Document:

Indenture, dated July 2, 2001, as amended and restated as of March 16, 2012,

 Exhibit 4.1 

 
  

Rio Tinto Finance (USA) Limited, (ABN 84 062 129 551) 
 Issuer 
 Rio Tinto Finance (USA) plc 

Issuer 

Rio Tinto plc 
 Guarantor 
 Rio Tinto Limited (ABN 96 004 458 404) 

Guarantor 

TO 

The Bank of New York Mellon 
 Trustee 
  

 
 Amended and
Restated Indenture 
 Dated as of July 2, 2001 and amended and restated as of March 16, 2012 

 
  

Guaranteed Debt Securities 
  

 
  

 Rio Tinto Finance (USA) Limited, 

Rio Tinto Finance (USA) plc, 
 Rio Tinto plc, 
 Rio Tinto Limited. 

Certain Sections of this Indenture relating to Sections 310 through 318, 

inclusive, of the Trust Indenture Act of 1939: 
  

					
	 Trust
 Indenture
Act Section
	 	 	  	Indenture Section
	 § 310(a)(1)
	 		  	609
	 (a)(2)
	 		  	609
	 (a)(3)
	 		  	Not Applicable
	 (a)(4)
	 		  	Not Applicable
	 (b)
	 		  	608
		 		  	610
	 §     311(a)
	 		  	613
	 (b)
	 		  	613
	 §     312(a)
	 		  	701
		 		  	702
	 (b)
	 		  	702
	 (c)
	 		  	702
	 §     313(a)
	 		  	703
	 (b)
	 		  	703
	 (c)
	 		  	703
	 (d)
	 		  	703
	 §     314(a)
	 		  	704
	 (a)(4)
	 		  	101
		 		  	1005
	 (b)
	 		  	Not Applicable
	 (c)(1)
	 		  	102
	 (c)(2)
	 		  	102
	 (c)(3)
	 		  	Not Applicable
	 (d)
	 		  	Not Applicable
	 (e)
	 		  	102
	 § 315(a)
	 		  	601
	 (b)
	 		  	602
	 (c)
	 		  	601
	 (d)
	 		  	601
	 (e)
	 		  	514
	 § 316(a)
	 		  	101
	 (a)(1)(A)
	 		  	502
		 		  	512
	 (a)(1)(B)
	 		  	513
	 (a)(2)
	 		  	Not Applicable
	 (b)
	 		  	508
	 (c)
	 		  	104
	 § 317(a) (1)
	 		  	503
	 (a)(2)
	 		  	504
	 (b)
	 		  	1003
	 §     318(a)
	 		  	107

  

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

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 RECITALS OF THE ISSUERS
	  	 	-1-	  
	 RECITALS OF THE GUARANTORSTO
	  	 	-1-	  
		
	 ARTICLE ONE
	  			
		
	 DEFINITIONS AND OTHER PROVISIONS OF
GENERAL APPLICATION
	  	 	-1-	  
		
	 SECTION 101. Definitions
	  	 	-1-	  
	 Act
	  	 	-2-	  
	 Affiliate
	  	 	-2-	  
	 control
	  	 	-2-	  
	 Authenticating Agent
	  	 	-2-	  
	 Authorized Newspapers
	  	 	-2-	  
	 Board of Directors
	  	 	-2-	  
	 Board Resolution
	  	 	-2-	  
	 Business Day
	  	 	-2-	  
	 Commission
	  	 	-3-	  
	 Company Request
	  	 	-3-	  
	 Consolidated Net Worth plus Minorities
	  	 	-3-	  
	 Corporate Trust Office
	  	 	-3-	  
	 Corporation
	  	 	-3-	  
	 Covenant Defeasance
	  	 	-3-	  
	 Defaulted Interest
	  	 	-3-	  
	 Defeasance
	  	 	-3-	  
	 Depositary
	  	 	-3-	  
	 Encumbrance
	  	 	-3-	  
	 Event of Default
	  	 	-3-	  
	 Exchange Act
	  	 	-3-	  
	 Expiration Date
	  	 	-4-	  
	 Global Security
	  	 	-4-	  
	 Guarantees
	  	 	-4-	  
	 Guarantor
	  	 	-4-	  
	 Holder
	  	 	-4-	  
	 Indenture
	  	 	-4-	  
	 interest
	  	 	-4-	  
	 Interest Payment Date
	  	 	-4-	  
	 International Financial Reporting Standards
	  	 	-4-	  
	 Investment Company Act
	  	 	-4-	  
	 Issuer
	  	 	-4-	  
	 Joint Venture
	  	 	-4-	  
	 Maturity
	  	 	-4-	  
	 Notice of Default
	  	 	-4-	  
	 Officer’s Certificate
	  	 	-4-	  
	 Opinion of Counsel
	  	 	-5-	  
	 Original Issue Discount Security
	  	 	-5-	  
	 Outstanding
	  	 	-5-	  

  
 i 

					
	 Paying Agent
	  	 	-6-	  
	 Person
	  	 	-6-	  
	 Place of Payment
	  	 	-6-	  
	 Predecessor Security
	  	 	-6-	  
	 Project Finance Borrowing
	  	 	-6-	  
	 Property
	  	 	-7-	  
	 Redemption Date
	  	 	-7-	  
	 Redemption Price
	  	 	-7-	  
	 Regular Record Date
	  	 	-7-	  
	 Responsible Officer
	  	 	-7-	  
	 Rio Tinto Group
	  	 	-7-	  
	 Securities
	  	 	-7-	  
	 Securities Act
	  	 	-7-	  
	 Security Register and Security Registrar
	  	 	-7-	  
	 Special Record Date
	  	 	-7-	  
	 Stated Maturity
	  	 	-7-	  
	 Subsidiary
	  	 	-8-	  
	 Trust Indenture Act
	  	 	-8-	  
	 Trustee
	  	 	-8-	  
	 United States Person
	  	 	-8-	  
	 U.S. Government Obligation
	  	 	-8-	  
	 Vice President
	  	 	-8-	  
		
	 SECTION 102. Compliance Certificates and Opinions
	  	 	-8-	  
		
	 SECTION 103. Form of Documents Delivered to Trustee
	  	 	-9-	  
		
	 SECTION 104. Acts of Holders; Record Dates
	  	 	-9-	  
		
	 SECTION 105. Notices, Etc., to Trustee, Issuers and Guarantors
	  	 	-11-	  
		
	 SECTION 106. Notice to Holders; Waiver
	  	 	-12-	  
		
	 SECTION 107. Language of Notices, Etc. 
	  	 	-12-	  
		
	 SECTION 108. Conflict with Trust Indenture Act
	  	 	-12-	  
		
	 SECTION 109. Effect of Headings and Table of Contents
	  	 	-12-	  
		
	 SECTION 110. Successors and Assigns
	  	 	-12-	  
		
	 SECTION 111. Separability Clause
	  	 	-13-	  
		
	 SECTION 112. Benefits of Indenture
	  	 	-13-	  
		
	 SECTION 113. Governing Law
	  	 	-13-	  
		
	 SECTION 114. Saturdays, Sundays and Legal Holidays
	  	 	-13-	  
		
	 SECTION 115. Appointment of Agent for Service
	  	 	-13-	  

  
 ii 

			
	 ARTICLE TWO
	  	
		
	 SECURITY FORMS
	  	-14-
		
	 SECTION 201. Forms Generally
	  	-14-
		
	 SECTION 202. Form of Face of Security
	  	-15-
		
	 SECTION 203. Form of Reverse of Security
	  	-16-
		
	 SECTION 204. Form of Legend for Global Securities
	  	-21-
		
	 SECTION 205. Guarantee by Guarantors; Form of Guarantee
	  	-22-
		
	 SECTION 206. Form of Trustee’s Certificate of Authentication
	  	-26-
		
	 ARTICLE THREE
	  	
		
	 THE SECURITIES
	  	-27-
		
	 SECTION 301. Amount Unlimited; Issuable In Series
	  	-27-
		
	 SECTION 302. Denominations
	  	-29-
		
	 SECTION 303. Execution, Authentication, Delivery and Dating
	  	-29-
		
	 SECTION 304. Temporary Securities
	  	-30-
		
	 SECTION 305. Registration, Registration of Transfer and Exchange
	  	-31-
		
	 SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities
	  	-32-
		
	 SECTION 307. Payment of Interest; Interest Rights Preserved
	  	-33-
		
	 SECTION 308. Persons Deemed Owners
	  	-34-
		
	 SECTION 309. Cancellation
	  	-34-
		
	 SECTION 310. Computation of Interest
	  	-35-
		
	 SECTION 311. CUSIP Numbers
	  	-35-
		
	 Section 312. Qualified Reopenings
	  	-35-
		
	 ARTICLE FOUR
	  	
		
	 SATISFACTION AND DISCHARGE
	  	-35-
		
	 SECTION 401. Satisfaction and Discharge of Indenture
	  	-35-
		
	 SECTION 402. Application of Trust Money
	  	-36-

  
 iii

			
	 ARTICLE FIVE
	  	
		
	 REMEDIES
	  	-37-
		
	 SECTION 501. Events of Default
	  	-37-
		
	 SECTION 502. Acceleration of Maturity; Rescission and Annulment
	  	-38-
		
	 SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee
	  	-39-
		
	 SECTION 504. Trustee May File Proofs of Claim
	  	-40-
		
	 SECTION 505. Trustee May Enforce Claims Without Possession of Securities
	  	-40-
		
	 SECTION 506. Application of Money Collected
	  	-40-
		
	 SECTION 507. Limitation on Suits
	  	-41-
		
	 SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	-41-
		
	 SECTION 509. Restoration of Rights and Remedies
	  	-41-
		
	 SECTION 510. Rights and Remedies Cumulative
	  	-42-
		
	 SECTION 511. Delay or Omission Not Waiver
	  	-42-
		
	 SECTION 512. Control by Holders
	  	-42-
		
	 SECTION 513. Waiver of Past Defaults
	  	-42-
		
	 SECTION 514. Undertaking for Costs
	  	-43-
		
	 SECTION 515. Waiver of Usury, Stay or Extension Laws
	  	-43-
		
	 ARTICLE SIX
	  	
		
	 THE TRUSTEE
	  	-43-
		
	 SECTION 601. Certain Duties and Responsibilities
	  	-43-
		
	 SECTION 602. Notice of Defaults
	  	-43-
		
	 SECTION 603. Certain Rights of Trustee
	  	-44-
		
	 SECTION 604. Not Responsible for Recitals or Issuance of Securities
	  	-45-
		
	 SECTION 605. May Hold Securities
	  	-45-
		
	 SECTION 606. Money held in Trust
	  	-45-
		
	 SECTION 607. Compensation and Reimbursement
	  	-46-

  
 iv 

			
	 SECTION 608. Conflicting Interests
	  	-46-
		
	 SECTION 609. Corporate Trustee Required; Eligibility
	  	-47-
		
	 SECTION 610. Resignation and Removal; Appointment of Successor
	  	-47-
		
	 SECTION 611. Acceptance of Appointment by Successor
	  	-48-
		
	 SECTION 612. Merger, Conversion, Consolidation or Succession to Business
	  	-49-
		
	 SECTION 613. Preferential Collection of Claims Against Issuers or Guarantors
	  	-49-
		
	 SECTION 614. Appointment of Authenticating Agent
	  	-50-
		
	 ARTICLE SEVEN
	  	
		
	 HOLDERS’ LISTS AND REPORTS BY
TRUSTEES, ISSUERS AND GUARANTORS
	  	-52-
		
	 SECTION 701. Issuers and the Guarantors to Furnish Trustee Names and Addresses of
Holders
	  	-52-
		
	 SECTION 702. Preservation of Information; Communications to Holders 
	  	-52-
		
	 SECTION 703. Reports by Trustee
	  	-52-
		
	 SECTION 704. Reports by Issuers and Guarantors
	  	-53-
		
	 ARTICLE EIGHT
	  	
		
	 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR
LEASE
	  	-53-
		
	 SECTION 801. Issuers or Guarantors May Consolidate, Etc., Only on Certain Terms
	  	-53-
		
	 SECTION 802. Successor Substituted
	  	-54-
		
	 SECTION 803. Assumption by a Guarantor or Subsidiary of Issuers’ Obligations
	  	-55-
		
	 ARTICLE NINE
	  	
		
	 SUPPLEMENTAL INDENTURES
	  	-57-
		
	 SECTION 901. Supplemental Indentures Without Consent of Holders
	  	-57-
		
	 SECTION 902. Supplemental Indentures With Consent of Holders
	  	-58-
		
	 SECTION 903. Execution of Supplemental Indentures
	  	-59-
		
	 SECTION 904. Effect of Supplemental Indentures
	  	-59-
		
	 SECTION 905. Conformity with Trust Indenture Act
	  	-59-
		
	 SECTION 906. Reference in Securities to Supplemental Indentures
	  	-59-

  
 v 

			
	 ARTICLE TEN
	  	
		
	 COVENANTS
	  	-60-
		
	 SECTION 1001. Payment of Principal, Premium and Interest
	  	-60-
		
	 SECTION 1002. Maintenance of Office or Agency
	  	-60-
		
	 SECTION 1003. Money for Securities Payments to Be Held in Trust
	  	-60-
		
	 SECTION 1004. Additional Amounts
	  	-61-
		
	 SECTION 1005. Statement by Officers as to Default
	  	-64-
		
	 SECTION 1006. Existence
	  	-64-
		
	 SECTION 1007. Limitations on Liens
	  	-64-
		
	 SECTION 1008. Limitations on Sales & Leasebacks
	  	-67-
		
	 SECTION 1009. Waiver of Certain Covenants
	  	-67-
		
	 ARTICLE ELEVEN
	  	
		
	 REDEMPTION OF SECURITIES
	  	-68-
		
	 SECTION 1101. Applicability of Article
	  	-68-
		
	 SECTION 1102. Election to Redeem; Notice To Trustee
	  	-68-
		
	 SECTION 1103. Selection by Trustee of Securities to Be Redeemed
	  	-68-
		
	 SECTION 1104. Notice of Redemption
	  	-69-
		
	 SECTION 1105. Deposit of Redemption Price
	  	-69-
		
	 SECTION 1106. Securities Payable on Redemption Date
	  	-69-
		
	 SECTION 1107. Securities Redeemed in Part
	  	-70-
		
	 SECTION 1108. Optional Redemption Due to Changes in Tax Treatment
	  	-70-
		
	 ARTICLE TWELVE
	  	
		
	 SINKING FUNDS
	  	-71-
		
	 SECTION 1201. Applicability of Article
	  	-71-
		
	 SECTION 1202. Satisfaction of Sinking Fund Payments with Securities
	  	-71-
		
	 SECTION 1203. Redemption of Securities for Sinking Fund
	  	-72-

  
 vi 

			
	 ARTICLE THIRTEEN
	  	
		
	 DEFEASANCE AND COVENANT DEFEASANCE
	  	-72-
		
	 SECTION 1301. Option of Issuers or Guarantors to Effect Defeasance or Covenant
Defeasance
	  	-72-
		
	 SECTION 1302. Defeasance and Discharge
	  	-72-
		
	 SECTION 1303. Covenant Defeasance
	  	-73-
		
	 SECTION 1304. Conditions to Defeasance or Covenant Defeasance
	  	-73-
		
	 SECTION 1305. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions
	  	-75-
		
	 SECTION 1306. Reinstatement
	  	-76-

  
 vii

 AMENDED AND RESTATED INDENTURE, dated as of March 16, 2012, among Rio Tinto Finance
(USA) Limited (ABN 84 062 129 551), a corporation duly organized and existing under the laws of the State of Victoria, Australia, having its principal office at Level 33, 120 Collins Street, Melbourne, Victoria 3000, Australia, Rio Tinto Finance
(USA) plc, a public limited company duly incorporated and existing under the laws of England, having its registered office at 2 Eastbourne Terrace, London W2 6LG, United Kingdom (each being referred to as an “Issuer” and together as the
“Issuers”), Rio Tinto plc, a public limited company duly incorporated and existing under the laws of England, having its registered office at 2 Eastbourne Terrace, London W2 6LG, England and Rio Tinto Limited (ABN 96 004 458 404), a
corporation duly organized and existing under the laws of the State of Victoria, Australia, having its principal office at Level 33, 120 Collins Street, Melbourne, Victoria 3000, Australia (each being referred to herein as a “Guarantor”
and together as the “Guarantors”) and The Bank of New York Mellon, a banking corporation duly organized and existing under the laws of the State of New York, as Trustee (herein called the “Trustee”). 

RECITALS OF THE ISSUERS AND THE GUARANTORS 
 Each Issuer, each Guarantor and the other parties named herein entered into an indenture dated July 2, 2001 (the “Original Indenture”) and such parties now wish to amend and restate the
Original Indenture, it being acknowledged that this amended and restated indenture constitutes a supplemental indenture pursuant Section 901. 
 RECITALS OF THE ISSUERS 
 Each Issuer has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture
provided. 
 All things necessary to make this Indenture a valid agreement of the Issuers, in accordance with its terms, have
been done. 
 RECITALS OF THE GUARANTORS 
 The Guarantors desire to make the guarantees provided for herein. 
 All things
necessary to make this Indenture a valid agreement of the Guarantors, in accordance with its terms, have been done. 
 NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 SECTION 101. Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

  
 1 

 (1) the terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with International Financial Reporting Standards as applied by Rio Tinto plc and Rio Tinto Limited, respectively; 

(4) unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a
Section, as the case may be, of this Indenture; and 
 (5) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Act”, when used with respect to any Holder, has the meaning specified in Section 104. 
 “Affiliate” of (i) any company in the Rio Tinto Group means a Subsidiary of any such company and (ii) any specified Person other than a company in the Rio Tinto Group 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 Clause (ii) of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant
to Section 614 to act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Authorized
Newspapers” means a newspaper of general circulation in the relevant area, printed in the English language and customarily published on each business day, whether or not published on Saturdays, Sundays or holidays. Whenever successive weekly
publications in an Authorized Newspaper are authorized hereunder, they may be made (unless otherwise expressly provided herein) on the same or different days of the week and in the same or different Authorized Newspapers. 

“Board of Directors”, when used with reference to any Issuer or any Guarantor, means either the board of directors of either
Issuer or either Guarantor, as the case may be, or any duly authorized committee of such board. 
 “Board Resolution”,
when used with reference to any Issuer or any Guarantor, means a copy of a resolution certified by any Director of such Issuer or, in the case of a Guarantor, by any Director or the Secretary or an Assistant Secretary of such Guarantor to have been
duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee, 
 “Borrowing” means monies borrowed or raised and any guarantee, indemnity or other assurance against (or other arrangement intended to prevent or limit) loss in respect of the Borrowings of any
Person. 
 “Business Day”, when used with respect to any Place of Payment or any other particular location referred to
in this Indenture or in the Securities, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment or in New York City are authorized or obligated by law or executive order to
close. 

  
 2 

 “Commission” means the Securities and Exchange Commission, from time to time
constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties
at such time. 
 “Company Request” or “Company Order” means a written request or order signed in the name of
the Issuer of the relevant series of Securities by its Chairman of the Board, its Vice Chairman of the Board, its President or a Vice President, or by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary (or an attorney in
fact of one of those persons), or in the case of a Guarantor, in the name of that Guarantor by any Director, Secretary or Finance Director of such Guarantor, each delivered to the Trustee. 

“Consolidated Net Worth plus Minorities” means, with respect to the Guarantors and their Subsidiaries (Accounting) considered
as an entirety, the aggregate amount for the time being paid up or credited as paid up on the issued share capital of the Guarantors, plus the amount standing to the credit (or, as the case may be, minus the amount standing to the
debit) of the consolidated profit and loss account of the Guarantors and their Subsidiaries (Accounting) as at the end of the latest financial year (or half year) for which financial statements of the Guarantors and their Subsidiaries (Accounting)
have been published, plus any other consolidated reserves of the Guarantors and their Subsidiaries (Accounting) (including any share premium account or capital redemption reserve), plus all amounts that have been written off (to profit
and loss account or other reserves) in respect of goodwill (as defined under International Financial Reporting Standards), plus (to the extent not already included) the amount attributable to the interests of outside holders of issued share
capital in any of the Guarantors’ Subsidiaries (Accounting). For the purposes of this definition, all items shall be calculated on a consolidated basis in accordance with International Financial Reporting Standards and (subject only as may be
required in order to reflect the express inclusion or exclusion of items as specified in this definition) shall be as shown in the latest published consolidated balance sheet of the Guarantors and their Subsidiaries (Accounting). 

“Corporate Trust Office” means the principal office of the Trustee in the Borough of Manhattan, New York City at which at any
particular time its corporate trust business shall be administered, which office at the date of initial execution of this Indenture is 101 Barclay Street, 4E, New York, New York 10286. 

“Corporation” means a corporation, association, company, joint-stock company or business trust. 

“Covenant Defeasance” has the meaning specified in Section 1303. 

“Defaulted Interest” has the meaning specified in Section 307. 

“Defeasance” has the meaning specified in Section 1302. 

“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global
Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301. 
 “Encumbrance” means any mortgage, pledge, security interest or lien. 

“Event of Default” has the meaning specified in Section 501. 

“Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time
to time. 

  
 3 

 “Expiration Date” has the meaning specified in Section 104. 

“Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth in
Section 204 (or such legend as may be specified as contemplated by Section 301 for such Securities). 

“Guarantees” means any of the joint and several Guarantees of the Guarantors endorsed on any Security authenticated and
delivered pursuant to this Indenture (as may be specified as contemplated by Section 301 for such Securities) and shall include the form of Guarantee set forth in Section 205. 

“Guarantor” means either of the Persons named as a “Guarantor” in the first paragraph of this instrument until a
successor Person shall have become such pursuant to the applicable provisions of this Indenture and thereafter “Guarantor” shall mean such successor Person. 
 “Holder” means a Person in whose name a Security is registered in the Security Register. 
 “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 301. 
 “interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 

“Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of an installment of interest on
such Security. 
 “International Financial Reporting Standards” shall mean International Financial Reporting Standards
as issued by the International Accounting Standards Board. 
 “Investment Company Act” means the Investment Company
Act of 1940 and any statute successor thereto, in each case as amended from time to time. 
 “Issuers” means the
Persons named as the “Issuers” in the first paragraph of this instrument and “Issuer” means either of them, as the case may be, until a successor Person shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Issuer” shall mean such successor Person. 
 “Joint Venture”, means a
partnership, corporation, joint venture or unincorporated organization or association whose business or activities substantially consist of or are related to the exploration, development, mining and/or exploitation (including processing and
marketing) of base and precious metals, other minerals, petroleum or any other materials whatsoever. 
 “Maturity”,
when used with respect to any Security, means the date on which the principal of such Security or an 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 or otherwise. 
 “Notice of Default” means a written notice of the kind specified in
Section 501(4). 
 “Officer’s Certificate” means a certificate signed by the Chairman of the Board, a Vice
Chairman of the Board, the President or a Vice President, any Director, the Treasurer or the 

  
 4 

 
Secretary (or an attorney-in-fact of one of those persons) of the Issuer of the relevant series of Securities or, in the case of a Guarantor, by any Director, the Secretary or the Treasurer of
such Guarantor, in each case delivered to the Trustee. An officer signing an Officer’s Certificate given pursuant to Section 1005 shall be the principal executive, financial or accounting officer of the Issuer of the relevant series of
Securities or the applicable Guarantor, as the case may be. 
 “Opinion of Counsel” means a written opinion of
counsel, who may be counsel for any of the Issuers, any of the Guarantors, or other counsel acceptable to the Trustee. 

“Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be
due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (1) Securities theretofore cancelled by the Trustee or
delivered to the Trustee for cancellation; 
 (2) Securities for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer of such Securities or a Guarantor) in trust or set aside and segregated in trust by an Issuer or a Guarantor (if the Issuer of such Securities or a Guarantor
shall act as its own or their own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; 
 (3) Securities as to which Defeasance has been effected pursuant to
Section 1302; and 
 (4) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a
protected purchaser (as defined in Article 8 of the Uniform Commercial Code) in whose hands such Securities are valid obligations of the Issuer of such Securities; 
 provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which would be due and
payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of
such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units
which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security described in
Clause (A) or (B) above, of the amount determined as provided in such Clause), and (D) Securities owned by the Issuer of such Securities, any of the Guarantors or any other obligor upon the Securities or any Affiliate of the Issuer of
such Securities, a Guarantor or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the 

  
 5 

 
Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a Responsible Officer of the Trustee
knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to
such Securities and that the pledgee is not the Issuer of such Securities, any of the Guarantors or any other obligor upon the Securities or any Affiliate of the Issuer of such Securities, any of the Guarantors or of such other obligor. 

“Paying Agent” means any Person authorized by an Issuer to pay the principal of or any premium or interest on any Securities on
behalf of such Issuer and which initially shall be the Trustee. 
 “Person” means any individual, corporation,
partnership, joint venture, limited liability company, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of
and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Project Finance Borrowing” means any
indebtedness for borrowed money to finance a project: 
  

	 	(1)	which is borrowed or raised by a single purpose company (whether or not a Guarantor or an Issuer) whose principal assets and business are constituted by such project
and whose liabilities in respect of such indebtedness are not directly or indirectly the subject of a guarantee, indemnity or any other form of assurance, undertaking or financial support from any Guarantor or any Issuer except as expressly provided
for in paragraph (2)(iii) below; or 

  

	 	(2)	in respect of and in connection with which the Person or Persons making such indebtedness for borrowed money available to the relevant borrower (whether or not a
Guarantor or an Issuer) have no recourse whatsoever to any Guarantor or any Issuer for the repayment of or repayment of any sum relating to such indebtedness other than: 

 

	 	(i)	recourse to the borrower for amounts limited to the aggregate cash flow or net cash flow (other than historic cash flow or historic net cash flow) from such project;
and/or 

  

	 	(ii)	recourse to the borrower for the purpose only of enabling amounts to be claimed in respect of such indebtedness upon an enforcement of an Encumbrance given by the
borrower over the assets comprised in such project and/or by any shareholder or the like in the borrower over its shares or the like in the capital of the borrower to secure such indebtedness and/or any recourse permitted by (iii) below,
provided that (A) the extent of such recourse to the borrower is limited solely to the amount of any recoveries made on any such enforcement, and (B) such Person or Persons are not entitled, by virtue of any right or claim arising out of
or in connection with such indebtedness, to commence proceedings for the winding up or dissolution of the borrower or to appoint or procure the appointment of any receiver, trustee or similar person or official in respect of the borrower or any of
its assets (save for the assets the subject of such Encumbrance); and/or 

  
 6 

	 	(iii)	recourse to the borrower generally, or directly or indirectly to any Guarantor or any Issuer under a guarantee, indemnity or other form of assurance, undertaking or
financial support, which (A) is limited to a claim for damages for breach of an obligation (not being a payment obligation) of the Person against whom such recourse is available, and/or (B) entitles the creditor for such indebtedness, upon
default by the borrower, such Person or any other Person, to require a payment to be made (whether to or for the benefit of such creditor, the borrower or another Person) provided that, in the case of (B), where such payment is capable of being for
an amount which is material either alone or as a percentage of the indebtedness financing the project, such recourse is capable of being called on only during the period prior to practical completion of the project or of that portion of the project
being financed by such indebtedness. 

 “Property” of any Person means all types of real, personal,
tangible, intangible or mixed property owned by such Person whether or not included in the most recent consolidated balance sheet of such Person under International Financial Reporting Standards. 

“Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means the
price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on
any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301. 
 “Responsible Officer”, when used with respect to the Trustee, means any officer within the corporation trust department of the Trustee having direct responsibility for the administration of this
Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Rio Tinto Group” means the group comprising Rio Tinto plc (or its successors) and its Subsidiaries from time to time and Rio
Tinto Limited (or its successors) and its Subsidiaries from time to time. 
 “Securities” has the meaning stated in
the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 
 “Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time. 

“Security Register” and “Security Registrar” have the respective meanings specified in Section 305. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee and the Issuer of the
relevant series of Securities pursuant to Section 307. 
 “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. 

  
 7 

 “Subsidiary” means (i) in relation to Rio Tinto Finance (USA) Limited, Rio
Tinto Limited (or its successors) or any Subsidiary of Rio Tinto Limited, any company which is a subsidiary of Rio Tinto Finance (USA) Limited, Rio Tinto Limited (or any of their respective successors) or that Subsidiary within the meaning ascribed
to the term “subsidiary” in Section 9 of the Corporations Law of Australia and (ii) in relation to Rio Tinto Finance (USA) plc, Rio Tinto plc or any Subsidiary of Rio Tinto plc, any company which is a subsidiary of Rio Tinto
Finance (USA) plc, Rio Tinto plc (or any of their respective successors) or that Subsidiary within the meaning ascribed to the term “subsidiary” in Section 1159 of the Companies Act 2006 of Great Britain, provided that where such term
is followed immediately by “(Accounting)” it shall mean any company, corporation or other entity which either is a Subsidiary in accordance with the foregoing or is treated in the consolidated accounts of any Guarantor as being a
subsidiary or subsidiary undertaking of such Guarantor. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939
as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 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 or include each Person who is then
a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“United States Person” means any Person who, for United States Federal income tax purposes, is a citizen or resident, a
domestic corporation, an estate whose income is subject to taxation regardless of its source or a trust if a United States court can exercise primary supervision over the trust’s administration and one or more United States Persons are
authorized to control all substantial decisions of the trust. 
 “U.S. Government Obligation” has the meaning
specified in Section 1304. 
 “Vice President”, when used with respect to an Issuer or the Trustee, means any
vice president, whether or not designated by a number or a word or words added before or after the title “vice president”. 
 SECTION
102. Compliance Certificates and Opinions. 
 Upon any application or request by any Issuer or any Guarantor to the
Trustee to take or refrain from taking any action under any provision of this Indenture, such Issuer or such Guarantor shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such
certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of any Issuer or any Guarantor, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust
Indenture Act and any other requirements set forth in this Indenture. 
 Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (except for certificates provided for in Section 1005) shall include 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

  
 8 

 (2) 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; 
 (3) a statement that, in the opinion of
each such individual, 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 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

SECTION 103. Form of Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of any
Issuer or any Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of any Issuer or any Guarantor stating that the information with respect to such factual matters is in the possession of such Issuer or such Guarantor, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 104. Acts of Holders;
Record Dates. 
 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted
by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to each of the Issuers and to each of the Guarantors. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Issuers and the Guarantors, if made in the manner provided in this Section. 

The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing 

  
 9 

 
such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit
shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems
sufficient. 
 The ownership of Securities shall be proved by the Security Register. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or any Issuer or any
Guarantor in reliance thereon, whether or not notation of such action is made upon such Security. 
 The Issuer of a series of
Securities and the Guarantors may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided that the Issuer of such Securities and the Guarantors may not set a record date for, and the provisions of
this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of
the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless
taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Issuer of such Securities or
the Guarantors from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and
of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any
record date is set pursuant to this paragraph, the Issuer of the relevant series of Securities or any Guarantor, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be
given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default,
(ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 512, in each case with respect to
Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series 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 that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by

  
 10 

 
Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the expense of the Issuer of the relevant series of Securities, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to such Issuer in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106. 
 With respect to any record date set pursuant
to this Section, the party hereto which sets such record dates may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the other parties hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration
Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the
Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so
with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

SECTION 105. Notices, Etc., to Trustee, Issuers and Guarantors. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 (1) the Trustee by any Holder or by any of the Issuers or any of the Guarantors shall be sufficient for every purpose
hereunder if made, given, furnished or filed or mailed first-class postage prepaid in writing to or with the Trustee at its Corporate Trust Office, Attention: International Corporate Trust, or 

(2) any of the Issuers or any of the Guarantors by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and mailed to such Issuer or such Guarantor, international air mail postage prepaid and addressed to such party at its respective registered office specified in the first paragraph of this
instrument to the attention of its Secretary, or at such other registered address previously furnished in writing to the Trustee by such Issuer or such Guarantor. 
 The Trustee may rely upon and comply with instructions or directions sent via unsecured facsimile or email transmission and the Trustee shall not be liable for any loss, liability or expense of any kind
incurred by the Issuers or the Holders due to the Trustee’s reliance upon and compliance with instructions or directions given by unsecured facsimile or email transmission, provided, however, that such losses have not arisen from the negligence
or wilful misconduct of the Trustee, it being understood that the failure of the Trustee to verify or confirm that the person providing the instructions or directions, is, in fact, an authorized person does not constitute negligence or wilful
misconduct. 

  
 11 

 SECTION 106. Notice to Holders; Waiver. 

Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date
(if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

In case by reason of the suspension of 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. 
 SECTION 107. Language of Notices, Etc. 
 Any request, demand, authorization,
direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 

SECTION 108. Conflict with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part of and govern this Indenture, the latter provision shall
control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the
case may be. 
 SECTION 109. Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 SECTION 110. Successors and Assigns. 
 All covenants and agreements in this Indenture by an Issuer or a Guarantor shall bind its successors and assigns, whether so expressed or not. 

  
 12 

 SECTION 111. Separability Clause. 

In case any provision in this Indenture or in the Securities or the Guarantees 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 112. Benefits of
Indenture. 
 Nothing in this Indenture or in the Securities or the Guarantees, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 113. Governing Law and Waiver of Trial by Jury. 
 This Indenture,
the Securities and the Guarantees shall be governed by and construed in accordance with the law of the State of New York without regard to principles of conflicts of law. 
 Each of the parties hereto, and the holders by acceptance of any Securities issued hereunder, irrevocably waives, to the fullest extent permitted by applicable law, any and all right to a trial by jury in
any legal proceeding among the parties hereto arising out of or relating to this Indenture, the Securities, the Guarantees or the transaction contemplated hereby or thereby. 
 SECTION 114. Saturdays, Sundays and Legal Holidays. 
 In any case where any
Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security
which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at
such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity; provided that no interest shall accrue on such payment for the period from and after such Interest Payment
Date, Redemption Date or Stated Maturity, as the case may be. 
 SECTION 115. Appointment of Agent for Service. 

By the execution and delivery of this Indenture, each Issuer and each Guarantor hereby severally appoints Rio Tinto Services Inc. as its
agent upon which process may be served in any legal action or proceeding which may be instituted in any Federal or State court in the Borough of Manhattan, New York City, arising out of or relating to the Securities, the Guarantees or this
Indenture, but for that purpose only, and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such proceeding. Service
of process upon such agent at the office of such agent at 80 State Street, Albany, NY 12207-2543, and written notice of said service to each of the Issuers and each of the Guarantors by the Person serving the same addressed as provided by
Section 105, shall be deemed in every respect effective service of process upon the Issuers and the Guarantors, respectively, in any such legal action or proceeding, and the Issuers and the Guarantors, respectively, hereby submit to the
nonexclusive jurisdiction of any such court 

  
 13 

 
in which any such legal action or proceeding is so instituted. Such appointment shall be irrevocable so long as the Holders of Securities shall have any rights pursuant to the terms thereof or of
this Indenture until the appointment of a successor by any of the Issuers or any of the Guarantors, as the case may be, with the consent of the Trustee and such successor’s acceptance of such appointment. Each of the Issuers and each of the
Guarantors further agree to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of such agent or successor until this Indenture
has been satisfied, discharged or defeased in accordance with Article Four or Article Thirteen hereof. 
 ARTICLE TWO

 SECURITY FORMS 
 SECTION 201. Forms Generally. 
 The Securities of each series shall be in
substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any
securities exchange or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. If the form of Securities of any series is established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Issuer of such Securities and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 303 for the authentication and delivery of such Securities. 
 The Guarantees by the
Guarantors to be endorsed on the Securities of each series shall be substantially in the form set forth in Section 205, or as shall be established by or pursuant to Board Resolutions of each of the Guarantors, or in one or more indentures
supplemental hereto, pursuant to Section 301, in each case with such appropriate insertions, omissions, substitutions and other corrections as are required or permitted by this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the directors or officers delivering such Guarantees, all as
evidenced by such delivery. Any such legends or endorsements not contained in the form of the Security as set forth in Section 202 or 203 or in the form of the Guarantee as set forth in Section 205 shall be delivered in writing or by
facsimile to the Trustee. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or
may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

  
 14 

 SECTION 202. Form of Face of Security. 

[INSERT ANY REQUIRED ORIGINAL ISSUE DISCOUNT LEGEND] 
 [RIO TINTO FINANCE (USA) LIMITED/RIO TINTO FINANCE (USA) PLC] 
 [TITLE OF SECURITY]

 PAYMENT OF PRINCIPAL, [PREMIUM, IF ANY] 
 AND INTEREST GUARANTEED BY RIO TINTO PLC 
 AND RIO TINTO LIMITED 

 

					
	No.            	  	$	            	  
		  	 	[CUSIP No.    	] 

 [Rio Tinto Finance (USA) Limited (ABN 84 062 129 551), a corporation duly organized and existing under
the laws of the State of Victoria, Australia/Rio Tinto Finance (USA) plc, a public limited company duly incorporated and existing under the laws of England] (herein called the “Issuer”, which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay to ............................................., or registered assigns, the principal sum of
........................................... Dollars on .......................................... [if the Security is to bear interest prior to Maturity, insert
—, and to pay interest thereon from ............ or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on ............ and
............ in each year, commencing ............, at the rate of ....% per annum, until the principal hereof is paid or made available for payment [if applicable, insert —, provided that any principal
and premium, and any such installment of interest, which is overdue shall bear interest at the rate of ....% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the ............or ............ (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture]. 
 [If the
Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such
case the overdue principal of this Security and any overdue premium shall bear interest at the rate of ....% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment. Interest on any overdue principal or premium shall be payable on demand. Any such interest on overdue principal or premium which is not paid on demand shall bear interest at the rate of ....% per annum (to
the extent that the 

  
 15 

 
payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue
interest shall be payable on demand.] 
 Payment of the principal of (and premium, if any) and [if applicable, insert
— any such] interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in ............, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts [if applicable, insert —; provided, however, that at the option of the Issuer payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register]. 
 [if applicable, insert — All payments of, or in respect of,
principal of and any premium and interest on this Security, shall be made without withholding or deduction for, or on account of, any present of future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on
behalf of [Australia/the United Kingdom] or any political subdivision or taxing authority thereof or therein, unless such taxes, duties, assessments or governmental charges are required by [Australia/the United Kingdom] or any such subdivision or
authority to be withheld or deducted. In that event, the Issuer will pay such additional amounts (as described in Section 1004 of the Indenture) as will result (after deduction of such taxes, duties, assessments or governmental charges and any
additional taxes, duties, assessments or governmental charges payable in respect of such) in the payment to the Holder of this Security had no such withholding or deduction been required, subject to certain exceptions as set forth in Article Ten of
the Indenture.] 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed. 
 Dated: 

			
	[Rio Tinto Finance (USA) Limited/Rio Tinto Finance (USA) plc]
		
	By	 	 
		 	 Name:

Title:

  

			
	Attest:
		
	By	 	 
		 	 Name:

Title:

 SECTION 203. Form of Reverse of Security. 
 This Security is one of a duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under an Amended and Restated

  
 16 

 Indenture, dated as of July 2, 2001 and amended and restated as of........., 2012 (herein
called the “Indenture”, which term shall have the meaning assigned to it in such instrument), among Rio Tinto Finance (USA) Limited, a corporation duly organized and existing under the laws of the State of Victoria, Australia, Rio Tinto
Finance (USA) plc, a public limited company duly incorporated and existing under the laws of England, Rio Tinto plc, a public limited company duly incorporated and existing under the laws of England, Rio Tinto Limited, a corporation duly organized
and existing under the laws of the State of Victoria, Australia, (each being referred to herein as a “Guarantor”, which term includes any Successor Persons under the Indenture referred to herein and together the “Guarantors”) and
The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture and all indentures supplemental thereto for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof [if applicable, insert —, limited in aggregate principal amount to $............]. 
 [If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, [if applicable, insert — (1) on ......... in
any year commencing with the year ........... and ending with the year .......... through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert
— on or after ........... 20..], as a whole or in part, at the election of the Issuer, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert — on or before
............, ...%, and if redeemed] during the 12-month period beginning ............ of the years indicated, 
  

							
	 Year
	 	 Redemption

Price
	 	 Year
	 	 Redemption

Price

 and thereafter at a Redemption Price equal to ....% of the principal amount, together in the case of any such redemption [if applicable, insert — (whether through operation of the sinking
fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of
record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 days’ notice by
mail, (1) on .......... in any year commencing with the year ........... and ending with the year ........... through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund
(expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert — on or after ...........], as a whole or in part, at the election of the Issuer, at the Redemption Prices
for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning ........... of the years indicated. 

  
 17 

					
	 Year
	 	 Redemption Price
 For Redemption
 Through Operation

of the Sinking Fund
	 	 Redemption Price For

Redemption Otherwise
 Than Through Operation

of the Sinking Fund

and thereafter at a Redemption Price equal to ....% of the principal amount, together in the case of any such redemption (whether through operation of
the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 
 [If applicable, insert — Notwithstanding the foregoing, the Issuer may not, prior to ..........., redeem any Securities of this series as contemplated by [if applicable, insert —
Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Issuer (calculated in accordance with generally
accepted financial practice) of less than ....% per annum.] 
 [If applicable, insert — The sinking fund for this
series provides for the redemption on ......... in each year beginning with the year ............ and ending with the year ........... of [if applicable, insert — not less than $............ (“mandatory sinking fund”) and not
more than] $............ aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Issuer otherwise than through [if applicable, insert — mandatory] sinking fund payments may be
credited against subsequent [if applicable, insert — mandatory] sinking fund payments otherwise required to be made [if applicable, insert —, in the inverse order in which they become due].] 

[The Securities may be redeemed at the option of the Issuer or any of the Guarantors in whole, but not in part, at any time at the
Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption [if the Security is an Original Issue Discount Security, insert formula for determining amount], if the Issuer or a Guarantor
determines that if, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Issuer or any of
the Guarantors is incorporated or any change in the official application or interpretation of such laws, regulations or rulings, or any change in the official application or interpretation of, or any execution of or amendment to, any treaty or
treaties affecting taxation to which such jurisdiction (or such political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on or
after             , (i) the Issuer or any of the Guarantors is or would be required to pay additional amounts of interest with respect to the Securities or Guarantees on the next
succeeding Interest Payment Date as set forth in the Guarantee endorsed hereon (or in a supplemental indenture) or (ii) any Guarantor or any Subsidiary of any Guarantor is or would be required to deduct or withhold tax on any payment to the
Issuer to enable the Issuer to make any payment of principal or interest in respect of the Securities and, in each case, the payment of such additional amounts in the case of (i) above or

  
 18 

 
such deduction or withholding in the case of Clause (ii) above cannot be avoided by the use of any reasonable measures available to the Issuer, any relevant Guarantor or Subsidiary.]

 [The Securities may also be redeemed in whole, but not in part, upon not less than 30 nor more than 60 days’ notice
given as provided in the Indenture at any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption [if the Security is an Original Issue Discount Security, insert formula for
determining amount] if the Person formed by a consolidation of any of the Guarantors or into which any of the Guarantors is merged or to which any of the Guarantors conveys, transfers or leases its properties and assets substantially as an
entirety is required to pay a Holder additional amounts in respect of any tax, assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from any payment to such Holder as a consequence of such
consolidation, merger, conveyance, transfer or lease.] 
 [The Redemption Price of the Securities shall be equal to the
applicable percentage of the principal amount at Stated Maturity set forth below: 
  

			
	 If Redemption During the 12-Month

Period Commencing
	  	Redemption
Price
	                     ,
20
	  	
	                     ,
20
	  	

 together with, in each case (except if the Redemption Date shall be
a                     ), an amount equal to the applicable Redemption Price multiplied by a fraction the numerator of which is the number of
days from but not including the preceding to and including the Redemption Date multiplied by the difference between the Redemption Price applicable during the 12 months beginning on
the                     following the Redemption Date (or, in the case of a Redemption Date
after                     , 100%) and the Redemption Price applicable on the Redemption Date and the denominator of which is the total number of
days from but not including the                     preceding the Redemption Date to and including the next
succeeding                     . [The Issuer will also pay to each eligible Holder, or make available for payment to each such Holder, on the
Redemption Date any additional amounts (as set forth [on the face hereof or] in the Guarantee endorsed hereon) resulting from the payment of such Redemption Price.]] 
 Notice of redemption will be given by mail to Holders of Securities, not less than 30 nor more than 60 days period to the dated fixed for redemption, all as provided in the Indenture. 

[If the Security is subject to redemption of any kind, insert — In the event of redemption of this Security in part only, a
new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 
 [If applicable, insert — The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security ] [or] [certain restrictive covenants and Events of Default
with respect to this Security ] [, in each case] upon compliance with certain conditions set forth in the Indenture.] 
 [If
the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture.] 

  
 19 

 [If the Security is an Original Issue Discount Security, insert — If an Event of
Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall
be equal to — insert formula for determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent
that the payment of such interest shall be legally enforceable), all of the Issuer’s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the Guarantors and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer, the Guarantors and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer or the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the
provisions of the Indenture, no Holder of any Security of this series will have the right to institute any proceeding with respect to the Indenture, the Guarantee endorsed hereon, this Security or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such
notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates
expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Issuer in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 20 

 The Securities of this series are issuable only in registered form without coupons in
denominations of $.......... and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this
series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service
charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer or exchange, the Issuer, the Guarantors, the Trustee and any agent
of the Issuer, the Guarantors or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Issuer, the Guarantors, the Trustee nor any
such agent shall be affected by notice to the contrary. 
 The Indenture and this Security shall be governed by and construed in
accordance with the laws of the State of New York, without regard to principles of conflicts of laws. 
 Interest on this
Security shall be computed on the basis of a 360-day year of twelve 30-day months. 
 All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 [Insert Form of Guarantee] 

SECTION 204. Form of Legend for Global Securities. 
 Unless otherwise specified as contemplated by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the
following form: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF CEDE & CO. AS THE NOMINEE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”). UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO [RlO TlNTO FINANCE (USA)
LIMITED/RIO TINTO FINANCE (USA) PLC] OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS 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. 

  
 21 

 SECTION 205. Guarantee by Guarantors; Form of Guarantee. 

Each Guarantor by its execution of this Indenture hereby agrees with each Holder of a Security of each series authenticated and delivered
by the Trustee, and with the Trustee on behalf of each such Holder and each such Holder, to be unconditionally bound by the terms and provisions of the Guarantee set forth below and authorizes the Issuer of the relevant series of Securities, in the
name and on behalf of such Guarantor, to confirm such Guarantee to the Holder of each such Security by its execution and delivery of each such Security, with such Guarantee endorsed thereon, authenticated and delivered by the Trustee. When delivered
pursuant to the provisions of Section 303 hereof, Guarantees so set forth on the Securities shall bind the Guarantors notwithstanding the fact that the Guarantee does not bear the signature of the Guarantors. 

Guarantees to be endorsed on the Securities shall, subject to Section 201, be in substantially the form set forth below: 

GUARANTEE 

Rio Tinto plc, a public limited company incorporated under the laws of England, having its registered office at 2 Eastbourne Terrace,
London W2 6LG, United Kingdom, and Rio Tinto Limited (ABN 96 004 458 404), a corporation incorporated under the laws of the State of Victoria, Australia, having its principal office at Level 33, 120 Collins Street, Melbourne, Victoria 3000,
Australia (each being referred to herein as a “Guarantor”, which term includes any successor Person under the Indenture referred to in the Security upon which this Guarantee is endorsed, and together, the “Guarantors”), for value
received hereby unconditionally guarantee to the Holder of the Security upon which this Guarantee is endorsed and to the Trustee on behalf of each such Holder the due and punctual payment of the principal of, premium, if any, and interest on such
Security (including any additional amounts payable pursuant to Section 1004 of the Indenture in respect thereof) and the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall
become due and payable (subject to any period of grace provided with respect thereto), whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to
therein and any other payment of interest under the Indenture. In the case of the failure of [Rio Tinto Finance (USA) Limited, a corporation organized under the laws of the State of Victoria, Australia/Rio Tinto Finance (USA) plc, a public limited
company incorporated under the laws of England] (herein called the “Issuer”, which term includes any successor Person under such Indenture), punctually to make any such payment of principal, premium, if any, or interest or any sinking fund
or analogous payment, the Guarantors hereby, jointly and severally, agree to cause any such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for
redemption or otherwise, and as if such payment were made by the Issuer. The obligations of the Guarantors under this Guarantee shall be joint and several. 
 [If applicable, insert — Each of the Guarantors hereby further agrees, subject to the limitations and exceptions set forth below, that if any deduction or withholding for any present or future
taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which such Guarantor is incorporated shall at any time be required by such jurisdiction (or any such
political subdivision or taxing authority) in respect of any amount to be paid by such Guarantor under this Guarantee, then such Guarantor will pay to the Holder of a Security such additional amounts as may be necessary in order that the net amounts
paid to the Holder of such Security who, with respect to any such tax, assessment, or other governmental charge, is not resident in such jurisdiction, after such deduction or withholding, 

  
 22 

 
shall be not less than the amounts specified in such Security to which such Holder is entitled; provided however, that such Guarantor shall not be required to make any payment of
additional amounts (i) if the Holder is a United States Person, for or on account of any such tax, assessment or other governmental charge imposed by the United States or any political subdivisions or taxing authority thereof or therein,
(ii) for or on account of: 
 (a) any tax, assessment or other governmental charge which would not have
been imposed but for (i) the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate,
trust, partnership or corporation) and the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary,
member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a
Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental
charge; 
 (c) any tax, assessment, or other governmental charge which is payable otherwise than by withholding
from payments of (or in respect of) principal of, premium, if any, or interest on, the Securities; 
 (d) any
tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of a Security with a request of the Issuer or the applicable Guarantor addressed to the Holder
(i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the
case of Clause (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge;

 (e) in the case of a payment made by Rio Tinto plc under the Guarantees, any tax, assessment or other
governmental charge imposed as a result of the Security being presented for payment in the United Kingdom unless presentment could not have been made elsewhere; 
 (f) any withholding or deduction imposed on a payment to an individual which is required to be made pursuant to any law implementing European Council Directive 2003/48/EC on the taxation of savings income
or any other Directive implementing the conclusions of ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive; 

(g) any withholding or deduction required to be made with respect to a Security presented for payment by or on behalf of a
Holder of such Security who would have been able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent in a member state of the European Union; or 

  
 23 

 [(h) any withholding or deduction required to be paid on the interest (as
defined in Section 128A(IAB) of the Income Tax Assessment Act of 1936 of Australia (the “Australian Tax Act”) and which, among other things, includes amounts in the nature of, or in substitution for, interest) payable on the debt
security because the Holder of a Security is an “associate” of Rio Tinto Finance (USA) Limited (as that term is defined in section 128F(9) of the Australian Tax Act);] 

(i) any withholding or deduction for which a determination is made by the Australian Commissioner of Taxation that the
withholding or deduction is payable because the Holder has participated in a scheme to avoid withholding tax provided that neither the Issuer nor any Guarantor participated in or was a party to such scheme; or 

(j) any combination of items (a), (b), (c), (d), (e), (f), (g), (h) or (i); 

nor shall additional amounts be paid with respect to any payment of the principal of, premium, if any or any interest on any Security to any Holder who
is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included
in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of the Security.]

 Each of the Guarantors hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely
surety, and shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such
Indenture, or any waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or
guarantor; provided however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of each of the Guarantors, increase the principal amount of such Security, or increase the
interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of
acceleration of the maturity thereof pursuant to Section 502 of such Indenture. Each of the Guarantors hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer,
any right to require a proceeding first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment require under such Security and all demands
whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of, premium, if any, and interest on such Security. 
 Each of the Guarantors shall be subrogated to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by such Guarantor pursuant to the
provisions of this Guarantee, provided, however, that such Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the principal of, premium, if any,
and interest on all Securities of the same series issued under such Indenture shall have been paid in full. 
 No reference
herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the Guarantors, which is absolute and unconditional, of the due and punctual payment of the principal of, premium, if any, and
interest on, and any sinking fund or analogous payments with respect to, the Security upon which this Guarantee is endorsed. 

  
 24 

 This Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture. 
 All
terms used in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture. 

The Guarantee shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be governed by
and construed in accordance with the law of the State of New York. 
 Executed and dated the date on the face hereof.

  
 25 

							
		 		 	Rio Tinto plc
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	Attest:
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	RIO TINTO LIMITED
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	Attest:
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 SECTION 206. Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificates of authentication shall be in substantially the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
		 	The Bank of New York Mellon,
		 	As Trustee
		
	By	 	  

		 	Authorized Officer

  
 26 

 ARTICLE THREE 
 THE SECURITIES 
 SECTION 301. Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution of the Issuer of the
relevant series of Securities and the Guarantors, as appropriate, and, subject to Section 303, set forth, or determined in the manner provided, in an Officer’s Certificate of such Issuer, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series, 
 (1) the title of the Securities of the series (which
shall distinguish the Securities of the series from Securities of any other series); 
 (2) 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 304, 305, 306, 906 or 1107 and except for any Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

(3) the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 

(4) the date or dates on which the principal of any Securities of the series is payable; 

(5) the rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable on any Interest Payment Date; 
 (6) the place or places where, subject to the provisions of Section 1002, the principal of and any premium and interest on any Securities of the series shall be payable, Securities of the series may
be surrendered for exchange and notices and demands to or upon the Issuer or any Guarantor in respect of any Securities of the series and this Indenture may be served; 
 (7) the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Issuer
of such Securities or the Guarantors (including the period referred to in Section 1108) and, if other than by a Board Resolution, the manner in which any election by such Issuer to redeem the Securities shall be evidenced; 

(8) other than with respect to any redemption of Securities pursuant to Section 1108, the obligation, if any, of the Issuer of such
Securities to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

  
 27 

 (9) if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which any Securities of the series shall be issuable; 
 (10) if the amount of principal of or any premium or
interest on any Securities of the series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts shall be determined; 
 (11) if other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any premium or interest on any Securities of the series shall be
payable and the manner of determining the equivalent thereof in the currency of the United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 101; 

(12) if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Issuer of
the relevant series of Securities or the Guarantors or the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which
the principal of or any premium or interest on such Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner
in which such amount shall be determined); 
 (13) if other than the entire principal amount thereof, the portion of the
principal amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
 (14) if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be
deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall
be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined); 

(15) the forms of the Securities of the series and the Guarantees to be endorsed thereon; 

(16) if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 1302
or Section 1303 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Issuer of such Securities to defease such Securities shall be evidenced; 

(17) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 204 and any circumstances in
addition to or in lieu of those set forth in Clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in
whole or in part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
 (18) 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 502; 

  
 28 

 (19) any addition to or change in the covenants set forth in Article Ten which applies to
Securities of the series; 
 (20) if additional amounts, pursuant to Section 1004, will be payable by any Guarantor; and

 (21) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as
permitted by Section 901(5)). 
 All Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officer’s Certificate referred to above or
in any such indenture supplemental hereto. 
 If any of the terms of the Securities of any series are established by action
taken pursuant to a Board Resolution of the Issuer of the relevant series of Securities or any Guarantor, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of such Issuer or by any Director
or the Secretary or an Assistant Secretary of any Guarantor, as the case may be and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series. 

SECTION 302. Denominations. 
 The Securities of each series shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 301. In the absence of any such
specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof. 
 SECTION 303. Execution, Authentication, Delivery and Dating. 
 The
Securities shall be executed on behalf of the Issuer of the relevant series of Securities by its Chairman of the Board, its Vice Chairman of the Board, its President or one of its Vice Presidents, or any other duly authorized officer of such Issuer
or any other person specifically authorized by the Board of Directors. The signature of any of these officers or authorized persons on the Securities may be manual or facsimile. 

Securities or Guarantees bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Issuer
of such Securities or the relevant Guarantor, as the case may be, shall bind such Issuer, or the relevant Guarantor, as the case may be, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or the delivery of such Guarantees or did not hold such offices at the date of such Securities or Guarantees. 
 At any time and from time to time after the execution and delivery of this Indenture, an Issuer may deliver Securities of any series executed by such Issuer and having endorsed thereon Guarantees to the
Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities and a Company Order from any Guarantor approving the delivery of the Guarantees endorsed thereon, and the Trustee in accordance with the
Company Order shall authenticate and make available for delivery such Securities having such Guarantees endorsed thereon. If the form or terms of the Securities of the series and the Guarantees have been established by or pursuant to one or more
Board Resolutions as permitted 

  
 29 

 
by Sections 201 and 301, in authenticating such Securities and Guarantees, and accepting the additional responsibilities under this Indenture in relation to such Securities and Guarantees, the
Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 
 (1) if the forms of such Securities and Guarantees have been established by or pursuant to Board Resolution as permitted by Section 201, that such forms have been established in conformity with the
provisions of this Indenture; 
 (2) if the terms of such Securities and Guarantees have been established by or pursuant to
Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 
 (3) that such Securities and Guarantees, when authenticated and made available for delivery by the Trustee and issued by the Issuer of such Securities and the Guarantors in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of such Issuer and the Guarantors enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
 If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities 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. 
 Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the
Officer’s Certificate otherwise required pursuant to Section 301 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such
documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 
 Each Security shall be dated the date of its authentication. 
 No Security or
Guarantee shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by
manual or facsimile signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security or Guarantee has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued and sold by the Issuer of such Securities, and such Issuer shall deliver such Security to the Trustee for cancellation as provided in Section 309, for all purposes
of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
 The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantees endorsed thereon on behalf of the Guarantors. 

SECTION 304. Temporary Securities. 
 Pending the preparation of definitive Securities of any series, the Issuer of such Securities may execute, and upon Company Order the Trustee shall authenticate and make available for

  
 30 

 
delivery, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive
Securities and having endorsed thereon Guarantees of the Guarantors, substantially in the tenor of the definitive Guarantees in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary Securities
of any series are issued, the Issuer of such Securities will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series
shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of such Issuer in a Place of Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series, the Issuer of such Securities shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor one or more definitive Securities of the same
series, of any authorized denominations and of like tenor and aggregate principal amount which have endorsed thereon the Guarantees of the Guarantors. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to
the same benefits under this Indenture as definitive Securities of such series and tenor. 
 SECTION 305. Registration, Registration of
Transfer and Exchange. 
 Each Issuer shall cause to be kept at the Corporate Trust Office of the Trustee a register (the
register maintained in such office and in any other office or agency of such Issuer in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it
may prescribe, it shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein
provided. 
 Upon surrender for registration of transfer of any Security of a series at the office or agency of the Issuer of
such Securities in a Place of Payment for that series, such Issuer shall execute, and the Trustee shall authenticate and make available for delivery, in the name of the designated transferee or transferees, one or more new Securities of the same
series, of any authorized denominations and of like tenor and aggregate principal amount, each such Security having endorsed thereon Guarantees of the Guarantors. 
 At the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount, each such
Security having endorsed thereon Guarantees of the Guarantors, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Issuer of such Securities shall execute, and the
Trustee shall authenticate and make available for delivery, the Securities which the Holder making the exchange is entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Issuer of such Securities and the Guarantors, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Securities and Guarantees surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Issuer of such Security or the Trustee) be duly endorsed, or be accompanied by

  
 31 

 
a written instrument of transfer in form satisfactory to such Issuer and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing or by facsimile.

 No service charge shall be made for any registration of transfer or exchange of Securities, but the Issuer of such Securities
may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 not
involving any transfer. 
 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part,
the Issuer of such Securities shall not be required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities: 
 (1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a
nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 
 (2) Notwithstanding any other provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may
be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has notified the Issuer of such Global Security and the Guarantors that it is unwilling or
unable to continue as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B) there shall have occurred and be continuing an Event of Default with respect to such Global
Security or (C) there shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 301. 

(3) Subject to Clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all
Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 
 (4) Every Security authenticated and made available for delivery upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this
Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global
Security or a nominee thereof. 
 SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Issuer of such Security 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 having endorsed thereon Guarantees and bearing a number not contemporaneously outstanding. 

  
 32 

 If there shall be delivered to the Issuer of the relevant series of Securities 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 such Issuer, any Guarantor or the Trustee that such Security has been acquired by a protected purchaser, such Issuer shall execute and 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 having endorsed thereon a Guarantee 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 Issuer of such
Security in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security
under this Section, the Issuer of such Security 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 Issuer of such Security and the Guarantors, 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 307. Payment of Interest; Interest Rights Preserved. 

Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which
is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest and, at the option of the Issuer of such Securities, may be paid by check mailed to the address of the Person as it appears in the Security Register. 
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith
cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Issuer of such Security, at its election in each case, as provided in Clause (1) or
(2) below: 
 (1) The Issuer of such Security may elect to make payment of any Defaulted Interest to the
Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following
manner. The Issuer of such Security shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time such Issuer shall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the

  
 33 

 
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted interest as in this Clause provided. Thereupon the Trustee,
upon consultation with the Issuer of such Security, shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than
10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Issuer of such Security of such Special Record Date and, in the name and at the expense of such Issuer, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such series in the manner set forth in Section 106, not less than 10 days prior to such Special Record Date. Notice of
the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 
 (2) The Issuer of such Security may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on
which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by such Issuer to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable
by the Trustee. 
 Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

SECTION 308. Persons Deemed Owners. 
 Prior to due presentment of a Security for registration of transfer, the Issuer of such Security, any Guarantor, the Trustee and any agent of such Issuer, a Guarantor or the Trustee may treat the Person
in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 305 and Section 307) any interest on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and neither such Issuer, any Guarantor, the Trustee nor any agent of such Issuer, a Guarantor or the Trustee shall be affected by notice to the contrary. 

SECTION 309. Cancellation. 
 All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly cancelled by it. The Issuer of such Securities or any Guarantor may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which such Issuer
or such Guarantor may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which such Issuer has not issued and
sold, and all Securities so delivered shall be promptly cancelled by 

  
 34 

 
the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All
cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures. 
 SECTION 310.
Computation of Interest. 
 Except as otherwise specified as contemplated by Section 301 for Securities of any
series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 311.
CUSIP Numbers. 
 The Issuer of the relevant series of Securities 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 identification numbers printed on the Securities, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Issuers will promptly notify the Trustee, in writing, of any change in the CUSIP or other similar numbers. 
 SECTION 312. Qualified Reopenings. 
 The Issuer of the relevant
series of Securities may from time to time, without the consent of the Holders of such series of Securities, create and issue further Securities so that the further issue is consolidated and forms a single series with such series of Securities,
provided that such further issue constitutes a “qualified reopening” for U.S. Federal income tax purposes or such further Securities are issued with not more than a de minimis amount of original issue discount for U.S. Federal income tax
purposes 
 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 SECTION 401. Satisfaction and Discharge of Indenture.

 This Indenture shall upon a Company Request cease to be of further effect (except as to any surviving rights of registration
of transfer or exchange of Securities herein expressly provided for and the obligation of any Issuer or any Guarantor to pay any additional amounts as contemplated by Section 1004), and the Trustee, at the expense of the Issuer of such
Securities, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
 (1) either

 (A) all Securities theretofore authenticated and delivered (other than (i) Securities which have been
destroyed, lost or stolen and which have been replaced or paid as 

  
 35 

 
provided in Section 306 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer of such Securities or any
Guarantor and thereafter repaid to such Issuer or any Guarantor or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(B) all such Securities not theretofore delivered to the Trustee for cancellation 

(i) have become due and payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 

(iii) 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 Issuer of such Securities, 
 and such Issuer, in the case of
Clause (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 (2) such Issuer or any Guarantor has paid or caused to be paid all other sums payable hereunder by the Issuers; and

 (3) such Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of each Issuer and the Guarantors to the Trustee under
Section 607, the obligations of each Issuer to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the
Trustee under Section 402 and the last paragraph of Section 1003 shall survive. 
 SECTION 402. Application of Trust Money.

 Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to
Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including any Issuer or any Guarantor acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee. 

  
 36 

 ARTICLE FIVE 
 REMEDIES 
 SECTION 501. Events of Default. 

“Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (1) default in the payment of any interest or any additional amounts upon any Security of that series when
it becomes due and payable, and continuance of such default for a period of 30 days; or 
 (2) default in the payment of the
principal of or any premium on any Security of that series at its Maturity and, in the case of technical or administrative difficulties (as certified to the Trustee in an Officer’s Certificate delivered at such Maturity), only if such default
persists for a period of more than three Business Days; or 
 (3) default in the deposit of any sinking fund payment, when and as
due by the terms of a Security of that series and continuance of such default for a period of 30 days or, if longer, beyond any period of grace provided with respect thereto; or 

(4) default in the performance, or breach, of any covenant or warranty of the Issuer of that series or any Guarantor in this Indenture
(other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than
that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, by the Trustee or to the Issuer of that series, the Guarantors and the Trustee by the Holders of at least
25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(5) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Issuer of that
series or any Guarantor in an involuntary case or proceeding under any applicable Australian or English bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Issuer of that series or any Guarantor as
bankrupt or insolvent, or approving as properly filed a petition seeking the involuntary reorganization, arrangement, adjustment or composition of or in respect of the Issuer of that series or any Guarantor under any applicable Australian or English
law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator, administrator or other similar official of the Issuer of that series or any Guarantor or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 

(6) the commencement by the Issuer of that series or any Guarantor of a voluntary case or proceeding under any applicable Australian or
English bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Issuer of that
series or any Guarantor in an involuntary case or proceeding 

  
 37 

 
under any applicable Australian or English bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the
filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Australian or English law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer of that series or any Guarantor or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the
admission by it in writing or by facsimile of its inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer of that series or any Guarantor in furtherance of any such action provided, that with
respect to any Guarantor this clause (6) shall not apply to a voluntary winding up, for the purposes of a corporate reconstruction carried out in accordance with Australian or English statutory requirements and which results immediately
thereafter (in the case of such a voluntary winding up of such Guarantor) in a legal entity which is liable under the Guarantees, and which owns substantially those assets of such Guarantor which such Guarantor owned immediately before such
reconstruction occurred; or 
 (7) any Borrowing, other than the Securities or Guarantees, of the Issuer of that series or the
Guarantors having an outstanding principal amount of at least U.S.$50,000,000 or its equivalent in any other currency or currencies (the “specified amount”) having payment accelerated by reason of default by the Issuer of that series or,
as the case may be, any Guarantor in accordance with the terms relating to such Borrowing and steps being taken to obtain repayment thereof; or, after any period of grace originally applicable, in relation to any Borrowings having an outstanding
principal amount of at least the specified amount (i) the Issuer of that series or any Guarantor defaulting in the payment, when due and called upon, of any Borrowing of a principal amount of at least the specified amount or in the honoring of
any guarantee or indemnity in respect of any Borrowing of a principal amount of at least the specified amount of others and steps being taken to enforce the same or (ii) any mortgage, pledge or other charge granted by the Issuer of that series
or any Guarantor becoming enforceable and steps being taken to enforce the same; or 
 (8) any other Event of Default provided
with respect to Securities of that series. 
 SECTION 502. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default (other than an Event of Default specified in Section 501(5) or 501(6)) with respect to Securities of any
series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities
of that series and any interest accrued thereon (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) to be due and payable
immediately, by a notice in writing to the Issuer of that series and the Guarantors (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and any interest accrued thereon shall become
immediately due and payable. If an Event of Default specified in Section 501(5) or 501 (6) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series and any interest
accrued thereon (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) shall automatically, and without any declaration or other
action on the part of the Trustee or any Holder, become immediately due and payable. 

  
 38 

 At any time after such a declaration of acceleration with respect to Securities of any
series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series,
by written notice to the Issuer of that series, the Guarantors and the Trustee, may rescind and annul such declaration and its consequences if 
 (1) the Issuer of that series or the Guarantors have paid or deposited with the Trustee a sum sufficient to pay 
 (A) all overdue interest on all Securities of that series, 
 (B)
the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest accrued thereon at the rate or rates prescribed therefor in such Securities,

 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates
prescribed therefor in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of
Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee.  

Each Issuer covenants that if 
 (1) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 

(2) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof and
such default continues for a period of seven Business Days, 
 such Issuer will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and
premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy. 

  
 39 

 SECTION 504. Trustee May File Proofs of Claim. 

In case of any judicial proceeding relative to any Issuer, any Guarantor or any other obligor upon the Securities, or the property of any
Issuer, any Guarantor or other obligor or their creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of
the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 607. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

SECTION 505. Trustee May Enforce Claims Without Possession of Securities. 
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
 SECTION 506. Application of Money Collected. 
 Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the
Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee under Section 607; 
 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and 

THIRD: To the payment of the balance, if any, to the Issuer of that series or any other Person or Persons, including the
Guarantors, legally entitled thereto. 

  
 40 

 SECTION 507. Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, the Guarantees, the Securities or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series specifying such Event of Default and stating that such
notice is a “Notice of Default” hereunder; 
 (2) the Holders of not less than 25% in principal amount
of the Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to
be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all of such Holders. 
 SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest.

 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

SECTION 509. Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer of the relevant series, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to
their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

  
 41 

 SECTION 510. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 SECTION 511. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 512. Control by Holders. 

Subject to Section 502(1)(D) hereof, the Holders of a majority in principal amount of the Outstanding Securities of any series shall
have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that

 (1) such direction shall not be in conflict with any rule of law or with this Indenture, and 

(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 SECTION 513. Waiver of Past Defaults. 
 The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may, by written notice to the Trustee, on behalf of the Holders of all the Securities of such series
waive any past default hereunder with respect to such series and its consequences, except a default 
 (1) in the
payment of the principal of or any premium or interest on any Security of such series, or 
 (2) in respect of a
covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 
 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. 

  
 42 

 SECTION 514. Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the
Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by any Issuer or any Guarantor, in
any suit instituted by the Trustee, in any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or in any suit instituted by any Holder for the
enforcement of the payment of the principal of or any premium or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 

SECTION 515. Waiver of Usury, Stay or Extension Laws. 
 Each Issuer and each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each Issuer and each Guarantor (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such
law had been enacted. 
 ARTICLE SIX 
 THE TRUSTEE 
 SECTION 601. Certain Duties and Responsibilities. 

The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, 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 or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 602.
Notice of Defaults. 
 If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the
Holders of Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 501(4) with respect to
Securities of such series, no such notice to Holders shall be given 

  
 43 

 
until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become,
an Event of Default with respect to Securities of such series. 
 SECTION 603. Certain Rights of Trustee. 

Subject to the provisions of Section 601: 
 (1) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(2) any request or direction of any Issuer or any Guarantor mentioned herein shall be sufficiently evidenced by a Company
Request or Company Order, and any resolution of the Board of Directors of any Issuer or any Guarantor shall be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 
 (4) the Trustee may consult with counsel of its selection and the advice of such counsel, confirmed in writing, 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 in good faith and in reliance thereon; 
 (5) 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 pursuant to this Indenture, 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; 
 (6) 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, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of any Issuer or any Guarantor, personally or by agent or attorney provided that the Trustee shall not be entitled to
such information which any Issuer or any Guarantor is prevented from disclosing by law or contract; 
 (7) the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder; 
 (8) the Trustee shall not be liable for any action taken,
suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture, provided, that, subject to Section 601 and

  
 44 

 this Section 603, no provision of this Indenture shall be construed to relieve the
Trustee for liability for its own negligent action, its own negligent failure to act or its own wilful misconduct; and 
 (9) 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 such Default or
Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities. 
 (10) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties hereunder or in the
exercise of any of its rights or powers if it shall have reasonable grounds to believe that repayment of such funds and/or adequate indemnity against such risk or liability is not satisfactorily assured to it. 

(11) 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. 

(12) The permissive rights of the Trustee enumerated herein shall not be construed as duties of the Trustee. 

(13) The Trustee shall not be responsible for delays or failures in performance resulting from acts beyond its control.
Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes,
terrorist attacks or other disasters. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the
statements of the Issuers or the Guarantors, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Securities or the Guarantees. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Issuers of the Securities or the proceeds thereof. 
 SECTION 605. May Hold Securities. 
 The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of any Issuer or any Guarantor, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with
any Issuer or any Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
 SECTION 606. Money Held in Trust. 
 Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with any Issuer or any
Guarantor, as the case may be. 

  
 45 

 SECTION 607. Compensation and Reimbursement.  

The Issuers and the Guarantors agree 
 (1) to pay to the Trustee from time to time such compensation as may be agreed in writing by any Issuer and/or any Guarantor and the Trustee for all services rendered by it hereunder (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances reasonably incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel) all as may be agreed
between the Trustee and the Issuers and the Guarantors, except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 

(3) to indemnify the Trustee for, and to hold it harmless against, any and all loss, liability, damage, claim or expense
arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim, liability or damage in connection with the exercise or performance of any
of its powers or duties hereunder, except to the extent that such loss, liability, damage, claim or expense may be attributable to its negligence or bad faith. 
 As security for the performance of the obligations of the Issuers and the Guarantors under this Section 607, the Trustee shall have a lien prior to the Outstanding Securities of any series upon all
property and funds held or collected by the Trustee as such, except property or funds held in trust for the benefits of the Holders of any such Outstanding Securities. “Trustee” for purposes hereof includes any predecessor trustee, but the
negligence or bad faith of any trustee shall not affect the rights of any other trustee hereunder. 
 When the Trustee incurs
expenses or renders services in connection with an Event of Default specified in Section 501(5) or Section 501(6), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are
intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 
 The provisions of this Section shall survive the resignation or removal of the Trustee and the termination of this Indenture. 
 SECTION 608. Conflicting Interests. 
 If the Trustee has or shall acquire a
conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series. 

  
 46 

 SECTION 609. Corporate Trustee Required; Eligibility. 

There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee
hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at least $50,000,000 and has its Corporate Trust
Office in the borough of Manhattan, New York City, New York. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section
and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the
Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

SECTION 610. Resignation and Removal; Appointment of Successor. 
 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 611. 
 The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the Issuer of the relevant series of Securities and the Guarantors. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the Issuers, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to
the Securities of such series. 
 The Trustee may be removed at any time with respect to the Securities of any series by Act of
the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to such Issuer and the Guarantors. If the instrument of acceptance by a successor Trustee required by Section 611 shall not
have been delivered to the Trustee within 30 days after the delivery of such Act of the Holders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the securities of such
series. 
 If at any time: 
 (1) the Trustee shall fail to comply with Section 608 after written request therefor by any Issuer or any Guarantor or by any Holder who has been a bona fide Holder of a Security for at least six
months, or 
 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after
written request therefor by any Issuer or any Guarantor or by any such Holder, or 
 (3) the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such case, (A) any Issuer by a Board Resolution may remove the Trustee with respect to all its Securities, or (B) subject to Section 514, any Holder who has been a bona fide
Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees. 

  
 47 

 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Issuer of such Securities, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that
or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any
particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of
any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Issuer of such Securities and the Guarantors and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by such Issuer. If no successor Trustee with respect to the Securities of any series shall have been so appointed by such Issuer or the Holders and accepted appointment in the manner required by Section 611, any
Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series. 
 The Issuer of the relevant series of Securities shall give notice of each
resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in
Section 106. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 SECTION 611. Acceptance of Appointment by Successor. 
 In case of the
appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Issuers, to the Guarantors and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, on the request of the Issuers, the Guarantors or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers
and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 
 In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Issuer of such Securities, the Guarantors, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to

  
 48 

 
which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of
the Issuer of the relevant series of Securities, the Guarantors or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 
 Upon request of
any such successor Trustee, the Issuer of the relevant series of Securities and the Guarantors shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts
referred to in the first or second preceding paragraph, as the case may be. 
 No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
 SECTION 612. Merger,
Conversion, Consolidation or Succession to Business. 
 Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the
Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
 SECTION 613.
Preferential Collection of Claims Against Issuers or Guarantors. 
 If and when the Trustee shall be or become a creditor
of any Issuer or any Guarantor (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against any such Issuer or any such Guarantor (or any such other
obligor). 

  
 49 

 SECTION 614. Appointment of Authenticating Agent. 

The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to
act on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by
an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer of the relevant series of Securities and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating
Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any corporation
into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation
succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any
paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Issuer of the relevant series of Securities. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent
and to the Issuer of the relevant series of Securities. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer of the relevant series of Securities and shall give notice of such appointment in the manner provided in Section 106 to all Holders of
Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Issuer of the relevant series of Securities agrees to pay to each Authenticating Agent from time to time reasonable compensation for
its services under this Section. 
 If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

  
 50 

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK MELLON,
		 	
                      
                        As Trustee

		
	 By
	 	  

		 	 As Authenticating Agent

		
	 By
	 	  

		 	 Authorized Officer

 If all of the Securities of a series may not be originally issued at one time, and if the Trustee
does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Issuer of such Securities wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so
requested by such Issuer in writing (which writing need not comply with Section 102 and need not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of
Payment designated by such Issuer with respect of such series of Securities. 

  
 51 

 ARTICLE SEVEN 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE, ISSUERS AND GUARANTORS 
 SECTION 701.
Issuers and the Guarantors to Furnish Trustee Names and Addresses of Holders. 
 Each Issuer and the Guarantors will
furnish or cause to be furnished to the Trustee 
 (1) semi-annually, not later than 15 days after each Regular
Record Date in each year, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of each series to the best knowledge of the Issuer of such Securities and the Guarantors as of such Regular
Record Date, and 
 (2) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Issuer of the relevant series of Securities or any Guarantor of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 

provided that no such list need be furnished at an time when the Trustee is acting as Security Registrar. 

SECTION 702. Preservation of Information; Communications to Holders. 
 The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 701
and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. 

The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and
the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every Holder of
Securities, by receiving and holding the same, agrees with the Issuer of such Securities, the Guarantors and the Trustee that neither such Issuer, the Guarantors nor the Trustee nor any agent of any of them shall be held accountable by reason of any
disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 SECTION 703. Reports by
Trustee. 
 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as
may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. Reports so required to be transmitted at stated intervals of not more than 12 months shall be dated as of May 15 and transmitted no
later than July 15 in each calendar year. 
 A copy of each such report shall, at the time of such transmission to Holders,
be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission, with each Issuer and with each Guarantor. Each Issuer will promptly notify the Trustee in writing or by facsimile when any Securities are
listed on any stock exchange. 

  
 52 

 SECTION 704. Reports by Issuers and Guarantors. 

The Issuers and the Guarantors shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and
other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. Delivery of such information, documents, or reports to the Trustee
is for informational purposes only and the Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including any Issuer’s or any
Guarantor’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 SECTION 801. Issuers or Guarantors May Consolidate, Etc., Only on Certain Terms. 

Neither Issuer nor any Guarantor shall consolidate with or merge into any other Person or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, and neither Issuer nor any Guarantor shall permit any Person to consolidate with or merge into such Issuer or any Guarantor or convey, transfer or lease its properties and assets substantially as an
entirety to such Issuer or any Guarantor, unless: 
 (1)(i) in case Rio Tinto Finance (USA) Limited shall
consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into which Rio Tinto Finance (USA) Limited is merged or the
Person which acquires by conveyance or transfer, or which leases, the properties and assets of Rio Tinto Finance (USA) Limited substantially as an entirety shall be a corporation, partnership or trust, shall be organized and validly existing, under
the laws of Australia, any State thereof, the United States, any State thereof, or the District of Columbia; (ii) in case Rio Tinto Finance (USA) plc shall consolidate with or merge into another Person or convey, transfer or lease its
properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into which Rio Tinto Finance (USA) is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and
assets of Rio Tinto Finance (USA) plc substantially as an entirety shall be a corporation, partnership or trust, shall be organized and validly existing, under the laws of England, any political division thereof, the United States, any State
thereof, or the District of Columbia and (iii) in case any Guarantor shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by
such consolidation or into which such Guarantor is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of such Guarantor substantially as an entirety shall be a corporation, partnership or trust,
duly organized and validly existing under the laws of the applicable jurisdiction and such Person in case (i), (ii) or (iii) above shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
reasonably satisfactory to the Trustee, the due and punctual payment of the principal of and any premium 

  
 53 

 
and interest (including all additional amounts, if any, payable pursuant to Section 1004 and subsection (3) below) on all the Securities and the performance or observance of every
covenant of this Indenture on the part of the Issuer of such Securities to be performed or observed and, in the case of a Guarantor, the due and punctual performance of the Guarantees and the performance of every covenant of this Indenture on the
part of such Guarantor to be performed or observed; 
 (2) immediately after giving effect to such transaction
and treating any indebtedness which becomes an obligation of the Issuer of the relevant series of Securities or any Guarantor as a result of such transaction as having been incurred by such Issuer or such Guarantor at the time of such transaction,
no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; 
 (3) the Person formed by such consolidation or into which a Guarantor is merged or to whom a Guarantor has conveyed, transferred or leased its properties or assets (if such Person is organized and validly
existing under the laws of a jurisdiction other than the United States, any State thereof, or the District of Columbia, the United Kingdom, any country thereof or Australia or any State thereof) agrees to indemnify the Holder of each Security
against (a) any tax, assessment or governmental charge imposed on any such Holder or required to be withheld or deducted from any payment to such Holder as a consequence of such consolidation, merger, conveyance, transfer or lease; and
(b) any costs or expenses of the act of such consolidation, merger, conveyance, transfer or lease; 
 (4)
if, as a result of any such consolidation or merger or such conveyance, transfer or lease, properties or assets of the Issuer of the relevant series of Securities or any Guarantor would become subject to a mortgage, pledge, lien, security interest
or other encumbrance which would not be permitted by this Indenture, such Issuer, applicable Guarantor or such successor Person, as the case may be, shall take such steps as shall be necessary effectively to secure the Securities equally and ratably
with (or prior to) all indebtedness secured thereby; and 
 (5) the Issuer of the relevant series of Securities
or applicable Guarantor, as the case may be, has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

SECTION 802. Successor Substituted. 
 Upon any consolidation of any Issuer or any Guarantor with, or merger of any Issuer or any Guarantor into, any other Person or any conveyance, transfer or lease of the properties and assets of such Issuer
or any Guarantor substantially as an entirety in accordance with Section 801, the successor Person formed by such consolidation or into which any Issuer or such Guarantor is merged or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of, such Issuer or such Guarantor, as the case may be, under this Indenture with the same effect as if such successor Person had been named as the Issuer of the relevant
series of Securities or a Guarantor herein, as the case may be, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

  
 54 

 SECTION 803. Assumption by a Guarantor or Subsidiary of an Issuer’s Obligations. 

Any Guarantor or any Subsidiary of a Guarantor may assume the obligations of any Issuer (or any Person which shall have previously assumed
the obligations of such Issuer) for the due and punctual payment of the principal of (and premium, if any), interest on and any other payments with respect to the Securities and the performance of every covenant of this Indenture and the Securities
on the part of such Issuer to be performed or observed, provided that: 
 (1) such Guarantor or Subsidiary, as the case may be,
shall expressly assume such obligations by an indenture supplemental hereto, in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee and if such Subsidiary assumes such obligations, the Guarantors shall, by such
supplemental indenture, confirm that their Guarantees shall apply to such Subsidiary’s obligations under the Securities and this Indenture, as modified by such supplemental indenture; 

(2) such Guarantor or Subsidiary, as the case may be, shall agree in such supplemental indenture, to the extent provided in the Securities
and subject to the limitations and exceptions set forth below, that if any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority
thereof or therein) in which such Guarantor or such Subsidiary is incorporated shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority) in respect of any amounts to be paid by such Guarantor or
Subsidiary, as the case may be, to a Holder, who, with respect to any such taxes, assessments or other governmental charges, is not resident in such jurisdiction, such Guarantor or Subsidiary, as the case may be, will pay to the Holder of a Security
such additional amounts of interest as may be necessary in order that the net amounts paid to the Holder of such Security, after such deduction or withholding, shall not be less than the amounts specified in such Security to which such Holder is
entitled; provided, however, that such Guarantor or Subsidiary, as the case may be, shall not be required to make any payment of additional amounts (i) if the Holder is a United States Person, for or on account of any such tax,
assessment or other governmental charge imposed by the United States or any political subdivision or taxing authority thereof or therein, (ii) for or on account of: 

(a) any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of
any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing
jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having
been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security (where presentation is required) for
payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental
charge; 
 (c) any tax, assessment or other governmental charge which is payable otherwise than by withholding
from payments of (or in respect of) principal of, premium, if any, or any interest on, the Securities; 

  
 55 

 (d) any tax, assessment or other governmental charge that is imposed or
withheld by reason of the failure to comply by the Holder or the beneficial owner of Securities with a request of such Subsidiary or any Guarantor addressed to the Holder (i) to provide information concerning the nationality, residence or
identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (i) or (ii), is required or imposed by a statute, treaty,
regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 

(e) in the case of a payment made by Rio Tinto plc under the Guarantees or a payment by Rio Tinto Finance (USA) plc, any
tax, assessment or other governmental charge imposed as a result of the Security being presented for payment in the United Kingdom unless presentment could not have been made elsewhere; 

(f) any withholding or deduction imposed on a payment to an individual which is required to be made pursuant to any law
implementing European Council Directive 2003/48/EC on the taxation of savings income or any other Directive implementing the conclusions of ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced
in order to conform to, such Directive; 
 (g) any withholding or deduction required to be made with respect to a
Security presented for payment by or on behalf of a Holder of such Security who would have been able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent in a member state of the European Union; or

 (h) any withholding or deduction required to be paid on the interest (as defined in Section 128A(IAB) of
the Income Tax Assessment Act of 1936 of Australia (the “Australian Tax Act”) and which, among other things, includes amounts in the nature of, or in substitution for, interest) payable on the debt security because the Holder of a Security
is an “associate” of Rio Tinto Finance (USA) Limited (as that term is defined in section 128F(9) of the Australian Tax Act); 
 (i) any withholding or deduction for which a determination is made by the Australian Commissioner of Taxation that the withholding or deduction is payable because the Holder has participated in a scheme
to avoid withholding tax provided that neither any Issuer nor any Guarantor participated in or was a party to such scheme; or 
 (j) any combination of items (a), (b), (c), (d), (e), (f), (g), (h) or (i); 
 nor shall
additional amounts be paid with respect to any payment of the principal of, premium, if any, or any interest on any Security to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such
payment would be required by the laws of such jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of
such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of the Security; 
 (3) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be
continuing; and 
 (4) such Guarantor or Subsidiary, as the case may be, shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such assumption and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

  
 56 

 Upon any such assumption, such Guarantor or Subsidiary shall succeed to, and be substituted
for, and may exercise every right and power of, the Issuer of the relevant series of Securities under this Indenture with the same effect as if such Guarantor or Subsidiary had been named as such Issuer herein, and the applicable Person named as
such “Issuer” in the first paragraph of this instrument or any successor Person which shall theretofore have become such in the manner prescribed in this Article shall be released from its liability as obligor upon the Securities.

 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of
Holders. 
 Without the consent of any Holders, any Issuer or any Guarantor, each when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another Person to any Issuer or any Guarantor and the assumption by any such successor
of the covenants of such Issuer or any Guarantor herein and in the Securities or Guarantees; or 
 (2) to add to
the covenants of the Issuer of the relevant series of Securities for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants
are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon any Issuer or any Guarantor; or 
 (3) to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of
Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 
 (4) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to
principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 
 (5) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition, change or elimination (A) shall
neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such
provision or (B) shall become effective only when there is no such Security Outstanding; or 
 (6) to secure
the Securities; or 

  
 57 

 (7) to establish the form or terms of Securities of any series as permitted
by Sections 201 and 301; or 
 (8) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 611; or 
 (9) to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to
this Clause (9) shall not adversely affect the interests of the Holders of Securities of any series in any material respect. 
 SECTION
902. Supplemental Indentures With Consent of Holders. 
 With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Issuer of the relevant series of Securities, the Guarantors and the Trustee, such Issuer or any Guarantor,
each when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected
thereby, 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest
on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change any obligation of any Issuer or any Guarantor to pay additional amounts pursuant to
Section 1004 (except as contemplated by Section 801(1) and permitted by Section 901(1) or reduce the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or 
 (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is
required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

(3) change any obligation of any Issuer or any Guarantor to maintain an office or agency in the places and for the
purposes specified in Section 1002, or 
 (4) modify any of the provisions of this Section, Section 513
or Section 1009, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided,
however, that this clause shall not be deemed to require the 

  
 58 

 
consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1009, or the deletion of this proviso, in
accordance with the requirements of Sections 611 and 901(8), or 
 (5) modify or affect in any manner adverse to
the interests of the Holders of any Securities the terms and conditions of the obligations of any Guarantor in respect of the due and punctual payment of the principal thereof (and, premium, if any) and interest, if any, thereon or any sinking fund
payments provided in respect thereof. 
 A supplemental indenture which changes or eliminates any covenant or other provision of
this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall
be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
 It shall not be
necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

SECTION 903. Execution of Supplemental Indentures. 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be
entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, in addition to the documents required by Section 102, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

SECTION 904. Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all
purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 905.
Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to this Article shall conform to
the requirements of the Trust Indenture Act. 
 SECTION 906. Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer of the relevant series of Securities and the Guarantors shall so determine, new Securities
of any series so modified as to conform, in the opinion of the Trustee and such Issuer and the Guarantors, to any such supplemental indenture may be prepared and executed by 

  
 59 

 
such Issuer, the Guarantees of the Guarantors may be endorsed thereon and such securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

 ARTICLE TEN 
 COVENANTS 
 SECTION 1001. Payment of Principal, Premium and Interest. 

Each Issuer covenants and agrees for the benefit of the Holders of each series of Securities issued by it that it will duly and punctually
pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 
 SECTION 1002. Maintenance of Office or Agency. 
 Each Issuer will maintain
in each Place of Payment for any series of Securities issued by it an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon such Issuer in respect of the Securities of that series and this Indenture may be served. 
 The Issuer of the relevant series of Securities and the Guarantors will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time
any Issuer or any Guarantor shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and such Issuer and the Guarantors each hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 Each Issuer may also from time to time designate one or more other offices or agencies where the Securities of one or more series issued by it may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve such Issuer of its obligation to maintain an office or agency in each Place of Payment for Securities
of any series for such purposes. The Issuer of the relevant series of Securities will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

SECTION 1003. Money for Securities Payments to Be Held in Trust. 
 If any Issuer or any Guarantor shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

  
 60 

 Whenever an Issuer shall have one or more Paying Agents for any series of Securities issued
by it, it will, prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and
(unless such Paying Agent is the Trustee) such Issuer will promptly notify the Trustee of its action or failure so to act. 

Each Issuer will cause each Paying Agent for any series of Securities issued by it other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent
and (2) during the continuance of any default by the Issuer of such Securities (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, upon the written request of the
Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 
 Each Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee
all sums held in trust by such Issuer or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Any money deposited with
the Trustee or any Paying Agent, or then held by any Issuer or any Guarantor, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium
or interest has become due and payable shall be paid to the Issuer of such Security on Company Request, or (if then held by such Issuer or a Guarantor) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an
unsecured general creditor, look only to such Issuer and the Guarantors for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of such Issuer as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of such Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to such Issuer. 

SECTION 1004. Additional Amounts. 
 If the Securities of a series provide for the payment of additional amounts, all payments of, or in respect of, principal of and any premium and interest on such Securities, and all payments pursuant to
any Guarantee on such Securities shall be made without any deduction or withholding for, or on account of, any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the
jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Issuer of such Securities or (as the case may be) any Guarantor is incorporated unless such taxes, duties, assessments or other governmental charges are
required by such jurisdiction (or any such subdivision or taxing authority thereof or therein) to be withheld or deducted. In that event, such Issuer or such Guarantor, as applicable, will pay to the Holder of a Security such additional amounts as
may be necessary in order that the net amounts paid to the Holder of such Security who, with respect to any such tax, assessment, or other governmental charge, is not resident in such jurisdiction, after such

  
 61 

 
deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled; provided however, that such Issuer or such Guarantor shall
not be required to make any payment of additional amounts (i) if the Holder is a United States Person for or on account of any such tax, assessment or other governmental charge imposed by the United States or any political subdivisions or
taxing authority thereof or therein, (ii) for or on account of: 
 (a) any tax, assessment or other
governmental charge which would not have been imposed but for (i) the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such
Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or
such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment
therein or (ii) the presentation of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for,
whichever occurs later; 
 (b) any estate, inheritance, gift, sale, transfer, personal property or similar tax,
assessment or other governmental charge; 
 (c) any tax, assessment, or other governmental charge which is
payable otherwise than by withholding from payments of (or in respect of) principal of, premium, if any, or interest on, the Securities; 
 (d) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of a Security with a request of the Issuer of such
Security or the applicable Guarantor addressed to the Holder (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or
satisfy any information or reporting requirement, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part
of such tax, assessment or other governmental charge; 
 (e) in the case of a payment made by Rio Tinto plc under
the Guarantees or a payment by Rio Tinto Finance (USA) plc, any tax, assessment or other governmental charge imposed as a result of the Security being presented for payment in the United Kingdom unless presentment could not have been made elsewhere;

 (f) any withholding or deduction imposed on a payment to an individual which is required to be made pursuant
to any law implementing European Council Directive 2003/48/EC on the taxation of savings income or any other Directive implementing the conclusions of ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or
introduced in order to conform to, such Directive; 
 (g) any withholding or deduction required to be made with
respect to a Security presented for payment by or on behalf of a Holder of such Security who would have been able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent in a member state of the European
Union; or 
 (h) any withholding or deduction required to be paid on the interest (as defined in
Section 128A(IAB) of the Income Tax Assessment Act of 1936 of Australia (the “Australian Tax 

  
 62 

 
Act”) and which, among other things, includes amounts in the nature of, or in substitution for, interest) payable on the debt security because the Holder of a Security is an
“associate” of Rio Tinto Finance (USA) Limited (as that term is defined in section 128F(9) of the Australian Tax Act); 
 (i) any withholding or deduction for which a determination is made by the Australian Commissioner of Taxation that the withholding or deduction is payable because the Holder has participated in a scheme
to avoid withholding tax provided that neither the Issuer of the relevant series of Securities nor any Guarantor participated in or was a party to such scheme; or 

(j) any combination of items (a), (b), (c), (d), (e), (f), (g), (h) or (i); 

nor shall additional amounts be paid with respect to any payment of the principal of, premium, if any or any interest on any Security to any Holder who
is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included
in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of the Security.

 Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on,
or in respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of additional amounts provided for in this Section to the
extent that, in such context, additional amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of additional amounts (if applicable) in any provisions hereof shall not
be construed as excluding additional amounts in those provisions hereof where such express mention is not made. 
 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 that series of Securities (or if the Securities of that series will not bear interest prior to Maturity,
the first day on which a payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the
below-mentioned Officer’s Certificate, the Issuer of such Securities will furnish the Trustee and such Issuer’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officer’s Certificate instructing the Trustee
and such Paying Agent or Paying Agents whether such payment of principal of and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of that 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 Issuer of such Securities or the Guarantor, as the case may be, will pay to the Trustee or such Paying Agent or Paying Agents the additional amounts required by this Section. Each Issuer and the Guarantors
covenant 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. 

  
 63 

 SECTION 1005. Statement by Officers as to Default. 

The Issuers and the Guarantors each will deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer of the
relevant series of Securities or applicable Guarantor ending after the date hereof, an Officer’s Certificate, stating whether or not to the best knowledge of the signers thereof such Issuer or such Guarantor, as the case may be, is in default
in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Issuer of such Securities or applicable Guarantor
shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 
 SECTION 1006.
Existence. 
 Subject to Article Eight, each Issuer and each Guarantor will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence. 
 SECTION 1007. Limitations on Liens. 

So long as any of the Securities of a particular series of debt securities are Outstanding, the Guarantors shall not, and the Guarantors
shall not permit the Issuer of such series to, create or permit to subsist any Encumbrance upon any of their respective Property (whether owned as of the date of this Indenture or thereafter acquired) to secure any present or future indebtedness for
borrowed money without making, or causing the Issuer of such Securities to make, effective provision whereby all the Securities shall be directly secured equally and ratably with such indebtedness for borrowed money, so long as such indebtedness for
borrowed money shall be so secured; provided, however, that the above shall not apply to: 
 (1) any
Encumbrance existing as of the date of issuance of that series of debt securities; 
 (2) any Encumbrance arising
by operation of law and not as a result of any act or omission on the part of such Issuer or any Guarantor; 

(3) judgment Encumbrances not giving rise to an Event of Default; 

(4) any Encumbrance created on any Property (or documents of title thereto) acquired after the date of issuance of that
series of debt securities for the sole purpose of financing or refinancing or securing the cost of that acquisition so long as the principal moneys thereby secured do not exceed the cost of that acquisition; 

(5) any Encumbrances over any Property (or documents of title thereto) which is acquired by any Guarantor or such Issuer
subject to such Encumbrance; 
 (6) any Encumbrance over assets and/or (where such assets comprise substantially
the whole of the assets of the owner thereof) shares or stock in the owner of such assets securing Project Finance Borrowing to finance the costs of developing, or acquiring and developing, such assets; 

(7) any Encumbrance over any Property (including any improvements on or to an existing Property) developed, constructed or
improved after the date of issuance of that series of debt securities by any Guarantor or such Issuer to secure the payment of all or any part of the cost of development or construction of or improvement on or to such Property or to secure

  
 64 

 
indebtedness incurred by any Guarantor or such Issuer for the purpose of financing all or any part of the cost of development or construction thereof or of improvements thereon or thereto so long
as the principal moneys thereby secured do not exceed the higher of cost or fair market value of that development, construction or improvement; 
 (8) any Encumbrance arising solely by operation of law over any credit balance or cash held in any account with a financial institution; 

(9) any Encumbrance arising in transactions entered into or established for the benefit of any Guarantor and/or such
Issuer in connection with: the operation of cash management programs, other payment netting arrangements, derivatives transactions (including swaps, caps, collars, options, futures transactions, forward rate agreements and foreign exchange
transactions and any other similar transaction (including any option with respect to any of the foregoing) and any combination of any of the foregoing), other normal banking transactions or in the ordinary course of letter of credit transactions;

 (10) any Encumbrance securing indebtedness of any Guarantor or such Issuer for borrowed money incurred in
connection with the financing of accounts receivable; 
 (11) any Encumbrance arising in the ordinary course of
dealings in base and precious metals, other minerals, petroleum or any other materials whatsoever; 
 (12) any
Encumbrance incurred or deposits made in the ordinary course of business, including, but not limited to, (a) any mechanics’, materialmen’s, carriers’, workmen’s, vendors’ or other like Encumbrances, (b) any
Encumbrances securing amounts in connection with workers’ compensation, unemployment insurance and other types of social security, and (c) any easements, right-of-way, restrictions and other similar charges; 

(13) any Encumbrance securing the whole or any part of the interest of any Guarantor or such Issuer in any Joint Venture,
including the revenues and assets derived by any Guarantor or such Issuer from such Joint Venture or employed by any Guarantor or such Issuer in such Joint Venture, which is in favor of its co-venturers and/or the manager or operator (including any
person for the time being fulfilling any of the functions of a manager or operator) as security for the due payment of amounts payable under or in respect of such Joint Venture; 

(14) any Encumbrance upon specific items of inventory or other goods and proceeds of such inventory or other goods of any
Guarantor or such Issuer securing any Guarantor’s or such Issuer’s obligations in respect of bankers’ acceptances, issued or created for the account of such person to facilitate the purchase, shipment or storage of such inventory or
other goods; 
 (15) any Encumbrance incurred or deposits made securing the performance of tenders, bids, leases,
statutory obligations, surety and appeal bonds, government contracts, performance and return-of-money bonds and other obligations of like nature incurred in the ordinary course of business; 

(16) any Encumbrance on any Property of any Guarantor or such Issuer in favor of the Federal Government of the United
States or the government of any State thereof, or the government of Australia, the United Kingdom, or the government of any member nation of the European Union, or any instrumentality of any of them, securing the obligations of any Guarantor or such
Issuer pursuant to any contract or payments owed to such entity pursuant to applicable laws rules, regulations or statutes; 

  
 65 

 (17) any Encumbrance securing taxes or assessments or other applicable
governmental charges or levies; 
 (18) any Encumbrance securing industrial revenue, development or similar bonds
issued by or for the benefit of any Guarantor or such Issuer, provided that such industrial revenue, development or similar bonds are non-recourse to any Guarantor or such Issuer; 

(19) the sale or other transfer of (a) any minerals in place, or for the future production of, for a period of time
until, or in any amount such that, the purchaser will realize therefrom a specified amount of money (however determined) or a specified amount of such minerals, or (b) any other interest in property of the character commonly referred to as a
“production payment”; 
 (20) Encumbrances in favor of any Guarantor or any Subsidiary of any
Guarantor; 
 (21) any Encumbrance securing indebtedness for which any Guarantor or such Issuer has paid money or
deposited securities with a trustee or depositary in an amount designed to pay or discharge in full any liability in respect of such indebtedness; and 
 (22) any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any Encumbrance referred to in clauses (1) to (21), inclusive, for amounts
not exceeding the principal amount of the borrowed money secured by the Encumbrance so extended, renewed or replaced, provided that such extension, renewal or replacement Encumbrance is limited to all or a part of the same Property (or documents of
title thereto) that secured the Encumbrance extended, renewed or replaced (plus improvements on such Property). 

Notwithstanding the foregoing, any Guarantor and any Issuer may create or permit to subsist Encumbrances over any of their respective
Property so long as the aggregate amount of indebtedness for borrowed money secured by all Encumbrances (excluding therefrom the amount of the indebtedness secured by Encumbrances set forth in clauses (1) through (21), inclusive, above) does
not exceed 10% of the Consolidated Net Worth plus Minorities of the Guarantors. Nothing herein shall restrict the ability of any Subsidiaries of any Guarantor (other than the Issuer of the relevant series of Securities) to create or permit to
subsist Encumbrances over any of their respective Property. 
 For purposes of this Section 1007, the following shall not
be deemed to be Encumbrances securing indebtedness and, accordingly, nothing contained in this section shall prevent, restrict or apply to (i) any acquisition by any Guarantor or any Issuer of any property or assets subject to any reservation
or exception under the terms of which any vendor, lessor or assignor creates, reserves or excepts or has created, reserved or excepted an interest in gold, copper, iron ore, bauxite, uranium, coal or any other metal or minerals in place or the
proceeds thereof; (ii) any conveyance or assignment under the terms of which any Guarantor or any Issuer conveys or assigns to any Person or Persons an interest in gold, copper, iron ore, bauxite, uranium, coal or any other metals or minerals
in place or the proceeds thereof; or (iii) any Encumbrance upon any property or assets owned or leased by any Guarantor or any Issuer or in which any Guarantor or any Issuer owns an interest to secure to the Person or Persons paying the
expenses of developing or conducting operations for the recovery, storage, transportation or sale of the metals or mineral resources of the said property (or property with which it is unitized) the payment to such Person or Persons of the
proportionate part of such development or operating expense of applicable Guarantor’s or by the Issuer of the relevant series of Securities. 

  
 66 

 SECTION 1008. Limitation on Sales and Leasebacks. 

So long as any of the Securities of a particular series of debt securities are Outstanding, the Guarantors shall not, and shall not permit
the Issuer of such series to, enter into any arrangement with any bank, insurance company or other lender or investor (not including any Guarantor or any Subsidiary), or to which any such lender or investor is a party, providing for the leasing by
any Guarantor or such Issuer for a period including renewals, in excess of three years of any Property which has been owned by any Guarantor or such Issuer for more than 270 days and which has been or is to be sold or transferred by any Guarantor or
such Issuer to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such Property (herein referred to as a “sale and leaseback transaction”) unless:

 (1) a Guarantor or such Issuer could create indebtedness secured by an Encumbrance pursuant to Section 1007 on the
Property to be leased back in an amount equal to the indebtedness attributable to such sale and leaseback transaction without equally and ratably securing the Securities; or 
 (2) a Guarantor or such Issuer, within one year after the sale or transfer shall have been made by a Guarantor or such Issuer, applies an amount equal to the greater of (i) the net proceeds of the
sale of the Property sold and leased back pursuant to such arrangement and (ii) the fair market value of the Property so sold and leased back at the time of entering into such arrangement (as determined by any two Directors of such Guarantor)
to (A) the retirement of indebtedness for money borrowed, incurred or assumed by such Guarantor or such Issuer which by its terms matures at, or is extendible or renewable at the option of the obligor to, a date more than twelve months after
the date of incurring, assuming or guaranteeing such indebtedness or (B) investment in any Property of such Guarantor or such Issuer. 
 Nothing herein shall restrict the ability of any Subsidiaries of any Guarantor (other than the Issuers) to enter into sale and leaseback transactions. 

SECTION 1009. Waiver of Certain Covenants. 
 Except as otherwise specified as contemplated by Section 301 for Securities of such series, the Issuer of such Securities and the Guarantors may, with respect to the Securities of any series, omit in
any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 301(19), 901(2) or 901(7) for the benefit of the Holders of such series or in any of Sections 1004, 1007 or 1008 if
before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with
such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of such Issuer and the
Guarantors and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. The Issuers shall give the Trustee written notice of any waiver of any covenant and in any event not later than five
(5) Business Days after such waiver has occurred. In the absence of such notice, the Trustee shall assume that all covenants apply and are in full force and effect. 

  
 67 

 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 

SECTION 1101. Applicability of Article. 
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for
such Securities) in accordance with this Article. 
 SECTION 1102. Election to Redeem; Notice to Trustee. 

The election of an Issuer to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated
by Section 301 for such Securities. In case of any redemption at the election of an Issuer, the Issuer of the relevant series of Securities shall, at least 60 days prior to the Redemption Date fixed by such Issuer (unless a shorter notice shall
be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Issuer of such Securities shall furnish the Trustee with an Officer’s Certificate evidencing
compliance with such restriction. 
 SECTION 1103. Selection by Trustee of Securities to Be Redeemed. 

If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to
be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of 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. If less than all the Securities of such series and of a specified
tenor are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such
series and specified tenor not previously called for redemption in accordance with the preceding sentence. 
 The Trustee shall
promptly notify the Issuer of the relevant series of Securities in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be
redeemed. 
 The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a
single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not be less
than the minimum authorized denomination) for such Security. 

  
 68 

 For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

SECTION 1104. Notice of Redemption. 
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his
address appearing in the Security Register. 
 All notices of redemption shall identify the Securities to be redeemed
(indicating CUSIP Number, if any) and shall state: 
 (1) the Redemption Date, 

(2) the Redemption Price plus accrued interest, if any, 

(3) if less than all the Outstanding Securities of any series consisting of more than a single Security are to be
redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single
Security are to be redeemed, the principal amount of the particular Security to be redeemed, 
 (4) that on the
Redemption Date the Redemption Price, plus accrued interest, if any, will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(5) the place or places where each such Security is to be surrendered for payment of the Redemption Price, plus accrued
interest, if any, and 
 (6) that the redemption is for a sinking fund, if such is the case. 

Notice of redemption of Securities to be redeemed at the election of an Issuer shall be given by the Issuer of such Securities or, at
such Issuer’s request, by the Trustee in the name and at the expense of such Issuer and shall be irrevocable. 
 SECTION 1105. Deposit
of Redemption Price. 
 Prior to 10:00 a.m., New York City time, on any Redemption Date, the Issuer of the relevant series of
Securities shall deposit with the Trustee or with a Paying Agent (or, if such Issuer or any Guarantor is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. 
 SECTION 1106. Securities Payable on Redemption Date. 
 Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Issuer of such Securities shall default in the
payment of the Redemption Price and accrued interest) such Securities shall cease to bear 

  
 69 

 
interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Issuer of such Security at the Redemption Price, together with
accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 301, installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date will be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall,
until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 1107. Securities Redeemed in
Part. 
 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the
Issuer of such Security or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to such Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and
such Issuer shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
 SECTION 1108. Optional Redemption Due to Changes in Tax Treatment. 
 Each
series of Securities may be redeemed at the option of the Issuer of such series or any Guarantor (or any Subsidiary of any Guarantor which has assumed such Issuer’s obligations pursuant to Section 803 of this Indenture) in whole but not in
part at any time (except in the case of Securities that have a variable rate of interest, which may be redeemed on any Interest Payment Date) at a redemption price equal to the principal amount thereof plus accrued interest to the date fixed for
redemption (except in the case of Outstanding Original Issue Discount Securities which may be redeemed at the Redemption Price specified by the terms of such series of Securities) if, as a result of any change in or amendment to the laws or any
regulations or rulings promulgated thereunder of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Issuer of such Securities or any Guarantor (or, in the case of any Subsidiary of any Guarantor
which has assumed such Issuer’s obligations pursuant to Section 803 of this Indenture, such Subsidiary) is incorporated or any change in the official application or interpretation of such laws, regulations or rulings, or any change in the
official application or interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which such jurisdiction (or such political subdivision or taxing authority) is a party, which change, execution or amendment
becomes effective on or after the date specified for such series pursuant to Section 301(7) (or in the case of an assumption of an Issuer’s obligations by any Subsidiary pursuant to Section 803, becomes effective after the date of
such assumption), (i) such Issuer or the relevant Guarantor (or such Subsidiary) is or would be required to pay additional amounts with respect to the Securities or the Guarantees, as the case may be, as described in Section 205 or
Section 301(20) (or the supplemental indenture described in Section 803 of this Indenture) or (ii) the relevant Guarantor or any Subsidiary of any Guarantor is or would be required to deduct or withhold tax on any payment to such
Issuer (or such Subsidiary) to enable such Issuer (or such Subsidiary) to make any payment of principal, premium, if any, or interest and, in each case, the payment of such additional 

  
 70 

 
amounts in the case of (i) above or such deductions or withholding in the case of (ii) above cannot be avoided by the use of any reasonable measures available to such Issuer, any
Guarantor or the Subsidiary. Prior to the giving of notice of redemption of such Securities pursuant to this Indenture, the Issuer of such Securities or the relevant Guarantor (or such Subsidiary) will deliver to the Trustee an Officer’s
Certificate, stating that such Issuer or the relevant Guarantor (or such Subsidiary) is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of such
Issuer or the relevant Guarantor (or such Subsidiary) to redeem such Securities pursuant to this Section has been satisfied. 

Further, if pursuant to Section 801(3) of this Indenture, a Person has been or would be required to pay any additional amounts as
therein provided, each series of Securities may be redeemed at the option of such Person in whole, but not in part, at any time (except in the case of Securities that have a variable rate of interest, which may be redeemed on any Interest Payment
Date), at a redemption price equal to the principal amount thereof plus accrued interest to the date fixed for redemption (except in the case of Outstanding Original Issue Discount Securities which may be redeemed at the Redemption Price specified
by the terms of such series of Securities). Prior to the giving of notice of redemption of such Securities pursuant to this Indenture, such Person will deliver to the Trustee an Officer’s Certificate, stating that such Person is entitled to
effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of such Person to redeem such Securities pursuant to this Section has been satisfied. 

ARTICLE TWELVE 
 SINKING FUNDS 
 SECTION 1201. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise
specified as contemplated by Section 301 for such Securities. 
 The minimum amount of any sinking fund payment provided
for by the terms of any Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an
“optional sinking fund payment”. If provided for by the terms of any Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be
applied to the redemption of Securities as provided for by the terms of such Securities. 
 SECTION 1202. Satisfaction of Sinking Fund
Payments with Securities. 
 The Issuer of the relevant series of Securities (1) may deliver Outstanding Securities of a
series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Issuer of such Securities pursuant to the terms of such Securities or through
the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of 

  
 71 

 
any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such
Securities; provided that the Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the
Securities so to be redeemed, for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
 SECTION 1203. Redemption of Securities for Sinking Fund. 
 Not less than 60
days prior to each sinking fund payment date for any Securities, the Issuer of such Securities will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to
the terms of such Securities, 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 Securities pursuant to Section 1202 and will also
deliver to the Trustee any Securities to be so delivered. Not less than 50 days prior to 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 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Issuer of such Securities in the manner provided in Section 1104. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 
 ARTICLE THIRTEEN

 DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 1301. Option of Issuers or Guarantors to Effect Defeasance or Covenant Defeasance. 
 Any Issuer or any Guarantor may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated
pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this
Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities. 
 SECTION 1302. Defeasance and Discharge. 
 Upon the exercise by an Issuer or
any Guarantor of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Issuer of such Securities and the Guarantors shall be deemed to have been discharged from all their respective
obligations with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that such
Issuer and the Guarantors shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all their other obligations under such Securities and this Indenture insofar as such Securities are

  
 72 

 
concerned (and the Trustee, at the expense of the Issuer of such Securities and the Guarantors, shall execute proper instruments acknowledging the same), subject to the following which shall
survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1304 and as more fully set forth in such Section, payments in respect of
the principal of and any premium and interest on such Securities when payments are due, (2) the obligations of such Issuer and the Guarantors with respect to such Securities under Sections 304, 305, 306, 1002 and 1003 and with respect to the
payment of additional amounts, if any, on such Securities as contemplated by Section 1004, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance with this Article,
any Issuer or any Guarantor may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 1303 applied to such Securities. 

SECTION 1303. Covenant Defeasance. 
 Upon exercise by any Issuer or any Guarantor of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, (1) the Issuer of such Securities
and the Guarantors shall be released from their obligations under Section 801(3), Sections 1006 through 1008 inclusive, and any covenants provided pursuant to Section 301(19), 901(2) or 901(7) for the benefit of the Holders of such
Securities and (2) the occurrence of any event specified in Sections 501(4) (with respect to any of Section 801(3), Sections 1006 through 1008 inclusive, and any such covenants provided pursuant to Section 301(19), 901(2) or 901(7)),
501(7) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called
“Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Issuer of such Securities and the Guarantors may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such specified Section (to the extent so specified in the case of Section 501(4)), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any
reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 
 SECTION 1304. Conditions to Defeasance or Covenant Defeasance. 
 The
following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be: 

(1) The Issuer of such Securities or any Guarantor shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee which satisfies the requirements contemplated by Section 609 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such 

  
 73 

 
other qualifying trustee) to pay and discharge, (i) the principal of and any premium and interest on such Securities on the respective Stated Maturities and (ii) any mandatory sinking
fund payments or analogous payments applicable to such Outstanding Securities on the day on which such payments are due and payable, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government
Obligation” means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person
controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case
(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) or trust company as custodian with respect to any
U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government
Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt. 
 (2) In the event of an election to have Section 1302 apply to any Securities or any series of Securities, as the case may be, the Issuer of such Securities or a Guarantor shall have delivered to the
Trustee an Opinion of Counsel stating that (A) such Issuer or a Guarantor has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a change in the
applicable Federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for U.S. Federal income tax purposes as a
result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to U.S. Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit.
Defeasance and discharge were not to occur. 
 (3) In the event of an election to have Section 1303 apply to
any Securities or any series of Securities, as the case may be, the Issuer of such Securities or a Guarantor shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss
for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the
case if such deposit and Covenant Defeasance were not to occur. 
 (4) The Issuer of the relevant series of
Securities or any Guarantor shall have delivered to the Trustee an Opinion of Counsel to the effect that such deposit, Defeasance and discharge, or such deposit and Covenant Defeasance, as the case may be, will not cause the Holders of such
Securities to recognize income, gain or loss for Australian or United Kingdom tax purposes and to the effect that all payments out of the trust fund will be made free and exempt from any and all withholding or other income taxes of whatever nature
of Australia or the United Kingdom or any political subdivision or taxing authority thereof or therein. 
 (5)
The Issuer of the relevant series of Securities or a Guarantor shall have delivered to the Trustee an Officer’s Certificate to the effect that neither such Securities nor any other Securities of the same series, if then listed on any securities
exchange, will be delisted as a result of such deposit. 

  
 74 

 (6) No event which is, or after notice or lapse of time or both would
become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 501(5) and (6), 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). 
 (7) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the
meaning of such Act). 
 (8) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, any other agreement or instrument to which the Issuer of the relevant series of Securities or any Guarantor is a party or by which it is bound. 

(9) Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an
investment company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder. 
 (10) The Issuer of the relevant series of Securities or a Guarantor shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
with respect to such Defeasance or Covenant Defeasance have been complied with. 
 (11) Notwithstanding any other
provisions of this Section, such Defeasance or covenant Defeasance shall be effected in compliance with any additional or substitute terms, conditions, or limitations in connection therewith pursuant to Section 301. 

SECTION 1305. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions. 

Subject to the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 1306, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304
in respect of any Securities shall 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 such Paying Agent (including any Issuer or any
Guarantor acting as its own 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 any premium and interest, but money so held in trust need not be
segregated from other funds except to the extent required by law. 
 The Issuer of the relevant series of Securities or any
Guarantor shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 1304 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 Outstanding Securities. 
 Anything in
this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer of the relevant series of Securities or any Guarantor from time to time upon Company 

  
 75 

 
Request any money or U.S. Government Obligations held by it as provided in Section 1304 with respect to any Securities which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with
respect to such Securities. 
 SECTION 1306. Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Issuer of such Securities and the Guarantors have been discharged or released pursuant to
Section 1302 or 1303 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust
pursuant to Section 1305 with respect to such Securities in accordance with this Article; provided, however, that if such Issuer or any Guarantor makes any payment of principal of or any premium or interest on any such Security following
such reinstatement of its obligations, such Issuer and the Guarantors shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 

  
 76 

 This instrument may be executed in any number of counterparts, each of which so executed shall be”
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed all as of the day and year first above written. 
  

											
		 		 		 	 Rio Tinto Finance (USA) Limited
 as Issuer

		 		 		 	By	 	 /s/ Alexander Chmel
	 	
	Attest:	 		 	Name: Alexander Chmel	 	
	By	 	 /s/ Matthew Whyte
	 		 	Title: Legal Counsel, under Power of Attorney	 	
	Name: Matthew Whyte	 		 		 		 	
	Title: Assistant Secretary	 		 		 		 	
		 		 		 	 Rio Tinto Finance (USA) plc 
 as Issuer
	 	
		 		 		 	By	 	 /s/ Alexander Chmel
	 	
	 Attest:
	 		 	Name: Alexander Chmel	 	
	By	 	 /s/ Matthew Whyte
	 		 	Title: Legal Counsel, under Power of Attorney	 	
	Name: Matthew Whyte	 		 		 		 	
	Title: Assistant Secretary	 		 		 		 	
		 		 		 	 Rio Tinto plc 

as Guarantor
	 	
		 		 		 	By	 	 /s/ Ben Mathews
	 	
	Attest:	 		 	Name: Ben Mathews	 	
	By	 	 /s/ Matthew Whyte
	 		 	Title: Company Secretary	 	
	Name: Matthew Whyte	 		 		 		 	
	Title: Assistant Secretary	 		 		 		 	
		 		 		 	 Rio Tinto Limited 
 as Guarantor
	 	
		 		 		 	By	 	 /s/ Ben Mathews
	 	
	Attest:	 		 	Name: Ben Mathews	 	
	By	 	 /s/ Matthew Whyte
	 		 	Title: Assistant Secretary	 	
	Name: Matthew Whyte	 		 		 		 	
	Title: Assistant Secretary	 		 		 		 	
		 		 		 	 The Bank of New York Mellon 
 as Trustee
	 	
		 		 		 	By	 	 /s/ Orla Forrester
	 	
	Attest:	 		 	Name: Orla Forrester	 	
	By	 	 /s/ Erika Walker
	 		 	Title: Vice President	 	
	Name: Erika Walker	 		 		 		 	
	Title: Vice-President	 		 		 		 	

  
 77Third Amended and Restated Agreement of Limited Partnership

 Exhibit 4.1 
 THIRD AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 INDEPENDENCE
REALTY OPERATING PARTNERSHIP, LP 

 TABLE OF CONTENTS 

 

							
	 	 	 	 	 	  	 Page

		
	 ARTICLE 1 DEFINED TERMS
	  	1
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	15
		 	 2.1
	 	 Formation
	  	15
		 	 2.2
	 	 Name
	  	15
		 	 2.3
	 	 Registered Office and Agent; Principal Office
	  	15
		 	 2.4
	 	 Power of Attorney
	  	16
		 	 2.5
	 	 Term
	  	17
		
	 ARTICLE 3 PURPOSE
	  	17
		 	 3.1
	 	 Purpose and Business
	  	17
		 	 3.2
	 	 Powers
	  	18
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	19
		 	 4.1
	 	 Capital Contributions of the Partners
	  	19
		 	 4.2
	 	 Additional Funds; Restrictions on the General Partner
	  	19
		 	 4.3
	 	 Issuance of Additional Partnership Interests; Admission of Additional Limited Partners
	  	21
		 	 4.4
	 	 Contribution of Proceeds of Issuance of REIT Stock
	  	22
		 	 4.5
	 	 Repurchase of REIT Stock; Shares-In-Trust
	  	22
		 	 4.6
	 	 No Third-Party Beneficiary
	  	23
		 	 4.7
	 	 No Interest; No Return
	  	24
		 	 4.8
	 	 No Preemptive Rights
	  	24
		
	 ARTICLE 5 DISTRIBUTIONS
	  	24
		 	 5.1
	 	 Distributions
	  	24
		 	 5.2
	 	 Qualification as a REIT
	  	25
		 	 5.3
	 	 Withholding
	  	25
		 	 5.4
	 	 Additional Partnership Interests
	  	25
		
	 ARTICLE 6 ALLOCATIONS
	  	26
		 	 6.1
	 	 Allocations
	  	26
		 	 6.2
	 	 Revisions to Allocations to Reflect Issuance of Partnership Interests
	  	26
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	26
		 	 7.1
	 	 Management
	  	26
		 	 7.2
	 	 Certificate of Limited Partnership
	  	30
		 	 7.3
	 	 Reimbursement of the General Partner
	  	31
		 	 7.4
	 	 Outside Activities of the General Partner
	  	32
		 	 7.5
	 	 Contracts with Affiliates
	  	32
		 	 7.6
	 	 Indemnification
	  	33
		 	 7.7
	 	 Liability of the General Partner
	  	35
		 	 7.8
	 	 Other Matters Concerning the General Partner
	  	36
		 	 7.9
	 	 Title to Partnership Assets
	  	37

  
 -i-

							
		 	 7.10
	 	 Reliance by Third Parties
	  	37
		 	 7.11
	 	 Loans By Third Parties
	  	38
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	38
		 	 8.1
	 	 Limitation of Liability
	  	38
		 	 8.2
	 	 Management of Business
	  	38
		 	 8.3
	 	 Outside Activities of Limited Partners
	  	38
		 	 8.4
	 	 Return of Capital
	  	39
		 	 8.5
	 	 Rights of Limited Partners Relating to the Partnership
	  	39
		 	 8.6
	 	 Exchange Rights Agreements
	  	40
		 	 8.7
	 	 Redemption of Special Limited Partnership Units
	  	40
		 	 8.8
	 	 RAIT Limited Partners Redemption Rights
	  	41
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	42
		 	 9.1
	 	 Records and Accounting
	  	42
		 	 9.2
	 	 Fiscal Year
	  	42
		 	 9.3
	 	 Reports
	  	42
		
	 ARTICLE 10 TAX MATTERS
	  	43
		 	 10.1
	 	 Preparation of Tax Returns
	  	43
		 	 10.2
	 	 Tax Elections
	  	43
		 	 10.3
	 	 Tax Matters Partner
	  	44
		 	 10.4
	 	 Organizational Expenses
	  	45
		 	 10.5
	 	 Withholding
	  	45
		
	 ARTICLE 11 TRANSFERS AND WITHDRAWALS
	  	46
		 	 11.1
	 	 Transfer
	  	46
		 	 11.2
	 	 Transfer of the General Partner’s General Partner Interest
	  	47
		 	 11.3
	 	 Limited Partners’ Rights to Transfer
	  	49
		 	 11.4
	 	 Substituted Limited Partners
	  	50
		 	 11.5
	 	 Assignees
	  	51
		 	 11.6
	 	 General Provisions
	  	51
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	53
		 	 12.1
	 	 Admission of Successor General Partner
	  	53
		 	 12.2
	 	 Admission of Additional Limited Partners
	  	54
		 	 12.3
	 	 Amendment of Agreement and Certificate of Limited Partnership
	  	55
		
	 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION
	  	55
		 	 13.1
	 	 Dissolution
	  	55
		 	 13.2
	 	 Winding Up
	  	56
		 	 13.3
	 	 No Obligation to Contribute Deficit
	  	58
		 	 13.4
	 	 Rights of Limited Partners
	  	58
		 	 13.5
	 	 Notice of Dissolution
	  	58
		 	 13.6
	 	 Termination of Partnership and Cancellation of Certificate of Limited Partnership
	  	58
		 	 13.7
	 	 Reasonable Time for Winding-Up
	  	58

  
 -ii-

							
		 	 13.8
	 	 Waiver of Partition
	  	58
		
	 ARTICLE 14 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS
	  	59
		 	 14.1
	 	 Amendments
	  	59
		 	 14.2
	 	 Meetings of the Partners
	  	60
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	61
		 	 15.1
	 	 Addresses and Notice
	  	61
		 	 15.2
	 	 Titles and Captions
	  	61
		 	 15.3
	 	 Pronouns and Plurals
	  	61
		 	 15.4
	 	 Further Action
	  	62
		 	 15.5
	 	 Binding Effect
	  	62
		 	 15.6
	 	 Creditors
	  	62
		 	 15.7
	 	 Waiver
	  	62
		 	 15.8
	 	 Counterparts
	  	62
		 	 15.9
	 	 Applicable Law
	  	62
		 	 15.10
	 	 Invalidity of Provisions
	  	62
		 	 15.11
	 	 Entire Agreement
	  	62
		 	 15.12
	 	 Merger
	  	63
		 	 15.13
	 	 No Rights as Stockholders
	  	63
		
	 EXHIBITS
	  	
		
	 Exhibit A – Partners’ Contributions and Partnership Interests
	  	
	 Exhibit B – Allocations
	  	
	 Exhibit C – Exchange Rights Agreement for Partnership Units
	  	
	 Exhibit D – Certificate of Limited Partnership
	  	
	 Exhibit S-A – Designation of Series A Preferred Units
	  	

  
 -iii-

 THIRD AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP 

THIS THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP (this
“Agreement”), dated as of January 4, 2012 (the “Effective Date”), is entered into by and among INDEPENDENCE REALTY TRUST, INC., a Maryland corporation, as general partner (the “General
Partner”), RAIT NTR HOLDINGS, LLC, a Delaware limited liability company, as the initial limited partner (the “Initial Limited Partner”), and the Limited Partners party hereto from time to time. 

WHEREAS, the General Partner formed Empire American Realty Operating Partnership, LP, now known as Independence Realty Operating
Partnership, LP, (the “Partnership”) as a limited partnership on March 27, 2009 pursuant to the Revised Uniform Limited Partnership Act of the State of Delaware and filed a certificate of limited partnership with the Secretary
of State of the State of Delaware; and 
 WHEREAS, the General Partner filed a certificate of amendment to the certificate of
limited partnership with the Secretary of State of the State of Delaware on February 22, 2011 in order to change the name of the Partnership to “Independence Realty Operating Partnership, LP.” 

NOW THEREFORE, in consideration of the mutual covenants herein contained, and other valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties do hereby agree as follows: 
 ARTICLE 1 

DEFINED TERMS 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in
this Agreement. 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as amended from
time to time, and any successor to such statute. 
 “Additional Limited Partner” means a Person that has
executed and delivered an additional limited partner signature page in the form attached hereto, has been admitted to the Partnership as a Limited Partner pursuant to Section 4.3 hereof and that is shown as such on the books and records of the
Partnership. 
 “Adjusted Capital Account Deficit” means with respect to any Partner, the negative
balance, if any, in such Partner’s Capital Account as of the end of any relevant fiscal year, determined after giving effect to the following adjustments: 
 (a) credit to such Capital Account any portion of such negative balance which such Partner (i) is treated as obligated to restore to the Partnership pursuant to the provisions of
Section 1.704-1(b)(2)(ii)(c) of the Regulations, or (ii) is deemed to be obligated to restore 

  
 -1-

 
to the Partnership pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 

(b) debit to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the
Regulations. 
 “Advisor” means Independence Realty Advisors, LLC, a Delaware limited liability company.

 “Advisory Agreement” means the Advisory Agreement among the Partnership and the General Partner, as
advisees, and the Advisor, as advisor. 
 “Affiliate” means, 

(a) with respect to any individual Person, any member of the Immediate Family of such Person or a trust established for
the benefit of such member, or 
 (b) with respect to any Entity, any Person which, directly or indirectly
through one or more intermediaries, controls, is controlled by, or is under common control with, any such Entity. For purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 “Agreement” means this Amended and Restated Agreement of Limited Partnership, as originally executed
and as amended, modified, supplemented or restated from time to time, as the context requires. 
 “Articles of
Incorporation” means the General Partner’s Articles of Incorporation, filed with the Maryland State Department of Assessments and Taxation, or other organizational document governing the General Partner, as amended, modified,
supplemented or restated from time to time. 
 “Assignee” means a Person to whom one or more Partnership
Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5. 

“Available Cash” means, with respect to the applicable period of measurement (i.e., any period beginning on the
first day of the fiscal year, quarter or other period commencing immediately after the last day of the fiscal year, quarter or other applicable period for purposes of the prior calculation of Available Cash for or with respect to which a
distribution has been made, and ending on the last day of the fiscal year, quarter or other applicable period immediately preceding the date of the calculation), the excess, if any, as of such date, of 

(a) the gross cash receipts of the Partnership for such period from all sources whatsoever, including, without limitation,
the following: 
 (i) all rents, revenues, income and proceeds derived by the Partnership from its operations,
including, without limitation, distributions received by the Partnership from any Entity in which the Partnership has an interest; 

  
 -2-

 (ii) all proceeds and revenues received by the Partnership on account of any
sales of any Partnership property or as a refinancing of or payment of 
 (iii) principal, interest, costs, fees,
penalties or otherwise on account of any borrowings or loans made by the Partnership or financings or refinancings of any property of the Partnership; 
 (iv) the amount of any insurance proceeds and condemnation awards received by the Partnership; 
 (v) all capital contributions and loans received by the Partnership from its Partners; 
 (vi) all cash amounts previously reserved by the Partnership, to the extent such amounts are no longer needed for the specific purposes for which such amounts were reserved; and 

(vii) the proceeds of liquidation of the Partnership’s property in accordance with this Agreement; 

over 
 (b) the sum of the following: 
 (i) all operating costs and
expenses, including taxes and other expenses of the properties directly and indirectly held by the Partnership and capital expenditures made during such period (without deduction, however, for any capital expenditures, charges for Depreciation or
other expenses not paid in cash or expenditures from reserves described in (viii) below); 
 (ii) all costs
and expenses expended or paid during such period in connection with the sale or other disposition, or financing or refinancing, of the property directly or indirectly held by the Partnership or the recovery of insurance or condemnation proceeds;

 (iii) all fees provided for under this Agreement; 

(iv) all debt service, including principal and interest, paid during such period on all indebtedness (including under any
line of credit) of the Partnership; 
 (v) all capital contributions, advances, reimbursements, loans or similar
payments made to any Person in which the Partnership has an interest; 
 (vi) all loans made by the Partnership
in accordance with the terms of this Agreement; 
 (vii) all reimbursements to the General Partner or its
Affiliates during such period; and 

  
 -3-

 (viii) the amount of any new reserve or increase in reserves established
during such period which the General Partner determines is necessary or appropriate in its sole and absolute discretion. 
 Notwithstanding the
foregoing, Available Cash shall not include any cash received or reductions in reserves, or take into account any disbursements made or reserves established, after commencement of the dissolution and liquidation of the Partnership. 

“Business Combination” has the meaning set forth in Section 7.1(a)(iii)(C). 

“Capital Account” means with respect to any Partner, the Capital Account maintained for such Partner in
accordance with the following provisions: 
 (a) to each Partner’s Capital Account there shall be credited

 (i) such Partner’s Capital Contributions; 

(ii) such Partner’s distributive share of Net Income as determined pursuant to Paragraph 1 of Exhibit B and any items
in the nature of income or gain which are specially allocated to such Partner pursuant to Paragraph 2 of Exhibit B; and 
 (iii) the amount of any Partnership liabilities assumed by such Partner or which are secured by any asset distributed to such Partner; 

(b) to each Partner’s Capital Account there shall be debited 

(i) the amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of
this Agreement; 
 (ii) such Partner’s distributive share of Net Losses as determined pursuant to Paragraph
1 of Exhibit B and any items in the nature of expenses or losses which are specially allocated to such Partner pursuant to Paragraph 2 of Exhibit B; and 
 (iii) the amount of any liabilities of such Partner assumed by the Partnership or which are secured by any asset contributed by such Partner to the Partnership; and 

(c) in the event all or a portion of a Partnership Interest is transferred in accordance with the terms of this Agreement,
the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Partnership Interest. 
 The
foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Sections 1.704-1(b) and 1.704-2 of the Regulations, and shall be interpreted and applied in a manner
consistent with such Regulations. In the event the General Partner shall reasonably determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits
relating to liabilities which are secured by contributed or distributed assets or which are assumed by 

  
 -4-

 
the Partnership, the General Partner or any Limited Partner) are computed in order to comply with such Regulations, the General Partner may make such modification; provided that it would not
cause the amounts distributable to any Partner pursuant to Article 13 hereof upon the dissolution of the Partnership to vary from the amount contemplated as set forth in Section 2(g) of Exhibit B. 

“Capital Contribution” means, with respect to any Partner, any cash, cash equivalents or the Gross Asset Value of
property which such Partner contributes or is deemed to contribute to the Partnership pursuant to Article 4 hereof. 

“Capital Proceeds” means Available Cash attributable to any Capital Transaction. 

“Capital Transaction” means any sale, or other disposition (other than a deemed disposition pursuant to
Section 708(b)(1)(B) and the regulations thereunder) of all or substantially all of the assets and properties of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or
substantially all of the assets and properties of the Partnership. 
 “Cash Available for Distribution”
means the Available Cash other than Available Cash attributable to a Capital Transaction. 

“Certificate” means the Certificate of Limited Partnership relating to the Partnership filed in the office of the
Delaware Secretary of State on March 27, 2009, as amended by the Certificate of Amendment filed on February 22, 2011, and as further amended from time to time in accordance with the terms hereof and the Act. 

“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the
applicable regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 

“Common Stock” means a share of the common stock of the General Partner, $.01 par value. Common Stock may be
issued in one or more classes or series in accordance with the terms of the Articles of Incorporation. If there is more than one class or series of Common Stock, the term “Common Stock” shall, as the context requires, be deemed to refer to
the class or series of Common Stock that correspond to the class or series of Partnership Interests for which the reference to Common Stock is made. 
 “Common Units” means Partnership Units that are not Preferred Units or Special Limited Partnership Units. 
 “Consent” means the consent or approval of a proposed action by a Partner given in accordance with Section 14.2 hereof. 

“Consent of the Limited Partners” means the Consent of Limited Partners (excluding for this purpose any
Partnership Interests held by the General Partner, any other Person of which they own or control more than fifty percent (50%) of the voting interests and any Person directly or indirectly owning or controlling more than fifty percent
(50%) of the outstanding voting interests of the General Partner) holding Percentage Interests that are greater than fifty percent (50%) of the aggregate Percentage Interest of all Limited Partners who are not excluded for the purposes
hereof. 

  
 -5-

 “Contributed Property” means each property, partnership interest,
contract right or other asset, in such form as may be permitted by the Act, contributed or deemed contributed to the Partnership by any Partner, including any interest in any successor partnership occurring as a result of a termination of the
Partnership pursuant to Section 708 of Code. 
 “Contribution Limited Partner Interests” means
those Limited Partner Interests received by the RAIT Limited Partners in connection with the contribution of Properties to the Partnership on April 29, 2011. 
 “Cumulative Non-Compound Return” means the percentage resulting from dividing: (i) the total amount of dividends and distributions paid by the General Partner to the
Stockholders or the total amount of distributions made by the Partnership to the Limited Partners, in each case reduced by distributions from the sale or refinancing of properties, from the Effective Date until the Distribution Date, by
(ii) the product of (a) the weighted average Net Investment for such period (calculated on a daily basis), and (b) the number of years (including the fractions thereof) elapsed from the Effective Date until the Distribution Date
(based on a year of 365 days). 
 “Debt” means, as to any Person, as of any date of determination,
(a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (b) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of
credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person; (c) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien
on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (d) obligations of such Person incurred in
connection with entering into a lease which, in accordance with generally accepted accounting principles, should be capitalized. 
 “Depreciation” means, with respect to any asset of the Partnership for any fiscal year or other period, the depreciation, depletion, amortization or other cost recovery deduction,
as the case may be, allowed or allowable for federal income tax purposes in respect of such asset for such fiscal year or other period; provided, however, that except as otherwise provided in Section 1.704-2 of the Regulations, if there is a
difference between the Gross Asset Value (including the Gross Asset Value, as increased pursuant to paragraph (d) of the definition of Gross Asset Value) and the adjusted tax basis of such asset at the beginning of such fiscal year or other
period, Depreciation for such asset shall be an amount that bears the same ratio to the beginning Gross Asset Value of such asset as the federal income tax depreciation, depletion, amortization or other cost recovery deduction for such fiscal year
or other period bears to the beginning adjusted tax basis of such asset; provided, further, that if the federal income tax depreciation, depletion, amortization or other cost recovery deduction for such asset for such fiscal year or other period is
zero, Depreciation of such asset shall be determined with reference to the beginning Gross Asset Value of such asset using any reasonable method selected by the General Partner. 

“Director” means a member of the board of directors of the General Partner. 

“Distribution Date” has the meaning set forth in Section 5.1(a). 

  
 -6-

 “Effective Date” shall have the meaning set forth in the opening
recital. 
 “Entity” means any general partnership, limited partnership, corporation, joint venture,
trust, business trust, real estate investment trust, limited liability company, limited liability partnership, cooperative or association. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time (or any corresponding provisions of succeeding laws). 

“Exchange Factor” has the meaning set forth in the Exchange Rights Agreements. 

“Exchange Right” has the meaning set forth in the Exchange Rights Agreements. 

“Exchange Rights Agreements” has the meaning set forth in Section 8.6. 

“First Level Return” means a Cumulative Non-Compounded Return of 7% per year on the Net Investment of the
Limited Partners and the Stockholders. 
 “General Partner” means Independence Realty Trust, Inc., a
Maryland corporation, and any successor as general partner of the Partnership. 
 “General Partner
Interest” means a Partnership Interest held by the General Partner, in its capacity as general partner. A General Partner Interest may be expressed as a number of Partnership Units. 

“Gross Asset Value” means, with respect to any asset of the Partnership, such asset’s adjusted basis for
federal income tax purposes, except as follows: 
 (a) the initial Gross Asset Value of any asset contributed by
a Partner to the Partnership shall be the gross fair market value of such asset, without reduction for liabilities, as determined by the contributing Partner and the Partnership on the date of contribution thereof; 

(b) if the General Partner determines that an adjustment is necessary or appropriate to reflect the relative economic
interests of the Partners, the Gross Asset Values of all Partnership assets shall be adjusted in accordance with Sections 1.704- 1(b)(2)(iv)(f) and (g) of the Regulations to equal their respective gross fair market values, without reduction for
liabilities, as reasonably determined by the General Partner, as of the following times: 
 (i) a Capital
Contribution (other than a de minimis Capital Contribution) to the Partnership by a new or existing Partner as consideration for a Partnership Interest; or 
 (ii) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership assets as consideration for the repurchase of a Partnership Interest; or 

  
 -7-

 (iii) the liquidation of the Partnership within the meaning of
Section 1.704-1(b)(2)(ii)(g) of the Regulations; 
 (c) the Gross Asset Values of Partnership assets
distributed to any Partner shall be the gross fair market values of such assets (taking Section 7701(g) of the Code into account) without reduction for liabilities, as determined by the General Partner as of the date of distribution; and

 (d) the Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments
to the adjusted basis of such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Section 1.704-1(b)(2)(iv)(m) of the
Regulations (as set forth in Exhibit B); provided, however, that Gross Asset Values shall not be adjusted pursuant to this paragraph (d) to the extent that the General Partner determines that an adjustment pursuant to paragraph (b) above
is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (d). 
 At
all times, Gross Asset Values shall be adjusted by any Depreciation taken into account with respect to the Partnership’s assets for purposes of computing Net Income and Net Loss. 

“Incapacity” or “Incapacitated” means, 

(a) as to any individual who is a Partner, death, total physical disability or entry by a court of competent jurisdiction
adjudicating him incompetent to manage his person or his estate; 
 (b) as to any corporation which is a Partner,
the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; 
 (c) as to any partnership which is a Partner, the dissolution and commencement of winding up of the partnership; 
 (d) as to any limited liability company which is a Partner, the dissolution and commencement of winding up of the limited liability company; 

(e) as to any estate which is a Partner, the distribution by the fiduciary of the estate’s entire interest in the
Partnership; 
 (f) as to any trustee of a trust which is a Partner, the termination of the trust (but not the
substitution of a new trustee); or 
 (g) as to any Partner, the bankruptcy of such Partner, which shall be
deemed to have occurred when 
 (i) the Partner commences a voluntary proceeding seeking liquidation,
reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect; 

  
 -8-

 (ii) the Partner is adjudged as bankrupt or insolvent, or a final and
nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner; 
 (iii) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors; 
 (iv) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause
(ii) above; 
 (v) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or
liquidator for the Partner or for all or any substantial part of the Partner’s properties; 
 (vi) any
proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the
commencement thereof; 
 (vii) the appointment without the Partner’s consent or acquiescence of a trustee,
receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment; or 

(viii) an appointment referred to in clause (vii) which has been stayed is not vacated within ninety (90) days
after the expiration of any such stay. 
 “Indemnitee” means 

(a) any Person made a party to a proceeding by reason of its status as 

(i) the General Partner, 
 (ii) a Limited Partner, 
 (iii) an investment advisor to the
General Partner, 
 (iv) a trustee, director or officer of the Partnership, the General Partner, or the
investment advisor to the General Partner, or 
 (v) a director, trustee, member or officer of any other Entity,
each Person serving in such capacity at the request of the Partnership or the General Partner, or 
 (vi) his or
its liabilities, pursuant to a loan guarantee or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has
assumed or taken assets subject to); and 

  
 -9-

 (b) such other Persons (including Affiliates of the General Partner, a
Limited Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

“Independent Directors” means a Director who is an “Independent Director” as set forth in the General
Partner’s Charter. 
 “Initial Limited Partner” means the RAIT NTR Holdings, LLC. 

“IRS” shall mean the Internal Revenue Service of the United States. 

“Joint Venture” means any joint venture or general partnership arrangement in which the Partnership is a
co-venturer or general partner which are established to acquire one or more Investments. 
 “Lien” means
any lien, security interest, mortgage, deed of trust, charge, claim, encumbrance, pledge, option, right of first offer or first refusal and any other right or interest of others of any kind or nature, actual or contingent, or other similar
encumbrance of any nature whatsoever. 
 “Limited Partner” means, prior to the admission of the first
Additional Limited Partner to the Partnership, the Initial Limited Partner, the Special Limited Partner and the RAIT Limited Partners, and thereafter any Person named as a Limited Partner in Exhibit A, as such Exhibit may be amended from time to
time by the General Partner, upon the execution and delivery by such Person of an additional limited partner signature page, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner of the
Partnership. 
 “Limited Partner Interest” means a Partnership Interest of a Limited Partner in the
Partnership representing a fractional part of the Partnership Interests of all Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled, as provided in this Agreement, together with all
obligations of such Person to comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Partnership Units. 
 “Liquidating Event” has the meaning set forth in Section 13.1 hereof. 
 “Liquidation Preference Amount” means with respect to any Preferred Unit, the amount payable with respect to such Preferred Unit pursuant to the applicable Partnership Unit
Designation upon the voluntary or involuntary dissolution, liquidation or winding up of the Partnership, as the case may be, as determined under the applicable Partnership Unit Designation. 

“Liquidator” has the meaning set forth in Section 13.2 hereof. 

“Listing” means the listing of the REIT Stock on a national securities exchange or the receipt by holders of the
REIT Stock of securities that are listed on a national securities exchange in exchange for REIT Stock. Upon such Listing, the shares shall be deemed “Listed.” 

  
 -10-

 “Net Income” or “Net Loss” means, for each
fiscal year or other applicable period, an amount equal to the Partnership’s taxable income or loss for such year or period as determined for federal income tax purposes by the General Partner, determined in accordance with Section 703(a)
of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), adjusted as follows: 

(a) by including as an item of gross income any tax-exempt income received by the Partnership and not otherwise taken into
account in computing Net Income or Net Loss; 
 (b) by treating as a deductible expense any expenditure of the
Partnership described in Section 705(a)(2)(B) of the Code (or which is treated as a Section 705(a)(2)(B) expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations) and not otherwise taken into account in computing Net
Income or Net Loss, including amounts paid or incurred to organize the Partnership (unless an election is made pursuant to Section 709(b) of the Code) or to promote the sale of interests in the Partnership and by treating deductions for any
losses incurred in connection with the sale or exchange of Partnership property disallowed pursuant to Section 267(a)(1) or 707(b) of the Code as expenditures described in Section 705(a)(2)(B) of the Code; 

(c) by taking into account Depreciation in lieu of depreciation, depletion, amortization and other cost recovery
deductions taken into account in computing taxable income or loss; 
 (d) by computing gain or loss resulting
from any disposition of Partnership property with respect to which gain or loss is recognized for federal income tax purposes by reference to the Gross Asset Value of such property rather than its adjusted tax basis; 

(e) in the event of an adjustment of the Gross Asset Value of any Partnership asset which requires that the Capital
Accounts of the Partnership be adjusted pursuant to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations, by taking into account the amount of such adjustment as if such adjustment represented additional Net Income or Net Loss
pursuant to Exhibit B; and 
 (f) by not taking into account in computing Net Income or Net Loss items separately
allocated to the Partners pursuant to Paragraph 2 of Exhibit B. 
 “Net Investment” means (i) as it
relates to the Stockholders, the original issue price paid by such stockholders for the purchase of Common Stock; and (ii) as it relates to the Limited Partners the total amount of Capital Contributions with respect to Common Units; in each
case reduced by distributions from the sale or refinancing of properties with respect to Common Stock or Common Units. 

“Nonrecourse Deductions” has the meaning set forth in Sections 1.704-2(b)(1) and 1.704-2(c) of the Regulations.

 “Nonrecourse Liabilities” has the meaning set forth in Section 1.704-2(b)(3) of the Regulations.

  
 -11-

 “Partner” means the General Partner or a Limited Partner, and
“Partners” means the General Partner and the Limited Partners collectively. 
 “Partner Minimum
Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with
Regulations Section 1.704-2(i)(3). 
 “Partner Nonrecourse Debt” has the meaning set forth in
Regulations Section 1.704-2(b)(4). 
 “Partner Nonrecourse Deductions” has the meaning set forth in
Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in accordance with the rules of Regulations
Section 1.704-2(i)(2). 
 “Partnership” means the limited partnership formed under the Act and
governed by this Agreement, and any successor thereto. 
 “Partnership Interest” means an ownership
interest in the Partnership representing a Capital Contribution by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement,
together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Partnership Interest may be expressed as a number of Partnership Units. 

“Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704- 2(b)(2), and the amount
of Partnership Minimum Gain, as well as any net increase or decrease in a Partnership Minimum Gain, for a Partnership taxable year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 

“Partnership Record Date” means the record date established by the General Partner for a distribution pursuant to
Section 5.1(a) hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders of some or all of its portion of such distribution. 

“Partnership Unit” means a fractional, undivided share of the Partnership Interests and includes Common Units,
Preferred Units and Special Limited Partnership Units, as well as any classes or series of Partnership Units established after the date hereof. The number of Partnership Units outstanding and the Percentage Interests in the Partnership represented
by such Partnership Units are set forth in Exhibit A, as such Exhibit may be amended from time to time. The ownership of Partnership Units shall be evidenced by such form of certificate for Partnership Units as the General Partner adopts from
time to time unless the General Partner determines that the Partnership Units shall be uncertificated securities. 

“Partnership Unit Designation” has the meaning set forth in Section 4.2. 

“Partnership Year” means the fiscal year of the Partnership, as set forth in Section 9.2 hereof. 

  
 -12-

 “Percentage Interest” means, with respect to each Partner, the
product of 100% and a fraction, the numerator of which is equal to the number of Common Units owned by the Partner and the denominator of which is equal to the total number of outstanding Common Units. 

“Permitted Partners” has the meaning set forth in subparagraph 1(b) of Exhibit B. 

“Permitted Transferee” means any person to whom Partnership Units are Transferred in accordance with
Section 11.3 of this Agreement. 
 “Person” means an individual or Entity. 

“Precontribution Gain” has the meaning set forth in subparagraph 3(c) of Exhibit B. 

“Preferred Units” means (i) the Units described in Exhibit S-A that are outstanding on the date of this
Agreement and (ii) all other Units issued after the date of this Agreement pursuant to Section 4.2 that are designated as Preferred Units. 
 “Property” means any real property or properties transferred or conveyed to the Partnership, either directly or indirectly, including through ownership interests in a Joint
Venture. 
 “Quarter” means each of the three-month periods ending on
March 31, June 30, September 30 and December 31. 
 “RAIT Limited
Partners” means those Limited Partners identified on Exhibit A as the RAIT Limited Partners and their permitted assigns. 
 “Redemption Request Period” has the meaning set forth in Section 8.8. 
 “Registration Statement” means the Registration Statement on Form S-11 to be filed by the General Partner with the Securities and Exchange Commission, and any amendments at any
time made thereto. 
 “Regulations” means the final, temporary or proposed Income Tax Regulations
promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “REIT” means a real estate investment trust as defined in Section 856 of the Code. 
 “REIT Requirements” has the meaning set forth in Section 5.2. 
 “REIT Stock” has the meaning set forth in the Exchange Rights Agreement. 
 “REIT Stock Amount” has the meaning set forth in the Exchange Rights Agreement. 
 “Sale” means (i) any transaction or series of transactions whereby: (A) the Partnership directly or indirectly (except as described in other subsections of this
definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any Investment that
gives rise to a significant amount of insurance proceeds or condemnation awards, 

  
 -13-

 
and including the issuance by one of the General Partner’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction;
(13) the Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Partnership in any
Joint Venture in which it is a partner; or (C) any Joint Venture in which the Partnership is a co-venturer or partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including any event
with respect to any Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a
securitization transaction. 
 “Special Limited Partner” means the holder of the Special Limited
Partnership Units. 
 “Special Limited Partnership Units” means Partnership Units designated as Special
Limited Partnership Units issued pursuant to Section 4.3(c) with the rights and obligations provided under this Agreement. 

“Sponsor” means RAIT Financial Trust, a Maryland real estate investment trust, or any Person which (a) is
directly or indirectly instrumental in organizing, wholly or in part, the General Partner, (b) will control, manage or participate in the management of the General Partner, and any Affiliate of any such Person, (c) takes the initiative,
directly or indirectly, in founding or organizing the General Partner, either alone or in conjunction with one or more other Persons, (d) receives a material participation in the General Partner in connection with the founding or organizing of
the business of the General Partner, in consideration of services or property, or both services and property, (e) has a substantial number of relationships and contacts with the General Partner, (f) possesses significant rights to control
Properties, (g) receives fees for providing services to the General Partner which are paid on a basis that is not customary in the industry or (h) provides goods or services to the General Partner on a basis which was not negotiated at
arm’s-length with the General Partner. “Sponsor” does not include any Person whose only relationship with the General Partner is that of an independent property manager and whose only compensation is as such, or wholly independent
third parties such as attorney, accountants and underwriters whose only compensation is for professional services. 

“Stockholder” means a holder of Common Stock. 

“Subsequent Liquidity Event” has the meaning set forth in Section 8.7(c). 

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company or other
entity of which a majority of 
 (a) the voting power of the voting equity securities; and/or 

(b) the outstanding equity interests (whether or not voting), is owned, directly or indirectly, by such Person.

 “Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership
pursuant to Section 11.4 hereof. 

  
 -14-

 “Tax Items” has the meaning set forth in Exhibit B. 

“Termination Event” means the termination or nonrenewal of the Advisory Agreement (i) in connection with a
merger, sale of assets or transaction involving the General Partner pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for “good reason” (as defined in the Advisory Agreement) or
(iii) by the General Partner other than for “cause” (as defined in the Advisory Agreement). 

“Transfer” as a noun, means any sale, assignment, conveyance, pledge, hypothecation, gift, encumbrance or other
transfer, and as a verb, means to sell, assign, convey, pledge, hypothecate, give, encumber or otherwise transfer. 
 Certain
additional terms and phrases have the meanings set forth in Exhibit B. 
 ARTICLE 2 

ORGANIZATIONAL MATTERS 
 2.1 Continuation 
 The Partners agree that as of the date of this Agreement
(i) the Persons listed in Exhibit A are the current Partners and (ii) the Second Amended and Restated Agreement of Limited Partnership dated as of April 29, 2011, as amended on December 16, 2011 (the “Prior Partnership
Agreement”), that previously evidenced the Partnership is hereby amended and restated in its entirety, subject to the terms provided herein, and the Partnership is continued without interruption under and pursuant to the terms and
provisions of the Act. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner
shall be personal property for all purposes. 
 2.2 Name 

The name of the Partnership is Independence Realty Operating Partnership, LP. The Partnership’s business may be conducted under any
other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “LP,” “Ltd.” or similar words or letters shall be
included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership and shall notify
the Limited Partners of such change in the next regular communication to the Limited Partners. 
 2.3 Registered Office and
Agent; Principal Office 
 The address of the registered office of the Partnership in the State of
Delaware and the name and address of the registered agent for service of process on the Partnership in the State of Delaware is the Corporation Service Company, 2711 Centerville Road Suite 400, Wilmington, Delaware 19808. The principal office of the
Partnership shall be Cira Centre, 2929 Arch Street, 17th
Floor, Philadelphia, Pennsylvania 19104, or such other place as the General Partner may from time to time 

  
 -15-

 
designate by notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable.

 2.4 Power of Attorney 
 (a) Each Limited Partner and each Assignee who accepts Partnership Units (or any rights, benefits or privileges associated therewith) is deemed to irrevocably constitute and appoint the General Partner,
any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place
and stead to: 
 (i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices

 (A) all certificates, documents and other instruments (including, without limitation, this Agreement and the
Certificate and all amendments or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a
partnership in which the Limited Partners have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may or plans to conduct business or own property, including, without limitation, any documents
necessary or advisable to convey any Contributed Property to the Partnership; 
 (B) all instruments that the
General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; 

(C) all conveyances and other instruments or documents that the General Partner or any Liquidator deems appropriate or
necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; 

(D) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other
events described in, Article 11, 12 or 13 hereof or the Capital Contribution of any Partner; 
 (E) all
certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of Partnership Interest; and 
 (F) amendments to this Agreement as provided in Article 14 hereof; and 
 (ii) execute, swear to, seal, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the
General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or
necessary, in the 

  
 -16-

 
sole discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement. 
 Nothing contained herein shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except in accordance with Article 14 hereof or as may be otherwise expressly
provided for in this Agreement. 
 (b) (i) The foregoing power of attorney is hereby declared to be irrevocable and a power
coupled with an interest, in recognition of the fact that each of the Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the
Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the Transfer of all or any portion of such Limited Partner’s or Assignee’s Partnership Units and shall extend to such
Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives. 
 (ii) Each
such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney, and each such Limited Partner or Assignee hereby waives any and
all defenses which may be available to contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith under such power of attorney. 

(iii) Each Limited Partner or Assignee shall execute and deliver to the General Partner or the Liquidator, within fifteen
(15) days after receipt of the General Partner’s or Liquidator’s request therefore, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to
effectuate this Agreement and the purposes of the Partnership. 
 2.5 Term 

The term of the Partnership shall commence on the date hereof and shall continue until December 31, 2099, unless the Partnership is
dissolved sooner pursuant to the provisions of Article 13 or as otherwise provided by law. 
 ARTICLE 3 

PURPOSE 
 3.1
Purpose and Business 
 (a) The purpose and nature of the business to be conducted by the Partnership is to conduct any
business that may be lawfully conducted by a limited partnership organized pursuant to the Act including, without limitation, to engage in the following activities: 

(i) to acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease, transfer, encumber, convey,
exchange, and otherwise dispose of or deal with the properties described in the prospectus contained in the Registration Statement; 

  
 -17-

 (ii) to acquire, hold, own, develop, construct, improve, maintain, operate,
sell, lease, transfer, encumber, convey, exchange, and otherwise dispose of or deal with real and personal property of all kinds; 
 (iii) to enter into any partnership, joint venture, corporation, limited liability company, trust or other similar arrangement to engage in any of the foregoing; 

(iv) to undertake such other activities as may be necessary, advisable, desirable or convenient to the business of the
Partnership; and 
 (v) to engage in such other ancillary activities as shall be necessary or desirable to
effectuate the foregoing purposes; 
 provided, however, that such business shall be limited to and conducted in such a manner as to permit the
General Partner at all times to be classified as a REIT, unless the General Partner determines not to qualify as a REIT or ceases to qualify as a REIT for any reason not related to the business conducted by the Partnership. 

(b) The Partnership shall have all powers necessary or desirable to accomplish the purposes enumerated. 

3.2 Powers 
 (a) The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and
business described herein and for the protection and benefit of the Partnership including, without limitation, full power and authority to enter into, perform, and carry out contracts of any kind, to borrow money and to issue evidences of
indebtedness, whether or not secured by mortgage, trust deed, pledge or other Lien, and, directly or indirectly, to acquire, own, improve, develop and construct real property, and lease, sell, transfer and dispose of real property; provided, that
the Partnership shall not take, or refrain from taking, any action which, in the judgment of the General Partner, in its sole and absolute discretion, 
 (i) could adversely affect the ability of the General Partner to continue to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a REIT; 

(ii) could subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code; or

 (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the
General Partner or its securities, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing. 
 (b) The General Partner also is empowered to do any and all acts and things necessary, appropriate or advisable to ensure that the Partnership will not be classified as a “publicly traded
partnership” for the purposes of Section 7704 of the Code, including but not limited to imposing restrictions on exchanges of Partnership Units. 

  
 -18-

 ARTICLE 4 
 CAPITAL CONTRIBUTIONS 
 4.1 Capital Contributions of the Partners

 (a) The Partners own the Partnership Units as set forth in Exhibit A to this Agreement which were issued for Capital
Contributions made by such Partners or their predecessors. The General Partner shall amend Exhibit A to reflect the admission of new Partners and issuances, redemptions and transfers of Partnership Units from time to time. 

(b) To the extent the Partnership acquires any property by the merger of any other Person into the Partnership or the contribution of
assets by any other Person, Persons who receive Partnership Interests in exchange for their interests in the Person merging into or contributing assets to the Partnership shall become Partners and shall be deemed to have made Capital Contributions
as provided in the applicable merger agreement or contribution agreement and as set forth in Exhibit A, as amended to reflect such deemed Capital Contributions. 
 (c) The Partnership may issue an unlimited number of Partnership Units. Partnership Units may be issued to, acquired and owned by Limited Partners or the General Partner. 

(d) The number of Partnership Units held by the General Partner, in its capacity as general partner, shall be deemed to be the General
Partner Interest. 
 (e) Except as provided in Sections 4.2 and 10.5, the Partners shall have no obligation to make any
additional Capital Contributions or provide any additional funding to the Partnership (whether in the form of loans, repayments of loans or otherwise) and no Partner shall have any obligation to restore any deficit that may exist in its Capital
Account, either upon a liquidation of the Partnership or otherwise. 
 4.2 Additional Funds; Restrictions on the General
Partner 
 (a) (i) Except as otherwise expressly provided in this Agreement, the General Partner is hereby authorized to
cause the Partnership to issue such additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time, to Partners (other than the General Partner) or to other Persons, for such
consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. The Partnership may also from time to time issue to the General
Partner additional Partnership Units in consideration of a contribution by the General Partner. Any additional Units issued pursuant to this Section 4.2 may be Common Units or Preferred Units and, if Preferred Units, may be issued in one or
more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Common or Preferred Units
(subject to the terms of any existing Preferred Units) then outstanding, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, including, without limitation, in respect
of (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Preferred Units; (ii) the right of each such class or series 

  
 -19-

 
of Preferred Units to share in Partnership distributions; and (iii) the rights of each such class or series of Preferred Units upon dissolution and liquidation of the Partnership;
provided, that a written designation of preferences setting forth the rights, powers, duties and preferences of each class or series of Preferred Units shall be set forth as an additional Exhibit to this Agreement on or prior to the date of
issuance of such Preferred Units (each a “Partnership Unit Designation”). 
 (ii) In the event
additional financing is needed for any reason, the General Partner may, in its sole and absolute discretion, in such amounts and at such times as it solely shall determine to be necessary or appropriate, 

(A) cause the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the
Partnership in accordance with Section 4.3; 
 (B) make additional Capital Contributions to the Partnership
(subject to the provisions of Section 4.2(b)); 
 (C) cause the Partnership to borrow money, enter into loan
arrangements, issue debt securities, obtain letters of credit or otherwise borrow money on a secured or unsecured basis; 
 (D) make a loan or loans to the Partnership (subject to Section 4.2(b)); or 
 (E) sell any assets or properties directly or indirectly owned by the Partnership. 
 (iii) In no event shall any Limited Partners be required to make any additional Capital Contributions or any loan to, or otherwise provide any financial accommodation for the benefit of, the Partnership.

 (b) The General Partner shall not issue any debt securities, any preferred stock or any common stock (including additional
REIT Stock (other than (i) as payment of the REIT Stock Amount or (ii) in connection with the conversion or exchange of securities of the General Partner solely in conversion or exchange for other securities of the General Partner)) or
rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase any of the foregoing (collectively, “Securities”), other than to all holders of REIT Stock, unless the General
Partner shall 
 (i) in the case of debt securities, lend to the Partnership the proceeds of or consideration
received for such Securities on the same terms and conditions, including interest rate and repayment schedule, as shall be applicable with respect to or incurred in connection with the issuance of such Securities and the proceeds of, or
consideration received from, any subsequent exercise, exchange or conversion thereof (if applicable); 
 (ii) in
the case of equity Securities senior or junior to the REIT Stock as to dividends and distributions on liquidation, contribute to the Partnership the proceeds of or consideration (including any property or other non-cash assets) received for such
Securities and the proceeds of, or consideration received from, any subsequent exercise, exchange or 

  
 -20-

 
conversion thereof (if applicable), and receive from the Partnership, interests in the Partnership in consideration therefore with the same terms and conditions, including dividend, dividend
priority and liquidation preference, as are applicable to such Securities; and 
 (iii) in the case of REIT Stock
or other equity Securities on a parity with the REIT Stock as to dividends and distributions on liquidation, (including, without limitation, REIT Stock or other Securities granted as a stock award to directors and officers of the General Partner or
directors, officers or employees of its Affiliates in consideration for services or future services, and REIT Stock issued a pursuant to a dividend reinvestment plan or issued to enable the General Partner make distributions to satisfy the REIT
Requirements), contribute to the Partnership the proceeds of or consideration (including any property or other non-cash assets, including services) received for such Securities and the proceeds of, or consideration received from, any subsequent
exercise, exchange or conversion thereof (if applicable), and receive from the Partnership a number of additional Partnership Units in consideration therefore equal to the product of 

(A) the number of shares of REIT Stock or other equity Securities issued by the General Partner, multiplied by 

(B) a fraction the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of
such contribution. 
 4.3 Issuance of Additional Partnership Interests; Admission of Additional Limited Partners

 (a) In addition to any Partnership Interests issuable by the Partnership pursuant to Section 4.2, the General Partner is
authorized to cause the Partnership to issue additional Partnership Interests (or options therefor) for any Partnership purpose in the form of Partnership Units or other Partnership Interests in one or more series or classes, or in one or more
series of any such class senior, on a parity with, or junior to the Partnership Units to any Persons at any time or from time to time, on such terms and conditions and with such designations, preferences and relative, participating, option and other
special rights, powers and duties, all as the General Partner shall establish in each case in its sole and absolute discretion subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain,
loss, deduction and credit to each class or series of Partnership Interests, (ii) the right of each class or series of Partnership Interests to share in Partnership distributions, and (iii) the rights of each class or series of Partnership
Interest upon dissolution and liquidation of the Partnership; provided, that, no such Partnership Interests shall be issued to the General Partner unless either (a) the Partnership Interests are issued in connection with the grant, award, or
issuance of REIT Stock or other equity interests in the General Partner having designations, preferences and other rights such that the economic interests attributable to such REIT Stock or other equity interests are substantially similar to the
designations, preferences and other rights (except voting rights) of the Partnership Interests issued to the General Partner in accordance with this Section 4.3(a) or (b) the additional Partnership Interests are issued to all Partners
holding Partnership Interests in the same class in proportion to their respective Percentage Interests in such class, without any approval being required from any Limited Partner or any other Person. Without limiting the generality of the foregoing,
the General Partner is expressly authorized to cause 

  
 -21-

 
the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General
Partner and the Partnership; provided, however, that 
 (i) such issuance does not cause the Partnership to
become, with respect to any employee benefit plan subject to Title I of ERISA or Section 4975 of the Code, a “party in interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in
Section 4975(e) of the Code); and 
 (ii) such issuance would not cause any portion of the assets of the
Partnership to constitute assets of any employee benefit plan pursuant to Section 2510.3-101 of the regulations of the United States Department of Labor. 
 (b) Subject to the limitations set forth in Section 4.3(a), the General Partner may take such steps as it, in its sole and absolute discretion, deems necessary or appropriate to admit any Person as a
Limited Partner of the Partnership or to issue any Partnership Interests, including, without limitation, amending the Certificate, Exhibit A or any other provision of this Agreement. 

(c) The Partnership issued Special Limited Partnership Units to the Special Limited Partner, an Affiliate of the Advisor, in exchange for
services performed or to be performed for the Partnership and its Subsidiaries, and admitted such Person as the Special Limited Partner. The Special Limited Partner shall be entitled to certain distributions as provided in Section 5.1(b) and
certain allocations of items of Net Income and gain as set forth in Exhibit B. The Special Limited Partnership Units will be subject to the transfer restrictions set forth in Article 11 and will be subject to redemption pursuant to
Section 8.7. 
 4.4 Contribution of Proceeds of Issuance of REIT Stock 

In connection with any offering, grant, award, or issuance of REIT Stock or securities, rights, options, warrants or convertible or
exchangeable securities pursuant to Section 4.2, the General Partner shall make aggregate Capital Contributions to the Partnership of the proceeds raised in connection with such offering, grant, award, or issuance, including any property issued
to the General Partner pursuant to a merger or contribution agreement in exchange for Common Stock; provided, however, that if the proceeds actually received by the General Partner are less than the gross proceeds of such offering, grant, award, or
issuance as a result of any underwriter’s discount, commission, or fee or other expenses paid or incurred in connection with such offering, grant, award, or issuance, then the General Partner shall be deemed to have made a Capital Contribution
to the Partnership in the amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid pursuant to Section 7.3(c) for the amount of such underwriter’s discount or other expenses. 

4.5 Repurchase of REIT Stock; Shares-In-Trust 
 (a) In the event that the General Partner shall elect to purchase from its stockholders REIT Stock for the purpose of delivering such REIT Stock to satisfy an obligation under any distribution
reinvestment program adopted by the General Partner, any employee stock purchase plan adopted by the General Partner, or any other obligation or arrangement undertaken by the General Partner in the future, the purchase price paid by the General
Partner for such REIT Stock and any 

  
 -22-

 
other expenses incurred by the General Partner in connection with such purchase shall be considered expenses of the Partnership and shall be reimbursed to the General Partner, subject to the
condition that: 
 (i) if such REIT Stock subsequently is to be sold by the General Partner, the General Partner
shall pay to the Partnership any proceeds received by the General Partner from the sale of such REIT Stock (provided that an exchange of REIT Stock for Partnership Units pursuant to the applicable Exchange Rights Agreement would not be considered a
sale for such purposes); and 
 (ii) if such REIT Stock is not re-transferred by the General Partner within 30
days after the purchase thereof, the General Partner shall cause the Partnership to cancel a number of Partnership Units held by the General Partner (as applicable) equal to the product of 

(x) the number of shares of such REIT Stock, multiplied by 

(y) a fraction, the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of
such cancellation. 
 (b) In the event the General Partner purchases Shares-in-Trust (as from time to time defined in the
Articles of Incorporation, as may be amended from time to time), the Partnership will purchase from the General Partner a number of Partnership Units equal to the product of 

(i) the number of Shares-in-Trust purchased by the General Partner, multiplied by 

(ii) a fraction, the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date
of such purchase. 
 4.6 No Third-Party Beneficiary 

No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligations of any
Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced
solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for
any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any
of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other Property in violation of the Act. However, if any court of competent jurisdiction holds that,
notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or Property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of
the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or Property of the Partnership 

  
 -23-

 4.7 No Interest; No Return 

(a) No Partner shall be entitled to interest on its Capital Contribution or on such Partner’s Capital Account. 

(b) Except as provided herein or by law, the General Partner shall have no obligation to return to any Partner or withdrawn Partner, and
no Partner shall have any right to demand or receive the return, of any Capital Contribution from the Partnership. 
 4.8 No
Preemptive Rights. 
 Subject to any preemptive rights that may be granted pursuant to Section 4.3 hereof, no Person
shall have any preemptive or other similar right with respect to 
 (a) additional Capital Contributions or loans to the
Partnership; or 
 (b) issuance or sale of any Partnership Units or other Partnership Interests. 

ARTICLE 5 

DISTRIBUTIONS 

5.1 Distributions 
 (a) Cash Available for Distribution. Subject to the provisions of Sections 5.3, 5.4 and 12.2(c), the General Partner shall cause the Partnership to distribute, at such times as the General Partner
shall determine (each a “Distribution Date”), an amount of Cash Available for Distribution, determined by the General Partner in its sole discretion to the Limited Partners and the General Partner, as of the applicable Partnership
Record Date, (i) first, at the time and in the manner set forth in the applicable Partnership Unit Designation, to each holder of Preferred Units in accordance with the preferences set forth in such Partnership Unit Designation; and
(ii) thereafter, to the holders of Common Units (and Preferred Units entitled pursuant to an applicable Partnership Unit Designation to participate pari passu with Common Units) pro rata in proportion to their respective Percentage
Interests (and, with respect to the holders of Preferred Units, as provided in such applicable Partnership Unit Designation). In no event may any Partner receive a distribution pursuant to this Section 5.1(a) with respect to a Partnership Unit
if such Partner is entitled to receive a distribution with respect to REIT Stock for which such a Partnership Unit has been exchanged. 
 (b) Capital Proceeds. Subject to the provisions of Sections 5.3, 5.4 and 12.2(c), Net Capital Proceeds shall be distributed as follows: 

(i) First, at the time and in the manner set forth in the applicable Partnership Unit Designation, to each holder of
Preferred Units in accordance with the preferences set forth in such Partnership Unit Designation; 
 (ii)
Second, 100% to holders of Common Units (and Preferred Units entitled pursuant to an applicable Partnership Unit Designation to participate pari passu with Common Units) pro rata in proportion to their respective Percentage Interests (and,
with respect to the holders of Preferred Units, as provided in such applicable Partnership Unit 

  
 -24-

 
Designation) until, in the aggregate, the Limited Partners receive distributions from the Partnership with respect to Common Units and the Stockholders receive dividends from the General
Partner with respect to Common Stock in an amount equal to the sum of (i) the Net Investment and (ii) any cumulative shortfall in the Limited Partners’ and the Stockholders’ receipt of the First Level Return pursuant to Sections
5.1(a) and 5.1(b); and 
 (iii) Thereafter, (A) 10% to the Special Limited Partner, and (B) 90% to the
holders of Common Units (and Preferred Units entitled pursuant to an applicable Partnership Unit Designation to participate pari passu with Common Units) in accordance with each such Partner’s respective Percentage Interest (and, with
respect to the holders of Preferred Units, as provided in such applicable Partnership Unit Designation). 
 5.2 Qualification
as a REIT 
 The General Partner shall use its best efforts to cause the Partnership to distribute sufficient amounts under
this Article 5 to enable the General Partner to pay dividends to the Stockholders that will enable the General Partner to 
 (a)
satisfy the requirements for qualification as a REIT under the Code and Regulations (“REIT Requirements”), and 

(b) avoid any federal income or excise tax liability; 
 provided, however, the General Partner shall not be bound to comply with this covenant to the extent such distributions would 

(x) violate applicable Delaware law or 

(y) contravene the terms of any notes, mortgages or other types of debt obligations to which the Partnership may be
subject in conjunction with borrowed funds. 
 5.3 Withholding 

With respect to any withholding tax or other similar tax liability or obligation to which the Partnership may be subject as a result of
any act or status of any Partner or to which the Partnership becomes subject with respect to any Partnership Unit, the Partnership shall have the right to withhold amounts distributable pursuant to this Article V to such Partner or with respect to
such Partnership Units, to the extent of the amount of such withholding tax or other similar tax liability or obligation pursuant to the provisions contained in Section 10.5. 

5.4 Additional Partnership Interests 
 If the Partnership issues Partnership Interests in accordance with Section 4.2 or 4.3, the distribution priorities set forth in Section 5.1 shall be amended, as necessary, to reflect the
distribution priority of such Partnership Interests and corresponding amendments shall be made to the provisions of Exhibit B. 

  
 -25-

 ARTICLE 6 
 ALLOCATIONS 
 6.1 Allocations 

The Net Income, Net Loss and other Partnership items shall be allocated pursuant to the provisions of Exhibit B. 

6.2 Revisions to Allocations to Reflect Issuance of Partnership Interests 

If the Partnership issues Partnership Interests to the General Partner or any additional Limited Partner pursuant to Article IV, the
General Partner shall make such revisions to this Article 6 and Exhibit B as it deems necessary to reflect the terms of the issuance of such Partnership Interests, including making preferential allocations to classes of Partnership Interests that
are entitled thereto. Such revisions shall not require the consent or approval of any other Partner. 
 ARTICLE 7 

MANAGEMENT AND OPERATIONS OF BUSINESS 
 7.1 Management 
 (a) (i) Except as otherwise expressly provided in this
Agreement, full, complete and exclusive discretion to manage and control the business and affairs of the Partnership are and shall be vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or
management power over the business and affairs of the Partnership. 
 (ii) The General Partner may not be removed
by the Limited Partners with or without cause. 
 (iii) In addition to the powers now or hereafter granted a
general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to Section 7.11, shall have full power and authority to do all
things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 hereof and to effectuate the purposes set forth in Section 3.1 hereof, including, without limitation:

 (A) (1) the making of any expenditures, the lending or borrowing of money, including, without limitation, making
prepayments on loans and borrowing money to permit the Partnership to make distributions to its Partners in such amounts as will permit the General Partner (so long as the General Partner qualifies as a REIT) to avoid the payment of any federal
income tax (including, for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its stockholders in amounts sufficient to permit the General Partner to maintain REIT status, 

(2) the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, 

  
 -26-

 (3) the issuance of evidence of indebtedness (including the securing of the
same by deed, mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and 
 (4)
the incurring of any obligations it deems necessary for the conduct of the activities of the Partnership, including the payment of all expenses associated with the General Partner; 

(B) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other
agencies having jurisdiction over the business or assets of the Partnership or the General Partner; 
 (C) the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of all or substantially all of the assets of the Partnership (including the exercise or grant of any conversion, option, privilege, or subscription right or other
right available in connection with any assets at any time held by the Partnership) or the merger, consolidation or other combination (each a “Business Combination”) of the Partnership with or into another Entity on such terms as the
General Partner deems proper, provided that the General Partner shall be required to send to each Limited Partner a notice of such proposed Business Combination no less than 15 days prior to the record date for the vote of the General Partner’s
stockholders on such Business Combination, if any; 
 (D) the use of the assets of the Partnership (including,
without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, 
 (1) the financing of the conduct of the operations of the General Partner, the Partnership or any of the Partnership’s Subsidiaries, 

(2) the lending of funds to other Persons (including, without limitation, the Subsidiaries of the Partnership and/or the
General Partner) and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in which it has an equity investment, and 
 (3) the making of capital contributions to its Subsidiaries; 
 (E)
the expansion, development, construction, leasing, repair, alteration, demolition or improvement of any property in which the Partnership or any Subsidiary of the Partnership owns an interest; 

(F) the negotiation, execution, and performance of any contracts, conveyances or other instruments that the General
Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, accountants,
legal counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets; 

  
 -27-

 (G) the distribution of Partnership cash or other Partnership assets in
accordance with this Agreement; 
 (H) holding, managing, investing and reinvesting cash and other assets of the
Partnership; 
 (I) the collection and receipt of revenues and income of the Partnership; 

(J) the establishment of one or more divisions of the Partnership, the selection and dismissal of employees of the
Partnership (including, without limitation, employees having titles such as “president,” “vice president,” “secretary” and “treasurer” of the Partnership), and agents, outside attorneys, accountants,
consultants and contractors of the Partnership, and the determination of their compensation and other terms of employment or engagement; 
 (K) the maintenance of such insurance for the benefit of the Partnership and the Partners and directors and officers thereof as it deems necessary or appropriate; 

(L) the formation of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates
of the Partnership or third parties) in, and the contribution of property to, any further Entities or other relationships that it deems desirable, including, without limitation, the acquisition of interests in, and the contributions of funds or
property to, or making of loans to, its Subsidiaries and any other Person from time to time, or the incurrence of indebtedness on behalf of such Persons or the guarantee of the obligations of such Persons; provided that, as long as the General
Partner has determined to elect to qualify as a REIT or to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that would cause the General Partner to fail to qualify as a REIT;

 (M) the control of any matters affecting the rights and obligations of the Partnership, including 

(1) the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment of, any
claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, 
 (2) the
commencement or defense of suits, legal proceedings, administrative proceedings, arbitration or other forms of dispute resolution, and 
 (3) the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of legal expenses, and the
indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

  
 -28-

 (N) the undertaking of any action in connection with the Partnership’s
direct or indirect investment in its Subsidiaries or any other Person (including, without limitation, the contribution or loan of funds by the Partnership to such Persons); 

(O) the determination of the fair market value of any Partnership property distributed in kind using such reasonable
method of valuation as the General Partner, in its sole discretion, may adopt; 
 (P) the exercise, directly or
indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Partnership; 

(Q) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection
with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 

(R) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which
the Partnership does not have an interest pursuant to contractual or other arrangements with such Person; 
 (S)
the making, execution and delivery of any and all deeds, leases, notes, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing
necessary or appropriate, in the judgment of the General Partner, for the accomplishment of any of the foregoing; 
 (T) the issuance of additional Partnership Units in connection with Capital Contributions by Additional Limited Partners and additional Capital Contributions by Partners pursuant to Article 4 hereof;

 (U) the opening of bank accounts on behalf of, and in the name of, the Partnership and its Subsidiaries; and

 (V) the amendment and restatement of Exhibit A to reflect accurately at all times the Capital Contributions
and Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any Additional Limited Partner or any
Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment of this Agreement, as long as the matter or event being reflected in Exhibit A
otherwise is authorized by this Agreement. 
 (b) (i) Each of the Limited Partners agree that the General Partner is
authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners, notwithstanding any other

  
 -29-

 
provision of this Agreement to the fullest extent permitted under the Act or other applicable law, rule or regulation. 

(ii) The execution, delivery or performance by the General Partner or the Partnership of any agreement authorized or
permitted under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement or of any duty stated or implied by
law or equity. 
 (c) At all times from and after the date hereof, the General Partner at the expense of the Partnership, may or
may not, cause the Partnership to obtain and maintain 
 (i) casualty, liability and other insurance on the
properties of the Partnership; 
 (ii) liability insurance for the Indemnitees hereunder; and 

(iii) such other insurance as the General Partner, in its sole and absolute discretion, determines to be appropriate and
reasonable. 
 (d) At all times from and after the date hereof, the General Partner may cause the Partnership to establish and
maintain at any and all times working capital accounts and other cash or similar balances in such amount as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

(e) (i) In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account
the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by it. The General Partner and the Partnership shall not have liability to any Limited Partner for monetary damages or otherwise for losses
sustained, liabilities incurred or benefits not delivered by such Limited Partner in connection with such decisions, provided that the General Partner has acted in good faith pursuant to its authority under this Agreement. The Limited Partners
expressly acknowledge that the General Partner is acting on behalf of the Partnership, the General Partner, and the General Partner’s stockholders, collectively. 

(ii) The General Partner and the Partnership shall not have liability to the any Limited Partner under any circumstances
as a result of an income tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner taken pursuant to its authority under and in accordance with this Agreement. 

7.2 Certificate of Limited Partnership 
 (a) The General Partner has previously filed the Certificate with the Secretary of State of Delaware as required by the Act. 
 (b) (i) The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation,
qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and 

  
 -30-

 
any other state, or the District of Columbia, in which the Partnership may elect to do business or own property. 

(ii) To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate,
the General Partner shall file amendments to and restatements of the Certificate and do all of the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of
the State of Delaware and each other state, or the District of Columbia, in which the Partnership may elect to do business or own property. 
 (iii) Subject to the terms of Section 8.5(a)(iv) hereof, the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to
any Limited Partner. 
 7.3 Reimbursement of the General Partner 

(a) Except as provided in this Section 7.3 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding
distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 
 (b) (i) The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s organization, the ownership of its assets and its operations. The General Partner shall be
reimbursed on a monthly basis, or such other basis as it may determine in its sole and absolute discretion, for all expenses that it incurs on behalf of the Partnership relating to the ownership and operation of the Partnership’s assets, or for
the benefit of the Partnership, including all expenses associated with compliance by the General Partner and the Initial Limited Partner with laws, rules and regulations promulgated by any regulatory body, expenses related to the operations of the
General Partner and to the management and administration of any Subsidiaries of the General Partner or the Partnership or Affiliates of the Partnership, such as auditing expenses and filing fees and any and all salaries, compensation and expenses of
officers and employees of the General Partner, but excluding any portion of expenses reasonably attributable to assets not owned by or for the benefit of, or to operations not for the benefit of, the Partnership or Affiliates of the Partnership;
provided, that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it in its name. 

(ii) Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to
Section 7.6 hereof. 
 (iii) The General Partner shall determine in good faith the amount of expenses
incurred by it related to the ownership and operation of, or for the benefit of, the Partnership. If certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner), such expenses will be allocated
to the Partnership and such other entities in such a manner as the General Partner in its reasonable discretion deems fair and reasonable. All payments and reimbursements hereunder shall be characterized for federal

  
 -31-

 
income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner. 
 (c) (i) Expenses incurred by the General Partner relating to the organization or reorganization of the Partnership and the General Partner the issuance of Common Stock in connection with the Consolidation
and any issuance of additional Partnership Interests, REIT Stock or rights, options, warrants, or convertible or exchangeable securities pursuant to Section 4.2 hereof and all costs and expenses associated with the preparation and filing of any
periodic reports by the General Partner under federal, state or local laws or regulations (including, without limitation, all costs, expenses, damages, and other payments resulting from or arising in connection with litigation related to any of the
foregoing) are primarily obligations of the Partnership. 
 (ii) To the extent the General Partner pays or incurs
such expenses, the General Partner shall be reimbursed for such expenses. 
 7.4 Outside Activities of the General
Partner 
 (a) Without the Consent of the Limited Partners, the General Partner shall not directly or indirectly enter into
or conduct any business other than in connection with the ownership, acquisition, and disposition of Partnership Interests and the management of its business and the business of the Partnership, and such activities as are incidental thereto.

 (b) The General Partner and any Affiliates of the General Partner may acquire Limited Partner Interests and shall be entitled
to exercise all rights of a Limited Partner relating to such Limited Partner Interests. 
 7.5 Contracts with Affiliates

 (a) (i) The Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in which it has an
equity investment and such Subsidiaries and Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. 

(ii) The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

 (b) Except as provided in Section 7.4, the Partnership may Transfer assets to Entities in which it is or thereby becomes
a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner, in its sole and absolute discretion, may determine. 

(c) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, Transfer or convey
any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are determined by the General Partner in good faith to be fair and reasonable. 

  
 -32-

 (d) The General Partner, in its sole and absolute discretion and without the approval the
Limited Partners, may propose and adopt, on behalf of the Partnership, employee benefit plans, stock option plans, and similar plans funded by the Partnership for the benefit of employees of the Partnership, the General Partner, any Subsidiaries of
the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the Partnership, the General Partner, any Subsidiaries of the Partnership or any Affiliate of any of them. 

(e) The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a “right of first
opportunity” or “right of first offer” arrangement, non-competition agreements and other conflict avoidance agreements with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner, in its
sole and absolute discretion, believes are advisable. 
 7.6 Indemnification 

(a) (i) To the fullest extent permitted by Delaware law, the Partnership shall indemnify each Indemnitee from and against any and all
losses, claims, damages, liabilities, joint or several, expenses (including, without limitation, reasonable attorneys’ fees and other legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims,
demands, actions, suits or proceedings, civil, criminal, administrative or investigative (collectively, “Claims”), that relate to the operations of the Partnership or the General Partner as set forth in this Agreement, in which such
Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, so long as (x) the course of conduct which gave rise to the Claim was taken, in the reasonable determination of the Indemnitee made in good faith, in the best
interests of the Partnership or the General Partner, (y) such Claim was not the result of negligence or misconduct by the Indemnitee and (z) such indemnification is not satisfied or recoverable from the assets of the stockholders of the
General Partner. Notwithstanding the foregoing, no Indemnitee shall be indemnified for any Claim arising from or out of an alleged violation of federal or state securities laws unless (x) there has been a successful adjudication on the merits
of each count involving alleged securities law violations as to such Indemnitee, (y) such allegations have been dismissed with prejudice on the merits by a court of competent jurisdiction as to such Indemnitee, or (z) a court of competent
jurisdiction approves a settlement of such allegations against such Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the
position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which the REIT Stock was offered or sold as to indemnification for violations of securities law. 

(ii) Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan
guaranty (except a guaranty by a Limited Partner of nonrecourse indebtedness of the Partnership or as otherwise provided in any such loan guaranty), contractual obligation for any indebtedness or other obligation or otherwise for any indebtedness of
the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and
empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with 

  
 -33-

 
the provisions of this Section 7.6 in favor of any Indemnitee having or potentially having liability for any such indebtedness. 

(iii) Any indemnification pursuant to this Section 7.6 shall be made only out of the assets of the Partnership, and
neither the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership, or otherwise provide funds, to enable the Partnership to fund its obligations under this Section 7.6. 

(b) Reasonable expenses incurred by an Indemnitee who is a party to a proceeding shall be paid or reimbursed by the Partnership in
advance of the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative made or threatened against an Indemnitee upon receipt by the Partnership of (i) a written
affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.6 has been met; and (ii) a written undertaking by or on
behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 
 (c) The indemnification provided by this Section 7.6 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of
the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity unless otherwise provided in a written agreement pursuant to which such Indemnities are indemnified. 

(d) The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnities and such other
Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have
the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (e) For purposes of this
Section 7.6, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by such Indemnitee of its duties to the Partnership also imposes duties on, or otherwise
involves services by, such Indemnitee to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of
this Section 7.6; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of
the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 
 (f) In no event
may an Indemnitee subject any of the Partners (other than the General Partner) to personal liability by reason of the indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.6 because the Indemnitee had an interest in the transaction with respect to which the indemnification
applies if the transaction was otherwise permitted by the terms of this Agreement. 

  
 -34-

 (h) (i) The provisions of this Section 7.6 are for the benefit of the Indemnitees,
their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (ii) Any amendment, modification or repeal of this Section 7.6 or any provision hereof shall be prospective only and shall not in any way affect the Partnership’s liability to any Indemnitee
under this Section 7.6, as in effect immediately prior to such amendment, modification, or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal,
regardless of when such claims may arise or be asserted. 
 (i) If and to the extent any payments to the General Partner
pursuant to this Section 7.6 constitute gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of Section 707(c)
of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

(j) Notwithstanding anything to the contrary in this Agreement, the General Partner shall not be entitled to indemnification hereunder
for any loss, claim, damage, liability or expense for which the General Partner is obligated to indemnify the Partnership under any other agreement between the General Partner and the Partnership. 

7.7 Liability of the General Partner 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, neither the General Partner nor the investment advisor of the General Partner, nor any of their respective officers and directors,
shall be liable for monetary damages to the Partnership, any Partners or any Assignees for losses sustained or liabilities incurred as a result of errors in judgment or mistakes of fact or law or of any act or omission unless the General Partner or
its investment advisor, as the case may be, acted in bad faith and the act or omission was material to the matter giving rise to the loss, liability or benefit not derived. 
 (b) (i) The Limited Partners expressly acknowledge that the General Partner (and its investment advisor) is acting on behalf of the Partnership and the shareholders of the General Partner collectively,
that the General Partner (and its investment advisor), subject to the provisions of Section 7.1(e) hereof, is under no obligation to consider the separate interest of the Limited Partners (including, without limitation, the tax consequences to
the Limited Partners or Assignees) in deciding whether to cause the Partnership to take (or decline to take) any actions, and that the General Partner (and its investment advisor) shall not be liable for monetary damages for losses sustained,
liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions; provided that the General Partner (and its investment advisor) has acted in good faith. 

(ii) With respect to any indebtedness of the Partnership which any Limited Partner may have guaranteed, the General
Partner (and its investment advisor) shall have no duty to keep such indebtedness outstanding. 

  
 -35-

 (c) (i) Subject to its obligations and duties as General Partner set forth in Section 7.1(a)
hereof, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agent, including its investment advisor. 

(ii) The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed
by the General Partner in good faith. 
 (d) The Limited Partners expressly acknowledge that in the event of any conflict in the
fiduciary duties owed by the General Partner to its stockholders and by the General Partner, in its capacity as a general partner of the Partnership, to the Limited Partners, the General Partner may act in the best interests of the General
Partner’s stockholders without violating its fiduciary duties to the Limited Partners, and that the General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by the Limited
Partners in connection with any such violation. 
 (e) Any amendment, modification or repeal of this Section 7.7 or any
provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s and its officers’ and directors’ liability to the Partnership and the Limited Partners under this Section 7.7 as
in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may
arise or be asserted. 
 7.8 Other Matters Concerning the General Partner 

(a) The General Partner may rely and shall be protected in acting, or refraining from acting, upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 

(b) The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers, architects,
engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which such General Partner reasonably believes to be within
such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 
 (c) (i) The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly authorized officers and duly appointed attorneys-in-fact.

 (ii) Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have
full power and authority to do and perform each and every act and duty which is permitted or required to be done by the General Partner hereunder. 
 (d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from

  
 -36-

 
acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order 

(i) to protect the ability of the General Partner to continue to qualify as a REIT; or to avoid the General Partner
incurring any taxes under Section 857 or Section 4981 of the Code, 
 (ii) is expressly authorized
under this Agreement and is deemed approved by all of the Limited Partners. 
 7.9 Title to Partnership Assets

 (a) Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be
owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. 
 (b) (i) Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of
the General Partner. 
 (ii) The General Partner hereby declares and warrants that any Partnership asset for
which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement;
provided, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. 

(iii) All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective
of the name in which legal title to such Partnership assets is held. 
 7.10 Reliance by Third Parties 

(a) Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that
the General Partner has full power and authority, without consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the
Partnership, and take any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if the General Partner were the Partnership’s sole party in interest, both legally and beneficially.

 (b) Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to
contest, negate or disaffirm any action of the General Partner in connection with any such dealing. 
 (c) In no event shall any
Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expediency of any act or action of the General Partner or its
representatives. 

  
 -37-

 (d) Each and every certificate, document or other instrument executed on behalf of the
Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that 

(i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full
force and effect; 
 (ii) the Person executing and delivering such certificate, document or instrument was duly
authorized and empowered to do so for and on behalf of the Partnership; and 
 (iii) such certificate, document
or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 
 7.11 Loans By Third Parties 
 The Partnership may incur Debt, or enter into
similar credit, guarantee, financing or refinancing arrangements for any purpose (including, without limitation, in connection with any acquisition of property) with any Person upon such terms as the General Partner determines appropriate.

 ARTICLE 8 
 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 8.1 Limitation of Liability

 No Limited Partner shall have any liability under this Agreement except as expressly provided in this Agreement, including
Section 10.5 hereof, or under the Act. 
 8.2 Management of Business 

(a) No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, agent or
trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operation, management or control (within the meaning of the Act) of the Partnership’s business, transact any business
in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. 
 (b) The transaction
of any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair
or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 
 8.3 Outside
Activities of Limited Partners 
 (a) Subject to any agreements entered into pursuant to Section 7.5 hereof and any
other agreements entered into by a Limited Partner or its Affiliates with the Partnership or any of its Subsidiaries, and any Limited Partner and any officer, director, employee, agent, trustee, Affiliate or shareholder of any Limited Partner shall
be entitled to and may have business interests and engage in 

  
 -38-

 
business activities in addition to those relating to the Partnership, including business interests and activities that are in direct competition with the Partnership or that are enhanced by the
activities of the Partnership. 
 (b) Neither the Partnership nor any Partners shall have any rights by virtue of this Agreement
in any business ventures of any Limited Partner or Assignee. 
 (c) No Limited Partner nor any other Person shall have any
rights by virtue of this Agreement or the Partnership relationship established hereby in any business ventures of any other Person and such Person shall have no obligation pursuant to this Agreement to offer any interest in any such business
ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character which, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. 

8.4 Return of Capital 
 (a) Except pursuant to the Exchange Rights Agreements and this Article 8 (with respect to the Special Limited Partner), no Limited Partner shall be entitled to the withdrawal or return of its Capital
Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. 
 (b) Except as provided in Articles 5 and 13 hereof, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee, either as to the return of Capital Contributions or as to
profits, losses or distributions. 
 8.5 Rights of Limited Partners Relating to the Partnership 

(a) In addition to the other rights provided by this Agreement or by the Act, and except as limited by Section 8.5(b) hereof, each
Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at such Limited
Partner’s own expense (including such reasonable copying and administrative charges as the General Partner may establish from time to time): 
 (i) to obtain a copy of the most recent annual and quarterly reports filed with the Securities and Exchange Commission by the General Partner pursuant to the Securities Exchange Act of 1934; 

(ii) to obtain a copy of the Partnership’s federal, state and local income tax returns for each Partnership Year;

 (b) Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited
Partners, for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that 
 (i) the General Partner reasonably believes to be in the nature of trade secrets or other information, the disclosure of which the General Partner in good faith believes is not in the best interests of
the Partnership or could damage the Partnership or its business; or 

  
 -39-

 (ii) the Partnership is required by law or by agreements with an
unaffiliated third party to keep confidential. 
 8.6 Exchange Rights Agreements 

(a) The Limited Partners (other than the Special Limited Partner) will be granted the right, but not the obligation, to exchange all or a
portion of their Common Units for cash or, at the option of the General Partner, for shares of REIT Stock on the terms and subject to the conditions and restrictions contained in certain Exchange Rights Agreements between the General Partners and
the Limited Partners (as amended from time to time, the “Exchange Rights Agreements”). The form of Exchange Rights Agreement governing the exchange of Partnership Units shall be substantially in the form attached hereto as Exhibit
C, with such changes as may be agreed to by the General Partner. 
 (b) The Limited Partners (other than the Special Limited
Partner) and all successors, assignees and transferees (whether by operation of law, including by merger or consolidation, dissolution or liquidation of an entity that is a Limited Partner, or otherwise) shall be bound by the provisions of the
Exchange Rights Agreement to which they are parties. 
 8.7 Redemption of Special Limited Partnership Units 

(a) Upon the earliest to occur of (a) the termination or nonrenewal of the Advisory Agreement for “cause” (as defined in
the Advisory Agreement), (b) a Termination Event, or (c) the Listing, the Special Limited Partnership Units will be redeemed. 
 (b) If the Advisory Agreement is terminated or not renewed by the General Partner for “cause” (as defined in the Advisory Agreement), all of the Special Limited Partnership Units shall be
redeemed by the Partnership for $1 within thirty (30) days after the termination or nonrenewal of the Advisory Agreement. 

(c) Upon the occurrence of a Termination Event or the Listing, the Special Limited Partnership Units shall be redeemed for an aggregate
amount equal to the amount that would have been distributed to the Special Limited Partner under Section 5.1(b) if all assets of the Partnership had been sold for their fair market value and all liabilities of the Partnership had been satisfied
in full according to their terms. Such redemption shall occur no later than thirty (30) days after the date of a Termination Event and no later than 240 days after the Listing. In determining the fair market value of the assets of the
Partnership, (i) in connection with a Termination Event, the General Partner shall obtain an appraisal of the assets of the Partnership (excluding any assets which may be readily marked to market) and (ii) in connection with the Listing,
the General Partner shall make such determination (a) taking into account, in the event of a Listing on a national securities exchange only, the market value of the General Partner’s listed shares based upon the average closing price, or
average of bid and asked prices, as the case may be, during a period of thirty (30) days during which such shares are traded beginning one hundred and twenty (120) days after the Listing or (b) taking into account the value of the
General Partner’s shares based upon the initial public offering price in the event of an underwritten public offering. Payment to the Special Limited Partner upon a Termination Event or a Listing shall be paid, at the Special Limited
Partner’s discretion, in the form of (a) shares of the General Partner’s common stock or (b) a promissory note bearing interest at a rate deemed fair and reasonable by a majority of the Independent Directors. In the event the
Special 

  
 -40-

 
Limited Partner elects to receive shares of the General Partner’s common stock and the General Partner’s shares are not listed on a national securities exchange, at the option of the
Special Limited Partner, the Special Limited Partner and the General Partner shall enter into an agreement whereby the General Partner shall register such shares of common stock with the Commission. However, any payments under a promissory note may
not be made in connection with a Termination Event until either (a) the closing of asset sales that result in aggregate, cumulative distributions to the Partners (other than the Special Limited Partner) of the Partnership from operating income,
sales proceeds and other sources in an amount equal to their Capital Contributions to the Partnership plus a 7.0% cumulative non-compounded annual pre-tax return thereon, or (b) a Listing (each a “Subsequent Liquidity Event”). In
addition, the principal amount of the promissory note issued in connection with a Termination Event will be subject to reduction as of the date of the Subsequent Liquidity Event by an amount that will ensure that, in connection with the Subsequent
Liquidity Event, the Special Limited Partner does not receive in excess of 10% of the distributions that are made or are deemed to be made by the Partnership after the Partners (other than the Special Limited Partner) have received or are deemed to
have received aggregate, cumulative distributions equal to their Capital Contributions to the Partnership plus a 7.0% cumulative non-compounded annual pre-tax return thereon. 
 8.8 RAIT Limited Partners Redemption Rights 
 (a) The General Partner may
cause the Partnership to redeem for cash all of the Limited Partner Interests held by the RAIT Limited Partners at any time; provided that the Partnership may not redeem such Limited Partner Interests if such redemption would cause the RAIT Limited
Partners to own less than one-half of the Contribution Limited Partner Interests. 
 (b) During each twelve month period
starting on May 1, 2011 (each, a “Redemption Request Period”), the RAIT Limited Partners may request that the General Partner cause the Partnership to redeem for cash up to 25% of the Contribution Limited Partner Interests.
Upon such a redemption request, the General Partner (with the approval of a majority of the Independent Directors) will determine whether the Partnership will redeem all or a portion of the requested Limited Partner Interests. The General Partner
has no obligation to cause the Partnership to redeem all or any portion of the Limited Partner Interests presented for redemption pursuant to this Section 8.8(b). If the RAIT Limited Partners do not request the full amount of 25% of the
Contribution Limited Partner Interests in any Redemption Request Period or if the Partnership does not redeem all of the requested Contribution Limited Partner Interests in any Redemption Request Period, the RAIT Limited Partners may submit such
unrequested or unredeemed Contribution Limited Partner Interests for redemption in any subsequent period. The right set forth in this Section 8.8(b) is cumulative, so that the sum of the percentage of the Contribution Limited Partnership
interests for which the RAIT Limited Partners may request redemption plus the percentage of the Contribution Limited Partnership Interests previously redeemed at the time of any such request shall equal 25%, 50%, 75% and 100% in the first, second,
third and fourth (and thereafter), successive Redemption Request Periods, respectively. 
 (c) Upon the occurrence of a
Termination Event, the General Partner shall cause the Partnership to redeem for cash within one year of the occurrence of the Termination Event all of the Limited Partner Interests held by the RAIT Limited Partners. 

  
 -41-

 (d) Except for redemptions pursuant to Section 8.8(c), the Partnership will not redeem
for cash any Limited Partner Interests held by the RAIT Limited Partners during any period that the General Partner’s share repurchase program is suspended or terminated. 
 (e) The redemption price for each Partnership Unit redeemed pursuant to this Section 8.8 will equal, at any time the General Partner is making a public offering of Common Stock, the maximum offering
price per share of Common Stock in that offering, or, at any other time, the value of a share of Common Stock as determined in good faith by the Independent Directors. 
 ARTICLE 9 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 

9.1 Records and Accounting 
 (a) The General Partner shall keep or cause to be kept at the principal office of the Partnership those records and documents required to be maintained by the Act and other books and records deemed by the
General Partner to be appropriate with respect to the Partnership’s business, including, without limitation, all books and records necessary for the General Partner to comply with applicable REIT Requirements and to provide to the Limited
Partners any information, lists and copies of documents required to be provided pursuant to Sections 8.5(a) and 9.3 hereof. 

(b) Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of,
punch cards, magnetic tape, photographs, micrographics or any other information storage device, provided that the records so maintained are convertible into clearly legible written form within a reasonable period of time. 

(c) The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with
generally accepted accounting principles, or such other basis as the General Partner determines to be necessary or appropriate. 

9.2 Fiscal Year 
 The fiscal year of the Partnership shall be the calendar year. 
 9.3
Reports 
 (a) As soon as practicable, but in no event later than the date on which the General Partner mails its annual
report to its stockholders, the General Partner shall cause to be mailed to each Limited Partner as of the close of the Partnership Year, an annual report containing financial statements of the Partnership, or of the General Partner, if such
statements are prepared on a consolidated basis with the Partnership, for such Partnership Year, presented in accordance with the standards of the Public Accounting Oversight Board (United States), such statements to be audited by a nationally
recognized firm of independent public accountants selected by the General Partner in its sole discretion. 
 (b) If and to the
extent that the General Partner mails quarterly reports to its stockholders, then as soon as practicable, but in no event later than the date such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner a report
containing unaudited financial 

  
 -42-

 
statements as of the last day of the calendar quarter of the Partnership, or of the General Partner, if such statements are prepared on a consolidated basis with the Partnership, and such other
information as may be required by applicable law or regulation, or as the General Partner determines to be appropriate. 
 (c)
Notwithstanding the foregoing, the General Partner may deliver to the Limited Partners each of the reports described above, as well as any other communications that it may provide hereunder, by E-mail or by any other electronic means. 

ARTICLE 10 
 TAX
MATTERS 
 10.1 Preparation of Tax Returns 
 The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state
income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of each taxable year, the tax information reasonably required by the Limited Partners for federal and state income tax reporting purposes.

 10.2 Tax Elections 
 (a) Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code. 

(b) The General Partner shall elect a permissible method (which need not be the same method for each item or property) of eliminating the
disparity between the book value and the tax basis for each item of property contributed to the Partnership or to a Subsidiary of the Partnership pursuant to the regulations promulgated under the provisions of Section 704(c) of the Code.

 (c) The General Partner shall have the right to seek to revoke any tax election it makes, including, without limitation, the
election under Section 754 of the Code, upon the General Partner’s determination, in its sole and absolute discretion, that such revocation is in the best interests of the Partners. 

(d) The General Partner may cause the Company to make the safe harbor election provided for by the Proposed Revenue Procedure included in
Notice 2005-43, or any similar election provided in a similar final revenue procedure or other published guidance relating to the compensatory transfer or partnership interests (a “Safe Harbor Election”) in the manner the General
Partner determines will be most advantageous to the Partnership. The Partnership and each Partner agrees to comply with all requirements of the Proposed Revenue Procedure included in Notice 2005-43, or any similar final revenue procedure or other
published guidance relating to the compensatory transfer of partnership interests, if a Safe Harbor Election is made, in a similar manner consistent with such election. 

  
 -43-

 10.3 Tax Matters Partner 

(a) (i) The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. 

(ii) Pursuant to Section 6230(e) of the Code, upon receipt of notice from the Internal Revenue Service of the
beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the Internal Revenue Service with the name, address, taxpayer identification number, and profit interest of each of the Limited Partners
and the Assignees; provided, that such information is provided to the Partnership by the Limited Partners and the Assignees. 
 (iii) The tax matters partner is authorized, but not required: 

(A) to enter into any settlement with the Internal Revenue Service with respect to any administrative or judicial
proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to
as “judicial review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner 

(1) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the Internal Revenue
Service providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner; or 
 (2) who is a “notice partner” (as defined in Section 6231(a)(8) of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code); 

(B) in the event that a notice of a final administrative adjustment at the Partnership level of any item required to be
taken into account by a Partner for tax purposes (a “final adjustment”) is mailed to the tax matters partner, to seek judicial review of such final adjustment, including the filing of a petition for readjustment with the Tax Court or the
filing of a complaint for refund with the United States Claims Court or the District Court of the United States for the district in which the Partnership’s principal place of business is located; 

(C) to intervene in any action brought by any other Partner for judicial review of a final adjustment; 

(D) to file a request for an administrative adjustment with the Internal Revenue Service and, if any part of such request
is not allowed by the Internal Revenue Service, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 

  
 -44-

 (E) to enter into an agreement with the Internal Revenue Service to extend
the period for assessing any tax which is attributable to any item required to be taken account of by a Partner for tax purposes, or an item affected by such item; and 

(F) to take any other action on behalf of the Partners or the Partnership in connection with any tax audit or judicial
review proceeding to the extent permitted by applicable law or regulations. 
 The taking of any action and the incurring of any
expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General
Partner set forth in Section 7.6 of this Agreement shall be fully applicable to the tax matters partner in its capacity as such. 
 (b) (i) The tax matters partner shall receive no compensation for its services. 
 (ii) All third party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership.

 (iii) Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist
the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable. 
 10.4 Organizational Expenses 
 The Partnership shall elect to deduct
expenses, if any, incurred by it in organizing the Partnership ratably over a one hundred eighty (180) month period as provided in Section 709 of the Code. 
 10.5 Withholding 
 (a) Each Limited Partner hereby authorizes the
Partnership to withhold from, or pay on behalf of or with respect to, such Limited Partner any amount of federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to
any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445, or 1446 of the Code.

 (b) (i) Any amount paid on behalf of or with respect to a Limited Partner shall constitute a loan by the Partnership to such
Limited Partner, which loan shall be repaid by such Limited Partner as the case may be within fifteen (15) days after notice from the General Partner that such payment must be made unless 

(A) the Partnership withholds such payment from a distribution which would otherwise be made to the Limited Partner; or

  
 -45-

 (B) the General Partner determines, in its sole and absolute discretion,
that such payment may be satisfied out of the available funds of the Partnership which would, but for such payment, be distributed to the Limited Partner. 
 (ii) Any amounts withheld pursuant to the foregoing clauses (i)(A) or (B) shall be treated as having been distributed to the Limited Partner. 

(c) (i) Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest in such Limited
Partner’s Partnership Interest, as the case may be, to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.5. 

(ii) (A) In the event that a Limited Partner fails to pay when due any amounts owed to the Partnership pursuant to this Section 10.5,
the General Partner may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such event shall be deemed to have loaned such amount to such defaulting Limited Partner
and shall succeed to all rights and remedies of the Partnership as against such defaulting Limited Partner. 

(B) Without limitation, in such event, the General Partner shall have the right to receive distributions that would
otherwise be distributable to such defaulting Limited Partner until such time as such loan, together with all interest thereon, has been paid in full, and any such distributions so received by the General Partner shall be treated as having been
distributed to the defaulting Limited Partner and immediately paid by the defaulting Limited Partner to the General Partner in repayment of such loan. 
 (iii) Any amount payable by a Limited Partner hereunder shall bear interest at the highest base or prime rate of interest published from time to time by The Wall Street Journal, plus four
(4) percentage points, but in no event higher than the maximum lawful rate of interest on such obligation, such interest to accrue from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full.

 (iv) Each Limited Partner shall take such actions as the Partnership or the General Partner shall request in
order to perfect or enforce the security interest created hereunder. 
 ARTICLE 11 

TRANSFERS AND WITHDRAWALS 
 11.1 Transfer 
 (a) (i) The term “Transfer,” when used in this
Article 11 with respect to a Partnership Interest or a Partnership Unit, shall be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partner Interest to another Person, or a Limited
Partner purports to assign all or any part of its Limited Partner Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. 

  
 -46-

 (ii) The term “Transfer” when used in this Article 11 does not
include any exchange of Partnership Units for cash or REIT Stock pursuant to the Exchange Rights Agreement. 
 (b) (i) No
Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. 
 (ii) Any Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void. 

11.2 Transfer of the General Partner’s General Partner Interest 

(a) The General Partner may not Transfer any of its General Partner Interest or withdraw as General Partner, or Transfer any of its
Limited Partner Interest, except 
 (i) if holders of at least two-thirds of the Limited Partner Interests
consent to such Transfer or withdrawal; 
 (ii) if such Transfer is to an entity which is wholly owned by the
General Partner and is a Qualified REIT Subsidiary as defined in Section 856(i) of the Code; or 
 (iii) in
connection with a transaction described in Section 11.2(c) or 11.2(d) (as applicable) 
 (b) In the event the General
Partner withdraws as general partner of the Partnership in accordance with Section 11.2(a), the General Partner’s General Partner Interest shall immediately be converted into a Limited Partner Interest. 

(c) Except as otherwise provided in Section 11.2(d), the General Partner shall not engage in any merger, consolidation or other
combination of the General Partner with or into another Person (other than a merger in which the General Partner is the surviving entity) or sale of all or substantially all of its assets, or any reclassification, or any recapitalization of
outstanding REIT Stock (other than a change in par value, or from par value to no par value, or as a result of a subdivision or combination of REIT Stock) (a “Transaction”), unless 

(i) in connection with the Transaction all Limited Partners will either receive, or will have the right to elect to
receive, for each Partnership Unit an amount of cash, securities, or other property equal to the product of the Exchange Factor and the amount of cash, securities or other property or value paid in the Transaction to or received by a holder of one
share of REIT Stock corresponding to such Partnership Unit in consideration of one share of REIT Stock at any time during the period from and after the date on which the Transaction is consummated; provided that if, in connection with the
Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Stock, each holder of Partnership Units shall be given the option to exchange
its Partnership Units for the amount of cash, securities, or other property which a Limited Partner would have received had it 
 (A) exercised its Exchange Right and 

  
 -47-

 (B) sold, tendered or exchanged pursuant to the Offer the REIT Stock
received upon exercise of the Exchange Right immediately prior to the expiration of the Offer. 
 The foregoing
is not intended to, and does not, affect the ability of (i) a stockholder of the General Partner to sell its stock in the General Partner or (ii) the General Partner to perform its obligations (under agreement or otherwise) to such
stockholders (including the fulfillment of any obligations with respect to registering the sale of stock under applicable securities laws). 
 (d) (i) Notwithstanding Section 11.2(c), the General Partner may merge into or consolidate with another entity if immediately after such merger or consolidation 

(A) substantially all of the assets of the successor or surviving entity (the “Surviving General
Partner”), other than Partnership Units held by the General Partner, are contributed to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as
determined by the Surviving General Partner in good faith and 
 (B) the Surviving General Partner expressly
agrees to assume all obligations of the General Partner hereunder. 
 (ii) (A) Upon such contribution and assumption, the
Surviving General Partner shall have the right and duty to amend this Agreement and the Exchange Rights Agreement as set forth in this Section 11.2(d). 
 (B) (1) The Surviving General Partner shall in good faith arrive at a new method for the calculation of the Exchange Factor for a Partnership Unit after any such merger or consolidation so as to
approximate the existing method for such calculation as closely as reasonably possible. 
 (2) Such calculation
shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Stock or options, warrants or other rights relating thereto, and which
a holder of Partnership Units could have acquired had such Partnership Units been redeemed for REIT Stock immediately prior to such merger or consolidation. 
 (C) Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to
the Exchange Factor. 
 (iii) The above provisions of this Section 11.2(d) shall similarly apply to
successive mergers or consolidations permitted hereunder. 

  
 -48-

 11.3 Limited Partners’ Rights to Transfer 

(a) Subject to the provisions of Sections 11.3(c), 11.3(d), 11.3(e), 11.4 and 11.6, a Limited Partner may, without the consent of the
General Partner, Transfer all or any portion of its Limited Partner Interest, or any of such Limited Partner’s economic right as a Limited Partner. In order to effect such transfer, the Limited Partner must deliver to the General Partner a duly
executed copy of the instrument making such transfer and such instrument must evidence the written acceptance by the assignee of all of the terms and conditions of this Agreement and represent that such assignment was made in accordance with all
applicable laws and regulations. 
 (b) (i) If a Limited Partner is Incapacitated, the executor, administrator, trustee,
committee, guardian, conservator or receiver of such Limited Partner’s estate shall have all of the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the
estate and such power as the Incapacitated Limited Partner possessed to Transfer all or any part of his or its interest in the Partnership. 
 (ii) The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. 
 (c) The General Partner may prohibit any Transfer by a Limited Partner of its Partnership Units if it reasonably believes (based on the advice of counsel) such Transfer would require filing of a
registration statement under the Securities Act of 1933, as amended, or would otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Units. 

(d) No Transfer by a Limited Partner of its Partnership Units may be made to any Person if 

(i) it would adversely affect the ability of the General Partner to continue to qualify as a REIT or would subject the
General Partner to any additional taxes under Section 857 or Section 4981 of the Code; 
 (ii) it would
result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes; 
 (iii) such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of
ERISA) or a “disqualified person” (as defined in Section 4975(c) of the Code); 
 (iv) such
Transfer would, in the opinion of legal counsel for the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.2-101;

 (v) such Transfer would subject the Partnership to regulation under the Investment Company Act of 1940, the
Investment Advisers Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended; 

  
 -49-

 (vi) without the consent of the General Partner, which consent may be
withheld in its sole and absolute discretion, such Transfer is a sale or exchange, and such sale or exchange would, when aggregated with all other sales and exchanges during the 12-month period ending on the date of the proposed Transfer, result in
50% or more of the interests in Partnership capital and profits being sold or exchanged during such 12-month period; or 
 (vii) such Transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of
the Code. 
 (e) No transfer of any Partnership Units may be made to a lender to the Partnership or any Person who is related
(within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner,
which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender may be required to enter into an arrangement with the Partnership and the General Partner to exchange for the Cash Amount (as such
term is defined in the Exchange Rights Agreement) any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities
to such lender under Section 752 of the Code. 
 (f) Any Transfer in contravention of any of the provisions of this
Section 11.3 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 
 11.4
Substituted Limited Partners 
 (a) (i) No Limited Partner shall have the right to substitute a Permitted Transferee
for a Limited Partner in its place. 
 (ii) The General Partner shall, however, have the right to consent to the
admission of a Permitted Transferee of the Partnership Interest of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld by the General Partner in its sole and absolute
discretion. 
 (iii) The General Partner’s failure or refusal to permit such transferee to become a
Substituted Limited Partner shall not give rise to any cause of action against the Partnership or any Partner. 
 (b) A
transferee who has been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. 

(c) (i) No Permitted Transferee will be admitted as a Substituted Limited Partner, unless such transferee has furnished to the General
Partner evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement and, as it relates to the Substituted Limited Partners, the Exchange Rights Agreement, including, without limitation, the
power of attorney granted in Section 2.4 hereof. 

  
 -50-

 (ii) Upon the admission of a Substituted Limited Partner, the General
Partner shall amend Exhibit A to reflect the name, address, number of Partnership Units, and Percentage Interest of such Substituted Limited Partner, and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such
Substituted Limited Partner. 
 11.5 Assignees 
 (a) If the General Partner, in its sole and absolute discretion, does not consent to the admission of any transferee as a Substituted Limited Partner, as described in Section 11.4(a), such transferee
shall be considered an Assignee for purposes of this Agreement. 
 (b) An Assignee shall be deemed to have had assigned to it,
and shall be entitled to receive distributions from the Partnership and the share of Net Income, Net Losses and any other items of gain, loss, deduction or credit of the Partnership attributable to the Partnership Units assigned to such transferee,
but shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to vote such Partnership Units in any matter presented to the Limited Partners, for a vote (such Partnership Units
being deemed to have been voted on such matter in the same proportion as all other Partnership Units held by Limited Partners are voted). 
 (c) In the event any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all of the provisions of this Article 11 to the same extent and
in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. 
 11.6 General Provisions

 (a) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of such
Limited Partner’s Partnership Units in accordance with this Article 11 or, as it relates to the Limited Partners, pursuant to exchange of all of its Partnership Units pursuant to the applicable Exchange Rights Agreement, or (with respect to the
Special Limited Partner) pursuant to the redemption of the Special Limited Partner Units pursuant to Section 8.7. 
 (b) (i)
Any Limited Partner which shall Transfer all of its Partnership Units in a Transfer permitted pursuant to this Article 11 shall cease to be a Limited Partner upon the admission of all Assignees of such Partnership Units as Substituted Limited
Partners. 
 (ii) Similarly, any Limited Partner which shall Transfer all of its partnership Units pursuant to an
exchange of all of its Partnership Units pursuant to an Exchange Rights Agreement shall cease to be a Limited Partner. 
 (c)
Other than pursuant to the Exchange Rights Agreement or with the consent of the General Partner, transfers pursuant to this Article 11 may only be made as of the first day of a fiscal quarter of the Partnership. 

(d) (i) If any Partnership Interest is transferred or assigned during the Partnership’s fiscal year in compliance with the provisions
of this Article 11 or exchanged pursuant to the 

  
 -51-

 
applicable Exchange Rights Agreement on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items attributable to such interest
for such Partnership Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using
the interim closing of the books method. 
 (ii) Solely for purposes of making such allocations, each of such
items for the calendar month in which the Transfer or assignment occurs shall be allocated to the transferee Partner, and none of such items for the calendar month in which an exchange occurs shall be allocated to the exchanging Partner, provided,
however, that the General Partner may adopt such other conventions relating to allocations in connection with transfers, assignments, or exchanges as it determines are necessary or appropriate. 

(iii) All distributions pursuant to Section 5.1(a) attributable to Partnership Units, with respect to which the
Partnership Record Date is before the date of such Transfer, assignment, or exchange of such Partnership Units, shall be made to the transferor Partner or the exchanging Partner, as the case may be, and in the case of a Transfer or assignment other
than an exchange, all distributions pursuant to Section 5.1(a) thereafter attributable to such Partnership Units shall be made to the transferee Partner. 
 (e) In addition to any other restrictions on transfer herein contained, including without limitation the provisions of this Article 11, in no event may any Transfer or assignment of a Partnership
Interest by any Partner (including pursuant to Section 8.6) be made without the express consent of the General Partner, in its sole and absolute discretion, (i) to any person or entity who lacks the legal right, power or capacity to own a
Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership
Interest; (iv) if in the opinion of legal counsel to the Partnership such transfer would cause a termination of the Partnership for federal or state income tax purposes (except as a result of the exchange for REIT Stock of all Partnership Units
held by all Limited Partners or pursuant to a transaction expressly permitted under Section 7.11 or Section 11.2); (v) if in the opinion of counsel to the Partnership, there would be a significant risk that such transfer would cause
the Partnership to cease to be classified as a partnership for federal income tax purposes (except as a result of the exchange for REIT Stock of all Partnership Units held by all Limited Partners or pursuant to a transaction expressly permitted
under Section 7.11 or Section 11.2); (vi) if such transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (vii) if such transfer is effectuated through an
“established securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code or such transfer causes the Partnership to become a “publicly traded
partnership,” as such term is defined in Section 469(k)(2) or Section 7704(b) of the Code (provided that this clause (vii) shall not be the basis for limiting or restricting in any manner the exercise of the Exchange Right under
Section 8.6 unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be
treated as a “publicly traded partnership” and, by reason thereof, taxable as a corporation); (viii) such transfer could adversely affect the ability of the General Partner to remain qualified as a REIT; or (ix) if in the opinion
of legal counsel of the transferring Partner (which opinion and counsel are reasonably 

  
 -52-

 
satisfactory to the Partnership), or legal counsel of the Partnership, such transfer would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the
General Partner to any additional taxes under Section 857 or Section 4981 of the Code, in the event that the General Partner has elected to be qualified as a REIT. 
 (f) The General Partner shall monitor the transfers of interests in the Partnership to determine (i) if such interests are being traded on an “established securities market” or a
“secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code; and (ii) whether additional transfers of interests would result in the Partnership being unable to qualify for at least
one of the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a
secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”). The General Partner shall take all steps reasonably necessary or appropriate to prevent any trading
of interests or any recognition by the Partnership of transfers made on such markets and, except as otherwise provided herein, to insure that at least one of the Safe Harbors is met; provided, however, that the foregoing shall not authorize the
General Partner to limit or restrict in any manner the right of any Limited Partner (other than the Special Limited Partner) to exercise the Exchange Right in accordance with the terms of the applicable Exchange Rights Agreement unless, and only to
the extent that, outside tax counsel provides to the General Partner an opinion to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be treated as a “publicly traded
partnership” and, by reason thereof, taxable as a corporation. 
 ARTICLE 12 

ADMISSION OF PARTNERS 
 12.1 Admission of Successor General Partner 
 (a) (i) A successor to all of
the General Partner Interest pursuant to Section 11 hereof who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective immediately following such transfer and the
admission of such successor General Partner as a general partner of the Partnership upon the satisfaction of the terms and conditions set forth in Section 12.1(b). 

(ii) Any such transferee shall carry on the business of the Partnership without dissolution. 

(b) A Person shall be admitted as a substitute or successor General Partner of the Partnership only if the following terms and conditions
are satisfied: 
 (i) the Person to be admitted as a substitute or additional General Partner shall have accepted
and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General
Partner; 
 (ii) if the Person to be admitted as a substitute or additional General Partner is a corporation or a
partnership it shall have provided the Partnership with evidence satisfactory 

  
 -53-

 
to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

(iii) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel as may be
necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions taken in connection with the admission of such Person as a substitute or additional
General Partner will cause 
 (A) the Partnership to be classified other than as a partnership for federal income
tax purposes, or 
 (B) the loss of any Limited Partner’s limited liability. 

(c) In the case of such admission on any day other than the first day of a Partnership Year, all items attributable to the General
Partner Interest for such Partnership Year shall be allocated between the transferring General Partner and such successor as provided in Section 11.6(d) hereof. 
 12.2 Admission of Additional Limited Partners 
 (a) A Person who makes a
Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner 

(i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this
Agreement and the applicable Exchange Rights Agreement, including, without limitation, the power of attorney granted in Section 2.4 hereof, and 
 (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. 

(b) (i) Notwithstanding anything to the contrary in this Section 12.2, no Person shall be admitted as an Additional Limited
Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. 
 (ii) The admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following
the consent of the General Partner to such admission. 
  (c) (i) If any Additional Limited Partner is admitted to the
Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Partnership Year shall be allocated among such Additional
Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year in accordance with Section 706(d) of the Code, using the interim closing of the books method. 

  
 -54-

 (ii) (A) Solely for purposes of making such allocations, each of such items for the calendar
month in which an admission of any Additional Limited Partner occurs shall be allocated among all of the Partners and Assignees, including such Additional Limited Partner. 

(B) distributions pursuant to Section 5.1(a) with respect to which the Partnership Record Date is before the date of
such admission shall be made solely to Partners and Assignees, other than the Additional Limited Partner, and all distributions pursuant to Section 5.1(a) thereafter shall be made to all of the Partners and Assignees, including such Additional
Limited Partner. 
 (d) Upon the admission of the first Additional Limited Partner to the Partnership, the Initial Limited
Partner’s original interest in the Partnership shall automatically, and without further action on the part of the Initial Limited Partner or the Partnership, be withdrawn. 

12.3 Amendment of Agreement and Certificate of Limited Partnership 

For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to
amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate and may for
this purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 
 ARTICLE 13 

DISSOLUTION, LIQUIDATION AND TERMINATION 
 13.1 Dissolution 
 (a) The Partnership shall not be dissolved by the
admission of Substituted Limited Partners, Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall
continue the business of the Partnership. 
 (b) The Partnership shall dissolve, and its affairs shall be wound up, only upon
the first to occur of any of the following (“Liquidating Events”): 
 (i) the expiration of its
term as provided in Section 2.5 hereof; 
 (ii) an event of withdrawal of the General Partner, as defined in
the Act (other than an event of bankruptcy), unless, within ninety (90) days after such event of withdrawal, a “majority in interest” (as defined below) of the remaining Partners Consent in writing to continue the business of the
Partnership and to the appointment, effective as of the date of withdrawal, of a successor General Partner; 

(iii) an election to dissolve the Partnership made by the General Partner, with the Consent of the Limited Partners
holding at least a majority of the Percentage Interest of the Limited Partners (including Limited Partner Interests held by the General Partner); 

  
 -55-

 (iv) entry of a decree of judicial dissolution of the Partnership pursuant
to the provisions of the Act; 
 (v) a Capital Transaction; 

(vi) a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General Partner
is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in
effect, unless prior to the entry of such order or judgment and a “majority in interest” (as defined below) of the remaining Partners Consent in writing to continue the business of the Partnership and to the appointment, effective as of a
date prior to the date of such order or judgment, of a substitute General Partner. 
 As used herein, a “majority in
interest” shall refer to Partners (excluding the General Partner) who hold more than fifty percent (50%) of the outstanding Percentage Interests not held by the General Partner. 

13.2 Winding Up 
 (a) (i) Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the claims
of its creditors and Partners. 
 (ii) No Partner shall take any action that is inconsistent with, or not
necessary to or appropriate for, the winding up of the Partnership’s business and affairs. 
 (iii) The
General Partner, or, in the event there is no remaining General Partner, any Person elected unanimously by the Limited Partners holding at least a “majority in interest” (the General Partner or such other Person being referred to herein as
the “Liquidator”), shall be responsible for overseeing the winding up and dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated as
promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by the General Partner, include shares of common stock or other securities of the General Partner) shall be applied and
distributed in the following order: 
 (A) First, to the payment and discharge of all of the Partnership’s
debts and liabilities to creditors other than the Partners; 
 (B) Second, to the payment and discharge of all of
the Partnership’s debts and liabilities to the General Partner; 
 (C) Third, to the payment and discharge
of all of the Partnership’s debts and liabilities to the other Partners; and 
 (D) the balance, if any,
shall be distributed to all Partners in accordance with Section 5.1(b). 

  
 -56-

 (iv) The General Partner shall not receive any additional compensation for
any services performed pursuant to this Article 13. 
 (v) Any distributions pursuant to this
Section 13.2(a) shall be made by the end of the Partnership’s taxable year in which the liquidation occurs (or, if later, within 90 days after the date of the liquidation). 

(b) (i) Notwithstanding the provisions of Section 13.2(a) hereof which require liquidation of the assets of the Partnership, but
subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss
to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any asset except those necessary to satisfy liabilities of the Partnership (including to those Partners as creditors) or
distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2(a) hereof, undivided interests in such Partnership assets as the Liquidator deems not suitable for liquidation. 

(ii) Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such
distributions in kind are in the best interests of the Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing
the operation of such properties at such time. 
 (iii) The Liquidator shall determine the fair market value of
any property distributed in kind using such reasonable method of valuation as it may adopt. 
 (c) In the discretion of the
Liquidator, a pro rata portion of the distributions that would otherwise be made to the General Partner and Limited Partners pursuant to this Article 13 may be: 
 (A) distributed to a trust established for the benefit of the General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and
paying any contingent or unforeseen liabilities or obligations of the Partnership or the General Partner arising out of or in connection with the Partnership; the assets of any such trust shall be distributed to the General Partner and Limited
Partners from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the General Partner and Limited Partners pursuant
to this Agreement; or 
 (B) withheld or escrowed to provide a reasonable reserve for Partnership liabilities
(contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld or escrowed amounts shall be distributed to the General Partner and Limited Partners in the manner
and order of priority set forth in Section 13.2(a), as soon as practicable. 

  
 -57-

 13.3 No Obligation to Contribute Deficit 

If any Partner has a deficit balance in his Capital Account (after giving effect to all contributions, distributions and allocations for
all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not be considered a
debt owed to the Partnership or to any other Person for any purpose whatsoever. 
 13.4 Rights of Limited Partners

 (a) Except as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership
for the return of its Capital Contributions and shall have no right or power to demand or receive property other than cash from the Partnership. 
 (b) Except as otherwise provided in this Agreement, no Limited Partner shall have priority over any other Partner as to the return of its Capital Contributions, distributions, or allocations. 

13.5 Notice of Dissolution 
 In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of an election or objection by one or more Partners pursuant to Section 13.1, result in a dissolution of
the Partnership, the General Partner shall, within thirty (30) days thereafter, provide written notice thereof to each of the Partners. 
 13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership 
 Upon the completion of the liquidation of the Partnership’s assets, as provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed, and all
qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the state of Delaware shall be canceled and such other actions as may be necessary to terminate the Partnership shall be taken. 

13.7 Reasonable Time for Winding-Up 
 A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2 hereof in order to minimize any
losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect among the Partners during the period of liquidation. 
 13.8 Waiver of Partition 
 Each Partner hereby waives any right to
partition of the Partnership property. 

  
 -58-

 ARTICLE 14 
 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 
 14.1 Amendments 

(a) (i) The General Partner shall have the power, without the consent of the Limited Partners, to amend this Agreement except as set forth
in Section 14.1(b) hereof. 
 (ii) The General Partner shall provide notice to the Limited Partners when any
action under this Section 14.1(a) is taken in the next regular communication to the Limited Partners. 
 (b)
Notwithstanding Section 14.1(a) hereof, this Agreement shall not be amended with respect to 
 (i) any
Partner adversely affected without the Consent of such Partner adversely affected if such amendment would: 
 (A)
convert a Limited Partner’s interest in the Partnership into a General Partner Interest; 
 (B) modify the
limited liability of a Limited Partner in a manner adverse to such Limited Partner; or 
 (C) amend this
Section 14.1(b)(i). 
 (ii) any Limited Partner adversely affected without the Consent of Limited Partners
holding more than fifty percent (50%) of the outstanding Percentage Interests of the Limited Partners adversely affected if such amendment would: 
 (A) alter or change Exchange Rights; 
 (B) create an obligation to
make Capital Contributions not contemplated in this Agreement; 
 (C) alter or change the terms of this Agreement
or the Exchange Rights Agreement regarding the rights of the Limited Partners with respect to Business Combinations; 
 (D) alter or change the distribution and liquidation rights provided in Section 5 and 13 hereto, except as otherwise permitted under this Agreement; or 

(E) amend this Section 14.1(b)(ii). 

(iii) any RAIT Limited Partner, the Special Limited Partner or the Initial Limited Partner adversely affected without the
Consent of such Partner adversely affected if such amendment would: 

  
 -59-

 (A) adversely alter or change the rights under the Limited Partnership
Interests and Special Limited Partnership Units held by any such Partner in the commercially reasonable judgment of such Partner; or 
 (B) amend this Section 14.1(b)(iii). 
 Section 14.1(b)(i) does not require unanimous
consent of all Partners adversely affected unless the amendment is to be effective against all Partners adversely affected. 

14.2 Meetings of the Partners 
 (a) (i) Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written request by Limited Partners holding 25 percent or more of the
Partnership Interests. 
 (ii) The request shall state the nature of the business to be transacted. 

(iii) Notice of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty
(30) days prior to the date of such meeting. 
 (iv) Partners may vote in person or by proxy at such
meeting. 
 (v) Whenever the vote or Consent of the Limited Partners is permitted or required under this
Agreement, such vote or Consent may be given at a meeting of the Partners or may be given in accordance with the procedure prescribed in Section 14.1(a) hereof. 

(vi) Except as otherwise expressly provided in this Agreement, the Consent of holders of a majority of the Percentage
Interests held by Partners (including the General Partner) shall control. 
 (b) (i) Subject to Section 14.2(a)(vi), any
action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by a majority of the Percentage Interests of the Partners (or such other percentage
as is expressly required by this Agreement). 
 (ii) Such consent may be in one instrument or in several
instruments, and shall have the same force and effect as a vote of a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement). 

(iii) Such consent shall be filed with the General Partner. 

(iv) An action so taken shall be deemed to have been taken at a meeting held on the effective date of the consent as
certified by the General Partner. 
 (c) (i) Each Limited Partner may authorize any Person or Persons to act for him by proxy on
all matters in which a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. 

  
 -60-

 (ii) Every proxy must be signed by the Partner or an attorney-in-fact and a
copy thereof delivered to the Partnership. 
 (iii) No proxy shall be valid after the expiration of eleven
(11) months from the date thereof unless otherwise provided in the proxy. 
 (iv) Every proxy shall be
revocable at the pleasure of the Partner executing it, such revocation to be effective upon the General Partner’s receipt of written notice of such revocation from the Partner executing such proxy. 

(d) (i) Each meeting of the Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint
pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. 
 (ii) Meetings of Partners may be conducted in the same manner as meetings of the stockholders of the General Partner and may be held at the same time, and as part of, meetings of the stockholders of the
General Partner. 
 ARTICLE 15 
 GENERAL PROVISIONS 
 15.1 Addresses and Notice 

Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in
writing and shall be deemed given or made when delivered in person or five days after being sent by first class United States mail or by overnight delivery or via facsimile to the Partner or Assignee at the address set forth in Exhibit A or such
other address of which the Partner shall notify the General Partner in writing. Notwithstanding the foregoing, the General Partner may elect to deliver any such notice, demand, request or report by E-mail or by any other electronic means, in which
case such communication shall be deemed given or made one day after being sent. 
 15.2 Titles and Captions 

All article or section titles or captions in this Agreement are for convenience of reference only, shall not be deemed part of this
Agreement and shall in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections of this
Agreement. 
 15.3 Pronouns and Plurals 
 Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include
the plural and vice versa. 

  
 -61-

 15.4 Further Action 

The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary
or appropriate to achieve the purposes of this Agreement. 
 15.5 Binding Effect 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives and permitted assigns. 
 15.6 Creditors 

Other than as expressly set forth herein with respect to the Indemnities, none of the provisions of this Agreement shall be for the
benefit of, or shall be enforceable by, any creditor of the Partnership. 
 15.7 Waiver 

No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to
exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 15.8 Counterparts 
 This Agreement may be executed in counterparts, all of
which together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon
affixing its signature hereto. 
 15.9 Applicable Law 

This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to
the principles of conflicts of laws thereof. 
 15.10 Invalidity of Provisions 

If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not be affected thereby. 
 15.11 Entire Agreement

 This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof
and supersedes any other prior written or oral understandings or agreements among them with respect thereto. 

  
 -62-

 15.12 Merger 

Subject to Section 4.2 herein, the Partnership may merge with, or consolidate into, any Person or Entity in accordance with
Section 17-211 of the Act. 
 15.13 No Rights as Stockholders 

Nothing contained in this Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as
stockholders of the General Partner, including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent or receive notice as shareholders in respect to any meeting or shareholders for
the election of directors of the General Partner or any other matter. 
 [SIGNATURE PAGE FOLLOWS] 

  
 -63-

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Third
Amended and Restated Agreement of Limited Partnership, all as of the date first written above. 
  

							
	GENERAL PARTNER:
	
	INDEPENDENCE REALTY TRUST, INC.
		
	By:	 	 /S/ JACK E. SALMON

		 	Jack E. Salmon
		 	President and Chief Financial Officer
	
	INITIAL LIMITED PARTNER:
	
	RAIT NTR HOLDINGS, LLC
		
	By:	 	RAIT Partnership, LP, its sole member
			
		 	By:	 	RAIT General, Inc., its general partner
				
		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 	Raphael Licht
		 		 		 	Chief Operating Officer
	
	SPECIAL LIMITED PARTNER:
	
	RAIT NTR HOLDINGS, LLC
		
	By:	 	RAIT Partnership, LP, its sole member
			
		 	By:	 	RAIT General, Inc., its general partner
				
		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 	Raphael Licht
		 		 		 	Chief Operating Officer

 
											
	RAIT LIMITED PARTNERS:
	
	BELLE CREEK MEMBER, LLC
		
	By:	 	Belle Creek IR Holdings, LLC, its sole member
			
		 	By:	 	RAIT NTR Holdings, LLC, its sole member
				
		 		 	By:	 	RAIT Partnership, L.P., its sole member
					
		 		 		 	By:	 	RAIT General, Inc., its general partner
						
		 		 		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 		 		 	Raphael Licht
		 		 		 		 		 	Chief Operating Officer
	
	CENTREPOINT MEMBER, LLC
		
	By:	 	RAIT Equity Holdings I, LLC, its sole member
			
		 	By:	 	RAIT Partnership, L.P., its sole member
				
		 		 	By:	 	RAIT General, Inc., its general partner
						
		 		 		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 		 		 	Raphael Licht
		 		 		 		 		 	Chief Operating Officer
	
	COPPER MILL MEMBER, LLC
		
	By:	 	Copper Mill IR Holdings, LLC, its sole member
			
		 	By:	 	Taberna IR Holdings Member, LLC, its sole member
				
		 		 	By:	 	Taberna Realty Finance Trust, its sole member
						
		 		 		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 		 		 	Raphael Licht
		 		 		 		 		 	Chief Operating Officer

 
											
	CRESTMONT MEMBER, LLC
		
	By:	 	Crestmont IR Holdings, LLC, its sole member
			
		 	By:	 	Taberna IR Holdings Member, LLC, its sole member
				
		 		 	By:	 	Taberna Realty Finance Trust, its sole member
						
		 		 		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 		 		 	Raphael Licht
		 		 		 		 		 	Chief Operating Officer
	
	CUMBERLAND MEMBER, LLC
		
	By:	 	Cumberland IR Holdings, LLC, its sole member
			
		 	By:	 	Taberna IR Holdings Member, LLC, its sole member
				
		 		 	By:	 	Taberna Realty Finance Trust, its sole member
						
		 		 		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 		 		 	Raphael Licht
		 		 		 		 		 	Chief Operating Officer
	
	HERITAGE TRACE MEMBER, LLC
		
	By:	 	Heritage Trace IR Holdings, LLC, its sole member
			
		 	By:	 	Taberna IR Holdings Member, LLC, its sole member
				
		 		 	By:	 	Taberna Realty Finance Trust, its sole member
						
		 		 		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 		 		 	Raphael Licht
		 		 		 		 		 	Chief Operating Officer
	
	TRESA AT ARROWHEAD MEMBER, LLC
		
	By:	 	Tresa IR Holdings, LLC, its sole member
			
		 	By:	 	RAIT NTR Holdings, LLC, its sole member
				
		 		 	By:	 	RAIT Partnership, L.P., its sole member
					
		 		 		 	By:	 	RAIT General, Inc., its general partner
						
		 		 		 		 	By:	 	 /S/ RAPHAEL LICHT

		 		 		 		 		 	Raphael Licht
		 		 		 		 		 	Chief Operating Officer

 Corporate/Limited Liability Company Additional Limited Partner Signature Page to Agreement
of Limited Partnership of Independence Realty Operating Partnership, LP, by and among the undersigned and the other parties thereto. 
  

							
	Dated:                  , 20    	 		 	[Name of Corporation/LLC]
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 Individual Additional Limited Partner Signature Page to Agreement of Limited Partnership
of Independence Realty Operating Partnership, LP, by and among the undersigned and the other parties thereto. 
 Dated:
                 , 20     
  

							
		 		 		 	  

 Partnership Limited Partner Signature Page to Agreement of Limited Partnership of
Independence Realty Operating Partnership, LP, by and among the undersigned and the other parties thereto. 
  

							
	Dated:                  , 20    	 		 	[Name of LP]
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 EXHIBIT A 
 Partners’ Partnership Interests 
  

															
	 Name and Address of Partner
	  	 Type of
Interest
	  	Number
of Series
A
Preferred
Units	 	  	Number
of
Common
Partnership
Units	 	  	Number
of
Special
Limited
Partnership
Units	 
	 General Partner:
	  		  				  				  			
					
	 Independence Realty Trust, Inc.

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	General Partnership Interest	  	 	125	  	  	 	20,000	  	  			
					
	 Limited Partners:
	  		  				  				  			
					
	 RAIT NTR Holdings, LLC, as the Initial Limited Partner

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  				  	 	200	  	  			
					
	 RAIT NTR Holdings, LLC, as Special Limited Partner

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Special Limited Partnership Units	  				  				  	 	100	  
					
	 Belle Creek Member, LLC*(1)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  				  	 	352,500	  	  			

  
 A-1

											
	 Name and Address of Partner
	  	 Type of
Interest
	  	Number
of Series
A
Preferred
Units	  	Number
of
Common
Partnership
Units	 	  	Number of
Special
Limited
Partnership
Units
	 Centrepoint Member, LLC* (2)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  		  	 	1,190,000	  	  	
					
	 Copper Mill Member, LLC*(3)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  		  	 	736,500	  	  	
					
	 Crestmont Member, LLC*(4)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  		  	 	675,000	  	  	
					
	 Cumberland Member, LLC*(5)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  		  	 	690,000	  	  	
					
	 Heritage Trace Member, LLC*(6)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  		  	 	550,000	  	  	
					
	 Tresa at Arrowhead Member, LLC*(7)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  		  	 	917,500	  	  	
					
	 RAIT NTR Holdings, LLC*(8)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  		  	 	65,700	  	  	

  
 A-2

															
	 Name and Address of Partner
	  	 Type of
Interest
	  	Number
of Series
A
Preferred
Units	 	  	Number
of
Common
Partnership
Units	 	  	Number
of
Special
Limited
Partnership
Units	 
	 Taberna IR Holdings, LLC*(8)

Cira Centre
 2929 Arch Street, 17th Floor
 Philadelphia, Pennsylvania 19104
	  	Limited Partnership Interest	  				  	 	97,500	  	  			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  		  	 	125	  	  	 	5,294,900	  	  	 	100	  
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

   

	*	Denotes the RAIT Limited Partners. 

	(1)	On April 29, 2011, the Partnership issued the Common Units to Belle Creek Apartments Colorado, LLC, which distributed the Common Units to Belle Creek Member, LLC,
its sole member. 

	(2)	On December 16, 2011, the Partnership issued the Common Units to Centrepoint Arizona, LLC, which distributed the Common Units to Centrepoint Member, LLC, its sole
member. 

	(3)	On April 29, 2011, the Partnership issued the Common Units to Creeks at Copper Hills Apartments Texas, LLC, which distributed the Common Units to Copper Hill
Member, LLC, its sole member. 

	(4)	On April 29, 2011, the Partnership issued the Common Units to Crestmont Apartments Georgia, LLC, which distributed the Common Units to Crestmont Member, LLC, its
sole member. 

	(5)	On April 29, 2011, the Partnership issued the Common Units to Cumberland Glen Apartments Georgia, LLC, which distributed the Common Units to Cumberland Member,
LLC, its sole member. 

	(6)	On April 29, 2011, the Partnership issued the Common Units to Heritage Trace Apartments Virginia, LLC, which distributed the Common Units to Heritage Trace Member,
LLC, its sole member. 

	(7)	On April 29, 2011, the Partnership issued the Common Units to Tresa at Arrowhead Arizona, LLC, which distributed the Common Units to Tresa at Arrowhead Member,
LLC, its sole member. 

	(8)	On April 29, 2011, RAIT NTR Holdings LLC and Taberna IR Holdings LLC each contributed cash in the amounts of $275,000 and $975,000 to the Partnership in exchange
for 27,500 and 97,500 Common Units, respectively. On December 16, 2011, RAIT NTR Holdings LLC contributed cash in the amount of $382,000 in exchange for 38,200 Common Units. 

  
 A-3

 EXHIBIT B 
 Allocations 
 1. Allocation of Net Income and Net Loss. Except as otherwise provided
in this Agreement, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or deduction, of the Partnership shall be allocated among the Partners in a manner such that the Capital Account of each Partner,
immediately after making such allocation, is, as nearly as possible, equal proportionately to (i) the distributions that would be made to such Partner pursuant to Section 5.1(b) if the Partnership were dissolved, its affairs wound up and
its assets sold for cash equal to their Gross Asset Value, all Partnership liabilities were satisfied (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and the net assets of the
Partnership were distributed in accordance with Section 5.1(b) to the Partners immediately after making such allocation, minus (ii) such Partner’s share of Partnership minimum gain (within the meaning of Regulation
Section 1.704-2(d)) and Partner nonrecourse debt minimum gain (within the meaning of Regulation Section 1.704-2(i)(5)), computed immediately prior to the hypothetical sale of assets. 

2. Special Allocations. Notwithstanding any provisions of paragraph 1 of this Exhibit B, the following special allocations shall be made.

 (a) Minimum Gain Chargeback (Nonrecourse Liabilities). Except as otherwise provided in Section 1.704-2(f) of the
Regulations, if there is a net decrease in Partnership Minimum Gain for any Partnership fiscal year, each Partner shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount
equal to such Partner’s share of the net decrease in Partnership Minimum Gain to the extent required by Regulations Section 1.704-2(f). The items to be so allocated shall be determined in accordance with Sections 1.704-2(f) and (i) of
the Regulations. This subparagraph 2(a) is intended to comply with the minimum gain chargeback requirement in said section of the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this subparagraph 2(a) shall be
made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto. 
 (b) Partner Minimum
Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any fiscal year, each Partner who has a share of
the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5) of the Regulations, shall be specially allocated items of Partnership income and gain for such year (and, if necessary,
subsequent years) in an amount equal to that Partner’s share of the net decrease in the Partner Minimum Gain attributable to such Partner Nonrecourse Debt to the extent and in the manner required by Section 1.704-2(i) of the Regulations.
The items to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and (j)(2) of the Regulations. This subparagraph 2(b) is intended to comply with the minimum gain chargeback requirement with respect to Partner Nonrecourse
Debt contained in said section of the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this subparagraph 2(b) shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant
hereto. 

  
 B-1

 (c) Qualified Income Offset. In the event a Partner unexpectedly receives any
adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6) of the Regulations, and such Partner has an Adjusted Capital Account Deficit, items of Partnership income (including gross income) and gain
shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit as quickly as possible as required by the Regulations. This subparagraph 2(c) is intended to constitute a
“qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 
 (d) Other Chargeback of Impermissible Negative Capital Account. To the extent any Partner has an Adjusted Capital Account Deficit at the end of any Partnership fiscal year, each such Partner shall
be specially allocated items of Partnership income (including gross income) and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this paragraph 2(d) shall be made if and only to the extent that such
Partner would have an Adjusted Capital Account Deficit after all other allocations provided for in this Exhibit B have been tentatively made as if this paragraph 2(d) were not in the Agreement. 

(e) Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year or other applicable period shall be allocated to the
Partners (other than the Special Limited Partner) in accordance with their respective Percentage Interests. 
 (f) Partner
Nonrecourse Deductions. Partner Nonrecourse Deductions for any fiscal year or other applicable period with respect to a Partner Nonrecourse Debt shall be specially allocated to the Partner that bears the economic risk of loss for such Partner
Nonrecourse Debt (as determined under Sections 1.704-2(b)(4) and 1.704-2(i)(1) of the Regulations). 
 (g) Section 754
Adjustment. To the extent an adjustment to the adjusted tax basis of any asset of the Partnership pursuant to Section 734(b) of the Code or Section 743(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the
Regulations, to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment
decreases such basis) and such gain or loss shall be specially allocated among the Partners in a manner consistent with the manner in which each of their respective Capital Accounts are required to be adjusted pursuant to such section of the
Regulations. 
 (h) Gross Income Allocation. There shall be specially allocated to the General Partner an amount of
Partnership income and gain during each Partnership Year or portion thereof, before any other allocations are made hereunder, which is equal to the excess, if any, of the cumulative distributions of cash made to the General Partner under
Section 7.3(b) hereof over the cumulative allocations of Partnership income and gain to the General Partner pursuant to this Section 2(h) of this Exhibit B. 
 3. Tax Allocations. 
 (a) Items of Income or Loss. Except as is
otherwise provided in this Exhibit B, an allocation of Partnership Net Income or Net Loss to a Partner shall be treated as an allocation to such Partner of the same share of each item of income, gain, loss, deduction and item of tax-exempt

  
 B-2

 
income or Section 705(a)(2)(B) expenditure (or item treated as such expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i)) (“Tax Items”) that is taken into account
in computing Net Income or Net Loss. 
 (b) Section 1245/1250 Recapture. If any portion of gain from the sale of
Partnership assets is treated as gain which is ordinary income by virtue of the application of Code Sections 1245 or 1250 (“Affected Gain”), then such Affected Gain shall be allocated among the Partners in the same proportion that the
depreciation and amortization deductions giving rise to the Affected Gain were allocated. This subparagraph 3(b) shall not alter the amount of Net Income (or items thereof) allocated among the Partners, but merely the character of such Net Income
(or items thereof). For purposes hereof, in order to determine the proportionate allocations of depreciation and amortization deductions for each fiscal year or other applicable period, such deductions shall be deemed allocated on the same basis as
Net Income and Net Loss for such respective period. 
 (c) Precontribution Gain, Revaluations. With respect to any
Contributed Property, the Partnership shall use any permissible method contained in the Regulations promulgated under Section 704(c) of the Code selected by the General Partner, in its sole discretion, to take into account any variation between
the adjusted basis of such asset and the fair market value of such asset as of the time of the contribution (“Precontribution Gain”). Each Partner hereby agrees to report income, gain, loss and deduction on such Partner’s federal
income tax return in a manner consistent with the method used by the Partnership. If any asset has a Gross Asset Value which is different from the Partnership’s adjusted basis for such asset for federal income tax purposes because the
Partnership has revalued such asset pursuant to Regulations Section 1.704- 1(b)(2)(iv)(f), the allocations of Tax Items shall be made in accordance with the principles of Section 704(c) of the Code and the Regulations and the methods of
allocation promulgated thereunder. The intent of this subparagraph 3(c) is that each Partner who contributed to the capital of the Partnership a Contributed Property will bear, through reduced allocations of depreciation, increased allocations of
gain or other items, the tax detriments associated with any Precontribution Gain. This subparagraph 3(c) is to be interpreted consistently with such intent. 
 (d) Excess Nonrecourse Liability Safe Harbor. Pursuant to Regulations Section 1.752-3(a)(3), solely for purposes of determining each Partner’s proportionate share of the “excess
nonrecourse liabilities” of the Partnership (as defined in Regulations Section 1.752- 3(a)(3)), the Partners’ respective interests in Partnership profits shall be determined under any permissible method reasonably determined by the
General Partner; provided, however, that each Partner who has contributed an asset to the Partnership shall be allocated, to the extent possible, a share of “excess nonrecourse liabilities” of the Partnership which results in such Partner
being allocated nonrecourse liabilities in an amount which is at least equal to the amount of income pursuant to Section 704(c) of the Code and the Regulations promulgated thereunder (the “Liability Shortfall”). In the event there is
an insufficient amount of nonrecourse liabilities to allocate to each Partner an amount of nonrecourse liabilities equal to the Liability Shortfall, then an amount of nonrecourse liabilities in proportion to, and to the extent of, the Liability
Shortfall shall be allocated to each Partner. 
 (e) References to Regulations. Any reference in this Exhibit B or the
Agreement to a provision of proposed and/or temporary Regulations shall, in the event such provision is modified or renumbered, be deemed to refer to the successor provision as so modified or renumbered, but only to

  
 B-3

 
the extent such successor provision applies to the Partnership under the effective date rules applicable to such successor provision.) 

(f) Successor Partners. For purposes of this Exhibit B, a transferee of a Partnership Interest shall be deemed to have been
allocated the Net Income, Net Loss and other items of Partnership income, gain, loss, deduction and credit allocable to the transferred Partnership Interest that previously have been allocated to the transferor Partner pursuant to this Agreement.

  
 B-4

 EXHIBIT C 
 FORM OF EXCHANGE RIGHTS AGREEMENT 
 THIS EXCHANGE RIGHTS AGREEMENT
(this “Agreement”), dated as of             , 20    , is entered into by and among Independence Realty Trust, Inc., a Maryland corporation (the
“Company”), Independence Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and the Persons whose names are set forth on Exhibit A attached hereto (as it may be amended from time to
time). 
 R E C I T A L S: 

 

	(1)	The Company, together with certain other limited partners, has formed the Operating Partnership pursuant to the Second Amended and Restated Agreement of Limited
Partnership of the Operating Partnership dated April 29, 2011 (as such agreement may be amended or amended and restated from time to time, the “Partnership Agreement”). 

 

	(2)	Pursuant to the Partnership Agreement, the Limited Partners (as defined below) directly or indirectly hold units of limited partnership interest (“Partnership
Units”) in the Operating Partnership. 

  

	(3)	The Operating Partnership has agreed to provide the Limited Partners with certain direct or indirect rights to exchange their Partnership Units for cash or, at the
election of the Company, for shares of the Company’s common stock, $0.01 par value per share (the “REIT Stock”). 

 Accordingly, the parties hereto do hereby agree as follows: 
 ARTICLE I 

DEFINED TERMS 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in
this Agreement. 
 “Assignee” means a Person to whom one or more Partnership Units have been transferred in a
manner permitted under the Partnership Agreement, but who has not become a substituted Limited Partner in accordance therewith. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to close. 
 “Capital Contribution” means, with respect to any Partner, any cash,
cash equivalents or the Gross Asset Value (as defined in the Partnership Agreement) of property which such Partner contributes or is deemed to contribute to the Partnership pursuant to the terms of the Partnership Agreement. 

“Cash Amount” means an amount of cash per Partnership Unit equal to the Value on the Valuation Date of the REIT Stock
Amount. 

  
 C-1

 “Exchange Factor” means 1.0, provided, that in the event that the Company
(i) declares or pays a dividend on its outstanding REIT Stock in REIT Stock or makes a distribution to all holders of its outstanding REIT Stock in REIT Stock; (ii) subdivides its outstanding REIT Stock; or (iii) combines its
outstanding REIT Stock into a smaller number of shares of REIT Stock, the Exchange Factor shall be adjusted by multiplying the Exchange Factor by a fraction, the numerator of which shall be the number of shares of REIT Stock issued and outstanding
on the record date for such dividend, contribution, subdivision or combination (assuming for such purpose that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual
number of shares of REIT Stock (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, subdivision or combination. Any adjustment to the Exchange Factor shall become effective immediately
after the effective date of such event retroactive to the record date, if any, for such event. 
 “Exchanging
Partner” has the meaning set forth in Section 2.1 hereof. 
 “Exchange Right” has the meaning set
forth in Section 2.1 hereof. 
 “Lien” means any lien, security interest, mortgage, deed of trust, charge,
claim, encumbrance, pledge, option, right of first offer or first refusal and any other right or interest of others of any kind or nature, actual or contingent, or other similar encumbrance of any nature whatsoever. 

“Limited Partner” means any Person, other than the Company, named as a Limited Partner on Exhibit A, as such Exhibit may
be amended from time to time. 
 “Notice of Exchange” means the Notice of Exchange substantially in the form of
Exhibit B to this Agreement. 
 “Offering” means the offering of the Company’s common stock, par value
$.01 per share, pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission. 

“Person” shall mean an individual, partnership, corporation, limited liability company, trust, estate, or unincorporated
organization, or other entity, or a government or agency or political subdivision thereof. 
 “REIT Stock
Amount” means that number of shares of REIT Stock equal to the product of the number of Partnership Units offered for exchange by an Exchanging Partner, multiplied by the Exchange Factor as of the Valuation Date, provided, that in the event
the Company or the Operating Partnership issues to all holders of REIT Stock rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Stock, or any other securities or property
(collectively, the “rights”), then the REIT Stock Amount shall also include such rights that a holder of that number of shares of REIT Stock would be entitled to receive. 

“SEC” means the Securities and Exchange Commission. 

“Specified Exchange Date” means the tenth (10th) Business Day after receipt by the Operating Partnership and the
Company of a Notice of Exchange; provided, however, that if the 

  
 C-2

 
Operating Partnership has more than 99 partners, as determined in accordance with the provisions of Treasury Regulation Section 1.7704-1(h), then the Specified Exchange Date shall mean the
thirty-first (31st) calendar day after receipt by the Operating Partnership and the Company of a Notice of Exchange. 

“Valuation Date” means the date of receipt by the Operating Partnership and the Company of a Notice of Exchange or, if
such date is not a Business Day, the first Business Day thereafter. 
 “Value” means, with respect to shares of
REIT Stock, the average of the daily market price for the five (5) consecutive trading days immediately preceding the Valuation Date. The market price for each such trading day shall be: 

(i) if the REIT Stock is listed or admitted to trading on the New York Stock Exchange (the “NYSE”) or any
other national securities exchange, the closing price on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day; or 

(ii) if the REIT Stock is not listed or admitted to trading on the NYSE or any other national securities exchange, the
last reported sale price on such day; or 
 (iii) if no sale takes place on such day, the average of the closing
bid and asked prices on such day, as reported by a reliable quotation source designated by the Company or if the REIT Stock is not then traded on any market, as determined in good faith by the Company’s Independent Directors (as defined by the
Company’s charter). 
 In the event the REIT Stock Amount includes rights that a holder of REIT Stock would be entitled to receive, then
the Value of such rights shall be determined by the independent directors of the Company acting in good faith on the basis of such quotations and other information as they consider, in their reasonable judgment, appropriate. 

ARTICLE II 

EXCHANGE RIGHT 

2.1 Exchange Right. (a) Subject to Sections 2.2, 2.3, 2.4 and 2.5 hereof, and subject to any limitations under applicable
law, the Operating Partnership hereby grants to each Limited Partner and each Limited Partner hereby accepts the right (the “Exchange Right”), exercisable (i) on or after the date that is one year after the issuance of the Limited
Partner’s Limited Partnership Interest or (ii) upon the liquidation of the Operating Partnership or the sale of all or substantially all of the assets of the Operating Partnership, to exchange on a Specified Exchange Date all or a portion
of the Partnership Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount. 
 (b)
The Exchange Right shall be exercised pursuant to a Notice of Exchange delivered to the Operating Partnership, with a copy delivered to the Company, by the Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”);
provided, however, that the Company, on behalf of the Operating Partnership, may elect, after a Notice of Exchange is delivered, to satisfy the Exchange Right which is the subject of such notice in accordance with Section 2.2. 

  
 C-3

 (c) A Limited Partner (except for the Special Limited Partner) may exercise the Exchange
Right from time to time with respect to part or all of the Partnership Units that it owns, as selected by the Limited Partner, provided that, except as provided in the Agreement, a Limited Partner may not exercise the Exchange Right for less than
one thousand (1,000) Partnership Units unless such Limited Partner then holds less than one thousand (1,000) Partnership Units, in which event the Limited Partner must exercise the Exchange Right for all of the Partnership Units held by
such Limited Partner. 
 (d) An Exchanging Partner shall have no right with respect to any Partnership Units so exchanged to
receive any distributions paid after the Specified Exchange Date with respect to such Partnership Units. 
 (e) Any Assignee of
a Limited Partner may exercise the rights of such Limited Partner pursuant to this Article 2, and such Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Assignee.

 (f) In connection with any exercise of such rights by an Assignee on behalf of a Limited Partner, the Cash Amount or the REIT
Stock Amount, as the case may be, shall be satisfied by the Operating Partnership or the Company, as the case may be, directly to such Assignee and not to such Limited Partner. 

2.2 Option of Company to Exchange for REIT Stock. (a) Notwithstanding the provisions of Section 2.1, the Company may, on
behalf of the Operating Partnership, in its sole and absolute discretion (subject to the limitations on ownership and transfer of REIT Stock set forth in the Company’s charter), elect to assume directly and satisfy an Exchanging Partner’s
Exchange Right by exchanging REIT Stock and rights equal to the REIT Stock Amount on the Specified Exchange Date for the Partnership Units offered for exchange by the Exchanging Partner, whereupon the Company shall acquire the Partnership Units
offered for exchange by the Exchanging Partner and shall be treated for all purposes of the Partnership Agreement as the owner of such Partnership Units. Unless the Company, in its sole and absolute discretion, shall exercise its right to assume
directly and satisfy the Exchange Right, the Company shall not have any obligation to the Exchanging Partner or to the Operating Partnership with respect to the Exchanging Partner’s exercise of the Exchange Right. If the Company shall exercise
its right to satisfy the Exchange Right in the manner described in the first sentence of this Section 2.2 and shall fully perform its obligations in connection therewith, the Operating Partnership shall have no right or obligation to pay any
amount to the Exchanging Partner with respect to such Exchanging Partner’s exercise of the Exchange Right, and each of the Exchanging Partner, the Operating Partnership and the Company shall, for federal income tax purposes, treat the
transaction between the Company and the Exchanging Partner as a sale of the Exchanging Partner’s Partnership Units to the Company. Nothing contained in this Section 2.2 shall imply any right of the Company to require any Limited Partner to
exercise the Exchange Right afforded to such Limited Partner pursuant to Section 2.1. 
 (b) In the event the Company shall
elect to satisfy, on behalf of the Operating Partnership, an Exchanging Partner’s Exchange Right by exchanging REIT Stock for the Partnership Units offered for exchange, 

  
 C-4

 (i) the Company hereby agrees so to notify the Exchanging Partner within
five (5) Business Days after the receipt by the Company of such Notice of Exchange, 
 (ii) each Exchanging
Partner hereby agrees to execute such documents and instruments as the Company may reasonably require in connection with the issuance of REIT Stock upon exercise of the Exchange Right, and 

(iii) the Company hereby agrees to deliver stock certificates representing fully paid and nonassessable shares of REIT
Stock. 
 2.3 Prohibition of Exchange for REIT Stock. Notwithstanding anything herein to the contrary, the Company shall
not be entitled to satisfy an Exchanging Partner’s Exchange Right pursuant to Section 2.2 if the delivery of REIT Stock to such Limited Partner by the Company pursuant to Section 2.2 (regardless of the Operating Partnership’s
obligations to the Limited Partner under Section 2.1) 
 (a) would be prohibited under the Articles of Incorporation of the
Company, 
 (b) if the Company has elected REIT status, would otherwise jeopardize the REIT status of the Company, or

 (c) would cause the acquisition of the REIT Stock by the Limited Partner to be “integrated” with any other
distribution of REIT Stock by the Company for purposes of complying with the registration provisions of the Securities Act. 

2.4 Payment Date. Any Cash Amount to be paid to an Exchanging Partner shall be paid on the Specified Exchange Date; provided,
however, that the Operating Partnership may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for the Company to cause additional REIT Stock to be issued to provide financing to be used
to make such payment of the Cash Amount by the Operating Partnership. 
 2.5 Expiration of Exchange Right. The Exchange
Right shall expire with respect to any Partnership Units for which an Exchange Notice has not been delivered to the Operating Partnership and the Company on or before December 31, 2040. 

2.6 Effect of Exchange. (a) Any exchange of Partnership Units pursuant to this Article 2 shall be deemed to have occurred as
of the Specified Exchange Date for all purposes, including without limitation the payment of distributions or dividends in respect of Partnership Units or REIT Stock, as applicable. 

(b) Any Partnership Units acquired by the Company pursuant to an exercise by any Limited Partner of an Exchange Right shall be deemed to
be acquired by and reallocated or reissued to the Company. 
 (c) The Company, as general partner of the Operating Partnership,
shall amend the Partnership Agreement to reflect each such exchange and reallocation or reissuance of 

  
 C-5

 
Partnership Units and each corresponding recalculation of the Partnership Units of the Limited Partners. 
 ARTICLE III 
 OTHER PROVISIONS 

3.1 Covenants of the Company. (a) At all times during the pendency of the Exchange Right, the Company shall reserve for
issuance such number of shares of REIT Stock as may be necessary to enable the Company to issue such shares in full payment of the REIT Stock Amount in regard to all Partnership Units held by Limited Partners which are from time to time outstanding.

 (b) During the pendency of the Exchange Right, the Company shall deliver to Limited Partners in a timely manner all reports
filed by the Company with the SEC to the extent the Company also transmits such reports to its stockholders and all other communications transmitted from time to time by the Company to its stockholders generally. 

(c) The Company shall notify each Limited Partner, upon request, of the then current Exchange Factor and such notice will include a
reasonable explanation of the Exchange Factor calculation to be applied at such time. 
 3.2 Fractional Shares.
(a) No fractional shares of REIT Stock shall be issued upon exchange of Partnership Units. 
 (b) The number of full shares
of REIT Stock which shall be issuable upon exchange of Partnership Units (or the cash equivalent amount thereof if the Cash Amount is paid) shall be computed on the basis of the aggregate amount of Partnership Units so surrendered. 

(c) Instead of any fractional shares of REIT Stock which would otherwise be issuable upon exchange of any Partnership Units, the
Operating Partnership shall pay a cash adjustment in respect of such fraction in an amount equal to the Cash Amount of a Partnership Unit multiplied by such fraction. 
 3.3 Investment Representations and Warranties. By delivering to the Company a Notice of Exchange, each Exchanging Partner will be deemed to represent and warrant to the Company and the Operating
Partnership that such Exchanging Partner is aware of the Company’s option to exchange such Exchanging Partner’s Partnership Units for REIT Stock pursuant to Section 2.2 hereof and that: 

(a) (i) such Exchanging Partner has received and reviewed 

(A) a copy of the prospectus contained in the Registration Statement on Form S-11 filed by the Company in connection with
the Offering, any prospectus contained in any Registration Statement subsequently filed by the Company, and any supplement or amendment thereto (each, a “Prospectus”), and 

(B) if the Company is filing reports under the Securities Exchange Act of 1934, as amended, copies of all reports and
other filings (the “SEC 

  
 C-6

 
Reports”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, made by the Company with the SEC pursuant to the Securities Exchange Act of
1934, as amended, and the rules and regulations thereunder, and understands the risks of, and other considerations relating to, an investment in REIT Stock. 
 (ii) Such Exchanging Partner, by reason of its business and financial experience, together with the business and financial experience of those persons, if any, retained by it to represent or advise it
with respect to its investment in REIT Stock, 
 (A) has such knowledge, sophistication and experience in
financial and business matters and in making investment decisions of this type that it is capable of evaluating the merits and risks of and of making an informed investment decision with respect to an investment in REIT Stock, 

(B) is capable of protecting its own interest or has engaged representatives or advisors to assist it in protecting its
interests and 
 (C) is capable of bearing the economic risk of such investment. 

(iii) (A) Such Exchanging Partner is an “accredited investor” as defined in Rule 501 of the regulations
promulgated under the Securities Act. 
 (B) If such Exchanging Partner has retained or retains a person to
represent or advise it with respect to its investment in REIT Stock, such Exchanging Partner will advise the Company of such retention and, at the Company’s request, such Exchanging Partner shall, prior to or at delivery of the REIT Stock
hereunder, 
 (I) acknowledge in writing such representation and 

(II) cause such representative or advisor to deliver a certificate to the Company containing such representations as may
be reasonably requested by the Company. 
 (b) (i) Such Exchanging Partner understands that an investment in the Company
involves substantial risks. 
 (ii) Such Exchanging Partner has been given the opportunity to make a thorough
investigation of the activities of the Company and has been furnished with materials relating to the Company and its activities, including, without limitation, each Prospectus and the SEC Reports. 

(iii) Such Exchanging Partner has relied and is making its investment decision based upon the Prospectus/Consent
Solicitation Statement relating to the Consolidation and any subsequent Prospectus, the SEC Reports and other written information provided to the Exchanging Partner by or on behalf of the Company and, as applicable, such Exchanging Partner’s
position as a director or executive officer of the Company. 

  
 C-7

 (c) (i) The REIT Stock to be issued to such Exchanging Partner hereunder will be acquired by
such Exchanging Partner for its own account, for investment only and not with a view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein. 

(ii) Such Exchanging Partner was not formed for the specific purpose of acquiring an interest in the Company. 

(d) (i) Such Exchanging Partner acknowledges that 

(A) the shares of REIT Stock to be issued to such Exchanging Partner hereunder have not been registered under the
Securities Act or state securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable state securities laws and, the certificates representing such shares of REIT Stock will bear a legend
to such effect, 
 (B) the Company’s and the Operating Partnership’s reliance on such exemptions is
predicated in part on the accuracy and completeness of the representations and warranties of such Exchanging Partner contained herein, 
 (C) the REIT Stock to be issued to such Exchanging Partner hereunder may not be resold or otherwise distributed unless registered under the Securities Act and applicable state securities laws, or unless
an exemption from registration is available, 
 (D) there may be no market for unregistered shares of REIT Stock,
and 
 (E) the Company has no obligation or intention to register such REIT Stock under the Securities Act or any
state securities laws or to take any action that would make available any exemption from the registration requirements of such laws, except as provided in the Registration Rights Agreement entered into by the Company and the Exchanging Partner (the
“Registration Rights Agreement”). 
 (ii) Such Exchanging Partner acknowledges that because of the
restrictions on transfer or assignment of such REIT Stock to be issued hereunder, such Exchanging Partner may have to bear the economic risk of its investment in REIT Stock issued hereunder for an indefinite period of time, although the holder of
any such REIT Stock will be afforded certain rights to have such REIT Stock registered under the Securities Act and applicable state securities laws pursuant to the Registration Rights Agreement. 

(e) The address set forth under such Exchanging Partner’s name in the Notice of Exchange is the address of the Exchanging
Partner’s principal place of business or, if a natural person, the address of the Exchanging Partner’s residence, and such Exchanging Partner has no present intention of becoming a resident of any country, state or jurisdiction other than
the country and state in which such principal place of business or residence is situated. 

  
 C-8

 ARTICLE IV 
 GENERAL PROVISIONS 
 4.1 Addresses and Notice. Any notice, demand, request
or report required or permitted to be given or made to the Operating Partnership, the Company, a Limited Partner or Assignee, as the case may be, under this Agreement shall be in writing and shall be deemed given or made when delivered in person or
when sent by first class United States mail or by other similarly reliable means of written communication to the Operating Partnership, the Company, a Limited Partner or Assignee, as the case may be, at the address listed on the records of the
Operating Partnership. 
 4.2 Titles and Captions. All article or section titles or captions in this Agreement are for
convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and
“Sections” are to Articles and Sections of this Agreement. 
 4.3 Pronouns and Plurals. Whenever the context
may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 

4.4 Further Action and Additional Restrictions. The parties shall execute and deliver all documents, provide all information and
take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 4.5
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. 

4.6 Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this
Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 4.7 Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all of the parties hereto, notwithstanding that all such parties
are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 
 4.8 Applicable Law. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law
thereof. 
 4.9 Invalidity of Provisions. If any provision of this Agreement is or becomes invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
 4.10 Entire Agreement. This Agreement contains the entire understanding and agreement among the Limited Partners, the Operating Partnership and the Company with respect to the subject

  
 C-9

 
matter hereof and supersedes any other prior written or oral understandings or agreements among them with respect thereto. 

4.11 Amendment. This Agreement may be amended from time to time with the consent of the Company by a vote of the Limited Partners
in the same manner as the Partnership Agreement (in accordance with Section 14.1(a) thereof) may be amended as provided therein, provided, however, that the Company shall vote its limited partnership interests in proportion to the votes of the
other Limited Partners. 
 [Signatures on next page] 

  
 C-10

 IN WITNESS WHEREOF, the parties hereto have executed this Exchange Rights Agreement as of
the date first written above. 
  

							
	THE COMPANY:
	
	INDEPENDENCE REALTY TRUST, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	OPERATING PARTNERSHIP:
	
	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP
		
	BY:	 	INDEPENDENCE REALTY TRUST, INC., its general partner
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 C-11

 Exhibit A – Exchange Rights Agreement 

Name and Address of Limited Partner 

 Exhibit B – Exchange Rights Agreement 

Notice of Exchange 
 The undersigned Limited Partner hereby irrevocably (i) exchanges                      Partnership
Units in Independence Realty Operating Partnership, LP, in accordance with the terms of the Exchange Rights Agreement, dated as of             , 20     (the
“Exchange Rights Agreement”), and the Exchange Right referred to therein; (ii) surrenders such Partnership Units and all right, title and interest therein; and (iii) directs that the Cash Amount or REIT Stock Amount (as
determined by the Company) deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Stock is to be delivered, such REIT Stock will be registered or placed in the name(s) and at the address(es)
specified below. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Exchange Rights Agreement. 
 The undersigned hereby represents, warrants, and certifies that the undersigned (a) has marketable and unencumbered title to such Partnership Units, free and clear, other than any encumbrance arising
pursuant to the Partnership Agreement, of the rights or interests of any other person or entity; (b) has the full right, power, and authority to exchange and surrender such Partnership Units as provided herein; and (c) has obtained the
consent or approval of all persons or entities, if any, (other than consent or approval that may be required of the Company or the Operating Partnership) having the right to consent or approve such exchange and surrender on the part of the
undersigned. 
 The undersigned hereby makes the representations and warranties contained in Section 3.3 of the Exchange
Rights Agreement as if such representations and warranties had been set forth in full in this Notice of Exchange. 
  

									
	Dated:	 	  
	 		 	  

		 		 		 	Name of Limited Partner (Please Print)
			
	Signature guaranteed by:	 		 	
			
		 		 	  

		 		 		 	(Signature of Limited Partner)
			
	  
	 		 	
				
		 		 		 	  

		 		 		 	(Street Address)
				
		 		 		 	  

		 		 		 	(City) (State)	 	(Zip Code)
				
		 		 		 	  

		 		 		 	If REIT Stock is to be issued, issue to:

 EXHIBIT D 
 Certificate of Limited Partnership 

  
 D-1

 Exhibit S-A 
 Series A Preferred Units 
 Pursuant to the authority granted under
Section 4.3 of the Third Amended and Restated Agreement of Limited Partnership of Independence Realty Operating Partnership, LP (the “Partnership Agreement”), the General Partner hereby establishes a series of Preferred Units
designated the 12.5% Series A Preferred Units (the “Series A Preferred Units”) on the terms set forth in this Exhibit S-A. Capitalized terms used herein without definition have the meanings given to them in the Partnership Agreement.

 (1) NUMBER. The number of authorized units of the Series A Preferred Units shall be One Hundred Twenty-Five (125) and
shall at all times be equal to the number of 12.5% Series A Cumulative Redeemable Preferred Shares (“Series A Preferred Shares”) issued by the General Partner and then outstanding. Series A Preferred Units shall be issued only to and held
only by the General Partner. 
 (2) RANK. The Series A Preferred Units shall, with respect to distribution and redemption rights
and rights upon liquidation, dissolution or winding up of the Partnership, rank senior to all classes or series of Common Units and to all other equity securities issued by the Partnership from time to time which, by their terms, provide that the
Series A Preferred Units shall rank senior to such other equity securities with respect to such rights (collectively, the “Junior Securities”). The term “equity securities” shall not include convertible debt securities issued by
the Partnership. 
 (3) DISTRIBUTIONS. 
  

	 	(a)	 Each holder of the then outstanding Series A Preferred Units shall be entitled to receive, when and as authorized by the General Partner and declared
by the Partnership, out of funds legally available for the payment of distributions, cumulative preferential cash distributions per Series A Preferred Unit at the rate of 12.5% per annum of the total of $1,000.00 plus all accumulated and unpaid
distributions thereon. Such distributions shall accrue on outstanding Series A Preferred Units on a daily basis and be cumulative from the first date on which any Series A Preferred Unit is issued, such issue date to be contemporaneous with the
receipt by the Partnership of subscription funds for the Series A Preferred Units (the “Original Issue Date”), and shall be payable semi-annually in arrears on or before June 30 and December 31 of each year (each a
“Distribution Payment Date”); provided, however, that if any Distribution Payment Date is not a business day, then the distribution which would otherwise have been payable on such Distribution Payment Date may be paid
on the preceding business day or the following business day with the same force and effect as if paid on such Distribution Payment Date. Any distribution payable on the Series A Preferred Units for any partial distribution period will be computed on
the basis of a 360-day year consisting of twelve 30-day months (it being understood that the distribution payable on 

  
 SA-1

	 	
June 30, 2012 will be for less than a full distribution period). A “distribution period” shall mean, with respect to the first “distribution period,” the
period from and including the Original Issue Date to and including the first Distribution Payment Date, and with respect to each subsequent “distribution period,” the period from but excluding a Distribution Payment Date to and
including the next succeeding Distribution Payment Date or other date as of which accrued distributions are to be calculated. Distributions will be payable to holders of record as they appear in the share records of the Partnership at the close of
business on the applicable record date, which shall be the fifteenth day of the calendar month in which the applicable Distribution Payment Date falls or on such other date designated by the General Partner for the payment of distributions that is
not more than 30 nor less than 10 days prior to such Distribution Payment Date (each, a “Distribution Record Date”). 

  

	 	(b)	No distributions on Series A Preferred Units shall be declared by the Partnership or paid or set apart for payment by the Partnership at such time as the terms and
provisions of any written agreement between the Partnership and any party that is not an affiliate of the Partnership, including any agreement relating to its indebtedness, prohibit such declaration, payment or setting apart for payment or provide
that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration, payment or setting apart for payment shall be restricted or prohibited by law. For purposes hereof,
“affiliate” shall mean any party that controls, is controlled by or is under common control with the Partnership. 

  

	 	(c)	Notwithstanding the foregoing, distributions on the Series A Preferred Units shall accrue whether or not the terms and provisions set forth in Section 3(b) hereof
at any time prohibit the current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized or
declared. Furthermore, distributions will be declared and paid when due in all events to the fullest extent permitted by law and except as provided in Section 3(b) above. Accrued but unpaid distributions on the Series A Preferred Units will
accumulate as of the Distribution Payment Date on which they first become payable. 

  

	 	(d)	 Unless full cumulative distributions on all outstanding Series A Preferred Units have been or contemporaneously are declared and paid or declared and a
sum sufficient for the payment thereof is set apart for payment for all past distribution periods, no distributions (other than in Junior Securities) shall be declared and paid or declared and set apart for payment nor shall any other distribution
be declared and made upon any Junior Securities, nor shall any Junior Securities be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund

  
 SA-2

	 	
for the redemption of any such Junior Securities) by the Partnership (except by conversion into or exchange for other Junior Securities). 

 

	 	(e)	When distributions are not paid in full (or a sum sufficient for such full payment is not set apart) on the Series A Preferred Units, all distributions declared upon
the Series A Preferred Units shall be declared and paid pro rata based on the number of Series A Preferred Units then outstanding. 

  

	 	(f)	Any distribution payment made on the Series A Preferred Units shall first be credited against the earliest accrued but unpaid distribution due with respect to such
Units which remains payable. Holders of the Series A Preferred Units shall not be entitled to any distribution, whether payable in cash, property or Units, in excess of full cumulative distributions on the Series A Preferred Units as described
above. 

  

	 	(g)	If, for any taxable year, the Partnership elects to designate as “capital gain dividends” (as defined in Section 857 of the Code) any portion (the
“Capital Gains Amount”) of the distributions paid or made available for the year to holders of all classes of Partnership Units (the “Total Distributions”), then the portion of the Capital Gains Amount that shall be allocated to
the holder of the Series A Preferred Units shall be the amount that the total distributions paid or made available to the holder of the Series A Preferred Units for the year bears to the Total Distributions. 

(4) LIQUIDATION PREFERENCE. 
  

	 	(a)	 Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the holders of Series A Preferred Units then outstanding
are entitled to be paid, or have the Partnership declare and set apart for payment, out of the assets of the Partnership legally available for distribution to its Partners, before any distribution of assets is made to holders of any Junior
Securities, a liquidation preference per Series A Preferred Unit equal to the sum of the following (collectively, the “Liquidation Preference”): (i) $1,000.00, (ii) all accrued and unpaid distributions thereon through and
including the earlier of the date of payment or the date that funds are set apart for payment, and (iii) if a Redemption Premium (as defined below) would be payable upon the redemption of Series A Preferred Units in accordance with
Section 5(a) below, the per Partnership Unit Redemption Premium in effect on the earlier of the date of payment or the date that funds are set apart for payment of the Liquidation Preference. In the event that the Partnership elects to set
apart the Liquidation Preference for payment, the Series A Preferred Units shall remain outstanding until the holders thereof are paid the full Liquidation Preference therefor, which payment shall be made no later than immediately prior to the
Partnership making its final liquidating distribution on the Common Units. In the event that the Redemption Premium in effect on the payment date is less than the Redemption Premium on the date that the Liquidation Preference was set apart for
payment, the 

  
 SA-3

	 	
Partnership may make a corresponding reduction to the funds set apart for payment of the Liquidation Preference. 

 

	 	(b)	In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up, the available assets of the Partnership are insufficient to pay the
full amount of the Liquidation Preference on all outstanding Series A Preferred Units, then the holders of the Series A Preferred Units shall share ratably in any such distribution of assets in proportion to the full Liquidation Preference to which
they would otherwise be respectively entitled. 

  

	 	(c)	After payment of the full amount of the Liquidation Preference to which they are entitled, the holders of Series A Preferred Units will have no right or claim to any of
the remaining assets of the Partnership. 

  

	 	(d)	Upon the Partnership’s provision of written notice as to the effective date of any such liquidation, dissolution or winding up of the Partnership, accompanied by a
check in the amount of the full Liquidation Preference to which each record holder of the Series A Preferred Units is entitled, the Series A Preferred Units shall no longer be deemed outstanding and all rights of the holders of such Series A
Preferred Units will terminate. Such notice shall be given by first class mail, postage pre-paid, to each record holder of the Series A Preferred Units at the respective mailing addresses of such holders as the same shall appear on the transfer
records of the Partnership. 

  

	 	(e)	The consolidation or merger of the Partnership with or into any other business enterprise or of any other business enterprise with or into the Partnership, or the sale,
lease or conveyance of all or substantially all of the assets or business of the Partnership, shall not be deemed to constitute a liquidation, dissolution or winding up of the Partnership. 

(5) REDEMPTION. 
  

	 	(a)	Optional Redemption and Mandatory Redemption. The Partnership, at its option, may redeem the Series A Preferred Units, in whole or in part, at any time or from
time to time; provided, however, that, the General Partner shall exercise its right to cause the Partnership to redeem an equal number of Series A Preferred Units at any time the General Partner redeems all or any of the Series A Preferred Shares.
The redemption price per Series A Preferred Unit (the “Redemption Price”) shall equal $1,000.00 in cash plus all accrued and unpaid distributions thereon to and including the date fixed for redemption (except as provided in
Section 5(c) below), plus a redemption premium per unit (each, a “Redemption Premium”) calculated as follows based on the date fixed for redemption: 

(1) until December 31, 2013, $100, and 
 (2) thereafter, no Redemption Premium. 

  
 SA-4

 If less than all of the outstanding Series A Preferred Units are to be redeemed, the Series A Preferred
Units to be redeemed may be selected by any equitable method determined by the Partnership provided that such method does not result in the creation of fractional Series A Preferred Units. 

 

	 	(b)	Limitations on Redemption. Unless full cumulative distributions on all Series A Preferred Units shall have been, or contemporaneously are, declared and paid or
declared and a sum sufficient for the payment thereof is set apart for payment for all past distribution periods, no Series A Preferred Units shall be redeemed or otherwise acquired by the Partnership unless all outstanding Series A Preferred Units
are simultaneously redeemed or acquired, and the Partnership shall not purchase or otherwise acquire, directly or indirectly, any Junior Securities (except by exchange for Junior Securities); provided, however, that the foregoing shall
not prevent the purchase or acquisition of Series A Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series A Preferred Units. 

 

	 	(c)	Rights to Distributions on Units Called for Redemption. Immediately prior to or upon any redemption of Series A Preferred Units, the Partnership shall pay, in
cash, any accrued and unpaid distributions to and including the redemption date, unless a redemption date falls after a Distribution Record Date and prior to the corresponding Distribution Payment Date, in which case each holder of Series A
Preferred Units at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such Series A Preferred Units on the corresponding Distribution Payment Date notwithstanding the redemption of such Series A
Preferred Units before such Distribution Payment Date. 

  

	 	(d)	Procedures for Redemption. 

 (i) Upon the Partnership’s provision of written notice as to the effective date of the redemption, accompanied by a check in the amount of the full Redemption Price through such effective date to
which each record holder of Series A Preferred Units to be redeemed is entitled or, if the Series A Preferred Units to be redeemed are represented by certificates, the setting apart of such amount pursuant to Section 5(d)(iii) below, Series A
Preferred Units shall be redeemed and shall no longer be deemed outstanding and all rights of the holders of such Series A Preferred Units will terminate. Such notice shall be given by first class mail, postage pre-paid, to each record holder of the
Series A Preferred Units to be redeemed at the respective mailing addresses of such holders as the same shall appear on the transfer records of the Partnership. No failure to give such notice or any defect therein or in the mailing thereof shall
affect the validity of the proceedings for the redemption of any Series A Preferred Units except as to the holder to whom notice was defective or not given. 
 (ii) In addition to any information required by law or by the applicable rules of any exchange upon which Series A Preferred Units may be listed or admitted to trading, such notice shall state:
(A) the redemption date; (B) the 

  
 SA-5

 
Redemption Price; (C) the place or places where the Series A Preferred Units are to be surrendered (if so required in the notice) for payment of the Redemption Price (if not otherwise
included with the notice); and (D) that distributions on the Series A Preferred Units to be redeemed will cease to accrue on such redemption date. If less than all of the Series A Preferred Units held by any holder are to be redeemed, the
notice mailed to such holder shall also specify the number of Series A Preferred Units held by such holder to be redeemed. 
 (iii) If notice of redemption of any Series A Preferred Units has been given and if the funds necessary for such redemption have been set apart by the Partnership for the benefit of the holders of any
Series A Preferred Units so called for redemption, then, from and after the redemption date, distributions will cease to accrue on such Series A Preferred Units, such Series A Preferred Units shall no longer be deemed outstanding and all rights of
the holders of such Series A Preferred Units will terminate, except the right to receive the Redemption Price therefor. If the Partnership shall so require and the notice of redemption shall so state, holders of Series A Preferred Units to be
redeemed shall surrender the certificates representing such Series A Preferred Units, to the extent that such units are certificated, at the place designated in such notice and, upon surrender in accordance with said notice of the certificates
representing Series A Preferred Units so redeemed (properly endorsed or assigned for transfer, if the Partnership shall so require and the notice shall so state), such Series A Preferred Units shall be redeemed by the Partnership at the Redemption
Price. In case less than all of the Series A Preferred Units represented by any such certificate are redeemed, a new certificate or certificates shall be issued representing the unredeemed Series A Preferred Units without cost to the holder thereof.
In the event that the Series A Preferred Units to be redeemed are uncertificated, such units shall be redeemed in accordance with the notice and no further action on the part of the holders of such Series A Preferred Units shall be required.

 (iv) The deposit of funds with a bank or trust company for the purpose of redeeming Series A Preferred Units
shall be irrevocable except that: 
 (A) the Partnership shall be entitled to receive from such bank or trust
company the interest or other earnings, if any, earned on any money so deposited in trust, and the holders of any Series A Preferred Units redeemed shall have no claim to such interest or other earnings; and 

(B) any balance of monies so deposited by the Partnership and unclaimed by the holders of the Series A Preferred Units
entitled thereto at the expiration of two years from the applicable redemption dates shall be repaid, together with any interest or other earnings thereon, to the Partnership, and after any such repayment, the holders of the Series A Preferred Units
entitled to the funds so repaid to the Partnership shall look only to the Partnership for payment of the Redemption Price without interest or other earnings. 

  
 SA-6

	 	(e)	Status of Redeemed Units. Any Series A Preferred Units that shall at any time have been redeemed or otherwise acquired by the Partnership shall be canceled and
retired after such redemption or acquisition and may not be issued to any other Person. 

 (6) VOTING RIGHTS.
Except as provided in this Section, the holders of the Series A Preferred Units shall not be entitled to vote on any matter submitted to the Partners of the Partnership for a vote. Notwithstanding the foregoing, the approval of the holders of a
majority of the outstanding Series A Preferred Units, voting as a separate class, shall be required for (a) authorization or issuance of any equity security of the Partnership senior to or on a parity with the Series A Preferred Units,
(b) any reclassification of the Series A Preferred Units or (c) any amendment to the Agreement, whether by merger, consolidation or otherwise (an “Event”), which amendment materially and adversely affects any right, preference,
privilege or voting power of the Series A Preferred Units or increases the number of authorized Series A Preferred Units to a number greater than 125; provided, however, with respect to the occurrence of any Event, so long as the Series A
Preferred Units remains outstanding with the terms thereof materially unchanged or the holders of Series A Preferred Units receive equity securities of the successor or survivor of such Event with substantially identical rights as the Series A
Preferred Units, taking into account that, upon the occurrence of an Event, the Partnership may not be the surviving entity or the surviving entity may not be a corporation, the occurrence of such Event shall not be deemed to materially and
adversely affect such rights, preferences, privileges or voting powers of the Series A Preferred Units and in such case the holders of Series A Preferred Units shall not have any voting rights with respect to the occurrence of such Event unless the
number of authorized Series A Preferred Units is increased to a number greater than 125. 
 (7) EXCLUSION OF OTHER RIGHTS. The
Series A Preferred Units are not convertible into or exchangeable for any other property or securities of the Partnership. The Series A Preferred Units shall have no preemptive or subscription rights. The Series A Preferred Units shall not have any
preferences or other rights other than those specifically set forth herein. 
 (8) GENERAL. The rights of the General Partner,
in its capacity as holder of the Series A Preferred Units, are in addition to and not in limitation of any other rights or authority of the General Partner, in any other capacity, under the Partnership Agreement. In addition, nothing herein shall be
deemed to limit or otherwise restrict any rights or authority of the general Partner other than in its capacity as the holder of the Series A Preferred Units. 

  
 SA-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]