Trustee 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, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Company and all Holders. 
 Section 11.15 Judgment Currency. 
 The Company
agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount
on the Securities of any Series (the “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, 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 on which banking institutions are authorized or required by law, regulation or executive order to close. 
 ARTICLE XII. 
 SINKING FUNDS 
 Section 12.1 Applicability of Article. 
 The
provisions of this Article XII shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

 The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a
“mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such
Series. 
  

 37 

 Section 12.2 Satisfaction of Sinking Fund Payments with Securities. 
 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the
terms of such Securities, (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as a
credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to
any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided, that such Securities have not been previously so credited.
Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto provided for in Section 12.3, not later than 15 days prior to the date on which the Trustee begins the process of selecting
Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.
If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 12.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than
$100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Request that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding
sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Request pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying
Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 
 Section 12.3 Redemption of Securities for Sinking Fund. 
 Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture or Officer’s Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of
Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to
be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series, and the basis for such credit, pursuant to Section 12.2, and the optional amount, if any, to be
added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 
  

 38 

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

			
	XINYUAN REAL ESTATE, CO., LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
		 	, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 39

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