Document:

Ex 10.103 Goldsmith Employment Agreement

Exhibit 10.103
October 3, 2012

Mr. Brian Goldsmith
2700 Colorado Avenue, Suite 200
Santa Monica, California 90404

RE:  Employment Agreement

Dear Mr. Goldsmith:

On behalf of Lions Gate Films Inc. (the “Company”), this is to confirm the terms of your employment by the Company. We refer to you herein as “Employee.”  The terms of Employee’s employment are as follows:

1.    TERM

(a)  The term of this agreement (“Agreement”) will begin October 1, 2012 and end September 30, 2015, subject to earlier termination as provided in Section 7 below (the “Term”).  Until October 1, 2012 the employment agreement dated as of April 1, 2010 between the Company and Employee (the “Prior Agreement”) shall govern the terms and conditions of Employee’s employment. Notwithstanding the foregoing, Section 5 of the employment agreements between Employee and the Company dated August 14, 2007, August 28, 2008 and April 1, 2010 shall remain in full force and effect. During the Term of this Agreement, Employee will serve as Co-Chief Operating Officer, reporting to the Chief Executive Officer, currently Jon Feltheimer, or the Company’s designee, with additional dotted-line reporting to the Vice Chairman, currently Michael Burns, or the Company’s designee.  In such capacity, among other duties reasonably assigned by the Company, Employee shall (i) act as the Company’s head of corporate development (having non-exclusive oversight of mergers and acquisitions), (ii) strategically oversee existing and future joint ventures, channels and digital ventures/initiatives (excluding digital licensing), (iii) oversee the board of directors’ materials/memoranda relating to the financial analysis of the Company’s operations and strategic initiatives, (iv) oversee  financial analysis and strategy with respect to business unit operations and performance, and (v) exclusively or non-exclusively, as the case may be, oversee corporate and project finance and capital structure and related transactions.  Employee shall render such services as are customarily rendered by persons in Employee’s capacity in the entertainment industry and as may be reasonably requested by the Company.

(b)  So long as this Agreement shall continue in effect, Employee shall devote Employee’s full business time, energy and ability exclusively to the business, affairs and interests of the Company and matters related thereto, shall use Employee’s best efforts and abilities to promote the Company’s interests, and shall perform the services contemplated by this Agreement in accordance with policies established by the Company. 

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October 3, 2012
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As long as Employee’s meaningful business time is devoted to the Company, Employee may devote a reasonable amount of time to management of personal investments and charitable, political and civic activities, so long as these activities do not conflict with the Company’s interests or otherwise interfere with Employee’s performance under this Agreement.

(c)  Subject to travel required by Employee’s position and consistent with the reasonable business of the Company, Employee will be based in the Los Angeles, California area.

(d)  During the Term, the Company shall pay for the services of an assistant to the extent available in keeping with the Company’s policy and practice.

2.    COMPENSATION

(a)  Salary.  During the Term, Employee will be paid a base salary of SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000.00) per year (the “Base Salary”), payable in accordance with the Company’s normal payroll practices in effect.

(b)  Payroll.  Nothing in this Agreement shall limit the Company’s right to modify its payroll practices, as it deems necessary.

(c)  Bonuses.  

		
	(i)
	For each fiscal year during the Term, Employee shall be entitled to receive annual performance bonuses with a target of twenty-five percent (25%) of his Base Salary based on such company and/or individual performance criteria as determined by the Compensation Committee (the “CCLG”) of Lions Gate Entertainment Corp. (“Lions Gate”), in its discretion and in consultation with the CEO of the Company, provided that Employee must be employed with the Company through the end of the Company’s fiscal year and at the time when such bonus, if earned, is paid to be eligible to receive a bonus for a given fiscal year; provided, however, such bonus shall still be paid if Employee is terminated “without cause” pursuant to Section 7(a)(v) below (x) in full if such termination occurs during the period following the end of such fiscal year and prior to the scheduled payment date for such bonus, and (y) as a prorated bonus if such termination occurs during a fiscal year as provided in Section 7(a)(v). Any such bonus will be paid as soon as practicable after the end of the applicable fiscal year and in all events within the “short-term deferral” period provided under Treasury Regulation Section 1.409A-1(a)(4). 

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October 3, 2012
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	(ii)
	EBITDA Bonus.  For each fiscal year during the Term, Employee shall be entitled to receive an additional annual bonus based on the Company’s attainment of an EBITDA target (the “E Target”) if such E Target is attained in the following amounts:

		
	(A)
	If the Company attains at least 105% of the E Target, Employee shall receive a bonus equal to 12.5% of his Base Salary;

		
	(B)
	If the Company attains at least 115% of the E Target, Employee shall receive an additional bonus equal to 12.5% of his Base Salary.

For each such fiscal year, the Company shall designate the upcoming year’s E Target after it is approved by the Company’s Board of Directors, on or before April 1 of the applicable fiscal year, or as soon thereafter as approved by the Board of Directors, and it shall notify Employee in writing of such E Target for the fiscal year to which the E Target applies.  The E Target shall not be greater than the E Target for other similarly situated executives of the Company receiving a similar bonus based on an EBITDA target.  The fiscal year commences April 1 of each year.  The Company shall establish a reserve amount for uncollectible receivables equal to 2% (the “E Reserve”).  The E Target shall include the E Reserve.  For each portion of a fiscal year that Employee is employed by the Company (excepting only if due to termination pursuant to Section 7(a)(iv) below), Employee shall be entitled to a pro-rata portion of the EBITDA bonus for that year, if and when earned, unless as otherwise set forth in Section 7(a)(v)(C) below.  Any bonus payable to Employee hereunder shall be paid within thirty (30) days following the end of the audit for the applicable fiscal year and in all events within the “short-term deferral” period provided under Treasury Regulation Section 1.409A-1(a)(4).

		
	(iii)
	Credit Facility Bonus.  In the event that, during the Term, the Company either refinances its existing corporate credit facility or closes a corporate credit facility for a commitment amount of not less than $600 million, Employee shall be entitled to receive an additional one-time bonus in the amount of ONE HUNDRED THOUSAND DOLLARS ($100,000.00) (the “Credit Facility Bonus”).  The Company acknowledges that as of the date hereof, Employee has earned such Credit Facility Bonus  The Credit Facility Bonus will be paid as soon as practicable after the close 

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October 3, 2012
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and in all events within the “short-term deferral” period provided under Treasury Regulation Section 1.409A-1(a)(4).      
(d)    Tax Withholding.  Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

3.    BENEFITS

As an employee of the Company, Employee will continue to be eligible to participate in all benefit plans to the same extent as other similarly situated salaried employees of the Company and in all events subject to the terms of such plans.  For the sake of clarity, such plans do not include compensation and/or any bonus plans.

4.    VACATION AND TRAVEL

(a)  Employee shall be entitled to take paid time off without a reduction in salary, subject to (i) the approval of Employee’s supervisor, and (ii) the demands and requirements of Employee’s duties and responsibilities under this Agreement.  There are no paid vacation days.  

(b)  Employee will be eligible to be reimbursed for any business expenses in accordance with the Company’s current Travel and Entertainment policy.

(c) In addition, to the extent all of the following are within the Company’s policy and practice for similarly situated employees, Employee shall be entitled to (i) business class travel for flights in excess of four (4) hours; (ii) all customary "perqs" of division heads within the Company; (iii) a cell phone, which may be expensed; and (iv) a reserved parking space.

5.      STOCK

(a)  Grant/Option.  The Company acknowledges that at the August 28, 2012 meeting of the CCLG, the CCLG approved, subject to finalization by the parties of this Agreement and such grants to be effective upon the date of execution hereof (the “Award Date”), the grant to Employee of 75,000 Lions Gate restricted share units (the “Grant”) and the right to purchase 125,000 shares of Lions Gate common stock (the “Option”), in each case in accordance with the terms and conditions of the existing stock incentive plan of Lions Gate (the “Plan”).  The Grant and the Option shall be evidenced by and subject to the terms of award agreements in the form generally then used by Lions Gate to evidence grants of restricted stock units and stock options under the Plan.

		
	(i)  
	Vesting.  Subject to Section 5(a)(ii) below, the Grant and the Option shall vest as follows:

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October 3, 2012
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	(A)
	the first 25,000 shares of the Grant and the right to purchase the first 41,667 shares of the Option will vest on the 1st anniversary of the Award Date;

		
	(B)
	an additional 25,000 shares of the Grant and the right to purchase an additional 41,667 shares of the Option will vest on the 2nd anniversary of the Award Date;

		
	(C)
	the final 25,000 shares of the Grant and the right to purchase the final 41,666 shares of the Option will vest on September 30, 2015.

		
	(ii)  
	Continuance of Employment.  The vesting schedule in Section 5(a)(i) above requires Employee’s continued employment with the Company through each applicable vesting date as a condition to the vesting of the applicable installment of the Grant or the Option and the rights and benefits thereto.

(b)  Performance Grant/Option.  The Company acknowledges that at the August 28, 2012 meeting of the CCLG, the CCLG approved, subject to finalization by the parties of this Agreement and such grants to be effective upon the Award Date, the grant to Employee of an additional 75,000 Company restricted share units (the “Performance Grant”) and the right to purchase an additional 125,000 shares of Company common stock (the “Performance Option”), in each case in accordance with the terms and conditions of the Plan.  The Performance Grant and the Performance Option shall be evidenced by and subject to the terms of award agreements in the form generally then used by the Company to evidence grants of restricted stock units and stock options under the Plan.

		
	(i)  
	Vesting.  Subject to Section 5(b)(ii) below, the Performance Grant and the Performance Option shall be eligible to vest as follows (each vesting date a “Performance Vesting Date”):

		
	(A)
	the first 25,000 shares of the Performance Grant and the right to purchase the first 41,667 shares of the Performance Option will vest on the 1st anniversary of the Award Date;

		
	(B)
	an additional 25,000 shares of the Performance Grant and the right to purchase an additional 41,667 shares of the Performance Option will vest on the 2nd anniversary of the Award Date;

		
	(C)
	the final 25,000 shares of the Performance Grant and the right to purchase the final 41,666 shares of the Performance Option will vest on September 30, 2015.

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October 3, 2012
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The vesting of the Performance Grant and Performance Option on such Performance Vesting Dates shall be subject to an assessment of Employee’s personal performance over the twelve (12) month period ending on such Performance Vesting Date, as evaluated by the CCLG in consultation with the Chief Executive Officer, currently Jon Feltheimer, and the Vice Chairman, currently Michael Burns, or the Company’s designee(s).  Determination of the portion of an annual grant vesting on each Performance Vesting Date, if any, shall be made by the CCLG in consultation with the Chief Executive Officer, currently Jon Feltheimer, and the Vice Chairman, currently Michael Burns, or the Company’s designee(s).  Any portion of the Performance Grant or Performance Option that does not vest on its respective Performance Vesting Date shall expire on that date with no possibility of further vesting.  Notwithstanding the foregoing, the CCLG may, in its sole discretion, provide that any of the Performance Grant or Performance Option eligible to vest on any such Performance Vesting Date that does not vest on such date may vest on any future Performance Vesting Date (but in no event shall either award vest as to more than 100% of the shares subject to such award).

		
	(ii)  
	Continuance of Employment.  The vesting schedule in Section 5(b)(i) above requires Employee’s continued employment with the Company through each applicable vesting date as a condition to the vesting of the applicable installment of the Performance Grant or the Performance Option and the rights and benefits thereto.

(c)  Acceleration.  In the event that Employee is terminated pursuant to Section 7(a)(ii) below, or a Change of Control (as defined herein) occurs during the Term of this Agreement and Employee is terminated pursuant to Section 7(a)(v) below within six (6) months following such Change of Control, all restricted share units and options granted pursuant to Sections 5(a) and (b) above, to the extent then outstanding and unvested, shall immediately accelerate and immediately become fully vested.  In the event that during the Term both Jon Feltheimer’s and Michael Burns’ employment with the Company terminates (the second such termination to occur, a “Change in Management”) and Employee is terminated pursuant to Section 7(a)(v) below within six (6) months following such Change in Management, all restricted share units and options granted pursuant to Sections 5(a) and (b) above scheduled to vest during the contract year in which the termination occurs and 50% of those scheduled to vest during the subsequent contract year, to the extent then outstanding and unvested, shall immediately accelerate and immediately become fully vested.  For the sake of clarity, a contract year shall run from October 1 through September 30.  For the purposes of this Agreement, “Change of Control” shall mean:

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October 3, 2012
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	(i)
	if any person, other than (A) any person who holds or controls entities that, in the aggregate (including the holdings of such person), hold or control twenty-five percent (25%) or more of the outstanding shares of Lions Gate on the date of execution of this Agreement of each party hereto (collectively, a “Twenty-Five Percent Holder”) or (B) a trustee or other fiduciary holding securities of Lions Gate under an employee benefit plan of Lions Gate, becomes the beneficial owner, directly or indirectly, of securities of Lions Gate representing thirty-three percent (33%) or more of the outstanding shares as a result of one or more related transactions in the context of a merger, consolidation, sale or other disposition of equity interests or assets of Lions Gate, excluding any transactions or series of transactions involving a sale or other disposition of securities of Lions Gate by a Twenty-Five Percent Holder; 

		
	(ii)
	if, as a result of one or more related transactions in the context of a merger, consolidation, sale or other disposition of equity interests or assets of Lions Gate, there is a sale or disposition of thirty-three percent (33%) or more of Lions Gate's assets (or consummation of any transaction, or series of related transactions, having similar effect);

		
	(iii)
	if, as a result of one or more related transactions in the context of a merger, consolidation, sale or other disposition of equity interests or assets of Lions Gate, there occurs a change or series of changes in the composition of the Board as a result of which half or less than half of the directors are incumbent directors;

		
	(iv)
	if, as a result of one or more related transactions in the context of a merger, consolidation, sale or other disposition of equity interests or assets of Lions Gate (excluding any sale or other disposition of securities of Lions Gate by a Twenty-Five Percent Holder in a single transaction or a series of transactions), a shareholder or group of shareholders acting in concert, other than a Twenty-Five Percent Holder in a single transaction or a series of transactions, obtain control of thirty-three percent (33%) or more of the outstanding shares of Lions Gate; 

		
	(v)
	if, as a result of one or more related transactions in the context of a merger, consolidation, sale or other disposition of equity interests or assets of Lions Gate, a shareholder or group of shareholders acting in concert obtain control of half of the Board, excluding any transactions or series of transactions involving a sale or other 

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disposition of securities of Lions Gate by a Twenty-Five Percent Holder;

		
	(vi)
	if there is a dissolution or liquidation of Lions Gate; or

		
	(vii)
	if there is any transaction or series of related transactions that has the substantial effect of any or more of the foregoing, excluding any transaction or series of transactions involving a Twenty-Five Percent Holder.

6.    HANDBOOK

Employee agrees that the Company Employee Handbook outlines other policies in addition to the terms set forth in this Agreement, which will apply to Employee’s employment with the Company, and Employee acknowledges receipt of such handbook.  Employee acknowledges and agrees that the Company retains the right to revise, modify or delete any such policy or any employee benefit plan it deems appropriate.

7.    TERMINATION

(a)  This Agreement and the Term shall terminate upon the happening of any one or more of the following events:

		
	(i)
	The mutual written agreement between the Company and Employee; 

		
	(ii)
	The death of Employee; 

		
	(iii)
	Employee’s having become so physically or mentally disabled as to be incapable, even with a reasonable accommodation, of satisfactorily performing Employee’s duties hereunder for a period of ninety (90) days or more, provided that Employee has not cured disability within ten days of written notice; 

		
	(iv)
	The determination on the part of the Company that “cause” exists for termination of this Agreement.  As used herein, “cause” is defined as the occurrence of any of the following:  

		
	(A)
	Employee’s conviction of a felony or plea of nolo contendere to a felony (other than a traffic violation); 

		
	(B)
	commission, by act or omission, of any material act of dishonesty in the performance of Employee’s duties hereunder;

		
	(C)
	material breach of this Agreement by Employee; or 

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	(D)
	any act of misconduct by Employee having a substantial adverse effect on the business or reputation of the Company. 

Prior to terminating Employee's employment for "cause," the Company shall provide Employee with written notice of the grounds for the proposed termination. If the grounds for termination are capable of cure, the Employee shall have fifteen (15) days after receiving such notice in which to cure such grounds to the extent such cure is possible. If not cure is possible or Employee has failed to cure, Employee's employment shall terminate upon the 15th day following notice of termination.
          
		
	(v)
	Employee is terminated “without cause.”  Termination “without cause” shall be defined as Employee being terminated by the Company for any reason other than as set forth in Sections 7(a)(i)-(iv) above.  In the event of a termination “without cause,” subject to Employee’s execution and delivery to the Company of a general release of claims in a form acceptable to the Company not more than twenty-one (21) days after the date of such termination (and Employee’s not revoking such release within any revocation period provided under applicable law), Employee shall be entitled to receive a severance payment equal to 50% of the amount of the Base Salary that Employee would have been entitled to receive for the period commencing on the date of such termination and ending on the last day of the Term had Employee continued to be employed with the Company through such date, but no less than  the greater of either (i) six (6) months’ Base Salary, or (ii) the amount Employee would receive from the Company’s severance policy for non-contract employees that is in effect at the time of termination; provided however that in the event such a termination “without cause” occurs on or within six (6) months following a Change of Control or a Change in Management, instead of the severance payment provided for above, Employee shall be entitled to receive a severance payment equal to the greater of (x) 100% of the amount of the Base Salary that Employee would have been entitled to receive for the period commencing on the date of such termination and ending on the last day of the Term had Employee continued to be employed with the Company through such date, (y) the amount Employee would receive from the Company’s severance policy for non-contract employees that is in effect at the time of termination, or (z) twelve (12) months’ Base Salary, all subject to Employee’s obligation to mitigate in accordance with California law.  Subject to the release provision set forth above, such severance payment shall be made in cash in a lump sum as 

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soon as practicable after (and in all events within sixty (60) days  after) the date of Employee’s “separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h)) with the Company; provided, however, that if the 60-day period after such separation from service spans two calendar years, the severance payment shall be made in the second of the two such calendar years.  The Company shall provide the final form of release agreement to Employee not later than seven (7) days following the termination date.  The Company’s payment of the amount referred to in this Section 7(a)(v), in addition to the accrued obligations described in Section 7(b) below, shall relieve the Company of any and all obligations to Employee with the exception that:

		
	 (A) 
	the Company shall pay Employee’s COBRA coverage until the earlier of either six (6) months following the date of termination or the date Employee secures new employment and is eligible for health care benefits;

		
	(B) 
	Employee shall be eligible for a bonus amount based upon the criteria in Section 2(c)(i) above, prorated to reflect the actual length of Employee’s employment with the Company during the fiscal year in which the termination occurs, on the date that such bonus, if any, is payable; and

		
	(C)
	Employee shall be eligible for a bonus amount based upon the criteria in Section 2(c)(ii) above, prorated to reflect the actual length of Employee’s employment with the Company during the fiscal year in which the termination occurs, on the date that such bonus, if any, is payable; provided however that in the event such termination “without cause” occurs on or within six (6) months following a Change in Management, instead of this prorated bonus amount Employee shall be paid each bonus provided for in Section 2(c)(ii) above (on the basis that the Company attains at least 105% of the E Target and at the same time such bonus would otherwise have been paid under such section and in all events not later than the end of the calendar year in which such fiscal year ends) through the conclusion of the Term as if this Agreement had not been terminated, subject to Employee’s obligation to mitigate such bonus amounts in accordance with California law.

.
(b)  In the event that this Agreement is terminated pursuant to Sections 7(a)(i)-(iv) above, neither the Company nor Employee shall have any remaining duties or obligations 

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hereunder, except that the Company shall pay to Employee, any base salary that had accrued but had not been paid (including accrued and unpaid vacation time) as of the date of termination and except as otherwise provided in this Agreement.  Following the termination of the Term and/or this Agreement for any reason, Sections 9, 10, 11, 12 and 13 shall, notwithstanding anything else herein to the contrary, survive and continue to be binding upon the parties following such termination.

8.    EXCLUSIVITY AND SERVICE

Employee’s services shall be exclusive to the Company during the Term with the sole exception that Employee shall be able to devote such time and efforts as he deems necessary to Ghost House Mobile LLC, provided such time and efforts shall not materially affect his ability to perform the services contemplated by this Agreement, and in all instances the services contemplated by this Agreement shall take priority over services for Ghost House Mobile LLC. Employee shall render such services as are customarily rendered by persons in Employee’s capacity in the entertainment industry and as may be reasonably requested by the Company.  Employee hereby agrees to comply with all reasonable requirements, directions and requests, and with all reasonable rules and regulations made by the Company in connection with the regular conduct of its business.  Employee further agrees to render services during Employee’s employment hereunder whenever, wherever and as often as the Company may reasonably require in a competent, conscientious and professional manner, and as instructed by the Company in all matters, including those involving artistic taste and judgment, but there shall be no obligation on the Company to cause or allow Employee to render any services, or to include all or any of Employee’s work or services in any motion picture or other property or production.

9.    INTELLECTUAL PROPERTY

(a)  Employee agrees that the Company shall own all rights of every kind and character throughout the universe, in perpetuity to any material and/or idea suggested or submitted by Employee or suggested or submitted to Employee by a third party that occurs during the Term or any other period of employment with the Company, its parent, affiliates, or subsidiaries that are within the scope of Employee’s employment and responsibilities hereunder. Employee agrees that during the Term and any other period of employment with the Company, its parent, affiliates, or subsidiaries, the Company shall own all other results and proceeds of Employee’s services that are related to Employee’s employment and responsibilities. Employee shall promptly and fully disclose all intellectual property generated by Employee during the Term and any other period of employment with the Company, its parent, affiliates, or subsidiaries in connection with Employee’s employment hereunder.  

(b)  All copyrightable works that Employee creates in connection with Employee’s obligations under this Agreement and any other period of employment with the Company, its parent, affiliates, or subsidiaries shall be considered “work made for 

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hire” and therefore the property of the Company.  To the extent any work so produced or other intellectual property so generated by Employee is not deemed to be a “work made for hire,” Employee hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) Employee's full right, title and interest in and to all such works and other intellectual property.  Employee agrees to execute any and all applications for domestic and foreign copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the intellectual property to the Company and to permit the Company to enforce any copyrights or other proprietary rights to the intellectual property.  Employee further agrees not to charge the Company for time spent in complying with these obligations.  This Section 9 shall apply only to that intellectual property which related at the time of conception to the Company's then current or anticipated business or resulted from work performed by Employee for the Company. Employee hereby acknowledges receipt of written notice from the Company pursuant to California Labor Code Section 2872 that this Agreement (to the extent it requires an assignment or offer to assign rights to any invention of Employee) does not apply to an invention which qualifies fully under California Labor Code Section 2870.

10.    ASSIGNMENT AND DELEGATION

Employee shall not assign any of Employee’s rights or delegate any of Employee’s duties granted under this Agreement.  Any such assignment or delegation shall be deemed void ab initio.

11.    TRADE SECRETS

The parties acknowledge and agree that during the Term of this Agreement and in the course of the discharge of Employee’s duties hereunder and at any other period of employment with the Company, its parent, affiliates, or subsidiaries, Employee shall have and has had access to information concerning the operation of the Company and its affiliated entities, including without limitation, financial, personnel, sales, planning and other information that is owned by the Company and regularly used in the operation of the Company’s business and (to the extent that such confidential information is not subsequently disclosed or otherwise becomes known to the public generally other than by breach of this Agreement by Employee) that this information constitutes the Company’s trade secrets. Employee agrees that Employee shall not disclose any such trade secrets, directly or indirectly, to any other person or use them in any way, either during the Term of this Agreement or at any other time thereafter, except as is required in the course of Employee’s employment for the Company , as required by applicable law or court order, 
or if authorized in writing. Employee shall not use any such trade secrets in connection with any other employment and/or business opportunities following the Term. In addition, Employee hereby expressly agrees that Employee will not disclose any confidential matters of the Company that are not trade secrets prior to, during or after Employee’s employment including the specifics of this Agreement. Employee shall not 

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use any such confidential information in connection with any other employment and/or business opportunities at any time during or following the Term. In addition, in order to protect any such confidential information, Employee agrees that during the Term and for a period of 18 months thereafter, Employee will not, directly or indirectly, induce or entice any other executive or employee of the Company, with the exception of Employee’s exclusive assistant if the Company has employed an individual in such role, to leave such employment.

12.    ARBITRATION

Any dispute, controversy or claim arising out of or in respect to this Agreement (or its validity, interpretation or enforcement), the employment relationship or the subject matter hereof shall at the request of either party be submitted to and settled by binding arbitration conducted before a single arbitrator in Los Angeles in accordance with the Federal Arbitration Act, to the extent that such rules do not conflict with any provisions of this Agreement.    Said arbitration shall be under the jurisdiction of Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in Los Angeles, California. All such actions must be brought within the statute of limitations period applicable to the claim as if that claim were being filed with the judiciary or forever be waived.  Failure to institute an arbitration proceeding within such period shall constitute an absolute bar to the institution of any proceedings respecting such controversy or claim, and a waiver thereof.  The arbitrator shall have the authority to award damages and remedies in accordance with applicable law.  Any award, order, or judgment pursuant to such arbitration shall be deemed final and binding and may be entered and enforced in any state or federal court of competent jurisdiction.  Each party agrees to submit to the jurisdiction of any such court for purposes of the enforcement of any such award, order, or judgment.  The Company shall pay for the administrative costs of such hearing and proceeding.

13.    INTEGRATION, AMENDMENT, NOTICE, SEVERABILITY, AND FORUM

(a)  This Agreement expresses the binding and entire agreement between Employee and the Company and shall replace and supersede all prior arrangements and representations, either oral or written, as to the subject matter hereof (including, without limitation, the Prior Agreement except to the extent expressly provided in Section 1 above).

(b)  All modifications or amendments to this Agreement must be made in writing and signed by both parties. 

(c) Any notice required herein shall be in writing and shall be deemed to have been duly given when delivered by hand, received via electronic mail or on the depositing of said notice in any U.S. Postal Service mail receptacle with postage prepaid, addressed to the Company at 2700 Colorado Avenue, Suite 200, Santa Monica, California 

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90404 and to Employee at the address set forth above, or to such address as either party may have furnished to the other in writing in accordance herewith.

(d)  If any portion of this Agreement is held unenforceable under any applicable statute or rule of law then such portion only shall be deemed omitted and shall not affect the validity of enforceability of any other provision of this Agreement.

(e)  This Agreement shall be governed by the laws of the State of California.  The state and federal courts (or arbitrators appointed as described herein) located in Los Angeles, California shall, subject to the arbitration agreement set forth in Section 12 above, be the sole forum for any action for relief arising out of or pursuant to the enforcement or interpretation of this Agreement.  Each party to this Agreement consents to the personal jurisdiction and arbitration in such forum and courts and each party hereto covenants not to, and waives any right to, seek a transfer of venue from such jurisdiction on any grounds.    

14.    SECTION 409A

(a) It is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the U.S. Internal Revenue Code (including the Treasury regulations and other published guidance relating thereto) (“Code Section 409A”) so as not to subject Employee to payment of any additional tax, penalty or interest imposed under Code Section 409A.  The provisions of this Agreement shall be construed and interpreted to avoid the imputation of any such additional tax, penalty or interest under Code Section 409A yet preserve (to the nearest extent reasonably possible) the intended benefit payable to Employee.

(b)    Notwithstanding any provision of this Agreement to the contrary, if Employee is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of Employee’s separation from service (as defined above), Employee shall not be entitled to any payment or benefits pursuant to Section 7(a)(v) until the earlier of (i) the date which is six (6) months after Employee’s separation from service for any reason other than death, or (ii) the date of Employee’s death.  Any amounts otherwise payable to Employee upon or in the six (6) month period following Employee’s separation from service that are not so paid by reason of this paragraph shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after Employee’s separation from service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of Employee’s death).  The provisions of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Code Section 409A. 

(c)    To the extent that any reimbursements pursuant to the provisions of this Agreement are taxable to Employee, any such reimbursement payment shall be paid to Employee on or before the last day of Employee’s taxable year following the taxable year in which the related expense was incurred.  The benefits and reimbursements pursuant to 

Mr. Brian Goldsmith
October 3, 2012
Page 15 of 16

such provisions are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that Employee receives in one taxable year shall not affect the amount of such benefits or reimbursements that Employee receives in any other taxable year.

[Remainder of page intentionally left blank]

Mr. Brian Goldsmith
October 3, 2012
Page 16 of 16

Please acknowledge your confirmation of the above terms by signing below where indicated.

Very truly yours,

LIONS GATE FILMS INC.
                        

/s/ Wayne Levin 
Wayne Levin
Executive Vice President and General Counsel    
   
AGREED AND ACCEPTED
This 3rd  day of October, 2012 

/s/ Brian Goldsmith 
BRIAN GOLDSMITHExhibit 4.20

 Exhibit 4.20 

Capital Securities Indenture 
  

DEUTSCHE BANK AKTIENGESELLSCHAFT, 

Issuer 
 AND 

THE BANK OF NEW YORK MELLON, 

Trustee 
 AND 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

Paying Agent, Calculation Agent, Transfer Agent and Registrar and 

Authenticating Agent 

Capital Securities Indenture 

Dated as of November 6, 2014 
  

 
  

 CROSS REFERENCE SHEET1 

Provisions of U.S. Trust Indenture Act of 1939, as amended, and the Capital Securities Indenture to be dated as of November 6, 2014, among
DEUTSCHE BANK AKTIENGESELLSCHAFT, THE BANK OF NEW YORK MELLON, as Trustee, and DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as Paying Agent, Calculation Agent, Transfer Agent and Registrar and Authenticating Agent: 

 

			
	 Section of the Act
	  	Section of Capital Securities
Indenture
	 310(a)(1) and (2)
	  	6.09
	 310(a)(3) and (4)
	  	Inapplicable
	 310(b)
	  	6.08
		  	6.10(a)
		  	6.10(b)
		  	6.10(d)
	 310(c)
	  	Inapplicable
	 312(a)
	  	4.01 and 4.02(a)
	 312(b)
	  	4.02
	 312(c)
	  	4.02(b)
	 313(a)
	  	4.04
	 313(b)(1)
	  	Inapplicable
	 313(b)(2)
	  	4.04
	 313(c)
	  	4.04
	 313(d)
	  	4.04
	 314(a)
	  	4.03
	 314(b)
	  	Inapplicable
	 314(c)(1) and (2)
	  	11.05
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	11.05
	 314(f)
	  	Inapplicable
	 315(a), (c) and (d)
	  	6.01
	 315(b)
	  	5.11
	 315(e)
	  	5.12
	 316(a)(1)
	  	5.09
	 316(a)(2)
	  	Not required
	 316(a) (last sentence)
	  	7.04
	 316(b)
	  	5.07
	 317(a)
	  	5.02
	 317(b)
	  	3.04(a) and Section 3.04(b)
	 318(a)
	  	11.07

  

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

 TABLE OF CONTENTS 

 
  

 

							
	 	  	 	  	PAGE	 
	 ARTICLE 1
	  	DEFINITIONS	  	 	1	  
			
	 Section 1.01.
	  	Certain Terms Defined	  	 	1	  
			
	 ARTICLE 2
	  	CAPITAL SECURITIES	  	 	7	  
			
	 Section 2.01.
	  	Forms Generally	  	 	7	  
	 Section 2.02.
	  	Form of Trustee’s Certificate of Authentication.	  	 	8	  
	 Section 2.03.
	  	Amount Unlimited; Issuable in Series.	  	 	9	  
	 Section 2.04.
	  	Authentication and Delivery of Capital Securities.	  	 	12	  
	 Section 2.05.
	  	Execution of Capital Securities.	  	 	14	  
	 Section 2.06.
	  	Certificate of Authentication.	  	 	15	  
	 Section 2.07.
	  	Denomination and Date of Capital Securities; Payments of Interest.	  	 	15	  
	 Section 2.08.
	  	Registration, Transfer and Exchange.	  	 	16	  
	 Section 2.09.
	  	Mutilated, Defaced, Destroyed, Lost and Stolen Capital Securities.	  	 	20	  
	 Section 2.10.
	  	Cancellation of Capital Securities; Disposition Thereof.	  	 	22	  
	 Section 2.11.
	  	Temporary Capital Securities.	  	 	22	  
			
	 ARTICLE 3
	  	COVENANTS OF THE ISSUER	  	 	23	  
			
	 Section 3.01.
	  	Payment of Principal and Interest.	  	 	23	  
	 Section 3.02.
	  	Offices for Payments, Etc.	  	 	24	  
	 Section 3.03.
	  	Appointment to Fill a Vacancy in Office of Trustee.	  	 	25	  
	 Section 3.04.
	  	Paying Agents.	  	 	25	  
	 Section 3.05.
	  	Written Statement to Trustee.	  	 	26	  
	 Section 3.06.
	  	United Kingdom, Luxembourg or Germany Publications.	  	 	26	  
			
	 ARTICLE 4
	  	SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE	  	 	27	  
			
	 Section 4.01.
	  	Issuer to Furnish Trustee Information as to Names and Addresses of Securityholders.	  	 	27	  
	 Section 4.02.
	  	Preservation and Disclosure of Securityholders Lists.	  	 	27	  
	 Section 4.03.
	  	Reports by the Issuer.	  	 	27	  
	 Section 4.04.
	  	Reports by the Trustee.	  	 	28	  
			
	 ARTICLE 5
	  	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS	  	 	28	  
			
	 Section 5.01.
	  	No Defaults or Events of Default.	  	 	28	  
	 Section 5.02.
	  	Collection Of Indebtedness By Trustee; Trustee May Prove Debt.	  	 	28	  
	 Section 5.03.
	  	Application of Proceeds.	  	 	31	  
	 Section 5.04.
	  	Suits for Enforcement.	  	 	32	  
	 Section 5.05.
	  	Restoration of Rights on Abandonment of Proceedings.	  	 	32	  
	 Section 5.06.
	  	Limitations on Suits by Securityholders.	  	 	33	  
	 Section 5.07.
	  	Unconditional Right of Securityholders to Institute Certain Suits.	  	 	33	  
	 Section 5.08.
	  	Powers and Remedies Cumulative; Delay or Omission Not Waiver of a Non-Payment Event.	  	 	34	  

  
 i 

							
	 Section 5.09.
	  	Control by Holders of Capital Securities.	  	 	34	  
	 Section 5.10.
	  	Waiver of Past Non-Payment Events.	  	 	35	  
	 Section 5.11.
	  	Trustee to Give Notice of Non-Payment Event; But May Withhold in Certain Circumstances.	  	 	35	  
	 Section 5.12.
	  	Right of Court to Require Filing of Undertaking to Pay Costs.	  	 	36	  
			
	 ARTICLE 6
	  	CONCERNING THE TRUSTEE AND AGENT	  	 	36	  
			
	 Section 6.01.
	  	Duties and Responsibilities of the Trustee and Agent; During Non-Payment Event; Prior to Non-Payment Event.	  	 	36	  
	 Section 6.02.
	  	Certain Rights of the Trustee and Agent.	  	 	38	  
	 Section 6.03.
	  	Trustee and Agents Not Responsible for Recitals, Disposition of Capital Securities or Application of Proceeds Thereof.	  	 	39	  
	 Section 6.04.
	  	Trustee and Agents May Hold Capital Securities or Coupons; Collections, Etc.	  	 	40	  
	 Section 6.05.
	  	Monies Held by Trustee.	  	 	40	  
	 Section 6.06.
	  	Compensation and Indemnification of Trustee and the Agents and Their Prior Claim.	  	 	40	  
	 Section 6.07.
	  	Right of Trustee and Agent to Rely on Officers’ Certificate, Etc.	  	 	41	  
	 Section 6.08.
	  	Indentures not Creating Potential Conflicting Interests for the Trustee or Agent.	  	 	41	  
	 Section 6.09.
	  	Persons Eligible for Appointment as Trustee.	  	 	41	  
	 Section 6.10.
	  	Resignation and Removal; Appointment of Successor Trustee.	  	 	41	  
	 Section 6.11.
	  	Acceptance of Appointment by Successor Trustee.	  	 	43	  
	 Section 6.12.
	  	Change in Appointment of the Agents.	  	 	45	  
	 Section 6.13.
	  	Merger, Conversion, Consolidation or Succession to Business of the Trustee or the Agents.	  	 	46	  
	 Section 6.14.
	  	Appointment of Authenticating Agent and Calculation Agent.	  	 	47	  
	 Section 6.15.
	  	USA Patriot Act.	  	 	48	  
	 Section 6.16.
	  	Waiver of Jury Trial.	  	 	49	  
	 Section 6.17.
	  	Force Majeure.	  	 	49	  
			
	 ARTICLE 7
	  	CONCERNING THE SECURITYHOLDERS	  	 	49	  
			
	 Section 7.01.
	  	Evidence of Action Taken by Securityholders.	  	 	49	  
	 Section 7.02.
	  	Proof of Execution of Instruments and of Holding of Capital Securities.	  	 	49	  
	 Section 7.03.
	  	Holders to be Treated as Owners.	  	 	51	  
	 Section 7.04.
	  	Capital Securities Owned by Issuer Deemed Not Outstanding.	  	 	51	  
	 Section 7.05.
	  	Right of Revocation of Action Taken.	  	 	52	  
			
	 ARTICLE 8
	  	SUPPLEMENTAL CAPITAL SECURITIES INDENTURES	  	 	52	  
			
	 Section 8.01.
	  	Supplemental Capital Securities Indentures Without Consent of Securityholders.	  	 	52	  
	 Section 8.02.
	  	Supplemental Capital Securities Indentures With Consent of Securityholders.	  	 	53	  
	 Section 8.03.
	  	Effect of Supplemental Capital Securities Indenture.	  	 	55	  
	 Section 8.04.
	  	Documents to be Given to Trustee.	  	 	55	  
	 Section 8.05.
	  	Notation on Capital Securities in Respect of Supplemental Capital Securities Indentures.	  	 	56	  
	 Section 8.06.
	  	Subordination Unimpaired.	  	 	56	  

  
 ii 

							
	 ARTICLE 9
	  	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  	 	56	  
			
	 Section 9.01.
	  	Successor Corporation Substituted.	  	 	56	  
			
	 ARTICLE 10
	  	SATISFACTION AND DISCHARGE OF CAPITAL SECURITIES INDENTURE; UNCLAIMED MONIES	  	 	57	  
			
	 Section 10.01.
	  	Satisfaction and Discharge of Capital Securities Indenture.	  	 	57	  
	 Section 10.02.
	  	Repayment Of Monies Held By Paying Agent	  	 	58	  
	 Section 10.03.
	  	Return of Monies Held by Trustee and Paying Agent Unclaimed for Two Years.	  	 	58	  
			
	 ARTICLE 11
	  	MISCELLANEOUS PROVISIONS	  	 	59	  
			
	 Section 11.01.
	  	Incorporators, Stockholders, Officers and Directors of Issuer Exempt From Individual Liability.	  	 	59	  
	 Section 11.02.
	  	Provisions of Capital Securities Indenture for the Sole Benefit of Parties and Holders of Capital Securities and Coupons.	  	 	59	  
	 Section 11.03.
	  	Successors and Assigns of Issuer Bound by Capital Securities Indenture.	  	 	59	  
	 Section 11.04.
	  	Notices and Demands on Issuer, Trustee and Holders of Capital Securities and Coupons.	  	 	59	  
	 Section 11.05.
	  	Officers’ Certificates and Opinions of Counsel; Statements to be Contained Therein.	  	 	61	  
	 Section 11.06.
	  	Payments Due on Saturdays, Sundays or Holidays.	  	 	63	  
	 Section 11.07.
	  	Conflict of Any Provision of Capital Securities Indenture With Trust Indenture Act.	  	 	63	  
	 Section 11.08.
	  	Governing Law.	  	 	63	  
	 Section 11.09.
	  	Counterparts.	  	 	63	  
	 Section 11.10.
	  	Effect of Headings.	  	 	63	  
	 Section 11.11.
	  	Capital Securities in a Non-U.S. Currency.	  	 	63	  
	 Section 11.12.
	  	Submission to Jurisdiction.	  	 	64	  
	 Section 11.13.
	  	Judgment Currency.	  	 	65	  
			
	 ARTICLE 12
	  	REDEMPTION OF CAPITAL SECURITIES	  	 	66	  
			
	 Section 12.01.
	  	Applicability of Article; Federal Financial Supervisory Authority.	  	 	66	  
	 Section 12.02.
	  	Notice of Redemption; Partial Redemptions.	  	 	66	  
	 Section 12.03.
	  	Payment of Capital Securities Called For Redemption.	  	 	68	  
	 Section 12.04.
	  	Exclusion of Certain Capital Securities From Eligibility for Selection for Redemption.	  	 	69	  
			
	 ARTICLE 13
	  	SUBORDINATION	  	 	69	  
			
	 Section 13.01.
	  	Capital Securities Subordinated.	  	 	69	  
	 Section 13.02.
	  	Notice to the Trustee.	  	 	71	  
	 Section 13.03.
	  	Payments on Capital Securities Permitted.	  	 	72	  
	 Section 13.04.
	  	Effectuation of Subordination By Trustee.	  	 	72	  
	 Section 13.05.
	  	Knowledge of Trustee.	  	 	72	  

  
 iii 

 THIS CAPITAL SECURITIES INDENTURE, dated as of November 6, 2014 among DEUTSCHE BANK
AKTIENGESELLSCHAFT (the “Issuer”), THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”), and DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as Paying Agent, Calculation Agent, Transfer Agent and
Registrar and Authenticating Agent. 
 W I T N E S S E T H : 

WHEREAS, the Issuer has duly authorized the issue from time to time of one or more series of its subordinated unsecured capital securities
that are intended to qualify as Additional Tier 1 capital (zusätzliches Kernkapital) within the meaning of the CRR (as defined herein) (the “Capital Securities”) up to such principal amount or amounts as may from time to
time be authorized in accordance with the terms of this Capital Securities Indenture; 
 WHEREAS, the Issuer has duly authorized the
execution and delivery of this Capital Securities Indenture to provide, among other things, for the authentication, delivery and administration of the Capital Securities; and 

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

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

DEFINITIONS 

Section 1.01. Certain Terms Defined. The following terms (except as otherwise expressly provided or unless the context otherwise
clearly requires) for all purposes of this Capital Securities Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section. All other terms used in this Capital Securities Indenture that are defined
in the Trust Indenture Act (as defined below) or the definitions of which in the Securities Act (as defined below) are referred to in the Trust Indenture Act, including terms defined therein by reference to the Securities Act (except as

  
 1 

 
herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at
the date of this Capital Securities Indenture. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally
accepted accounting principles” means such accounting principles as are generally accepted with respect to the Issuer at the time of the computation under the system of accounting employed by the Issuer in its filings with the Securities
Exchange Commission under the Exchange Act (as defined below). The words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Capital Securities Indenture as a whole
and not to any particular Article, Section or other subdivision. The terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. 

“Agent” means any Paying Agent, Calculation Agent, Transfer Agent and Registrar or Authenticating Agent. 

“Authenticating Agent” shall have the meaning set forth in Section 6.14. 

“Authorized Agent” shall have the meaning set forth in Section 11.12. 

“Authorized Newspaper” means a newspaper (which, in the case of The City of New York, will, if practicable, be The Wall
Street Journal (Eastern Edition)) published in the English language customarily published at least once a day for at least five days in each calendar week and of general circulation in the country of circulation. To the extent that notice is also
required to be given to Holders of Capital Securities of any series by applicable English, Luxembourg or German law or stock exchange regulation, an Authorized Newspaper will also mean a similar publication in London, the United Kingdom, such as, if
practicable, the Financial Times (London Edition), a similar publication in Luxembourg, such as, if practicable, the Luxemburger Wort or a similar publication in Germany, such as, if practicable the Frankfurter Allgemeine Zeitung. If it shall be
impractical to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof which is made or given in a newspaper of reputable standing in the relevant location shall constitute a
sufficient publication of such notice. 
 “Authorized Signatories” means any two persons acting together authorized by the
Issuer, its articles of association or otherwise under German law to act on behalf of the Issuer. 

  
 2 

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

“Business Day” means a day (other than Saturday or Sunday) on which commercial banks and foreign exchange markets settle
payments in New York and Frankfurt. 
 “Calculation Agent” has the meaning set forth in Section 6.14. 

“Capital Regulations” means, at any time, the regulations, requirements, guidelines and policies relating to capital adequacy
adopted by bodies of the European Union or the Federal Republic of Germany or any other competent authority then in effect in the Federal Republic of Germany and applicable to the Issuer. 

“Capital Security” or “Capital Securities” has the meaning stated in the first recital of this Capital
Securities Indenture, or, as the case may be, Capital Securities that have been authenticated and delivered under this Capital Securities Indenture. 

“Capital Securities Indenture” means this instrument as originally executed and delivered or, as so amended or supplemented
or both, and shall include the forms and terms of particular series of Capital Securities established as contemplated hereunder. 

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

 “Conversion Securities” shall have the meaning set forth in Section 2.03. 

“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee with respect to
this Capital Securities Indenture shall, at any particular time, be principally administered, which office is, at the date as of which this Capital Securities Indenture is dated, located at One Canada Square, London E14 5AL, United Kingdom, with a
copy of all notices to both addresses set forth in Section 11.04 hereof. 

  
 3 

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

“CRR” means Regulation (EU) No 575/2013 of the European Parliament and the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (including any provisions of regulatory law supplementing this Regulation); to the extent that any provisions of the CRR are amended or replaced, the
term CRR as used in this Capital Securities Indenture shall refer to such amended provisions or successor provisions. 

“DBTCA” means Deutsche Bank Trust Company Americas. 

“Depositary” means, with respect to the Capital Securities of any series issuable or issued in the form of one or more
Registered Global Capital Securities, the Person designated as Depositary by the Issuer pursuant to Section 2.03 until a successor Depositary shall have become such pursuant to the applicable provisions of this Capital Securities Indenture, and
thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Capital Securities of any
such series shall mean the Depositary with respect to the Registered Global Capital Securities of that series. 
 “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 “Holder”, “Holder of Capital
Securities”, “Securityholder” or other similar terms mean (a) in the case of any Registered Capital Security, the Person in whose name such Capital Security is registered in the security register kept by the Issuer for
that purpose in accordance with the terms hereof, and (b) in the case of any Bearer Capital Security, the bearer of such Capital Security, or any Coupon appertaining thereto, as the case may be. 

“incorporated provision” shall have the meaning set forth in Section 11.07. 

“InsO” has the meaning set forth in Section 13.01. 

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

  
 4 

 “Issuer Order” means a written statement, request or order of the Issuer signed
in its name by any two Authorized Signatories of the Issuer. 
 “Judgment Currency” shall have the meaning set forth in
Section 11.13. 
 “New York Banking Day” shall have the meaning set forth in Section 11.13. 

“Non-Payment Event” has the meaning specified in Section 5.02. 

“Non-U.S. Currency” means a currency issued by the government of a country other than the United States (or any currency unit
comprised of any such currencies). 
 “Officers’ Certificate” means a certificate (i) signed by any two
Authorized Signatories of the Issuer and (ii) delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act and include the statements provided for in Section 11.05. 

“Opinion of Counsel” means an opinion in writing signed by senior legal counsel of the Issuer or by such other legal counsel
who may be an employee of or counsel to the Issuer and who shall be satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act and include the statements provided for in Section 11.05. 

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

“Outstanding” when used with reference to Capital Securities, shall mean, subject to the provisions of Section 7.04, as
of any particular time, all Capital Securities authenticated and delivered by the Trustee under this Capital Securities Indenture, except 

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

(b) Capital Securities which shall have been paid or in substitution for which other Capital Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.09 (except with respect to any such Capital Security as to which proof satisfactory to the Trustee is presented that such Capital Security is held by a person in whose hands such
Capital Security is a legal, valid and binding obligation of the Issuer). 

  
 5 

 “Paying Agent” means DBTCA, with respect to payments to be made in U.S. Dollars
(or such other currency as to which DBTCA or its agent has agreed to make payments hereunder), or any person authorized by the Issuer in accordance with Section 3.04. 

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

“principal” whenever used with reference to the Capital Securities or any Capital Security or any portion thereof, shall be
deemed to include “and premium, if any”. 
 “record date” shall have the meaning set forth in Section
2.07. 
 “Redemption Notice Period” shall have the meaning set forth in Section 12.02. 

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

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

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

“Relevant Regulator” means the German Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht) or any other competent authority assuming the relevant supervisory functions performed by the German Federal Financial Supervisory Authority as of the date first written above. 

  
 6 

 “Required Currency” shall have the meaning set forth in Section 11.13. 

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

“Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended. 

“Trustee” means the Person identified as “Trustee” in the first paragraph hereof and, subject to the
provisions of Article 6, shall also include any successor trustee. “Trustee” shall also mean or include each Person who is then a trustee hereunder and if at any time there is more than one such Person, “Trustee” as
used with respect to the Capital Securities of any series shall mean the trustee with respect to the Capital Securities of such series. 

“U.S. Dollar” means the coin or currency of the United States of America as at the time of payment is legal tender for the
payment of public and private debts. 
 “unsubordinated creditors” has the meaning set forth in Section 13.01. 

ARTICLE 2 
 CAPITAL
SECURITIES 
 Section 2.01. Forms Generally. The Capital Securities of each series and the Coupons, if any, to be
attached thereto shall be substantially in such form (not inconsistent with this Capital Securities Indenture) as shall be established by one or more Board Resolutions (as set forth in a Board Resolution), one or more

  
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Officers’ Certificates detailing such establishment or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Capital Securities Indenture and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Capital Securities Indenture, as
may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the officers executing such Capital Securities and
Coupons, if any, as evidenced by their execution of such Capital Securities and Coupons. 
 The definitive Capital Securities and Coupons,
if any, shall be printed, lithographed on security printed paper or may be produced in any other manner, all as determined by the officers executing such Capital Securities and Coupons, if any, as evidenced by their execution of such Capital
Securities and Coupons, if any. 
 Section 2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s
certificate of authentication on all Capital Securities shall be in substantially the following form: 
 “This is one of the Capital
Securities referred to in the within-mentioned Capital Securities Indenture. 
  

			
	  

	as Trustee

  

			
	 By:
	 	  

		 	Authorized Officer

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

“This is one of the Capital Securities referred to in the within-mentioned Capital Securities Indenture. 

 

			
	  

	as Authenticating Agent

  

			
	 By:
	 	  

		 	Authorized Officer

  
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 Section 2.03. Amount Unlimited; Issuable in Series. The aggregate principal amount of
Capital Securities which may be authenticated and delivered under this Capital Securities Indenture is unlimited. The Capital Securities shall be subordinated in right of payment of the unsubordinated creditors and certain subordinated creditors as
provided in Article Thirteen. 
 The Capital Securities may be issued in one or more series and each such series shall constitute unsecured
and subordinated obligations of the Issuer, subject to the subordination provisions in Article 13. There shall be established in one or more Board Resolutions, in one or more Officers’ Certificates detailing such establishment or in one or more
indentures supplemental hereto, prior to the initial issuance of Capital Securities of any series: 
 (a) the designation of the Capital
Securities of the series, which shall distinguish the Capital Securities of the series from the Capital Securities of all other series; 

(b) any limit upon the aggregate principal amount of the Capital Securities of the series that may be authenticated and delivered under this
Capital Securities Indenture (except for Capital Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Capital Securities of the series pursuant to Section 2.08, 2.09, 2.11, 8.05 or
12.03); 
 (c) if other than U.S. Dollars, the coin or currency in which the Capital Securities of that series are denominated (including,
but not limited to, any Non-U.S. Currency); 
 (d) if the Capital Securities have a scheduled maturity, the date or dates on which the
principal of the Capital Securities of the series is payable (and any provisions relating to extending or shortening the date on which the principal of the Capital Securities is payable) or that the Capital Securities have no scheduled maturity;

 (e) the rate or rates at which the Capital Securities of the series shall bear interest, if any, the date or dates from which such
interest, if any, shall accrue, on which such interest shall be payable and (in the case of Registered Capital Securities) on which a record shall be taken for the determination of Holders to whom interest is payable and/or the method by which such
rate or rates or date or dates shall be determined; 

  
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 (f) the place or places where the principal of and any interest on Capital Securities of the
series shall be payable (if other than as provided in Section 3.02); 
 (g) the right, if any, of the Issuer to redeem Capital
Securities, in whole or in part, at its option and the period or periods within which, the price or prices at which and any terms and conditions, including the Redemption Notice Period, upon which Capital Securities of the series may be so redeemed;

 (h) if other than denominations of $200,000 and integral multiples of $1,000 in excess thereof in the case of Registered Capital
Securities, or $200,000 and integral multiples of $1,000 in excess thereof in the case of Bearer Capital Securities, the denominations in which Capital Securities of the series shall be issuable; 

(i) if other than the coin or currency in which the Capital Securities of that series are denominated, the coin or currency in which payment
of the principal of or interest on the Capital Securities of such series shall be payable; 
 (j) if the principal of or interest on the
Capital Securities of such series are to be payable, at the election of the Issuer or a Holder thereof, in a coin or currency other than that in which the Capital Securities are denominated, the period or periods within which, and the terms and
conditions upon which, such election may be made; 
 (k) if the amount of payments of principal, premium, if any, and/or interest on the
Capital Securities of the series may be determined with reference to any currencies, commodities or securities of the Issuer or of entities that are or are not affiliated with the Issuer, a basket or baskets of those currencies, commodities or
securities, or an index or indices of those currencies, commodities or securities, or interest rates, or intangibles, articles, or goods, or any other financial or economic or other measures or instruments, including the occurrence or non-occurrence
of any events or circumstances, to which the amount payable on that date is linked, the manner in which such amounts shall be determined; 

(l) if the Holders of the Capital Securities of the series may convert or exchange the Capital Securities of the series into or for securities
of the Issuer or of entities that are or not affiliated with the Issuer, a basket or baskets of those securities, other property, or any combination of, or the cash value of, any of the foregoing, the specific terms on which conversion or exchange
may occur, including whether exchange is mandatory, at the option of the Holder or at the Issuer’s option; the period during which exchange may occur; the initial exchange price or rate; and the circumstances or manner in which the amount of
securities or other property, or any combination thereof, deliverable upon exchange, or the cash value thereof, may be adjusted; 

  
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 (m) whether the Capital Securities of the series will be issuable as Registered Capital
Securities (and if so, whether such Capital Securities will be issuable as Registered Global Capital Securities) or Bearer Capital Securities (with or without Coupons), or any combination of the foregoing, any restrictions applicable to the offer,
sale, transfer, exchange or delivery of Bearer Capital Securities or Registered Capital Securities or the payment of interest thereon and, if other than as provided in Section 2.08, the terms upon which Bearer Capital Securities of any series
may be exchanged for Registered Capital Securities of such series and vice versa; 
 (n) whether and under what circumstances the Issuer
will pay additional amounts on the Capital Securities of the series in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will have the option to redeem such Capital Securities rather than pay
such additional amounts; 
 (o) if the Capital Securities of such series are to be issuable in definitive form (whether upon original issue
or upon exchange of a temporary Capital Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 

(p) any trustees, depositaries, authenticating or Paying Agents, transfer agents or registrars or any other agents with respect to the Capital
Securities of such series; 
 (q) any other covenants with respect to the Capital Securities of such series; 

(r) any deletions from, modifications of or additions to the subordination provisions of Article Thirteen with respect to the subordination
terms of the Capital Securities of such series; 
 (s) whether the debt securities qualify for regulatory capital treatment and, if so, the
category of capital for which they qualify; 
 (t) provisions, if any, for the cancellation of all or any portion of any interest payment at
the Issuer’s discretion or under other circumstances; 

  
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 (u) limitations, if any, on the Issuer’s ability to pay principal or interest in respect of
the Capital Securities, including situations whereby the Issuer may be prohibited from making such payments; 
 (v) provisions, if any, for
write-downs (and related write-ups, if any) in the principal amount of the Capital Securities and the effect, if any, of such write-downs (and related write-ups, if any) on interest payable on such Capital Securities; 

(w) whether any payments of principal, interest or other amounts on the Capital Securities are subject to solvency, financial or capital ratio
conditions; 
 (x) any terms on which the Capital Securities may or will be converted at the Issuer’s option or otherwise into ordinary
shares or other securities of the Issuer (“Conversion Securities”) and, if so, the nature and terms of the Conversion Securities into which such Capital Securities are convertible and any additional or other provisions relating to
such conversion, including any triggering event that may give rise to such conversion (which may include, but shall not be limited to, certain regulatory capital events) and the terms upon which such conversion should occur; 

(y) whether the Issuer may conduct an offer of Conversion Securities after any conversion of the Capital Securities in order to deliver cash
proceeds to holders of Capital Securities in lieu of the Conversion Securities and the terms upon which any such offer should occur; 
 (z)
any terms relating to the adjustment of the Conversion Securities into which the Capital Securities may be converted; and 
 (aa) any other
terms of the series. 
 All Capital Securities of any one series and Coupons, if any, appertaining thereto, shall be substantially
identical, except in the case of Registered Capital Securities as to denomination and except as may otherwise be provided by the Board Resolution or Officers’ Certificate referred to above or as set forth in any such indenture supplemental
hereto. All Capital Securities of any one series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Capital Securities Indenture, if so provided by such Board Resolution, such Officers’
Certificate or in any such indenture supplemental hereto. 
 Section 2.04. Authentication and Delivery of Capital
Securities. The Issuer may deliver Capital Securities of any series having attached thereto appropriate Coupons, if any, executed by the Issuer to the Trustee for 

  
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authentication together with the applicable documents referred to below in this Section, and the Trustee or an Authenticating Agent on behalf of the Trustee shall thereupon authenticate and
deliver such Capital Securities to or upon an Issuer Order with respect to those Capital Securities or pursuant to such procedures acceptable to the Trustee and to such recipients as may be specified from time to time by an Issuer Order. In
authenticating such Capital Securities and accepting the additional responsibilities under this Capital Securities Indenture in relation to such Capital Securities, the Trustee shall be entitled to receive (in the case of subparagraphs 2.04(b) and
2.04(c) below only at or before the time of the first request of the Issuer to the Trustee to authenticate Capital Securities of such series) and (subject to Section 6.01) shall be fully protected in relying upon, unless and until such
documents have been superseded or revoked: 
 (a) an Issuer Order requesting such authentication and setting forth delivery instructions if
the Capital Securities and Coupons, if any, are not to be delivered to the Issuer, provided that, with respect to Capital Securities of a series subject to a Periodic Offering, (i) such Issuer Order may be delivered by the Issuer to the
Trustee prior to the delivery to the Trustee of such Capital Securities for authentication and delivery, (ii) the Trustee shall authenticate and deliver Capital Securities of such series for original issue from time to time, in an aggregate
principal amount not exceeding the aggregate principal amount established for such series, pursuant to an Issuer Order or pursuant to procedures acceptable to the Trustee as may be specified from time to time by an Issuer Order and (iii) the
redemption date or dates (if any), original issue date or dates, interest rate or rates and any other terms of Capital Securities of such series (including Redemption Notice Periods) shall be determined by an Issuer Order or pursuant to such
procedures; 
 (b) any Board Resolution, Officers’ Certificate and/or executed supplemental indenture referred to in Sections 2.01 and
2.03 by or pursuant to which the forms and terms of the Capital Securities and Coupons, if any, were established; and 
 (c) an
Officers’ Certificate setting forth the form or forms and terms of the Capital Securities and Coupons, if any, stating that the form or forms and terms of the Capital Securities and Coupons, if any, have been established pursuant to Sections
2.01 and 2.03 and comply with this Capital Securities Indenture, and covering such other matters as the Trustee may reasonably request, and an Opinion of Counsel as to the validity and enforceability, subject to customary assumptions and
qualifications, of this Agreement and such Capital Securities. 

  
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 The Trustee shall have the right to decline to authenticate and deliver any Capital Securities
under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or a trust
committee of directors or trustees or Responsible Officers shall determine that such action would expose the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights, duties, liabilities or immunities under the
Capital Securities, this Capital Securities Indenture or otherwise. 
 If the Issuer shall establish pursuant to Section 2.03 that the
Capital Securities of a series are to be issued in the form of one or more Registered Global Capital Securities, then the Issuer shall execute and the Trustee shall, in accordance with this Section and the Issuer Order with respect to such series,
authenticate and deliver one or more Registered Global Capital Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Capital Securities of such series issued and not yet
cancelled, (ii) shall be registered in the name of the Depositary for such Registered Global Capital Security or Capital Securities or the nominee of such Depositary, (iii) shall be delivered by the Registrar, as custodian for the
Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Capital Securities in definitive registered form,
this Capital Security may not be transferred except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.” 
 Each Depositary designated pursuant to Section 2.03 must, at
the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation. 

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

  
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 In case any Authorized Signatory of the Issuer who shall have signed any of the Capital
Securities or Coupons, if any, pursuant to his or her authorization to do so, shall cease to be an Authorized Signatory, or such authorization shall be withdrawn, before the Capital Security or Coupon so signed (or the Capital Security to which the
Coupon so signed appertains) shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Capital Security or Coupon nevertheless may be authenticated and delivered or disposed of as though the person who signed such
Capital Security or Coupon had not ceased to be such Authorized Signatory or the authorization to sign such Capital Security or Coupon had not been withdrawn; and any Capital Security or Coupon may be signed on behalf of the Issuer by any two
Authorized Signatories as, at the actual date of the execution of such Capital Security or Coupon, shall be authorized by the Issuer to do so, although at the date of the execution and delivery of this Capital Securities Indenture any such person
was not so authorized. 
 Section 2.06. Certificate of Authentication. Only such Capital Securities as shall bear thereon a
certificate of authentication substantially in the form herein before recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Capital Securities Indenture or be valid or
obligatory for any purpose. No Coupon shall be entitled to the benefits of this Capital Securities Indenture or shall be valid and obligatory for any purpose until the certificate of authentication on the Capital Security to which such Coupon
appertains shall have been duly executed by the Trustee. The execution of such certificate by the Trustee upon any Capital Security executed by the Issuer shall be conclusive evidence that the Capital Security so authenticated has been duly
authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Capital Securities Indenture. 

Section 2.07. Denomination and Date of Capital Securities; Payments of Interest. The Capital Securities of each series shall be
issuable as Registered Capital Securities or Bearer Capital Securities in denominations established as contemplated by Section 2.03 or, with respect to the Registered Capital Securities of any series, if not so established, in denominations of
$200,000 and integral multiples of $1,000 in excess thereof. If denominations of Bearer Capital Securities of any series are not so established, such Capital Securities shall be issuable in denominations of $200,000 and integral multiples of $1,000
in excess thereof. The Capital Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may determine, as evidenced by the
execution and authentication thereof. 
 Each Registered Capital Security shall be dated the date of its authentication. Each Bearer Capital
Security shall be dated as provided in the 

  
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Board Resolutions or Officers’ Certificate of the Issuer referred to in Section 2.03. The Capital Securities of each series shall bear interest, if any, from the date, and such interest
shall be payable on the dates, established as contemplated by Section 2.03. 
 The Person in whose name any Registered Capital Security
of any series is registered at the close of business on any record date applicable to a particular series with respect to any interest payment date for such series shall be entitled to receive the interest, if any, payable on such interest payment
date notwithstanding any transfer or exchange of such Registered Capital Security subsequent to the record date and prior to such interest payment date, except if and to the extent one or more Non-Payment Events (as defined in Section 5.02)
have occurred, in which case such interest with respect thereto shall be paid to the Persons in whose names Outstanding Registered Capital Securities for such series are registered at the close of business on a subsequent record date (which shall be
not less than five Business Days prior to the date of payment of such interest with respect to which a Non-Payment Event has occurred) established by notice given by mail by or on behalf of the Issuer to the Holders of Registered Capital Securities
not less than 15 days preceding such subsequent record date. The term “record date” as used with respect to any interest payment date (except a date for payment of interest with respect to which a Non-Payment Event has occurred) for
the Capital Securities of any series shall mean the date specified as such in the terms of the Registered Capital Securities of such series established as contemplated by Section 2.03, or, if no such date is so established, the Business Day
immediately preceding the relevant date of payment in respect of such interest payment date. In the case of Capital Securities in definitive registered form, the term “record date” as used with respect to any interest payment date
(except a date for payment of interest with respect to which a Non-Payment Event has occured) for such Capital Securities shall mean the date specified as such in the terms of such Capital Securities established as contemplated by Section 2.03,
or, if no such date is so established, the close of business on the 15th day (whether or not such 15th day is a Business Day) before such interest payment date. 

Section 2.08. Registration, Transfer and Exchange. The Issuer will keep at each office or agency to be maintained for the purpose
as provided in Section 3.02 for each series of Capital Securities a register or registers in which, subject to such reasonable regulations as it may prescribe, it will provide for the registration of Registered Capital Securities of such series
and the registration of transfer of Registered Capital Securities of such series. The Issuer hereby appoints DBTCA as the registrar for the purpose of registering the Registered Capital Securities and transfers of such Registered Capital Securities
in the register as provided herein (“Registrar”). Such register shall be in written form in the English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times such
register or registers shall be open for inspection by the Trustee. 

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

Bearer Capital Securities (except for any temporary global Bearer Capital Securities) and Coupons (except for Coupons attached to any
temporary global Bearer Capital Securities) shall be transferable by delivery. 
 At the option of the Holder thereof, Registered Capital
Securities of any series (other than a Registered Global Capital Security, except as set forth below) may be exchanged for a Registered Capital Security or Registered Capital Securities of such series having authorized denominations and an equal
aggregate principal amount, upon surrender of such Registered Capital Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02 and upon payment, if the Issuer shall so
require, of the charges hereinafter provided. If the Capital Securities of any series are issued in both registered and unregistered form, except as otherwise specified pursuant to Section 2.03, at the option of the Holder thereof, Bearer
Capital Securities of any series may be exchanged for Registered Capital Securities of such series having authorized denominations and an equal aggregate principal amount, upon surrender of such Bearer Capital Securities to be exchanged at the
agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02, with, in the case of Bearer Capital Securities that have Coupons attached, all unmatured Coupons and all matured Coupons with respect to which a
Non-Payment Event (as defined in Section 5.02) has occurred thereto appertaining, and upon payment, if the Issuer shall so require, of the charges hereinafter provided. At the option of the Holder thereof, if Bearer Capital Securities of any
series, redemption date (if any), interest rate and original issue date are issued in more than one authorized denomination, except as otherwise specified pursuant to Section 2.03, such Bearer Capital Securities may be exchanged for Bearer
Capital Securities of such series having authorized denominations and an equal aggregate principal amount, upon surrender of such Bearer Capital Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in
accordance with Section 3.02 or as specified pursuant to Section 2.03, with, in the case of Bearer Capital Securities that have Coupons attached, all unmatured Coupons and all matured Coupons with respect to which a Non-Payment Event

  
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has occurred thereto appertaining, and upon payment, if the Issuer shall so require, of the charges hereinafter provided. Unless otherwise specified pursuant to Section 2.03, Registered
Capital Securities of any series may not be exchanged for Bearer Capital Securities of such series. Whenever any Capital Securities are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the
Capital Securities which the Holder making the exchange is entitled to receive. All Capital Securities and Coupons surrendered upon any exchange or transfer provided for in this Capital Securities Indenture shall be promptly cancelled and disposed
of by the Trustee and the Trustee will deliver a certificate of disposition thereof to the Issuer upon written request. 
 All Registered
Capital Securities presented for registration of transfer, exchange, redemption or payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form
satisfactory to the Issuer, Registrar and Transfer Agent duly executed by the Holder or his attorney duly authorized in writing. 
 The
Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of Capital Securities. No service charge shall be made for any such
transaction. 
 The Issuer shall not be required to exchange or register a transfer of (a) any Capital Securities of any series for a
period of 15 days immediately preceding the first mailing of notice of redemption of Capital Securities of such series to be redeemed or (b) any Capital Securities selected, called or being called for redemption, in whole or in part, except, in
the case of any Capital Security to be redeemed in part, the portion thereof not so to be redeemed or (c) any Capital Securities if the Holder thereof has exercised any right to require the Issuer to repurchase such Capital Securities, in whole
or in part, except, in the case of any Capital Security to be repurchased in part, the portion thereof not so to be repurchased. 

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

  
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 If at any time the Depositary for any Registered Capital Securities of a series represented by
one or more Registered Global Capital Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such Registered Capital Securities or if at any time the Depositary for such Registered Capital Securities shall no
longer be eligible under Section 2.04, the Issuer shall appoint a successor Depositary eligible under Section 2.04 with respect to such Registered Capital Securities. If a successor Depositary eligible under Section 2.04 for such
Registered Capital Securities is not appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer’s election pursuant to Section 2.03 that such Registered Capital
Securities be represented by one or more Registered Global Capital Securities shall no longer be effective and the Issuer will execute, and the Trustee, upon receipt of an Issuer Order for the authentication and delivery of definitive Capital
Securities of such series, will authenticate and deliver, Capital Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the
Registered Global Capital Security or Capital Securities representing such Registered Capital Securities in exchange for such Registered Global Capital Security or Capital Securities. 

The Issuer may at any time and in its sole discretion determine that the Registered Capital Securities of any series issued in the form of one
or more Registered Global Capital Securities shall no longer be represented by a Registered Global Capital Security or Capital Securities. In such event the Issuer will execute, and the Trustee, upon receipt of an Issuer Order for the authentication
and delivery of definitive Capital Securities of such series, will authenticate and deliver, Capital Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to
the principal amount of the Registered Global Capital Security or Capital Securities representing such Registered Capital Securities, in exchange for such Registered Global Capital Security or Capital Securities. 

If specified by the Issuer pursuant to Section 2.03 with respect to Capital Securities represented by a Registered Global Capital
Security, the Depositary for such Registered Global Capital Security may surrender such Registered Global Capital Security in exchange in whole or in part for Capital Securities of the same series in definitive registered form on such terms as are
acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee upon the receipt of an Issuer Order shall authenticate and deliver, without service charge, 

(i) to the Person specified by such Depositary a new Registered Capital Security or Capital Securities of the same series, of
any 

  
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authorized denominations as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Registered Global Capital
Security; and 
 (ii) to such Depositary a new Registered Global Capital Security in a denomination equal to the difference,
if any, between the principal amount of the surrendered Registered Global Capital Security and the aggregate principal amount of Registered Capital Securities authenticated and delivered pursuant to clause (i) above. 

Upon the exchange of a Registered Global Capital Security for Capital Securities in definitive registered form without coupons, in authorized
denominations, such Registered Global Capital Security shall be cancelled by the Trustee or an agent of the Issuer or the Trustee. Capital Securities in definitive registered form without coupons issued in exchange for a Registered Global Capital
Security pursuant to this Section 2.08 shall be registered in such nominee names and in such authorized denominations as the Depositary for such Registered Global Capital Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Registrar or an agent of the Issuer or the Trustee. The Trustee or such agent shall deliver such Capital Securities to or as directed by the Persons in whose names such Capital Securities are so
registered. 
 All Capital Securities issued upon any transfer or exchange of Capital Securities shall be valid obligations of the Issuer,
evidencing the same debt, and entitled to the same benefits under this Capital Securities Indenture, as the Capital Securities surrendered upon such transfer or exchange. 

Notwithstanding anything herein or in the terms of any series of Capital Securities to the contrary, none of the Issuer, the Trustee or any
agent of the Issuer or the Trustee (any of which, other than the Issuer, shall rely on an Officers’ Certificate and an Opinion of Counsel) shall be required to exchange any Bearer Capital Security for a Registered Capital Security if such
exchange would result in adverse U.S. federal income tax consequences to the Issuer (such as, for example, the obligation of the Issuer to pay an excise tax pursuant to Section 4701 of the U.S. Internal Revenue Code) under then applicable U.S.
federal income tax laws. 
 Section 2.09. Mutilated, Defaced, Destroyed, Lost and Stolen Capital Securities. In case any
temporary, definitive or Global Capital Security or any Coupon appertaining to any Capital Security shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request of any
Authorized Signatory of the Issuer, the Trustee shall 

  
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authenticate and deliver a new Capital Security of the same series, redemption date (if any), interest rate and original issue date, bearing a number or other distinguishing symbol not
contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Capital Security, or in lieu of and in substitution for the Capital Security so destroyed, lost or stolen with Coupons corresponding to the Coupons appertaining
to the Capital Securities so mutilated, defaced, destroyed, lost or stolen, or in exchange or substitution for the Capital Security to which such mutilated, defaced, destroyed, lost or stolen Coupon appertained, with Coupons appertaining thereto
corresponding to the Coupons so mutilated, defaced, destroyed, lost or stolen. In every case the applicant for a substitute Capital Security or Coupon shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such
security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Capital Security or
Coupon and of the ownership thereof and in the case of mutilation or defacement shall surrender the Capital Security and related Coupons to the Trustee or such agent. 

Upon the issuance of any substitute Capital Security or Coupon, the Issuer may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee or its agent) connected therewith. In case any Capital Security or Coupon which has matured or is about to
mature (if any Capital Security by its terms provides for a final maturity) or has been called for redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may instead of issuing a substitute Capital Security,
pay or authorize the payment of the same or the relevant Coupon (without surrender thereof except in the case of a mutilated or defaced Capital Security or Coupon), if the applicant for such payment shall furnish to the Issuer and to the Trustee and
any agent of the Issuer or the Trustee such security or indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any
agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Capital Security or Coupon and of the ownership thereof. 

Every substitute Capital Security or Coupon of any series issued pursuant to the provisions of this Section by virtue of the fact that any
such Capital Security or Coupon is destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Capital Security or Coupon shall be at any time enforceable by anyone and
shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Capital Securities Indenture equally and proportionately with any 

  
 21 

 
and all other Capital Securities or Coupons of such series duly authenticated and delivered hereunder. All Capital Securities and Coupons shall be held and owned upon the express condition that,
to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced or destroyed, lost or stolen Capital Securities and Coupons and shall preclude any and all other rights or
remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

Section 2.10. Cancellation of Capital Securities; Disposition Thereof. All Capital Securities and Coupons surrendered for payment,
redemption, registration of transfer or exchange, if surrendered to the Issuer or any agent of the Issuer or the Registrar or any agent of the Registrar, shall be delivered to the Trustee or its agent for cancellation or, if surrendered to the
Trustee, shall be cancelled by it; and no Capital Securities or Coupons shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Capital Securities Indenture. The Trustee or its agent shall dispose of cancelled
Capital Securities and Coupons held by it and deliver a certificate of disposition to the Issuer upon written request. If the Issuer or its agent shall acquire any of the Capital Securities or Coupons, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Capital Securities or Coupons unless and until the same are delivered to the Trustee or its agent for cancellation. 

Section 2.11. Temporary Capital Securities. Pending the preparation of definitive Capital Securities for any series, the Issuer
may execute and the Trustee shall authenticate and deliver temporary Capital Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the Issuer). Temporary Capital Securities of
any series shall be issuable as Registered Capital Securities without Coupons, or as Bearer Capital Securities with or without Coupons attached thereto, of any authorized denomination, and substantially in the form of the definitive Capital
Securities of such series but with such omissions, insertions and variations as may be appropriate for temporary Capital Securities, all as may be determined by the Issuer as evidenced by the execution and authentication thereof. Temporary Capital
Securities may contain such references to any provisions of this Capital Securities Indenture as may be appropriate. Every temporary Capital Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with like effect, as the definitive Capital Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive Capital Securities of such series and thereupon temporary Registered Capital
Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02 and, in the case of Bearer Capital

  
 22 

 
Securities, at any agency maintained by the Issuer for such purpose as specified pursuant to Section 2.03, and the Trustee shall authenticate and deliver in exchange for such temporary
Capital Securities of such series an equal aggregate principal amount of definitive Capital Securities of the same series having authorized denominations and, in the case of Bearer Capital Securities, having attached thereto any appropriate Coupons.
Until so exchanged, the temporary Capital Securities of any series shall be entitled to the same benefits under this Capital Securities Indenture as definitive Capital Securities of such series, unless otherwise established pursuant to
Section 2.03. The provisions of this Section are subject to any restrictions or limitations on the issue and delivery of temporary Bearer Capital Securities of any series that may be established pursuant to Section 2.03 (including any
provision that Bearer Capital Securities of such series initially be issued in the form of a single global Bearer Capital Security to be delivered to a depositary or agency located outside the United States and the procedures pursuant to which
definitive or global Bearer Capital Securities of such series would be issued in exchange for such temporary global Bearer Capital Security). 

ARTICLE 3 

COVENANTS OF THE ISSUER 

Section 3.01. Payment of Principal and Interest. The Issuer covenants and agrees for the benefit of each series of Capital
Securities that it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Capital Securities of such series (together with any additional amounts payable pursuant to the terms of such Capital Securities) at
the place or places, at the respective times and in the manner expressly provided in such Capital Securities and in the Coupons, if any, appertaining thereto and in this Capital Securities Indenture. The interest on Capital Securities with Coupons
attached (together with any additional amounts payable pursuant to the terms of such Capital Securities) shall be payable, if and to the extent due, only upon presentation and surrender of the several Coupons for such interest installments as are
evidenced thereby as they severally mature. If any temporary Bearer Capital Security provides that interest thereon may be paid while such Capital Security is in temporary form, the interest on any such temporary Bearer Capital Security (together
with any additional amounts payable pursuant to the terms of such Capital Security) shall be paid, as to the installments of interest evidenced by Coupons attached thereto, if any, only upon presentation and surrender thereof, and, as to the other
installments of interest, if any, only upon presentation of such Capital Securities for notation thereon of the payment of such interest, in each case subject to any restrictions that may be established pursuant to Section 2.03. The interest on
Registered Capital Securities (together with any additional 

  
 23 

 
amounts payable pursuant to the terms of such Capital Securities) shall be payable, if and to the extent due, only to or upon the written order of the Holders thereof and, at the option of the
Issuer, may be paid by wire transfer or by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as they appear on the registry books of the Issuer. 

Section 3.02. Offices for Payments, Etc. So long as any Registered Capital Securities are authorized for issuance pursuant
to this Capital Securities Indenture or are outstanding hereunder, the Issuer will maintain in the United States of America, an office or agency where the Registered Capital Securities of each series may be presented for payment, where the Capital
Securities of each series may be presented for exchange as is provided in this Capital Securities Indenture and, if applicable, pursuant to Section 2.03 and where the Registered Capital Securities of each series may be presented for
registration of transfer as in this Capital Securities Indenture provided. 
 The Issuer will maintain one or more offices or agencies in a
city or cities located outside the United States (including any city in which such an agency is required to be maintained under the rules of any stock exchange on which the Capital Securities of such series are listed) where the Bearer Capital
Securities, if any, of each series and Coupons, if any, appertaining thereto may be presented for payment. No payment on any Bearer Capital Security or Coupon will be made upon presentation of such Bearer Capital Security or Coupon at an agency of
the Issuer within the United States nor will any payment be made by transfer to an account in, or by mail to an address in, the United States unless pursuant to applicable United States laws and regulations then in effect such payment can be made
without adverse tax consequences to the Issuer. Notwithstanding the foregoing, payments in U.S. Dollars of Bearer Capital Securities of any series and Coupons appertaining thereto which are payable in U.S. Dollars may be made at an agency of the
Issuer maintained in the United States of America if such payment in U.S. Dollars at each agency maintained by the Issuer outside the United States for payment on such Bearer Capital Securities is illegal or effectively precluded by exchange
controls or other similar restrictions. 
 The Issuer will maintain in the United States of America, an office or agency where notices and
demands to or upon the Issuer in respect of the Capital Securities of any series, the Coupons appertaining thereto or this Capital Securities Indenture may be served. 

The Issuer will give to the Trustee written notice of the location of each such office or agency and of any change of location thereof. In
case the Issuer shall fail to maintain any agency required by this Section to be located in the United States of America, or shall fail to give such notice of the location or of any 

  
 24 

 
change in the location of any of the above agencies, presentations and demands may be made and notices may be served at the Corporate Trust Office of the Trustee; provided, however, no
service of legal process on the Issuer may be served at an office of the Trustee. 
 The Issuer may from time to time designate one or more
additional offices or agencies where the Capital Securities of a series and any Coupons appertaining thereto may be presented for payment, where the Capital Securities of that series may be presented for exchange as provided in this Capital
Securities Indenture and pursuant to Section 2.03 and where the Registered Capital Securities of that series may be presented for registration of transfer as in this Capital Securities Indenture provided, and the Issuer may from time to time
rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain the agencies provided for in this
Section. The Issuer will give to the Trustee prompt written notice of any such designation or rescission thereof. 
 Section 3.03.
Appointment to Fill a Vacancy in Office of Trustee. The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all
times be a Trustee with respect to each series of Capital Securities hereunder. 
 Section 3.04. Paying Agents. Whenever
the Issuer shall appoint a Paying Agent other than the Trustee or DBTCA. with respect to the Capital Securities of any series (the “Paying Agent”), it will cause such Paying Agent to execute and deliver to the Trustee an instrument
in which such agent shall agree with the Trustee, subject to the provisions of this Section, 
 (a) that it will hold all sums received by
it as such agent for the payment of the principal of or interest on the Capital Securities of such series (whether such sums have been paid to it by the Issuer or by any other obligor on the Capital Securities of such series) in trust for the
benefit of the Holders of the Capital Securities of such series, or Coupons appertaining thereto, if any, or of the Trustee, 
 (b) that it
will give a Responsible Officer of the Trustee at its Corporate Trust Office written notice of any failure by the Issuer (or by any other obligor on the Capital Securities of such series) to make any payment of the principal of or interest on the
Capital Securities of such series when the same shall be due and payable, and 

  
 25 

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

The Issuer hereby appoints DBTCA to act as the initial Paying Agent, Registrar and Transfer Agent with respect to the Capital Securities. 

Anything in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the
provisions of Sections 10.02 and 10.03. 
 Section 3.05. Written Statement to Trustee. The Issuer will furnish to the
Trustee not less often than annually a brief certificate that complies with the requirements of the Trust Indenture Act (which need not comply with Section 11.05) from the principal executive, financial or accounting officer of the Issuer
stating that in the course of the performance by the signer of his duties as an officer of the Issuer he would normally have knowledge of any default or non-compliance by the Issuer in the performance of any covenants or conditions contained in this
Capital Securities Indenture, stating whether or not he has knowledge of any such default or non-compliance and, if so, specifying each such default or non-compliance of which the signer has knowledge and the nature thereof. 

Section 3.06. United Kingdom, Luxembourg or Germany Publications. In the event of the publication of any notice pursuant to
Section 5.11, 6.10(a), 6.11, 8.02, 10.03 or 12.02, the Issuer making such publication in the Borough of Manhattan, The City of New York shall also, to the extent that notice is required to be given to Holders of Capital Securities of any series
by applicable English, Luxembourg or German law or stock exchange regulation, as evidenced by an Officers’ Certificate delivered to such party, make a similar publication in London, the United Kingdom, Luxembourg or Germany, as the case may be.

  
 26 

 ARTICLE 4 

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

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

(b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request as of a date not
more than 15 days prior to the time such information is furnished. 
 Section 4.02. Preservation and Disclosure of Securityholders
Lists. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and
addresses of the holders of each series of Capital Securities contained in the most recent list furnished to it as provided in Section 4.01. The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new
list so furnished. 
 (b) The rights of Holders to communicate with other Holders with respect to the Capital Securities Indenture or the
Capital Securities are as provided by the Trust Indenture Act. 
 (c) Neither the Issuer nor the Trustee will be held accountable by reason
of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 
 Section 4.03.
Reports by the Issuer. The Issuer covenants to file with the Trustee, within 15 days after the Issuer is required to file the same with the 

  
 27 

 
Commission, copies of the annual reports and of the information, documents, and other reports that the Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d)
of the Exchange Act or pursuant to Section 314 of the Trust Indenture Act, provided, that (i) any failure by the Issuer to comply with this provision or, to the extent automatically deemed to be included in this Capital Securities Indenture,
Section 314(a) of the Trust Indenture Act, shall not constitute an event of default and shall not give any right to accelerate or declare any Capital Security issued hereunder due and payable, and (ii) only the Trustee may institute a legal
proceeding against the Issuer to enforce the foregoing delivery obligation. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein. 
 Section 4.04. Reports by
the Trustee. Any Trustee’s report required under Section 313(a) of the Trust Indenture Act shall be transmitted on or before November 15 in each year beginning November 15, 2015, as provided in Section 313(c) of the Trust Indenture Act, so
long as any Capital Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more than 60 days prior thereto. 

ARTICLE 5 
 REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS 
 Section 5.01. No
Defaults or Events of Default. There are no defaults or events of default with respect to any series of the Capital Securities, there is no right of acceleration in the case of any non-payment of principal of, interest on or other amounts owing
under any series of Capital Securities or a failure by the Issuer to perform any other covenant under the Capital Securities or under this Capital Securities Indenture, and under no circumstances may the Holders or the Trustee declare the principal
amount of any series of the Capital Securities and interest accrued thereon to be due and payable. If the Issuer becomes subject to German insolvency proceedings, neither the Trustee (on behalf of the Holders for amounts due to them) nor any Holder
will have any right to file a claim against the Issuer unless the competent insolvency court allows the filing of subordinated claims that rank on parity with the claims in respect of the Capital Securities. 

Section 5.02. Collection Of Indebtedness By Trustee; Trustee May Prove Debt. If the Issuer fails to make any payment of principal of,
interest on, or other amounts owing under any series of the Capital Securities at such time as such payment is required to be made pursuant to the terms of such series of Capital Securities (any such failure, a “Non-Payment Event”)
and such Non-Payment 

  
 28 

 
Event is continuing, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to pursue any available remedy by proceedings at law or in equity to collect
any such principal of and interest on the Capital Securities of such series due and unpaid, or to enforce the performance of any provision of the Capital Securities of such series or this Capital Securities Indenture, and may prosecute any such
action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor upon the Capital Securities and collect in the manner provided by law out of the property of the Issuer or other
obligor upon the Capital Securities, wherever situated, the monies adjudged or decreed to be payable. Notwithstanding anything to the contrary contained herein, the Trustee shall not be deemed to have notice or actual knowledge of a Non-Payment
Event unless a Responsible Officer of the Trustee receives written notice of such Non-Payment Event, including but not limited to notice by the Paying Agent in accordance with Section 3.04(b) hereof. 

In case there shall be pending proceedings relative to the Issuer or any other obligor upon the Capital Securities under Title 11 of the
United States Code or any other applicable U.S. federal or state or non-U.S. bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall
have been appointed for or taken possession of the Issuer or its property or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Capital Securities, or to the creditors or
property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of the Capital Securities shall then be due and payable as therein expressed or by declaration or otherwise, shall be entitled and empowered, by
intervention in such proceedings or otherwise, unless prohibited by applicable law and regulations: 
 (i) to file and prove
a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Capital Securities of any series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee, except as a result of its negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the Issuer or other obligor upon the Capital Securities, or to the creditors or
property of the Issuer or such other obligor, 

  
 29 

 (ii) to vote on behalf of the Holders of the Capital Securities of any series in
any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or Person performing similar functions in comparable proceedings, and 

(iii) to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute all
amounts received with respect to the claims of the Securityholders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other similar official is hereby authorized by each of the Securityholders to make payments
to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of its negligence or bad faith. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Capital Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder
in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 All rights of action
and of asserting claims under this Capital Securities Indenture, or under any of the Capital Securities of any series or Coupons appertaining to such Capital Securities, may be enforced by the Trustee without the possession of any of the Capital
Securities of such series or Coupons appertaining to such Capital Securities or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit
of the Holders of the Capital Securities or Coupons appertaining to such Capital Securities in respect of which such action was taken. 
 In
any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Capital Securities Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the
Capital Securities or Coupons appertaining to such Capital 

  
 30 

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

 

			
	 FIRST:
	  	To the payment of costs and expenses applicable to such series in respect of which monies have been collected, including reasonable compensation to the Trustee, Agent and each predecessor Trustee and their respective agents and
attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee, Agent and each predecessor Trustee except as a result of negligence or bad faith;
		
	 SECOND:
	  	In case the principal of the Capital Securities of such series in respect of which monies have been collected shall not have become and be then due and payable, to the payment of interest on the Capital Securities of such series
with respect to which one or more Non-Payment Events have occured in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the installments of interest
as to which such Non-Payment Events have occurred at the same rate as the rate of interest provided for in such Capital Securities, such payments to be made ratably to the Holders of Capital Securities, without discrimination or
preference;
		
	 THIRD:
	  	In case the principal of the Capital Securities of such series in respect of which monies have been collected shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all
the Capital Securities of such series for principal and interest,

  
 31 

			
		  	with interest (to the extent that payment of such interest is payable pursuant to the terms of the Capital Securities) upon the principal as to which a Non-Payment Event has occurred, and (to the extent that such interest has
been collected by the Trustee) upon installments of interest as to which Non-Payment Events have occurred at the same rate as the rate of interest provided for in the Capital Securities of such series; and in case such monies shall be insufficient
to pay in full the whole amount so due and unpaid upon the Capital Securities of such series, then to the payment of such principal and interest, without preference or priority of principal over interest, or of interest over principal, or of any
installments of interest over any other installments of interest, or of any Capital Security of such series over any other Capital Security of such series, ratably to the aggregate of such principal and accrued and unpaid interest; and
		
	 FOURTH:
	  	To the payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto.

 Section 5.04. Suits for Enforcement. In case a Non-Payment Event has occurred, has not been
waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Capital Securities Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Capital Securities Indenture or in aid of the exercise of any power granted in
this Capital Securities Indenture or to enforce any other legal or equitable right vested in the Trustee by this Capital Securities Indenture or by law. However, the Issuer shall not, as a result of the bringing of such judicial proceedings, be
required to pay any amount representing or measured by reference to principal or interest on the Capital Securities prior to any date on which the principal of, or any interest on, the Capital Securities would have otherwise been payable pursuant to
the terms of the Capital Securities. 
 Section 5.05. Restoration of Rights on Abandonment of Proceedings. In case the Trustee
shall have proceeded to enforce any right under this Capital Securities Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the
Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken.

  
 32 

 Section 5.06. Limitations on Suits by Securityholders. No Holder of any Capital
Security of any series or of any Coupon appertaining thereto shall have any right by virtue or by availing of any provision of this Capital Securities Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise
upon or under or with respect to this Capital Securities Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to
the Trustee written notice of a Non-Payment Event and of the continuance thereof, as hereinbefore provided, and unless also the Holders of not less than a majority in aggregate principal amount of the Capital Securities of each affected series then
Outstanding (treated as a single class) shall have made written request upon the Trustee to institute such action or proceedings in its own name as trustee hereunder and shall have offered to the Trustee such reasonable indemnity and/or security as
it may require against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding
and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 5.09; it being understood and intended, and being expressly covenanted by the Holder of every Capital Security or Coupon with every
other Holder and the Trustee, that no one or more Holders of Capital Securities of any series or Coupons appertaining to such Capital Securities shall have any right in any manner whatever by virtue or by availing of any provision of this Capital
Securities Indenture to affect, disturb or prejudice the rights of any other such Holder of Capital Securities or Coupons appertaining to such Capital Securities, or to obtain or seek to obtain priority over or preference to any other such Holder or
to enforce any right under this Capital Securities Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Capital Securities of the applicable series and Coupons appertaining to such Capital
Securities. For the protection and enforcement of the provisions of this Section, each and every Capital Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Section 5.07. Unconditional Right of Securityholders to Institute Certain Suits. To the extent required by the Trust Indenture
Act, and subject to the subordination and the other provisions in the Capital Securities but otherwise notwithstanding any other provision in this Capital Securities Indenture, the right of any Holder of any Capital Security or Coupon to receive
payment of the principal of and interest on such Capital Security or Coupon, if any, on or after the respective due dates expressly provided for pursuant to the terms of the 

  
 33 

 
Capital Securities or Coupon, or to institute suit for the enforcement of any such payment, if any, on or after such respective dates, shall not be impaired or affected without the consent of
such Holder. 
 Section 5.08. Powers and Remedies Cumulative; Delay or Omission Not Waiver of Non-Payment Event. Except as
provided in Section 5.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Capital Securities or Coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 No delay or omission of the Trustee or of
any Holder of Capital Securities or Coupons to exercise any right or power accruing upon any Non-Payment Event occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Non-Payment
Event or an acquiescence therein; and, subject to Section 5.06, every power and remedy given by this Capital Securities Indenture or by law to the Trustee or to the Holders of Capital Securities or Coupons may be exercised from time to time,
and as often as shall be deemed expedient, by the Trustee or by the Holders of Capital Securities or Coupons. 
 Section 5.09.
Control by Holders of Capital Securities. Subject to Section 6.02(d), the Holders of a majority in aggregate principal amount of the Capital Securities of each series affected (with all such series voting as a single class) at the time
Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Capital Securities of such
series by this Capital Securities Indenture; provided that such direction shall not be otherwise than in accordance with law and the provisions of this Capital Securities Indenture and provided further that (subject to the provisions of
Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith
by its board, the executive committee, or a trust committee of directors or Responsible Officers of the Trustee shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good
faith shall so determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial to the interests of Holders of the Capital Securities of all series so affected not joining in the giving of said
direction, it being understood that (subject to Section 6.01) the Trustee shall have no duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders. 

  
 34 

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

Section 5.10. Waiver of Past Non-Payment Events. The Holders of a majority in aggregate principal amount of the Capital Securities
of all series at the time Outstanding with respect to which a Non-Payment Event shall have occurred and be continuing (voting as a single class) may on behalf of the Holders of all such Capital Securities waive any past Non-Payment Event and its
consequences. In the case of any such waiver, the Issuer, the Trustee and the Holders of all such Capital Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or
other Non-Payment Event or impair any right consequent thereon. 
 Upon any such waiver, such Non-Payment Event shall cease to exist and be
deemed to have been cured and not to have occurred for every purpose of this Capital Securities Indenture; but no such waiver shall extend to any subsequent or other Non-Payment Event or impair any right consequent thereon. 

Section 5.11. Trustee to Give Notice of Non-Payment Event; But May Withhold in Certain Circumstances. Subject to its prior receipt
of written notice of a Non-Payment Event, the Trustee shall, within ninety days after the occurrence of a Non-Payment Event with respect to the Capital Securities of any series, give notice of all such Non-Payment Events with respect to that series
known to the Trustee (i) if any Bearer Capital Securities of a series affected are then Outstanding, to the Holders thereof, (A) by mail to such Holders who have filed their names and addresses with the Trustee within the two years
preceding the notice at such addresses as were so furnished to the Trustee and (B) either through the customary notice provisions of the clearing system or systems through which beneficial interests in such Bearer Capital Securities are owned
if such Bearer Capital Securities are held only in global form or by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York (and, if required by Section 3.06, at least once in an Authorized
Newspaper in London, the United Kingdom, Luxembourg or Germany, as the case may be), and (ii) if any Registered Capital Securities of a series affected are then Outstanding, by mailing notice to the Holders of then Outstanding Registered
Capital Securities of each series affected at their addresses as they shall appear on the registry books, unless in each case such Non-Payment Events shall have been cured before the mailing or publication of such notice; provided that,
except in the case of a Non-Payment Event, the Trustee shall be protected in withholding such 

  
 35 

 
notice if and so long as the board of directors, the executive committee, or a trust committee of directors or trustees and/or Responsible Officers of the Trustee in good faith determines that
the withholding of such notice is in the interests of the Securityholders of such series. 
 Section 5.12. Right of Court to Require
Filing of Undertaking to Pay Costs. All parties to this Capital Securities Indenture agree, and each Holder of any Capital Security or Coupon by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Capital Securities Indenture or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate
more than 10% in aggregate principal amount of the Capital Securities of such series, or, in the case of any suit relating to or arising under Section 5.01, 10% in aggregate principal amount of all Capital Securities then Outstanding, or to any
suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Capital Security on or after the due date expressed in such Capital Security or any date fixed for redemption. 

ARTICLE 6 

CONCERNING THE TRUSTEE AND AGENT 

Section 6.01. Duties and Responsibilities of the Trustee and Agent; During Non-Payment Event; Prior to Non-Payment Event.
With respect to the Holders of any series of Capital Securities issued hereunder, the Trustee and Agent, prior to the occurrence of a Non-Payment Event with respect to the Capital Securities of a particular series and after the curing or waiving of
all Non-Payment Events which may have occurred with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Capital Securities Indenture. In case a Non-Payment Event with respect to the
Capital Securities of a series has occurred (which has not been cured or waived) the Trustee shall exercise with respect to such series of Capital Securities such of the rights and powers vested in it by this Capital Securities Indenture, and use
the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

  
 36 

 No provision of this Capital Securities Indenture shall be construed to relieve the Trustee or
Agent from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (a) prior
to the occurrence of a Non-Payment Event with respect to the Capital Securities of any series and after the curing or waiving of all such Non-Payment Events with respect to such series which may have occurred: 

(i) the duties and obligations of the Trustee and Agent with respect to the Capital Securities of any series shall be
determined solely by the express provisions of this Capital Securities Indenture, and the Trustee and Agent shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Capital Securities
Indenture, and no implied covenants or obligations shall be read into this Capital Securities Indenture against the Trustee or Agent; and 

(ii) in the absence of bad faith on the part of the Trustee or Agent, the Trustee and Agent may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee or Agent and conforming to the requirements of this Capital Securities Indenture; but in the case
of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee or Agent, the Trustee or Agent shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Capital Securities Indenture; 
 (b) the Trustee or Agent shall not be liable for any error of judgment made in
good faith by a Responsible Officer or Responsible Officers of the Trustee or Agent, unless it shall be proved that the Trustee or Agent was negligent in ascertaining the pertinent facts; and 

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders pursuant to Section 5.09 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Capital
Securities Indenture. 
 None of the provisions contained in this Capital Securities Indenture shall require the Trustee or Agent to expend
or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if an adequate indemnity against such liability is not reasonably assured to it. 

  
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 The provisions of this Section 6.01 are in furtherance of and subject to Section 315 of
the Trust Indenture Act. 
 Section 6.02. Certain Rights of the Trustee and Agent. In furtherance of and subject to the Trust
Indenture Act, and subject to Section 6.01: 
 (a) before the Trustee or the Agent acts or refrains from acting in response to any
instruction of the Issuer, it may require an Officer’s Certificate, an Opinion of Counsel or both and the Trustee and Agent may rely and shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate or
any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party
or parties; 
 (b) any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an
Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board may be evidenced to the Trustee or the Agent by a copy thereof certified by the secretary or an assistant
secretary of the Issuer; 
 (c) the Trustee or Agent may consult with counsel and any written advice or any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance thereon in accordance with such advice or Opinion of Counsel; 

(d) the Trustee or Agent shall be under no obligation to exercise any of the trusts or powers vested in it by this Capital Securities
Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Capital Securities Indenture, unless such Securityholders shall have offered to the Trustee or Agent security or indemnity reasonably
acceptable to the Trustee or Agent, as the case may be, against the costs, expenses and liabilities which might be incurred therein or thereby; 

(e) the Trustee or Agent shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within
the discretion, rights or powers conferred upon it by this Capital Securities Indenture; 
 (f) prior to the occurrence of a Non-Payment
Event hereunder and after the curing or waiving of all Non-Payment Events, the Trustee or Agent shall not 

  
 38 

 
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal,
bond, debenture, note, coupon, security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Capital Securities of all series affected then Outstanding;
provided that, if the payment within a reasonable time to the Trustee or Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee or Agent, not reasonably
assured to the Trustee or Agent by the security afforded to it by the terms of this Capital Securities Indenture, the Trustee or Agent may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable
expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or Agent or any predecessor Trustee or Agent, shall be repaid by the Issuer upon demand; 

(g) the Trustee or Agent may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys not regularly in its employ and the Trustee or Agent shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder; 

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

(i) The right of the Trustee or the Agents to perform any discretionary act identified as such in this Capital Securities Indenture, shall not
be construed as a duty. 
 Section 6.03. Trustee and Agents Not Responsible for Recitals, Disposition of Capital Securities or
Application of Proceeds Thereof. The recitals contained herein and in the Capital Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor any of the Agents
assumes any responsibility for the correctness of the same. Neither Trustee nor Agent makes any representation as to the validity or sufficiency of this Capital Securities Indenture or of the Capital Securities or Coupons. Neither Trustee nor Agent
shall be accountable for the use or application by the Issuer of any of the Capital Securities or of the proceeds thereof. 

  
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 Section 6.04. Trustee and Agents May Hold Capital Securities or Coupons; Collections,
Etc. The Trustee, Agent or any agent of the Issuer or the Trustee or Agent, in its individual or any other capacity, may become the owner or pledgee of Capital Securities or Coupons with the same rights it would have if it were not the Trustee
or Agent or such agent and may otherwise deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it were not the Trustee, Agent or such other agent of the Issuer or the Trustee.

 Section 6.05. Monies Held by Trustee. Subject to the provisions of Section 10.03 hereof, all monies received by the
Trustee or Paying Agent shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory provisions of law.
Neither the Trustee nor Paying Agent nor any agent of the Issuer the Trustee or Paying Agent shall be under any liability for interest on any monies received by it hereunder. 

Section 6.06. Compensation and Indemnification of Trustee and the Agents and Their Prior Claim. The Issuer covenants and agrees to
pay to the Trustee and Agent from time to time, and the Trustee and Agent shall be entitled to, the compensation agreed in writing between the Issuer and the Trustee or Agent (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee, Agent and each predecessor Trustee and Agent upon its request for all reasonable expenses, disbursements and advances incurred or
made by or on behalf of it in accordance with any of the provisions of this Capital Securities Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other Persons not regularly in
its employ) except any such expense, disbursement or advance as may arise from its negligence or willful misconduct. The Issuer also covenants to indemnify the Trustee, Agent and each predecessor Trustee and Agent and all of their respective
officers, directors and employees, for and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this
Capital Securities Indenture or the trusts hereunder and its duties hereunder, including the costs and expenses of defending itself against or investigating any claim of liability in the premises. The obligations of the Issuer under this Section to
compensate and indemnify the Trustee, Agent and each predecessor Trustee and Agent and to pay or reimburse the Trustee, Agent and each predecessor Trustee and Agent for expenses, disbursements and advances shall constitute additional indebtedness
and a prior claim hereunder to secure the obligations of the Issuer to the Trustee and the Agents, and shall survive the satisfaction and discharge of this Capital Securities Indenture and any termination

  
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hereof. The parties hereto agree that when the Trustee or the Agents render any services hereunder in connection with a bankruptcy or insolvency of the Issuer, those services shall be treated as
expenses of administration. 
 Section 6.07. Right of Trustee and Agent to Rely on Officers’ Certificate, Etc. Subject to
Sections 6.01 and 6.02, whenever in the administration of the trusts of this Capital Securities Indenture the Trustee or Agent shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee or Agent, be deemed to be conclusively proved and
established by an Officers’ Certificate and/or an Opinion of Counsel delivered to the Trustee or Agent, and such certificate and/or Opinion of Counsel, in the absence of negligence or willful misconduct on the part of the Trustee or Agent,
shall be full warrant to the Trustee or Agent for any action taken, suffered or omitted by it under the provisions of this Capital Securities Indenture upon the faith thereof. 

Section 6.08. Indentures not Creating Potential Conflicting Interests for the Trustee or Agent. The following indenture is hereby
specifically described for the purposes of Section 310(b)(1) of the Trust Indenture Act: this Capital Securities Indenture with respect to the Capital Securities of any other series. 

Section 6.09. Persons Eligible for Appointment as Trustee. The Trustee for each series of Capital Securities hereunder shall at
all times be a corporation organized and doing business under the laws of the United States of America or of any state or the District of Columbia having a combined capital and surplus of at least $50,000,000, and which is authorized under such laws
to exercise corporate trust powers and is subject to supervision or examination by U.S. federal, state or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of
the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. 

The provisions of this Section 6.09 are in furtherance of and subject to Section 310(a) of the Trust Indenture Act. 

Section 6.10. Resignation and Removal; Appointment of Successor Trustee. (a) The Trustee, or any trustee or trustees
hereafter appointed, may at 

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

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

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

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.09 of this Capital Securities
Indenture and Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Issuer or by any Securityholder; or 

  
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 (iii) the Trustee shall become incapable of acting with respect to any series of
Capital Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case, the Issuer may remove the Trustee with respect to the applicable
series of Capital Securities and appoint a successor trustee for such series by written instrument, in duplicate, executed by Authorized Signatories of the Issuer, one copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee, or, subject to the provisions of Section 315(e) of the Trust Indenture Act, any Capital Security holder who has been a bona fide Holder of a Capital Security or Capital Securities 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 removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon, after
such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a
majority in aggregate principal amount of the Capital Securities of each series at the time outstanding may at any time remove the Trustee with respect to Capital Securities of such series and appoint a successor trustee with respect to the Capital
Securities of such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided for in Section 7.01 of the action in that regard taken by the Securityholders. 

(d) Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such
series pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.11. 

Section 6.11. Acceptance of Appointment by Successor Trustee. Any successor trustee appointed as provided in Section 6.10
shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all or any applicable series shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its predecessor hereunder, with like effect as if originally named
as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the 

  
 43 

 
trustee ceasing to act shall, subject to Section 10.03, pay over to the successor trustee all monies at the time held by it hereunder and shall execute and deliver an instrument transferring
to such successor trustee all such rights, powers, duties and obligations. Upon request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such
successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of
Section 6.06. 
 If a successor trustee is appointed with respect to the Capital Securities of one or more (but not all) series, the
Issuer, the predecessor Trustee and each successor trustee with respect to the Capital Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the predecessor trustee with respect to the Capital Securities of any series as to which the predecessor trustee is not retiring shall continue to be vested in the predecessor
trustee, and shall add to or change any of the provisions of this Capital Securities 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 under separate indentures. 

No successor trustee with respect to any series of Capital Securities shall accept appointment as provided in this Section 6.11 unless at
the time of such acceptance such successor trustee shall be qualified under Section 310(b) of the Trust Indenture Act and eligible under the provisions of Section 6.09. 

Upon acceptance of appointment by any successor trustee as provided in this Section 6.11, the Issuer shall give notice thereof
(i) if any Bearer Capital Securities of a series affected are then Outstanding, to the Holders thereof, (A) by mail to such Holders who have filed their names and addresses with the Trustee within the two years preceding the notice at such
addresses as were so furnished to the Trustee and (B) either through the customary notice provisions of the clearing system or systems through which beneficial interests in such Bearer Capital Securities are owned if such Bearer Capital
Securities are held only in global form or by publication at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New York (and, if required by Section 3.06, at least once in an Authorized Newspaper in London, the
United Kingdom or Luxembourg, as the case may be), and (ii) if any Registered Capital Securities of a series affected are then Outstanding, by mailing notice to the Holders of then Outstanding Registered Capital Securities of each series
affected at their 

  
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addresses as they shall appear on the registry books. If the acceptance of appointment is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence
may be combined with the notice called for by Section 6.10. If the Issuer fails to give such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be given at the
expense of the Issuer. 
 Section 6.12. Change in Appointment of the Agents. The Issuer may at any time appoint additional
Agents and/or terminate the appointment of any Agent by giving to the Trustee, the Agent concerned and (except in the case of termination of the Paying Agent) the Paying Agent at least 60 days’ prior written notice to that effect,
provided always that: 
 (a) in the case of termination of the appointment of the Paying Agent, Calculation Agent, Transfer Agent and
Registrar or Authenticating Agent, no such notice shall take effect until a new paying agent, calculation agent, transfer agent and registrar or authenticating agent, as the case may be, to exercise the powers and undertake the duties hereby
conferred and imposed upon the Paying Agent, Calculation Agent, Transfer Agent and Registrar or Authenticating Agent has been appointed, and 

(b) notice shall be given to the Holders not less than 30 days prior to any removal or appointment of the relevant Agent. 

If at any time any Agent shall be adjudged bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or make an assignment for
the benefit of its creditors or consent to the appointment of a receiver or similar official of all or any substantial part of its property, or if a receiver of it or of all or any substantial part of its property shall be appointed, or if any
public officer shall take charge or control of the Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if a resolution is passed or an order made for the winding-up of the Agent, the Issuer may
terminate the appointment of such Agent forthwith upon giving written notice and without regard to provision (a) above. The termination of the appointment of any Agent hereunder shall not entitle such Agent to any amount by way of compensation
but shall be without prejudice to any amount then accrued and due. 
 Any Agent may resign its appointment hereunder at any time by giving
to the Issuer, the Trustee and (except in the case of resignation of the Paying Agent) the Paying Agent at least 60 days’ written notice to that effect, provided that no such resignation shall take effect until such new agent shall have
been appointed by the Issuer or the Trustee to exercise the powers and undertake the duties hereby conferred and imposed upon the relevant Agent. Following receipt of a notice of resignation from any Agent, the Issuer or the Trustee shall promptly
give notice thereof to the Holders. 

  
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 Upon receiving such notice of resignation by any Agent, the Issuer shall promptly appoint a
successor to such Agent. If no successor agent shall have been so appointed with respect to any series and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Agent may petition any court of
competent jurisdiction for the appointment of a successor agent. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor agent. 

Upon its resignation or removal becoming effective, an Agent shall: 
  

	 	(i)	in the case of the Paying Agent, shall forthwith transfer all moneys held by it hereunder and all records relating to the Capital Securities to the successor paying agent or, if none, the Trustee or to the
Trustee’s order, 

  

	 	(ii)	have no other duties or responsibilities hereunder, and 

  

	 	(iii)	be entitled to a prior claim for the payment by the Issuer of its remuneration for the services previously rendered hereunder. 

Upon any successor agent appointed hereunder executing, acknowledging and delivering to the Issuer or the Trustee an instrument accepting such
appointment hereunder, it shall, without any further act, deed or conveyance, become vested with all authority, rights, powers, trusts, indemnities, duties and obligations of the Agent hereunder. 

Section 6.13 Merger, Conversion, Consolidation or Succession to Business of the Trustee or the Agents. Any corporation into which
the Trustee or any 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 the Trustee or such Agent shall be a party, or any corporation succeeding to
all or substantially all of the corporate trust business of the Trustee or the relevant business of such Agent, shall be the successor of the Trustee or the successor of such Agent, as applicable, hereunder, provided that in respect of any
successor trustee, such corporation shall be qualified under Section 310(b) of the Trust Indenture Act and eligible under the provisions of Section 6.09, without the execution or filing of any paper or any further act on the part of any of
the parties hereto, anything herein to the contrary notwithstanding. In such case, the Trustee or the relevant Agent (i) shall forthwith notify the other parties to this Agreement as soon as practicable after it becomes aware that any such
event shall occur, giving details of the date on which such event is to occur and of the successor Trustee or the successor Agent, as applicable, and (ii) shall do all further acts and things (if any) as are necessary to give effect to this
Section 6.13. 

  
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 In case at the time such successor to the Trustee shall succeed to the trusts created by this
Capital Securities Indenture any of the Capital Securities of any series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such
Capital Securities so authenticated; and, in case at that time any of the Capital Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Capital Securities either in the name of any predecessor
hereunder or in the name of the successor Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Capital Securities of such series or in this Capital Securities Indenture provided that the certificate
of the Trustee shall have; provided, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Capital Securities of any series in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation. 
 Section 6.14. Appointment of Authenticating Agent and Calculation
Agent. As long as any Capital Securities of a series remain Outstanding, the Trustee may, by an instrument in writing, appoint with the approval of the Issuer (such approval not to be unreasonably withheld) an authenticating agent (the
“Authenticating Agent”) which shall be authorized to act on behalf of the Trustee to authenticate Capital Securities, including Capital Securities issued upon exchange, registration of transfer, partial redemption or pursuant to
Section 2.09. Capital Securities of each such series authenticated by such Authenticating Agent shall be entitled to the benefits of this Capital Securities Indenture and shall be valid and obligatory for all purposes as if authenticated by the
Trustee. Whenever reference is made in this Capital Securities Indenture to the authentication and delivery of Capital Securities of any series by the Trustee or to the Trustee’s Certificate of Authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an Authenticating Agent for such series and a Certificate of Authentication executed on behalf of the Trustee by such Authenticating Agent. Such Authenticating Agent shall at all times
be a corporation organized and doing business under the laws of the United States of America or of any State, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $5,000,000 (determined as
provided in Section 6.09 with respect to the Trustee) and subject to supervision or examination by U.S. federal or state authority. 

  
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 Any Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign by
giving written notice of resignation to the Trustee and to the Issuer. 
 Upon receiving such a notice of resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14 with respect to one or more series of Capital Securities, the Trustee shall upon receipt of an Issuer
Order appoint a successor Authenticating Agent and the Issuer shall provide notice of such appointment to all Holders of Capital Securities of such series in the manner and to the extent provided in Section 11.04. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Issuer agrees to pay to
the Authenticating Agent for such series from time to time reasonable compensation. The Authenticating Agent for the Capital Securities of any series shall have no responsibility or liability for any action taken by it as such at the direction of
the Trustee. 
 Sections 6.02, 6.03, 6.04, 6.06, 6.09 and 7.03 shall be applicable to any Authenticating Agent. 

The Issuer may, by a separate agreement, appoint a calculation agent (“Calculation Agent”) with respect to one or more series
of Capital Securities. 
 Pursuant to this Section 6.14, DBTCA is hereby appointed to act as the initial Calculation Agent and
Authenticating Agent with respect to the Capital Securities. 
 Section 6.15 USA Patriot Act. The parties hereto acknowledge
that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act), all financial
institutions are required to obtain, verify, record and update information that identifies each person establishing a relationship or opening an account with Deutsche Bank Trust Company Americas. To the extent permitted by law, the parties to this
Capital Securities Indenture agree that they will provide to the Agents such information as it may reasonably request in order for the Agents to satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax
identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other
identifying documents to be provided. 

  
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 Section 6.16 Waiver of Jury Trial. EACH OF THE ISSUER AND THE TRUSTEE AND EACH OF THE
AGENTS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE CAPITAL SECURITIES OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 Section 6.17 Force Majeure. The Trustee or Agents shall not incur any liability for not performing any act or
fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Trustee or Agents (including but not limited to any act or provision of any present or future law or regulation or governmental
authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire, facsimile or other wire or communication facility). 

ARTICLE 7 

CONCERNING THE SECURITYHOLDERS 

Section 7.01. Evidence of Action Taken by Securityholders. Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Capital Securities Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Capital Securities Indenture and (subject to Sections 6.01 and 6.02) conclusive in favor of the
Trustee and the Issuer, if made in the manner provided in this Article. 
 Section 7.02. Proof of Execution of Instruments and of
Holding of Capital Securities. Subject to Sections 6.01 and 6.02, the execution of any instrument by a Securityholder or his agent or proxy may be proved in the following manner: 

(a) The fact and date of the execution by any Holder of any instrument may be proved by the certificate of any notary public or other officer
of any jurisdiction authorized to take acknowledgments of deeds or administer oaths that the person executing such instruments acknowledged to him the execution thereof, or by an affidavit of a witness to such execution sworn to before any such

  
 49 

 
notary or other such officer. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute sufficient proof of the
authority of the person executing the same. The fact of the holding by any Holder of an Bearer Capital Security of any series, and the identifying number of such Capital Security and the date of his holding the same, may be proved by the production
of such Capital Security or by a certificate executed by any trust company, bank, banker or recognized securities dealer wherever situated satisfactory to the Trustee, if such certificate shall be deemed by the Trustee to be satisfactory. Each such
certificate shall be dated and shall state that on the date thereof a Capital Security of such series bearing a specified identifying number was deposited with or exhibited to such trust company, bank, banker or recognized securities dealer by the
Person named in such certificate. Any such certificate may be issued in respect of one or more Bearer Capital Securities of one or more series specified therein. The holding by the Person named in any such certificate of any Bearer Capital
Securities of any series specified therein shall be presumed to continue for a period of one year from the date of such certificate unless at the time of any determination of such holding (1) another certificate bearing a later date issued in
respect of the same Capital Securities shall be produced, or (2) the Capital Security of such series specified in such certificate shall be produced by some other Person, or (3) the Capital Security of such series specified in such
certificate shall have ceased to be Outstanding. Subject to Sections 6.01 and 6.02, the fact and date of the execution of any such instrument and the amount and numbers of Capital Securities of any series held by the Person so executing such
instrument and the amount and numbers of any Capital Security or Capital Securities for such series may also be proven in accordance with such reasonable rules and regulations as may be prescribed by the Trustee for such series or in any other
manner which the Trustee for such series may deem sufficient. 
 (b) In the case of Registered Capital Securities, the ownership of such
Capital Securities shall be proved by the Capital Security register or by a certificate of the Capital Security registrar. 
 The Issuer may
set a record date for purposes of determining the identity of Holders of Registered Capital Securities of any series entitled to vote or consent to any action referred to in Section 7.01, which record date may be set at any time or from time to
time by notice to the Trustee, for any date or dates (in the case of any adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other
provisions hereof, with respect to Registered Capital Securities of any series, only Holders of Registered Capital Securities of such series of record on such record date shall be entitled to so vote or give such consent or revoke such vote or
consent. 

  
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 Section 7.03. Holders to be Treated as Owners. The Issuer, the Trustee, Agent and any
agent of the Issuer or the Trustee may deem and treat the Person in whose name any Capital Security shall be registered upon the Capital Security register for such series as the absolute owner of such Capital Security (whether or not such Capital
Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and, subject to the provisions of this Capital Securities Indenture, interest
on such Capital Security and for all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. The Issuer, the Trustee and any agent of the Issuer or the
Trustee may treat the Holder of any Bearer Capital Security and the Holder of any Coupon as the absolute owner of such Bearer Capital Security or Coupon (whether or not such Bearer Capital Security or Coupon shall be overdue) for the purpose of
receiving payment thereof or on account thereof and for all other purposes and neither the Issuer, the Trustee, nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person,
or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Capital Security or Coupon. 

Section 7.04. Capital Securities Owned by Issuer Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate
principal amount of Outstanding Capital Securities of any or all series have concurred in any direction, consent or waiver under this Capital Securities Indenture, Capital Securities which are owned by the Issuer or any other obligor on the Capital
Securities with respect to which such determination is being made or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Capital Securities with
respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any
such direction, consent or waiver only Capital Securities which the Trustee knows are so owned shall be so disregarded. Capital 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 Capital Securities and that the pledgee is not the Issuer or any other obligor upon the Capital Securities or any Person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Issuer or any other obligor on the Capital Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the
Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Capital Securities, if any, known

  
 51 

 
by the Issuer to be owned or held by or for the account of any of the above-described Persons; and, subject to Sections 6.01 and 6.02, the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the fact that all Capital Securities not listed therein are Outstanding for the purpose of any such determination. 

Section 7.05. Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 7.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Capital Securities of any or all series, as the case may be, specified in this Capital Securities Indenture in
connection with such action, any Holder of a Capital Security the serial number of which is shown by the evidence to be included among the serial numbers of the Capital Securities the Holders of which have consented to such action may, by filing
written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Capital Security. Except as aforesaid any such action taken by the Holder of any Capital Security shall be
conclusive and binding upon such Holder and upon all future Holders and owners of such Capital Security and of any Capital Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not
any notation in regard thereto is made upon any such Capital Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Capital Securities of any or all series, as the case may be, specified in this Capital
Securities Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee and the Holders of all the Capital Securities affected by such action. 

ARTICLE 8 

SUPPLEMENTAL CAPITAL SECURITIES INDENTURES 

Section 8.01. Supplemental Capital Securities Indentures Without Consent of Securityholders. The Issuer and the Trustee may
from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 

(a) to evidence the succession of another corporation to the Issuer, or successive successions, and the assumption by the successor
corporation of the covenants, agreements and obligations of the Issuer pursuant to Article 9; 
 (b) to add to the covenants of the Issuer
such further covenants, restrictions, conditions or provisions as the Issuer and the Trustee shall consider to be for the protection of the Holders of Capital Securities or Coupons; 

  
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 (c) to cure any ambiguity or to correct or supplement any provision contained herein or in any
supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to make any other provisions as the Issuer may deem necessary or desirable, provided that no such
action shall adversely affect the interests of the Holders of the Capital Securities or Coupons; 
 (d) to establish the forms or terms of
Capital Securities of any series or of the Coupons appertaining to such Capital Securities as permitted by Sections 2.01 and 2.03; and 

(e) to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Capital Securities of one
or more series and to add to or change any of the provisions of this Capital Securities 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 6.11. 
 The Trustee and, if applicable, the Agents are hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained, but neither the Trustee nor any of the Agents shall be obligated to enter into any such supplemental indenture which affects the
Trustee’s or any Agent’s own rights, duties, liabilities or immunities under this Capital Securities Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section may be executed without the consent of the Holders of any of the
Capital Securities at the time outstanding, notwithstanding any of the provisions of Section 8.02. 
 Section 8.02.
Supplemental Capital Securities Indentures With Consent of Securityholders. With the consent (evidenced as provided in Article 7) of the Holders of not less than a majority in aggregate principal amount of the Capital Securities at the
time Outstanding of all series affected by such supplemental indenture (voting as one class), the Issuer, when authorized by a resolution of its Board (which resolution may provide general terms or parameters for such action and may provide that the
specific terms of such action may be determined in accordance with or pursuant to an Issuer Order), and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Capital Securities Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of

  
 53 

 
the Capital Securities of each such series or of the Coupons appertaining to such Capital Securities; provided, that no such supplemental indenture shall (a) (i) introduce or, if
any Capital Security by its terms provides for a final maturity, change the final maturity thereof, (ii) reduce the principal amount thereof in any manner not permitted pursuant to the terms of such Capital Security, (iii) reduce the rate
or change the time of payment of interest thereon in any manner not permitted pursuant to the terms of such Capital Security, (iv) reduce any amount payable on redemption thereof, (v) make the principal thereof, or interest thereon payable
in any coin or currency other than that provided in the Capital Securities and Coupons or in accordance with the terms thereof, (vi) modify or amend any provisions for converting any currency into any other currency as provided in the Capital
Securities or Coupons or in accordance with the terms thereof, (vii) modify or amend any provisions relating to the conversion or exchange of the Capital Securities or Coupons for securities of the Issuer or of other entities or other property
(or the cash value thereof), including the determination of the amount of securities or other property (or cash) into which the Capital Securities shall be converted or exchanged, other than as provided in the antidilution provisions or other
similar adjustment provisions of the Capital Securities or Coupons or otherwise in accordance with the terms thereof, (viii) alter the provisions of Section 11.11 or 11.13 or impair or affect the right of any Securityholder to institute
suit for the payment thereof or, if the Capital Securities provide therefor, any right of repayment at the option of the Securityholder or (ix) modify the provisions of this Capital Securities Indenture with respect to the subordination of the
Capital Securities in a manner adverse to the Holders, in each case without the consent of the Holder of each Capital Security so affected; or (b) reduce the aforesaid percentage of Capital Securities of any series, the consent of the Holders
of which is required for any such supplemental indenture, without the consent of the Holders of each Capital Security so affected. 
 A
supplemental indenture which changes or eliminates any covenant or other provision of this Capital Securities Indenture which has expressly been included solely for the benefit of one or more particular series of Capital Securities, or which
modifies the rights of Holders of Capital Securities of such series, or of Coupons appertaining to such Capital Securities, with respect to such covenant or provision, shall be deemed not to affect the rights under this Capital Securities Indenture
of the Holders of Capital Securities of any other series or of the Coupons appertaining to such Capital Securities. 
 Upon the request of
the Issuer, and upon the filing with the Trustee of evidence of the consent of the Holders of the Capital Securities as aforesaid and other documents, if any, required by Section 7.01, the Trustee shall join with the Issuer in the execution of
such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties, liabilities or immunities under this Capital Securities Indenture or otherwise, in which case the Trustee may in its discretion, but shall
not be obligated to, enter into such supplemental indenture. 

  
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 It shall not be necessary for the consent of the Securityholders under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

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

Section 8.03. Effect of Supplemental Capital Securities Indenture. Upon the execution of any supplemental indenture
pursuant to the provisions hereof, this Capital Securities Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Capital
Securities Indenture of the Trustee, the Issuer and the Holders of Capital Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and
all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Capital Securities Indenture for any and all purposes. 

Section 8.04. Documents to be Given to Trustee. The Trustee, subject to the provisions of Sections 6.01 and 6.02, may
receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article Eight complies with the applicable provisions of this Capital Securities Indenture.

  
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 Section 8.05. Notation on Capital Securities in Respect of Supplemental Capital
Securities Indentures. Capital Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for such series
as to any matter provided for by such supplemental indenture or as to any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new Capital Securities of any series so modified as to conform, in the opinion of the Issuer,
to any modification of this Capital Securities Indenture contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Capital Securities of such series then Outstanding.

 Section 8.06. Subordination Unimpaired. No subsequent agreement may limit the subordination pursuant to the provisions set
out in Article 13 or shorten the term of the series of Capital Securities other than pursuant to the terms thereof or any applicable notice period therefor. 

ARTICLE 9 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 9.01. Successor Corporation Substituted. In case of any merger or consolidation or sale, lease or conveyance of all
or substantially all of the Issuer’s assets to any other Person, the successor legal entity or the Person which acquires by sale, lease or conveyance substantially all the assets of the Issuer (if other than the Issuer) may succeed to and be
substituted for the Issuer, with the same effect as if it had been named herein. Such successor corporation may cause to be signed, and may issue either in its own name or in the name of the Issuer prior to such succession any or all holders of the
Capital Securities issuable hereunder which together with any Coupons appertaining thereto theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the order of such successor corporation, instead of the Issuer,
and subject to all the terms, conditions and limitations in this Capital Securities Indenture prescribed, the Trustee shall authenticate and shall deliver any Capital Securities together with any Coupons appertaining thereto which previously shall
have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Capital Securities which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the
Capital Securities so issued together with any Coupons appertaining thereto shall in all respects have the same legal rank and benefit under this Capital Securities 

  
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Indenture as the Capital Securities theretofore or thereafter issued in accordance with the terms of this Capital Securities Indenture as though all of such Capital Securities had been issued at
the date of the execution hereof. 
 In case of any such consolidation, merger, sale, lease or conveyance such changes in phrasing and form
(but not in substance) may be made in the Capital Securities and Coupons thereafter to be issued as may be appropriate. 
 In the event of
any such sale or conveyance (other than a conveyance by way of lease) the Issuer or any successor corporation which shall theretofore have become such in the manner described in this Article shall be discharged from all obligations and covenants
under this Capital Securities Indenture and the Capital Securities and may be liquidated and dissolved. 
 ARTICLE 10 

SATISFACTION AND DISCHARGE OF CAPITAL SECURITIES
INDENTURE; UNCLAIMED MONIES 
 Section 10.01. Satisfaction and Discharge of Capital
Securities Indenture. (a) If at any time (i) the Issuer shall have paid or caused to be paid the principal of and interest on all the Capital Securities of any series Outstanding hereunder and all unmatured Coupons appertaining thereto
(other than Capital Securities of such series and Coupons appertaining thereto which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable,
or (ii) the Issuer shall have delivered to the Trustee for cancellation all Capital Securities of any series theretofore authenticated and all unmatured Coupons appertaining thereto (other than any Capital Securities of such series and Coupons
appertaining thereto which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09), then this Capital Securities Indenture shall cease to be of further effect (except as to
(i) rights of registration of transfer and exchange of Capital Securities of such Series and of Coupons appertaining thereto and the Issuer’s right of optional redemption, if any, (ii) substitution of mutilated, defaced, destroyed,
lost or stolen Capital Securities or Coupons, (iii) rights of holders of Capital Securities and Coupons appertaining thereto to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor,
(iv) the rights, obligations, duties and immunities of the Trustee hereunder and the Issuer’s obligations related thereto, and (v) the obligations of the Issuer under Section 3.02) and the Trustee, on demand of the Issuer
accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Capital Securities Indenture; provided,

  
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that the rights of Holders of the Capital Securities and Coupons to receive amounts in respect of principal of and interest on the Capital Securities and Coupons held by them shall not be delayed
longer than required by then-applicable mandatory rules or policies of any securities exchange upon which the Capital Securities are listed. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly
incurred and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Capital Securities Indenture or the Capital Securities of such series. 

Section 10.02. Repayment Of Monies Held By Paying Agent. In connection with the satisfaction and discharge of this Capital
Securities Indenture with respect to Capital Securities of any series, all monies then held by any Paying Agent under the provisions of this Capital Securities Indenture with respect to such series of Capital Securities shall, upon demand of the
Issuer, be repaid to it or paid to the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

Section 10.03. Return of Monies Held by Trustee and Paying Agent Unclaimed for Two Years. Any monies deposited with or paid to the
Trustee or any Paying Agent for the payment of the principal of or interest on any Capital Security of any series or Coupons attached thereto and not applied but remaining unclaimed for two years after the date upon which such principal or interest
shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee for such
series or such Paying Agent, and the Holder of the Capital Securities of such series and of any Coupons appertaining thereto shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws,
thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such monies shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment with respect to monies deposited with it for any payment (a) in respect of Registered Capital Securities of any series, shall at the expense of the Issuer, mail by first-class
mail to Holders of such Capital Securities at their addresses as they shall appear on the Capital Security register, and (b) in respect of Bearer Capital Securities of any series, shall at the expense of the Issuer either give through the
customary notice provisions of the clearing system or systems through which beneficial interests in such Bearer Capital Securities are owned if such Bearer Capital Securities are held only in global form or cause to be published once, in an
Authorized Newspaper in the Borough of Manhattan, The City of New York (and if required by Section 3.06, once in an Authorized Newspaper in London, the 

  
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United Kingdom, Luxembourg or Germany, as the case may be), notice, that such monies remain and that, after a date specified therein, which shall not be less than thirty days from the date of
such mailing or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 
 ARTICLE 11 

MISCELLANEOUS PROVISIONS 

Section 11.01. Incorporators, Stockholders, Officers and Directors of Issuer Exempt From Individual Liability. No recourse under
or upon any obligation, covenant or agreement contained in this Capital Securities Indenture, or in any Capital Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present
or future stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by
any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Capital Securities and the Coupons appertaining thereto by the Holders thereof and as part of the consideration for the
issue of the Capital Securities and the Coupons appertaining thereto. 
 Section 11.02. Provisions of Capital Securities Indenture
for the Sole Benefit of Parties and Holders of Capital Securities and Coupons. Nothing in this Capital Securities Indenture, in the Capital Securities or in the Coupons appertaining thereto, expressed or implied, shall give or be construed to
give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Capital Securities or Coupons, if any, any legal or equitable right, remedy or claim under this Capital Securities Indenture or under
any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Capital Securities or Coupons, if any. 

Section 11.03. Successors and Assigns of Issuer Bound by Capital Securities Indenture. All the covenants, stipulations, promises
and agreements in this Capital Securities Indenture contained by or in behalf of the Issuer shall bind its successors and assigns, whether so expressed or not. 

Section 11.04. Notices and Demands on Issuer, Trustee and Holders of Capital Securities and Coupons. Any notice or demand which by
any provision of this Capital Securities Indenture is required or permitted to be given or served by the Trustee or by the Holders of Capital Securities or Coupons to or on the Issuer may be given or served by being deposited postage prepaid,
first-class mail 

  
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or by overnight delivery (except as otherwise specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to Deutsche Bank Americas, c/o
Office of the Secretary, 60 Wall Street, Mail Stop NYC60-4006, New York, NY 10005, Attention: Corporate Secretary. Any notice, direction, request or demand by the Issuer or any Holder of Capital Securities or Coupons to or upon the Trustee shall be
deemed to have been sufficiently given or served by being deposited postage prepaid, first-class mail or by overnight delivery (except as otherwise specifically provided herein) addressed (until another address of the Trustee is filed by the Trustee
with the Issuer) to: 
  

			
		  	The Bank of New York Mellon
		  	One Canada Square
		  	London, E14 5AL
		  	United Kingdom
		
	with a copy to:	  	
		
		  	The Bank of New York Mellon
		  	Corporate Trust Administration
		  	Internal Corporate Trust Services
		  	Merck House
		  	Seldown, Poole
		  	Dorset BH15 1PX
		  	United Kingdom.
		
	 If to the Paying Agent or Registrar:
	  	Deutsche Bank Trust Company Americas
		  	Trust and Agency Services
		  	60 Wall Street, 16th Floor
		  	Mail Stop: NYC60-1630
		  	New York, New York 10005
		  	Fax: 732-578-4635
		  	Attn: Corporates Team – Deutsche Bank AG
		
	 with a copy to:
	  	Deutsche Bank Trust Company Americas
		  	c/o Deutsche Bank National Trust Company
		  	Trust and Agency Services
		  	100 Plaza One, Mailstop JCY03-0699
		  	Jersey City, New Jersey 07311
		  	Fax: 732-578-4635
		  	Attn: Corporates Team – Deutsche Bank AG

  
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 Where this Capital Securities Indenture provides for notice to Holders of Registered Capital
Securities, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at its last address on the books of the Registrar. In any case
where notice to such Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Capital
Securities Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail or send by overnight
delivery notice to the Issuer when such notice is required to be given pursuant to any provision of this Capital Securities Indenture, then any manner of giving such notice as shall be reasonably satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice. 
 Notwithstanding any other provision of this Capital Securities Indenture or any Capital Security, where
this Capital Securities Indenture or any Capital Security provides for notice of any event (including any notice of redemption) to a Holder of a global Capital Security (whether by mail or otherwise), such notice shall be sufficiently given if given
to the Depositary for such Capital Security (or its designee) pursuant to the customary procedures of such Depositary. 
 If the Trustee
shall change its Corporate Trust Office or if any of the Agents shall change its respective office specified in this Section 11.04, it shall give to each other party to this Agreement not less than 30 days’ prior written notice to that
effect giving the address of the changed office and stating the date on which the change is to take effect. The Issuer, the Trustee or the Paying Agent shall give to the Holders at least 15 days’ notice of such change and of the address of the
changed office in accordance with the provisions of this Section 11.04. 
 Section 11.05. Officers’ Certificates and
Opinions of Counsel; Statements to be Contained Therein. Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Capital Securities Indenture, the Issuer shall furnish to the Trustee an
Officers’ Certificate stating that all conditions precedent provided for in this Capital Securities Indenture 

  
 61 

 
relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in
the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Capital Securities Indenture relating to such particular application or demand, no additional certificate or
opinion need be furnished. 
 Each certificate or opinion provided for in this Capital Securities Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant provided for in this Capital Securities Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination
or investigation as is necessary to enable him to express an opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has
been complied with. 
 Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as it relates to legal
matters, upon a certificate or opinion of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as
aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, information with respect to which is in
the possession of the Issuer, upon the certificate, statement or opinion of or representations by an officer or officers of the Issuer, unless such counsel knows that the certificate, statement or opinion or representations with respect to the
matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

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

  
 62 

 Any certificate or opinion of any independent firm of public accountants filed with and directed
to the Trustee shall contain a statement that such firm is independent. 
 Section 11.06. Payments Due on Saturdays, Sundays or
Holidays. Unless otherwise provided in Capital Securities of a series, if the date for payment of interest on or, if the Capital Securities have a scheduled maturity, the date of maturity of principal of the Capital Securities of any series or
any Coupons appertaining thereto or the date fixed for redemption or repayment of any such Capital Security or Coupon shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on the date of payment, the date of maturity, if any, or the date fixed for redemption, and no interest shall accrue for the period after such date. 

Section 11.07. Conflict of Any Provision of Capital Securities Indenture With Trust Indenture Act. If and to the extent that any
provision of this Capital Securities Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Capital Securities Indenture by operation of,
Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. 

Section 11.08. Governing Law. This Capital Securities Indenture and each Capital Security and Coupon shall be deemed to be a
contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except with respect to the provisions relating to the subordination of the Capital Securities set forth in Article
Thirteen, which shall be governed by and construed in accordance with the laws of the Federal Republic of Germany. 
 Section 11.09.
Counterparts. This Capital Securities Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 11.10. Effect of Headings. The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof. 
 Section 11.11. Capital Securities in a Non-U.S. Currency. Unless otherwise
specified in an Officers’ Certificate delivered pursuant to Section 2.03 of this Capital Securities Indenture with respect to a particular series of Capital Securities, whenever for purposes of this Capital Securities Indenture any action
may be taken by the Holders of a specified percentage in aggregate principal 

  
 63 

 
amount of Capital Securities of all series or all series affected by a particular action at the time Outstanding and, at such time, there are Outstanding Capital Securities of any series which
are denominated in a coin or currency other than U.S. Dollars, then the principal amount of Capital Securities of such series which shall be deemed to be Outstanding for the purpose of taking such action shall be that amount of U.S. Dollars that
could be obtained for such amount at the Market Exchange Rate. For purposes of this Section 11.11, “Market Exchange Rate” shall mean the noon U.S. Dollar buying rate in New York City for cable transfers of that currency as
published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Issuer shall appoint a foreign exchange agent to calculate, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question, or such
other quotations as such foreign exchange agent shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Capital Securities of a series denominated in a currency other than
U.S. Dollars in connection with any action taken by Holders of Capital Securities pursuant to the terms of this Capital Securities Indenture including without limitation any determination contemplated in Section 5.01(b). 

All decisions and determinations regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph
shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Issuer and all Holders. 

Section 11.12. Submission to Jurisdiction. The Issuer agrees that any legal suit, action or proceeding arising out of or based
upon this Capital Securities Indenture may be instituted in any State or Federal court in the Borough of Manhattan, City and State of New York, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to
the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such court in any suit, action or proceeding. The Issuer has appointed Deutsche Bank Americas Holding Corp., c/o Office of the Secretary, 60 Wall Street, Mail
Stop NYC60-4006, New York, New York 10005, Attention: Peter Sturzinger as its authorized agent (the “Authorized Agent ”) upon which process may be instituted in any U.S. state or federal court in the Borough of Manhattan, City and
State of New York and the Issuer expressly accepts the jurisdiction of any such court in respect of such action. Such appointment shall be irrevocable unless and until a successor authorized agent, located or with an office in the Borough of
Manhattan, City and State of New York, shall have been appointed by the Issuer 

  
 64 

 
and such appointment shall have been accepted by such successor authorized agent. The Issuer represents and warrants that the Authorized Agent has agreed to act as said agent for service of
process, and the Issuer agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the
Authorized Agent and written notice of such service to the Issuer shall be deemed, in every respect, effective service of process upon the Issuer. 

Section 11.13. Judgment Currency. The Issuer agrees, to the fullest extent that it may effectively do so under applicable law,
that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest on the Capital Securities of any series (the “Required Currency”) into a currency
in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and
(b) its obligations under this Capital Securities Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance
with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in
respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of
the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Capital Securities Indenture. For purposes of the foregoing, “New York Banking Day”
means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or required by law or executive order to close. 

  
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 ARTICLE 12 

REDEMPTION OF CAPITAL SECURITIES 

Section 12.01. Applicability of Article; Federal Financial Supervisory Authority. The provisions of this Article shall be
applicable to the Capital Securities of any series which are redeemable (other than at their final maturity, if any Capital Security by its terms provides for a final maturity) except as otherwise specified as contemplated by Section 2.03 for
Capital Securities of such series. Any redemption of Capital Securities of any series (other than at their final maturity, if any Capital Security by its terms provides for a final maturity) shall be subject to (i) receipt by the Issuer of
prior written approval of the Relevant Regulator, if then required under applicable law, Capital Regulations, other regulations or policies of the Relevant Regulator; (ii) compliance with any other regulatory requirements; and (iii) the
requirements set forth in Article Thirteen. 
 Section 12.02. Notice of Redemption; Partial Redemptions. Notice of redemption to
the Holders of Registered Capital Securities of any series to be redeemed as a whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, to such Holders of Capital
Securities of such series at their last addresses as they shall appear upon the registry books at least 30 days and not more than 60 days prior to the date fixed for redemption, or within such other redemption notice period as has been designated
for any Capital Securities of such series pursuant to Section 2.03 or 2.04 (the “Redemption Notice Period”). Notice of redemption to the Holders of Bearer Capital Securities to be redeemed as a whole or in part, who have filed
their names and addresses with the Trustee within two years preceding such notice of redemption, shall be given by mailing notice of such redemption, by first class mail, postage prepaid, at least 30 and not more than 60 days prior to the date fixed
for redemption or within any applicable Redemption Notice Period to such Holders at such addresses as were so furnished to the Trustee (and, in the case of any such notice given by the Issuer, the Trustee shall make such information available to the
Issuer for such purpose). Notice of redemption to all other Holders of Bearer Capital Securities shall be published by the Issuer in an Authorized Newspaper in the Borough of Manhattan, The City of New York (and, if required by Section 3.06, in
an Authorized Newspaper in London, the United Kingdom, Luxembourg or Germany, as the case may be), in each case, once in each of three successive calendar weeks, the first publication to be not less than 30 nor more than 60 days prior to the date
fixed for redemption or within any applicable Redemption Notice Period; provided that notice to Holders of Bearer Capital Securities held only in global form may be made, at the option of the Issuer, through the customary notice provisions of
the clearing system or systems through which beneficial interests in such Bearer Capital Securities are owned. 

  
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Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or
any defect in the notice to the Holder of any Capital Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Capital Security of such series. 

The notice of redemption to each such Holder shall specify, the principal amount of each Capital Security of such series held by such Holder
to be redeemed, the CUSIP number, the date fixed for redemption, the redemption price (or if not then ascertainable, the manner of calculation thereof), the place or places of payment, that payment will be made upon presentation and surrender of
such Capital Securities and, in the case of Capital Securities with Coupons attached thereto, of all Coupons appertaining thereto maturing after the date fixed for redemption, that interest accrued to the date fixed for redemption will be paid as
specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. In case any Capital Security of a series is to be redeemed in part only the notice of redemption shall state
the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Capital Security, a new Capital Security or Capital Securities of such series in principal amount
equal to the unredeemed portion thereof will be issued. 
 The notice of redemption of Capital Securities of any series to be redeemed at
the option of the Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer. 

On or before the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit with the
Trustee or with one or more Paying Agents (or, if the Issuer is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 3.04) an amount of money or other property sufficient to redeem on the redemption date
all the Capital Securities of such series so called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption. The Issuer will deliver to the Trustee at least 45 days prior to the date fixed
for redemption or no more than 60 days prior to the first day of any applicable Redemption Notice Period an Officers’ Certificate stating the aggregate principal amount of Capital Securities to be redeemed. In case of a redemption at the
election of the Issuer prior to the expiration of any restriction on such redemption, the Issuer shall deliver to the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section, an Officers’ Certificate stating
that such restriction has been complied with. 

  
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 If less than all the Capital Securities of a series are to be redeemed, the Registrar shall
select, in such manner as it shall deem appropriate and fair, Capital Securities of such Series to be redeemed in whole or in part. Capital Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Capital
Securities of such series or any multiple thereof. The Registrar shall promptly notify the Issuer in writing of the Capital Securities of such series selected for redemption and, in the case of any Capital Securities of such series selected for
partial redemption, the principal amount thereof to be redeemed. For all purposes of this Capital Securities Indenture, unless the context otherwise requires, all provisions relating to the redemption of Capital Securities of any series shall
relate, in the case of any Capital Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Capital Security which has been or is to be redeemed. 

Section 12.03. Payment of Capital Securities Called For Redemption. If notice of redemption has been given as above provided, the
Capital Securities or portions of Capital Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for
redemption, and on and after said date (unless a Non-Payment Event has occurred with respect to the payment of such Capital Securities at the redemption price, together with interest accrued to said date) interest on the Capital Securities or
portions of Capital Securities so called for redemption shall cease to accrue, and the unmatured Coupons, if any, appertaining thereto shall be void, and, except as provided in Sections 6.05 and 10.03, such Capital Securities shall cease from and
after the date fixed for redemption to be entitled to any benefit or security under this Capital Securities Indenture, and the Holders thereof shall have no right in respect of such Capital Securities except the right to receive the redemption price
thereof and unpaid interest to the date fixed for redemption. On presentation and surrender of such Capital Securities at a place of payment specified in said notice, together with all Coupons, if any, appertaining thereto maturing after the date
fixed for redemption, said Capital Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided
that payment of interest becoming due on or prior to the date fixed for redemption shall be payable in the case of Capital Securities with Coupons attached thereto, to the Holders of the Coupons for such interest upon surrender thereof, and in the
case of Registered Capital Securities, to the Holders of such Registered Capital Securities registered as such on the relevant record date subject to the terms and provisions of Sections 2.03 and 2.07 hereof. 

If any Capital Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or
duly provided for, bear interest from the date fixed for redemption at the rate of interest borne by such Capital Security. 

  
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 If any Capital Security with Coupons attached thereto is surrendered for redemption and is not
accompanied by all appurtenant Coupons maturing after the date fixed for redemption, the surrender of such missing Coupon or Coupons may be waived by the Issuer and the Trustee, if there be furnished to each of them such security or indemnity as
they may require to hold each of them harmless. 
 Upon presentation of any Capital Security other than a Registered Global Capital Security
redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of the Issuer, a new Capital Security or Capital Securities of such series, of authorized
denominations, in principal amount equal to the unredeemed portion of the Capital Security so presented. 
 Section 12.04. Exclusion
of Certain Capital Securities From Eligibility for Selection for Redemption. Capital Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in an Officers’
Certificate delivered to the Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity
specifically identified in such written statement as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer. 

ARTICLE 13 

SUBORDINATION 

Section 13.01. Capital Securities Subordinated. The Capital Securities shall constitute unsecured and subordinated obligations of
the Issuer, ranking pari passu among themselves. In the event of the dissolution, liquidation, insolvency, composition or other proceedings for the avoidance of insolvency of, or against, the Issuer, the obligations under any series of the
Capital Securities shall be fully subordinated to (i) the claims of unsubordinated creditors of the Issuer, (ii) the claims under Tier 2 instruments (within the meaning of the CRR) of the Issuer, and (iii) the claims specified in
§ 39 (1) nos. 1 to 5 of the German Insolvency Statute (Insolvenzordnung – “InsO”)) so that in any such event no amounts shall be payable in respect of the Capital Securities until (i) the claims of such
unsubordinated creditors of the Issuer, (ii) the claims under such Tier 2 instruments, and (iii) the claims specified in § 39 (1) nos. 1 to 5 InsO have been satisfied in full. Subject to this subordination provision, the Issuer
may satisfy its obligations under the Capital Securities also from other distributable assets (freies Vermögen) of the Issuer. 

  
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 Claims under the Capital Securities will rank pari passu with the claims against the
Issuer under, as of the date of this Agreement, (i) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Funding Trust I of its U.S.$ 650,000,000 Non-cumulative Trust Preferred Securities (ISIN
US251528AA34), (ii) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Funding Trust V of its EUR 300,000,000 Non-cumulative Trust Preferred Securities (ISIN DE000A0AA0X5), (iii) the support
undertaking entered into in relation with the issuance by Deutsche Bank Capital Funding Trust VI of its EUR 900,000,000 Non-cumulative Trust Preferred Securities (ISIN DE000A0DTY34), (iv) the support undertaking entered into in relation with
the issuance by Deutsche Bank Capital Funding Trust VII of its U.S.$ 800,000,000 Non-cumulative Trust Preferred Securities (ISIN US25153RAA05); (v) the subordinated guarantee given by the Issuer in relation with the issuance by Deutsche Bank
Capital Funding Trust VIII of its U.S.$ 600,000,000 Non-cumulative Trust Preferred Securities (ISIN US25153U2042); (vi) the subordinated guarantee given by the Issuer in relation with the issuance by Deutsche Bank Capital Funding Trust IX of
its U.S.$ 1,150,000,000 Non-cumulative Trust Preferred Securities (ISIN US25153Y2063), (vii) the subordinated guarantee given by the Issuer in relation with the issuance by Deutsche Bank Capital Funding Trust XI of its EUR 1,300,000,000
Non-cumulative Trust Preferred Securities (ISIN DE000A1ALVC5) as well as (viii) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Trust I of its U.S.$ 318,000,000 Non-cumulative Trust Preferred
Securities (ISIN XS0095376439); (ix) the support undertaking entered into in relation with the issuance by Deutsche Bank Capital Trust II of its JPY 20,000,000,000 Non-cumulative Trust Preferred Securities (loan format); (x) the support
undertaking entered into in relation with the issuance by Deutsche Bank Capital Trust IV of its U.S.$ 162,000,000 Non-cumulative Trust Preferred Securities (ISIN XS0099377060); (xi) the support undertaking entered into in relation with the
issuance by Deutsche Bank Capital Trust V of its U.S.$ 225,000,000 Non-cumulative Trust Preferred Securities (ISIN XS0105748387) as well as (xii) the subordinated guarantee given by the Issuer in relation with the issuance by Deutsche Bank
Contingent Capital Trust II of its U.S.$ 800,000,000 Non-cumulative Trust Preferred Securities (ISIN US25153X2080); (xiii) the subordinated guarantee given by the Issuer in relation with the issuance by Deutsche Bank Contingent Capital Trust
III of its U.S.$ 1,975,000,000 Non-cumulative Trust Preferred Securities (ISIN US25154A1088); (xiv) the subordinated guarantee given by the Issuer in relation with the issuance by Deutsche Bank Contingent Capital Trust IV of its EUR
1,000,000,000 Non-cumulative Trust Preferred Securities (ISIN DE000A0TU305); (xv) the subordinated guarantee given by the Issuer in relation with the issuance by 

  
 70 

 
Deutsche Bank Contingent Capital Trust V of its U.S.$ 1,385,000,000 Non-cumulative Trust Preferred Securities (ISIN US25150L1089); as well as the following issuances of the Issuer: (xvi) the
EUR 1,750,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes (ISIN DE000DB7XHP3); (xvii) the USD 1,250,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes (ISIN XS1071551474) and (xviii) the
GBP 650,000,000 Undated Non-cumulative Fixed to Reset Rate Additional Tier 1 Notes (ISIN XS1071551391). The preceding list of support undertakings, subordinated guarantees and issuances may be amended from time to time as set out in the terms of the
Capital Securities. 
 The term “unsubordinated creditors” shall mean the holders of any indebtedness or other payment
obligation of the Issuer that is not expressed to be subordinated by means of contractual agreement or as a matter of law. 
 No Holder may
set off his claims arising under any series of the Capital Securities against any claims of the Issuer. No security or guarantee of whatever kind is, or shall at any time be, provided by the Issuer or any other person securing rights of the Holders
under the any series of the Capital Securities. 
 Section 13.02 Notice to the Trustee. (a) The Issuer shall give prompt
written notice to the Trustee within five days after the occurrence of any insolvency, bankruptcy, receivership, liquidation, reorganization, arrangement or similar proceeding of the Issuer within the meaning of Section 13.01 or the payment of
principal of, interest on, or other amounts owing under the Capital Securities with respect to which a Non-Payment Event has occurred. Upon any payment or distribution of assets of the Issuer referred to in this Article Thirteen, the Trustee,
subject to the provisions of Section 315(a) through 315(b) of the Trust Indenture Act, and the Holders of the Capital Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any such
dissolution, winding up, liquidation or reorganization proceeding affecting the affairs of the Issuer is pending or a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors or other liquidating trustee or agent or
other Person making any such payment or distribution, delivered to the Trustee or to the Holders of Capital Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the unsubordinated creditors
and other creditors of the Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Thirteen. 

(b) In the event that the Trustee determines, in good faith, that further evidence is required with respect to the right of any Person as an
unsubordinated creditor to participate in any payment or distribution pursuant to this Section 13.01, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of indebtedness held by
such 

  
 71 

 
unsubordinated creditor, as to the extent to which such Person is entitled to participate in such payment or distribution, and as to other facts pertinent to the rights of such Person under this
Section 13.01, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. Notwithstanding anything to the contrary contained
herein, the prior claim of the Trustee and the Agents shall not be subject or affected by the provisions of Article 13 hereof. 

Section 13.03. Payments on Capital Securities Permitted. Except as otherwise provided in this Article Thirteen, nothing contained
in this Capital Securities Indenture, or in any of the Capital Securities, shall affect the obligation of the Issuer to make, or prevent the Issuer from making payment of the principal of (or premium, if any), interest or any additional amounts on
the Capital Securities to the extent the terms of the Capital Securities so provide with respect to any such payment, in accordance with the provisions hereof and thereof. 

Section 13.04. Effectuation of Subordination By Trustee. Each Holder of Capital Securities, by his acceptance thereof, authorizes
and directs the Trustee in his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article Thirteen and appoints the Trustee his attorney-in-fact for any and all such purposes. 

Section 13.05. Knowledge of Trustee. Notwithstanding the provisions of this Article Thirteen or any other provisions of this
Capital Securities Indenture, the Trustee shall not be charged with knowledge of the existence of any unsubordinated creditor, or the payment of the principal of or the premium, if any, or interest or additional amounts on any indebtedness held by
the unsubordinated creditors, except any indebtedness held by an unsubordinated creditor issued pursuant to an instrument to which a Responsible Officer of the Trustee having responsibility for this Capital Securities Indenture knows of or is a
party or pursuant to an indenture under which the Trustee hereunder is Trustee, or of any facts which would prohibit the making of any payment of monies to or by the Trustee, or the taking of any other action by the Trustee, unless and until the
Trustee shall have received written notice thereof, before 12:00 noon on the last Business Day prior to the date on which such payment is due, from the Issuer, any Holder of the Capital Securities, any Paying Agent of the Issuer or the holder or
representative of any class of unsubordinated creditors who shall have been certified by the Issuer or otherwise established to the reasonable satisfaction of the Trustee to be such a holder. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Capital Securities Indenture to be duly
executed, all as of November 6, 2014. 
  

					
	 DEUTSCHE BANK

AKTIENGESELLSCHAFT

  

					
	By:	 	 /s/ JONATHAN BLAKE

		 	 Name:
	 	 Jonathan Blake

		 	 Title:
	 	 Managing Director

  

					
	By:	 	 /s/ MARCO ZIMMERMANN

		 	 Name:
	 	 Marco Zimmermann

		 	 Title:
	 	 Director

  

					
	 THE BANK OF NEW YORK MELLON,

TRUSTEE

	By:	 	 /s/ BETH KLEEH

		 	 Name:
	 	 Beth Kleeh

		 	 Title:
	 	 Vice President

  

					
	 DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Paying Agent,
 Calculation Agent, Transfer Agent
and
 Registrar and Authenticating Agent

  

					
	By:	 	DEUTSCHE BANK NATIONAL TRUST COMPANY

  

					
	By:	 	 /s/ LINDA REALE

		 	 Name:
	 	 Linda Reale

		 	 Title:
	 	 Vice President

  

					
	 By:
	 	 /s/ RODNEY GAUGHAN

		 	 Name:
	 	 Rodney Gaughan

		 	 Title:
	 	 Vice President

  
 73

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