Document:

Amendment No. 9 to the Loan and Security Agreement

 Exhibit 10.1 
 NINTH AMENDMENT 
 TO 
 LOAN AND SECURITY AGREEMENT 
 THIS NINTH AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into this 22nd day of December, 2009, by and between Silicon Valley Bank (“Bank”)
and Exelixis, Inc., a Delaware corporation (“Borrower”), whose address is 170 Harbor Way, South San Francisco, California 94083. 
 RECITALS 
 A. Bank and Borrower have
entered into that certain Loan and Security Agreement dated as of May 22, 2002 (as amended, modified, supplemented or restated from time to time, the “Loan Agreement”). 
 B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement and Bank has agreed to so amend certain provisions of the Loan
Agreement, but only to the extent, in accordance with the terms, subject to the conditions, and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the
Loan Agreement. 
 2. Amendments to Loan Agreement. 
 2.1 Equipment Advances Facility D. Section 2.1.4(a) of the Loan Agreement is hereby amended and restated in its
entirety to read as follows: 
 (a) Subject to the terms and conditions of this Agreement, Bank agrees to lend to Borrower, from
December 31, 2009 through June 30, 2011 (the “Facility D Availability End Date”), equipment advances (“Facility D Equipment Advances”) in an aggregate amount not to exceed the Facility D Committed Equipment Line. When
repaid, the Facility D Equipment Advances may not be reborrowed. The proceeds of each Facility D Equipment Advance will be used solely to reimburse Borrower for 100% of the Original Stated Cost of Eligible Equipment purchased within one hundred

  

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 eighty (180) days (determined based upon the applicable invoice date of such Eligible
Equipment) of the Facility D Equipment Advance. 
 2.2 Equipment Advances. Section 2.3.1 of the Loan
Agreement is hereby amended by adding the following Section 2.3.1(e) after Section 2.3.1(d): 
 (e)
Notwithstanding any other terms of this Agreement to the contrary, Borrower shall be required to borrow Facility D Equipment Advances, each in a minimum amount equal to $2,500,000, by the following dates: (i) June 30, 2010,
(ii) December 31, 2010, and (iii) June 30, 2011. To the extent Borrower borrows less than the minimum $2,500,000 as of each such date, the difference between the actual amount borrowed and $2,500,000 shall be deemed a
“Facility D Equipment Advance Deficiency”. Borrower shall pay interest to Bank (as set forth in Sections 2.3.1 (a) through (d)) for each Facility D Equipment Advance Deficiency as if it constituted a Facility D Equipment Advance.

 2.3 Amended Definition. The following defined term under Section 13 of the Loan Agreement is hereby
amended and restated in its entirety to read as follows: 
 “Facility D Committed Equipment Line” is,
(i) prior to December 31, 2009, $30,000,000 of Facility D Equipment Advances for the financing of Eligible Equipment and (ii) as of December 31, 2009 and all times thereafter, $33,621,219.54 of Facility D Equipment Advances for
the financing of Eligible Equipment (this amount includes all outstanding Facility D Equipment Advances as of December 18, 2009, and represents an increase of $3,621,219.54 to the original Facility D Committed Equipment Line, thereby increasing
the amount of available funds under the Facility D Committed Equipment Line to $15,000,000 as of December 22, 2009). 
 2.4 New Definition. The following new defined term is added to Section 13 of the Loan Agreement in alphabetical order: 
 “Facility D Equipment Advance Deficiency” is defined in Section 2.2 of the Ninth Amendment to Loan and Security Agreement dated as of December 22, 2009, by and between Bank and
Borrower. 
 3. Limitation of Amendments. 
 3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a
consent to any amendment, waiver or modification of any other term or condition of any

  

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Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as
follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained
in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and
(b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and authority to execute and
deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The
organizational documents of Borrower delivered by Borrower to Bank most recently prior to the execution of this Amendment remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force
and effect; 
 4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and
delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower,
(b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the
organizational documents of Borrower; 
 4.6 The execution and delivery by Borrower of this Amendment and the performance
by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental
or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization,

  

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liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 5. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be
deemed to constitute one and the same instrument. 
 6. Effectiveness. This Amendment shall be deemed effective upon the
due execution and delivery to Bank of this Amendment by each party hereto. 
  

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

									
	BANK	 		 	BORROWER
			
	SILICON VALLEY BANK	 		 	EXELIXIS, INC.
					
	By:	 	 /s/ Benjermin Columbo
	 		 	By:	 	 /s/ Deborah Burke

	Name:	 	Benjermin Colombo	 		 	Name:	 	Deborah Burke
	Title:	 	Deal Team Leader, Life Science Practice	 		 	Title:	 	Controller

 Amendment Number Nine to Loan and Security AgreementEXHIBIT 4.1

 Exhibit 4.1 
 Execution Copy 
 THIRTY-SECOND SUPPLEMENTAL INDENTURE TO

 AMENDED AND RESTATED INDENTURE 
 THIRTY-SECOND SUPPLEMENTAL INDENTURE, dated as of December 22, 2009, among HOST HOTELS & RESORTS, L.P., a Delaware limited partnership (the “Company”), Host Hotels &
Resorts, Inc., a Maryland Corporation (“Host REIT”), the Subsidiary Guarantors signatory to this Thirty-Second Supplemental Indenture and THE BANK OF NEW YORK MELLON (formerly The Bank of New York), as Trustee (the “Trustee”) to
the Amended and Restated Indenture, dated as of August 5, 1998, as amended and supplemented through the date of this Thirty-Second Supplemental Indenture (the “Indenture”). 
 R E C I T A L S 
 WHEREAS, the Company, its Parents, certain of the Subsidiary Guarantors and HSBC Bank USA (f/k/a Marine Midland Bank) executed and delivered the Amended and Restated Indenture, dated as of August 5,
1998, amending and restating the form of Indenture previously filed as Exhibit 4.1 to the Registration Statement (No. 333-50729) filed with the Securities and Exchange Commission (“Commission”) on Form S-3 by the Company, its Parents and
certain of the Subsidiary Guarantors; 
 WHEREAS, the Trustee has succeeded HSBC Bank USA as the trustee under such Indenture.

 WHEREAS, the Company and the Subsidiary Guarantors desire to create a Series of Securities to be issued under the Indenture,
as hereby supplemented, to be known as the 2.50% Exchangeable Senior Debentures due October 15, 2029 and Subsidiary Guarantees thereof of the Subsidiary Guarantors (hereinafter, the “Exchangeable Debentures”); 
 WHEREAS, Section 9.1(e) of the Indenture provides that the Company, the Subsidiary Guarantors and the Trustee may amend or supplement
the Indenture without the written consent of the Holders of the outstanding Securities to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by the Indenture; 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws of the Company, the
Subsidiary Guarantors and the Trustee necessary to make this Thirty-Second Supplemental Indenture a valid instrument legally binding on the Company, the Subsidiary Guarantors and the Trustee, in accordance with its terms, have been duly done and
performed; and 
  

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 WHEREAS, all conditions precedent to amend or supplement the Indenture have been met.

 NOW, THEREFORE, to comply with the provisions of the Indenture, and in consideration of the above premises, the Company, the
Subsidiary Guarantors and the Trustee covenant and agree as follows: 
 ARTICLE 1 
 Section 1.01 Nature of Supplemental Indenture. This Thirty-Second Supplemental Indenture supplements the Indenture and does, and
shall be deemed to, form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 
 Section 1.02 Establishment of New Series. Pursuant to Section 2.2 of the Indenture, there is hereby established the Exchangeable Debentures having the terms, in addition to those set forth in the Indenture and this Thirty-Second
Supplemental Indenture, set forth in the form of Exchangeable Debenture, attached to this Thirty-Second Supplemental Indenture as Exhibit A, which is incorporated herein as a part of this Thirty-Second Supplemental Indenture. 
 Section 1.03 Redemption. (a) The Company shall have the right to redeem the Exchangeable Debentures for cash, in whole or in
part, (i) at any time, if the Company determines it is necessary to redeem the Exchangeable Debentures in order to preserve Host REIT’s status as a real estate investment trust and (ii) at any time or from time to time, on or after
October 20, 2015, in each case, upon the notice set forth in Section 1.04 of this Thirty-Second Supplemental Indenture at a Redemption Price equal to 100% of the principal amount of the Exchangeable Debentures to be redeemed plus unpaid
interest (including Liquidated Damages, if any) accrued thereon to, but excluding, the Redemption Date; provided, however that if the Redemption Date falls after a Record Date and on or prior to the corresponding interest payment date,
the Company will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Exchangeable
Debentures for redemption). In connection with any redemption by the Company pursuant to clause (i) in this Section 1.03(a), the Company shall provide the Trustee with an Officers’ Certificate evidencing that the Host REIT Board of
Directors has, in good faith, made the determination that it is necessary to redeem the Exchangeable Debentures in order to preserve the Guarantor’s status as a real estate investment trust. If the Paying Agent holds money sufficient to pay the
Redemption Price due on an Exchangeable Debenture on the Redemption Date, then, on and after the Redemption Date, that Exchangeable Debenture will cease to be outstanding and interest on that Exchangeable Debenture will cease to accrue, whether or
not the Holder effects a book-entry transfer of that Exchangeable Debenture or delivers that Exchangeable Debenture to the Paying Agent. Thereafter, all other rights of the Holder of that Exchangeable Debenture terminate, other than the right to
receive the Redemption Price due on the Redemption Date. 
  

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 (b) The Company shall not redeem the Exchangeable Debentures pursuant to
Section 1.03(a) on any date if the principal amount of the Exchangeable Debentures has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date (except in the case of an acceleration resulting from a
default by the Company in the payment of the Redemption Price with respect to the Exchangeable Debentures to be redeemed). 
 (c) If less than all of the Exchangeable Debentures are to be redeemed, the Trustee shall select the Exchangeable Debentures to be redeemed (in principal amounts of $1,000 or multiples thereof, provided that the remaining principal amount
of any Exchangeable Debentures not subject to repurchase must be in an authorized denomination of $2,000 or integral multiple of $1,000 in excess thereof) on a pro rata basis or by another method the Trustee deems fair and appropriate or is required
by the Depository; provided, that if any Exchangeable Debenture selected for partial redemption is exchanged in part before termination of the right to exchange such Exchangeable Debenture pursuant to Article 6 with respect to the portion of
the Exchangeable Debenture so selected, the exchanged portion of such Exchangeable Debenture shall be deemed (so far as may be) to be the portion selected for redemption. Exchangeable Debentures which have been exchanged during a selection of
Exchangeable Debentures to be redeemed may be treated by the Trustee as outstanding for the purpose of such selection. 
 (d) In
the event of any redemption, the Company will not be required to: 
 (i) Issue or register the transfer or exchange of any
Exchangeable Debenture during a period beginning at 9:00 a.m., New York City time 15 days before any selection of Exchangeable Debentures to be redeemed and ending at 5:00 p.m., New York City time on the day of mailing of the relevant notice of
redemption, or 
 (ii) Register the transfer or exchange of any Exchangeable Debenture, or portion thereof, called for
redemption, except the unredeemed portion of any Exchangeable Debenture being redeemed in part. 
 (e) If the Company calls the
Exchangeable Debentures for redemption, a Holder may exchange its Exchangeable Debentures only until 5:00 p.m., New York City time on the second Business Day immediately preceding the Redemption Date, unless the Company fails to pay the Redemption
Price. 
 Section 1.04 Notice of Optional Redemption. In case the Company shall desire to exercise the right to redeem
all or, as the case may be, any part of the Exchangeable Debentures pursuant to Section 1.03, the Company shall be subject to the notice requirements of Article 3 of the Indenture, except the Company, or the Trustee in the name of and at the
expense of the Company, shall mail or cause to be mailed a notice of such redemption not fewer than fifteen (15) calendar days nor more than sixty (60) calendar days prior to the Redemption Date to each Holder of Exchangeable Debentures so
to be redeemed in whole or in part at its last address as the same appears on the Exchangeable Debenture Register. 
  

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 Section 1.05 Tax Withholding. The Company or Host REIT is permitted to deduct,
withhold and pay to the applicable governmental authority from payment of interest otherwise due to Holder, from cash payable to a Holder on redemption or from shares of Host REIT Common Stock otherwise deliverable to a Holder upon exchange of an
Exchangeable Debenture, and from any other payment made with respect to an Exchangeable Debenture, any amount that either the Company or Host REIT is required by applicable laws to withhold, and any amount so deducted, withheld and paid over shall
be deemed paid to such Holder for all purposes of this Indenture. 
 Section 1.06 Sinking Fund. There shall be no sinking
fund provided for the Exchangeable Debentures. 
 Section 1.07 For purposes of the Exchangeable Debentures, Section 8.5 of
the Indenture shall be amended to read: 
 “The Trustee and each Paying Agent shall pay to the Company upon request any
money held by them for the payment of principal or interest that remains unclaimed for two years after a right to such money has matured; provided, however, that the Trustee or such Paying Agent, before being required to make any such
payment, may, at the expense of the Company, either publish in a newspaper of general circulation in The City of New York, or cause to be mailed to each Holder entitled to such money, notice that such money remains unclaimed and that after a date
specified therein, which shall be at least thirty (30) calendar days from the date of such mailing or publication, any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Holders entitled
to money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person, and the Trustee and each Paying Agent shall be relieved of all liability with respect to such money.”

 ARTICLE 2 
 Section 2.01 “Subsidiary Guarantors” means, with respect to the Exchangeable Debentures, (A) the Subsidiary Guarantors listed in Section 2.03 below and (B) any Future Subsidiary Guarantors that become
Subsidiary Guarantors pursuant to the terms of the Indenture, but excluding any Persons whose Guarantees have been released pursuant to the terms of the Indenture. The provisions of Article 12 of the Indenture other than Section 12.4(b)(iii)
will be applicable to the Exchangeable Debentures. 
  

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 Section 2.02 The second sentence of the definition of “Subsidiary
Guarantee” set forth in Section 1.1 of the Indenture shall read, for purposes of the Exchangeable Debentures, as follows: “Each Subsidiary Guarantee with respect to the Exchangeable Debentures will be a senior obligation of the
Subsidiary Guarantor and will be full and unconditional regardless of the enforceability of the Exchangeable Debentures, this Thirty-Second Supplemental Indenture or the Indenture.” 
 Section 2.03 The following entities shall constitute the “Subsidiary Guarantors” with respect to the Exchangeable
Debentures until such time as their guarantees are released in accordance with the terms of the Indenture: 
  

	(1)	Airport Hotels LLC 

	(2)	Host of Boston, Ltd. 

	(3)	Host of Houston Ltd. 

	(4)	Host of Houston 1979 

	(5)	HMC Retirement Properties, L.P. 

	(6)	HMH Marina LLC 

	(7)	HMC Atlanta LLC 

	(8)	HMC BCR Holdings LLC 

	(9)	HMC Burlingame LLC 

	(10)	HMC Capital Resources LLC 

	(11)	Host Park Ridge LLC 

	(12)	HMC Suites LLC 

	(13)	HMC Suites Limited Partnership 

	(14)	Wellsford-Park Ridge HMC Hotel Limited Partnership 

	(15)	YBG Associates LLC 

	(16)	HMC Chicago LLC 

	(17)	HMC Desert LLC 

	(18)	HMC Diversified LLC 

	(19)	HMC East Side LLC 

	(20)	East Side Hotel Associates, L.P. 

	(21)	HMC East Side II LLC 

	(22)	HMC Grand LLC 

	(23)	HMC Hanover LLC 

	(24)	HMC Hotel Development LLC 

	(25)	HMC Manhattan Beach LLC 

	(26)	HMC Market Street LLC 

	(27)	New Market Street LP 

	(28)	HMC Georgia LLC 

	(29)	HMC Mexpark LLC 

	(30)	HMC Polanco LLC 

	(31)	HMC NGL LLC 

	(32)	HMC OLS I LP 

	(33)	HMC PLP LLC 

	(34)	Chesapeake Hotel Limited Partnership 

  

 5 

	(35)	HMC Potomac LLC 

	(36)	HMC Properties I LLC 

	(37)	HMC SBM Two LLC 

	(38)	HMC Seattle LLC 

	(39)	HMC SFO LLC 

	(40)	HMC Swiss Holdings LLC 

	(41)	HMH General Partner Holdings LLC 

	(42)	HMH Pentagon LLC 

	(43)	HMH Restaurants LLC 

	(44)	HMH Rivers LLC 

	(45)	HMH Rivers, L.P. 

	(46)	HMH WTC LLC 

	(47)	Host La Jolla LLC 

	(48)	City Center Hotel Limited Partnership 

	(49)	Times Square LLC 

	(50)	Ivy Street LLC 

	(51)	Market Street Host LLC 

	(52)	Philadelphia Airport Hotel LLC 

	(53)	PM Financial LLC 

	(54)	PM Financial LP 

	(55)	HMC Property Leasing LLC 

	(56)	HMC Host Restaurants LLC 

	(57)	S.D. Hotels LLC 

	(58)	Times Square GP LLC 

	(59)	Durbin LLC 

	(60)	HMC HT LLC 

	(61)	HMC OLS I LLC 

	(62)	HMC OLS II L.P. 

	(63)	HMC/Interstate Manhattan Beach, L.P. 

	(64)	Ameliatel 

	(65)	HMC Amelia I LLC 

	(66)	HMC Amelia II LLC 

	(67)	Rockledge Hotel LLC 

	(68)	HMC Copley LLC 

	(69)	HMC Headhouse Funding LLC 

	(70)	Ivy Street Hopewell LLC 

	(71)	HMC Diversified American Hotels, L.P. 

	(72)	Potomac Hotel Limited Partnership 

	(73)	HMC AP GP LLC 

	(74)	HMC AP LP 

	(75)	HMC AP Canada Company 

	(76)	HMC Toronto Airport GP LLC 

  

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	(77)	HMC Toronto Airport LP 

	(78)	HMC Toronto EC GP LLC 

	(79)	HMC Toronto EC LP 

	(80)	HMC Charlotte GP LLC 

	(81)	HMC Charlotte (Calgary) Company 

	(82)	Calgary Charlotte Partnership 

	(83)	Calgary Charlotte Holdings Company 

	(84)	HMC Grace (Calgary) Company 

	(85)	HMC Maui LLC 

	(86)	HMC Kea Lani LLC 

	(87)	HMC Chicago Lakefront LLC 

	(88)	HMC Lenox LLC 

	(89)	HMC O’Hare Suites Ground LLC 

	(90)	HMC Toronto Air Company 

	(91)	HMC Toronto EC Company 

	(92)	Host Realty Partnership, L.P. 

	(93)	Host Houston Briar Oaks, L.P. 

	(94)	Cincinnati Plaza LLC 

	(95)	Host Cincinnati Hotel LLC 

	(96)	Host Financing LLC 

	(97)	Host Fourth Avenue LLC 

	(98)	Host Indianapolis I LLC 

	(99)	Host Los Angeles LLC 

	(100)	Host Mission Hills, L.L.C. 

	(101)	Host Mission Hills II LLC 

	(102)	Host Mission Hills Hotel LLC 

	(103)	Host Needham Hotel LLC 

	(104)	Host Needham LLC 

	(105)	Host Needham II LLC 

	(106)	Host Realty LLC 

	(107)	Host Realty Company, LLC 

	(108)	Host Realty Hotel LLC 

	(109)	Host Tucson LLC 

	(110)	Host Waltham LLC 

	(111)	Host Waltham II LLC 

	(112)	Host Waltham Hotel LLC 

	(113)	HST LT LLC 

	(114)	HST I LLC 

	(115)	South Coast Host Hotel LLC 

	(116)	Starlex LLC 

	(117)	Host Cincinnati II LLC 

	(118)	BRE/Swiss L.L.C. 

  

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	(119)	HHR Harbor Beach LLC 

	(120)	HHR Lauderdale Beach Limited Partnership 

	(121)	HMC Cambridge LLC 

	(122)	HMC McDowell Mountains LLC 

	(123)	HMC McDowell LLC 

	(124)	HMC Charlotte LP 

	(125)	HMC Reston LLC 

	(126)	Host Atlanta Perimeter Ground LLC 

	(127)	Host Capitol Hill LLC 

	(128)	Host Dallas Quorum Ground LLC 

	(129)	Host Indianapolis Hotel LLC 

	(130)	Host Indianapolis Hotel Member LLC 

	(131)	Host Indianapolis LLC 

	(132)	IHP Holdings Partnership LP 

	(133)	HMC Gateway LP 

	(134)	HHR Singer Island Limited Partnership 

	(135)	HHR Singer Island GP LLC 

	(136)	Pacific Gateway, Ltd. 

	(137)	Host Kierland LLC’ 

 By
execution of this Thirty-Second Supplemental Indenture, each of the Subsidiary Guarantors makes and confirms the guarantees set forth in Section 12.1 of the Indenture and shall be deemed to have signed the notation of guarantee set forth on the
Securities as provided in Section 12.2 of the Indenture. 
 ARTICLE 3 
 Section 3.01 The covenants set forth in Sections 4.7 through and including 4.15 of the Indenture shall not be applicable to the Exchangeable
Debentures. 
 ARTICLE 4 
 Section 4.01 The following definitions are hereby added to the Indenture solely with respect to the Exchangeable Debentures: 
 “Additional Change in Control Shares” has the meaning set forth in Section 6.11(a). 
 “Agent Members” has the meaning set forth in Section 7.01. 
 “Applicable Exchange Period” with respect to any Exchangeable Debenture means: 
  

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 (i) if the relevant Exchange Date occurs prior to the date that is 15 Business Days prior to
the Maturity Date and a Cash Settlement or a Combination Settlement applies, the 10 consecutive Trading-Day period beginning on and including the second Trading Day after the related Exchange Date; and 
 (ii) if the relevant Exchange Date occurs on or after the date that is 15 Business Days prior to the Maturity Date, and regardless of the
Settlement Method, the 10 consecutive Trading Days beginning on and including the 12th Scheduled Trading Day immediately preceding the Maturity Date. 
 “Applicable Exchange Rate” as of any Trading Day, means the Exchange Rate in effect on such date, after giving effect to any adjustment provided for in Section 6.05 or Section 6.11.

 “Cash Settlement” has the meaning set forth in Section 6.10(a). 
 “Certificated Exchangeable Debenture” means a certificated Exchangeable Debenture registered in the name of the Holder
thereof and issued in accordance with Section 7.01 of this Thirty-Second Supplemental Indenture, in the form of Exhibit A to this Thirty-Second Supplemental Indenture except that such Exchangeable Debenture shall not include the information
called for by footnotes 1 and 2 thereof. 
 “Change in Control” shall be deemed to have occurred at the time
after the Exchangeable Debentures are originally issued, if any of the following occurs (i) Host REIT (A) merges or consolidates with or into any other person, other than a Subsidiary, another person merges with or into Host REIT, or Host
REIT conveys, sells, transfers or leases all or substantially of its consolidated assets to another person or (B) engages in any recapitalization, reclassification or other transaction in which all or substantially all Host REIT Common Stock is
exchanged for or converted into cash, securities or other property, in each case, other than any merger or consolidation; (a) that does not result in a reclassification, conversion, exchange or cancellation of Host REIT’s outstanding
Common Stock; (b) pursuant to which the holders of Host REIT Common Stock immediately prior to the transaction are entitled to exercise, directly or indirectly, 50% or more of the voting power of all shares of capital stock entitled to vote
generally in the election of directors, managers or trustees, as capital stock entitled to vote generally in the election of directors, managers or trustees, as applicable, of either (1) the continuing or surviving entity or (2) an entity
that directly or indirectly owns 100% of the capital stock of such continuing or surviving entity, in either case, immediately after such transaction; provided that, in the case of this clause (2), such parent entity fully and unconditionally
guarantees all obligations of such continuing or surviving entity under the Exchangeable Debentures and the Indenture on a senior basis on terms and pursuant to a

  

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supplemental indenture reasonably satisfactory to the Trustee; or (c) which is effected solely to change Host REIT’s jurisdiction of incorporation and results in a reclassification,
conversion or exchange of outstanding shares of Host REIT Common Stock solely into shares of common stock of the surviving entity; (ii) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d)
of the Exchange Act, whether or not applicable), other than Host REIT or any wholly owned Subsidiary of Host REIT, is or becomes the “beneficial owner,” directly or indirectly, of more than 50% of the total voting power in the aggregate of
all classes of the Company’s shares of capital stock (or the capital stock of Host REIT for so long as Host REIT is a parent of the Company immediately prior to such transaction or series of related transactions) then outstanding normally
entitled to vote generally in elections of directors, managers or trustees, as applicable; (iii) during any period of 12 consecutive months after the date of original issuance of the Exchangeable Debentures (for so long as Host REIT is a parent
of the Company immediately prior to such transaction or series of related transaction), persons who at the beginning of such 12-month period constituted the Board of Directors of Host REIT (together with any new persons whose election was approved
by a vote of a majority of the persons then still comprising the Board of Directors who were either members of the Board of Directors at the beginning of such period or whose election, designation or nomination for election was previously so
approved), cease for any reason to constitute a majority of the Board of Directors of Host REIT, then in office; (iv) the holders of Host REIT’s capital stock approve any plan or proposal for the liquidation or dissolution of Host REIT
(whether or not otherwise in compliance with the Indenture); or (v) Host REIT ceases to be a general partner of the Company or ceases to control the Company; provided, however, that the pro rata, distribution by Host REIT to its
shareholders of shares of the Company’s capital stock or shares of any of Host REIT’s other Subsidiaries, will not, in and of itself, constitute a Change in Control for purposes of this definition. Notwithstanding the occurrence of an
event specified in the foregoing clauses (i) through (v), a Change in Control shall not be deemed to have occurred if at least 90% of the consideration (excluding cash payments for fractional shares and cash payments made pursuant to
dissenters’ appraisal rights) in a merger, consolidation or other transaction otherwise constituting a Change in Control consists of common stock (or American Depositary Receipts or other certificates representing common equity interests)
traded on a national securities exchange or an established automated over-the-counter trading market in the United States (or will be so traded or quoted immediately following such merger, consolidation or other transaction) and as a result of the
merger, consolidation or other transaction, the Exchangeable Debentures become exchangeable into such common stock (or American Depositary Receipts or other certificates representing common equity interests). For purposes of this definition,
“person” includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 
 “Combination Settlement” has the meaning set forth in Section 6.10(a). 
 “Corporate Trust Office” or other similar term, means the designated office of the Trustee at which, at any particular time, its corporate trust business as it relates to this

  

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Thirty-Second Supplemental Indenture shall be administered, which office is, at the date as of which this Thirty-Second Supplemental Indenture is dated, located at The Bank of New York Mellon,
101 Barclay Street, Floor 8W, New York, NY 10028, Attn: Corporate Trust Services, or at any other time at such other address as the Trustee may designate from time to time by notice to the Company. 
 “Closing Sale Price” of Host REIT Common Stock or other capital stock or similar equity interests or other publicly traded
securities on any date means the closing sale price per share (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average
closing ask prices) on such date as reported on the principal United States securities exchange on which shares of Host REIT Common Stock or such other capital stock or similar equity interests or other securities are traded or, if Host REIT Common
Stock or such other capital stock or similar equity interests or other securities are not listed on a United States national or regional securities exchange, as reported by the National Quotation Bureau Incorporated or another established
over-the-counter trading market in the United States. The Closing Sale Price will be determined without regard to after-hours trading or extended market making. In the absence of the foregoing, the Company will determine the Closing Sale Price on
such basis as the Company considers appropriate. 
 “Common Stock Legend” has the meaning set forth in
Section 7.01. 
 “Daily Exchange Value” means, for each of the 10 consecutive Trading Days during the
Applicable Exchange Period, 1/10 of the product of (i) the Applicable Exchange Rate on such day and (ii) the Daily VWAP of Host REIT Common Stock on such day. 
 “Daily Settlement Amount” has the meaning set forth in Section 6.10(d). 
 “Daily VWAP” means, for each of the 10 consecutive Trading Days during the Applicable Exchange Period, the per share volume-weighted average price as displayed under the heading
“Bloomberg VWAP” on Bloomberg page “HST.N <equity> AQR” (or any successor thereto) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such
Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Host REIT Common Stock on such Trading Day, determined using a volume-weighted average method, by a nationally recognized independent investment
banking firm retained for this purpose by us). Daily VWAP will be determined without regard to after hours trading or any other trading outside of the regular trading session trading hours. 
 “Designated Event” has the meaning set forth in Section 5.01(a). 
  

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 “Designated Event Repurchase Date” has the meaning set forth in
Section 5.01(a). 
 “Designated Event Repurchase Notice” has the meaning set forth in
Section 5.01(c). 
 “DTC” means The Depository Trust Company. 
 “Effective Date” has the meaning set forth in Section 6.11(b). 
 “Ex-Dividend Date” has the meaning set forth in Section 6.01(a)(iv)(a). 
 “Exchange Agent” means an office or agency where Exchangeable Debentures may be presented for exchange, which shall
initially be The Bank of New York Mellon. 
 “Exchangeable Debenture Register” has the meaning set forth in
Section 7.01(a). 
 “Exchange Date” has the meaning set forth in Section 6.02. 
 “Exchange Obligation” has the meaning set forth in Section 6.10(a). 
 “Exchange Price” means $1,000 divided by the Applicable Exchange Rate. 
 “Exchange Rate” has the meaning set forth in Section 6.04. 
 “Existing Senior Notes” means amounts outstanding from time to time of (i) the 7 1/8% Series K Senior Notes due 2013 of the Company,
(ii) the 7% Series M Senior Notes due 2012 of the Company, (iii) the 6 3/8% Series O Senior Notes due 2015 of the Company; (iv) the 6 3/4% Series Q Senior Notes due 2016 of the Company; (v) the 6 7/8% Series S Senior Notes due 2014 of the Company; (vi) the 9% Series T Senior Notes due 2012, (vii) the 3.25% Exchangeable Senior Debentures due
2024, (viii) the 2.625% Exchangeable Senior Debentures due 2027, and (ix) Senior Notes with an interest rate of 10% due May 2012 in each case not in excess of amounts outstanding immediately following the Series Issue Date of the
Exchangeable Debentures, less amounts retired from time to time. 
 “Expiration Time”
has the meaning set forth in Section 6.05(e). 
  

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 “Global Debenture” means an Exchangeable Debenture, which includes the
information referred to in footnotes 1 and 2 to the form of Exchangeable Debenture attached to this Thirty-Second Supplemental Indenture as Exhibit A, issued under the Indenture, and that is deposited with or on behalf of and registered in the name
of the Depository or a nominee of the Depository. 
 “Global Debenture Legend” means the legend set forth in
Section 7.01(f) of this Thirty-Second Supplemental Indenture, which is required to be placed on all Global Debentures issued under the Indenture. 
 “Host REIT” means Host Hotels & Resorts, Inc., a Maryland corporation and the successor by merger to Host, which is the sole general partner of the Company following the REIT
Conversion, and its successors and assigns. 
 “Host REIT Common Stock” means the common stock, par value $0.01
per share, of Host REIT. 
 “Initial Purchasers” means Deutsche Bank Securities Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated, J.P. Morgan Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Goldman, Sachs & Co., Scotia Capital (USA) Inc., BNY Mellon Capital Markets, LLC, Calyon Securities (USA) Inc., RBS
Securities Inc., and UBS Securities LLC. 
 “Issuer Repurchase Notice Date” shall have the meaning set forth in
Section 5.03(a). 
 “Issuer Repurchase Notice” shall have the meaning set forth in Section 5.03(b).

 “Liquidated Damages” shall have the meaning set forth in the Registration Rights Agreement. 
 “Make Whole Cap” has the meaning set forth in Section 6.11(f). 
 “Make Whole Floor” has the meaning set forth in Section 6.11(f). 
 “Market Disruption Event” means (i) a failure by the primary United States national or regional securities exchange or
market on which Host REIT Common Stock is listed or admitted to trading to open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for Host
REIT Common Stock for more than one half-hour period in the aggregate during regular trading

  

 13 

 
hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in Host REIT Common Stock or in
any options, contracts or future contracts relating to Host REIT Common Stock. 
 “Maximum Exchange Rate” has
the meaning set forth in Section 6.05(f). 
 “Offering Memorandum” means the Offering Memorandum of the
Company and the Subsidiary Guarantors, dated December 15, 2009, with respect to the Exchangeable Debenture. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company or Subsidiary Guarantor, as applicable, by officers of the Company or Subsidiary Guarantor, as applicable, who must be the principal executive
officer, the principal financial officer, the treasurer or the principal accounting officer of the Company or Subsidiary Guarantor, as applicable. 
 “OP Units” means the partnership interests of the Company. 
 “Participant” means, with respect to the Depository, Euroclear or Clearstream, a Person who has an account with the Depository, Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company,
shall include Euroclear and Clearstream). 
 “Paying Agent” means, until otherwise designated, the Trustee.

 “Physical Settlement” has the meaning set forth in Section 6.10(a). 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Redemption Date” means, with respect to any Exchangeable Debenture or portion thereof to be redeemed in accordance with
the provisions of Section 1.03 hereof, the date fixed for such redemption in accordance with the provisions of Section 1.03 hereof. 
 “Redemption Price” has the meaning set forth in Section 1.03. 
 “Reference Property” has the meaning set forth in Section 6.01(a)(iv)(a). 
 “Registration
Rights Agreement” means the Registration Rights Agreement, dated as of December 22, 2009, by and among the Company, Host REIT and the Initial Purchasers, as such agreement may be amended, modified or supplemented from time to time.

 “Repurchase Date” has the meaning set forth in Section 5.02(a). 
  

 14 

 “Repurchase Notice” has the meaning set forth in Section 5.02(c).

 “Restricted Debentures Legend” has the meaning set forth in Section 7.01. 
 “Restricted Securities” has the meaning set forth in Section 7.01. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act, as it may be amended from time to time, and any successor
provision thereto. 
 “Rule 144A Global Debenture” means a Global Debenture issued in accordance with Rule
144A. 
 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the primary United States
national securities exchange or market on which the Host REIT Common Stock is listed or admitted for trading. If the Host REIT Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day. 

“Series Issue Date” means with respect to any series of Indebtedness issued under the Indenture, the date of any notes
of such series are first issued. 
 “Settlement Method” means Cash Settlement, Combination Settlement, or
Physical Settlement. 
 “Specified Dollar Amount” has the meaning set forth in Section 6.10(a)(i).

 “Spin-Off” has the meaning set forth in Section 6.05(c). 
 “Stock Price” has the meaning set forth in Section 6.11(b). 
 “Termination in Trading” shall be deemed to have occurred if shares of Host REIT Common Stock, or shares of any other
capital stock or American Depository Receipts in respect of shares of capital stock into which the Exchangeable Debentures are exchangeable pursuant to the terms of this Thirty-Second Supplemental Indenture and the Indenture, are not listed for
trading on the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select Market or any of their respective successors or another U.S. national securities exchange or quoted on an established automated over-the-counter trading
market in the United States. 
 “Trading Day” means, subject to Section 6.10(g), a day during which
trading in securities generally occurs on the New York Stock Exchange or, if Host REIT Common Stock is not then listed on the New York Stock Exchange, on the principal other United States national or regional securities exchange on which Host REIT
Common Stock is then listed or, if Host REIT Common Stock is not then listed on a United States national or regional securities exchange, on the principal other market on which Host REIT Common Stock is then traded. 
  

 15 

 “Trading Price” per $1,000 principal amount of Exchangeable Debentures on
any date of determination means the average of the secondary market bid quotations per $1,000 principal amount of Exchangeable Debentures obtained by the Trustee for a $5,000,000 principal amount of Exchangeable Debentures at approximately 3:30
p.m., New York City time, on such determination date from two independent nationally recognized securities dealers the Company selects, which may include the Initial Purchasers; provided that if at least two such bids cannot reasonably be
obtained by the Trustee, but one such bid can reasonably be obtained by the Trustee, then one bid shall be used. If the Trustee cannot reasonably obtain at least one bid for a $5,000,000 principal amount of Exchangeable Debentures from a nationally
recognized securities dealer or, in the Company’s reasonable judgment, the bid quotations are not indicative of the secondary market value of the Exchangeable Debentures, then the Trading Price per $1,000 principal amount of Exchangeable
Debentures will be deemed to be less than 95% of the product of the Closing Sale Price of Host REIT Common Stock and the Exchange Rate on such determination date. 
 ARTICLE 5 
 Section 5.01 Repurchase at Option of Holders upon a Designated
Event. (a) For purposes of the Exchangeable Debentures, Section 10.1(a) of the Indenture is hereby replaced and superceded by the following and the following shall apply to the Exchangeable Debentures: 
 “10.1(a) If there shall occur a Designated Event prior to October 15, 2015, then each Holder shall have the right, at such
Holder’s option, to require the Company to repurchase all of such Holder’s Exchangeable Debentures, or any portion thereof that is a multiple of $1,000 principal amount, in cash, on a date (the “Designated Event Repurchase Date”)
specified by the Company, which may be no earlier than twenty (20) days and no later than thirty (30) days after the date of the Issuer Repurchase Notice related to such Designated Event, at a repurchase price equal to 100% of the
principal amount of the Exchangeable Debentures being repurchased, plus accrued and unpaid interest (including Liquidated Damages, if any) to, but excluding, the Designated Event Repurchase Date. A “Designated Event” will be deemed
to have occurred upon a Change in Control or a Termination in Trading.” 
 (b) For purposes of the Exchangeable Debentures,
Section 10.1(b) of the Indenture is hereby replaced and superceded by the following and the following shall apply to the Exchangeable Debentures: 
 “(b) On or before the Thirty-Second calendar day after the occurrence of a Designated Event, the Company shall mail or cause to be mailed to all Holders of record on the date of the Designated Event
an Issuer Repurchase Notice as set forth in Section 5.03 of the

  

 16 

 
Thirty-Second Supplemental Indenture with respect to such Designated Event. The Company shall also deliver a copy of the Issuer Repurchase Notice to the Trustee and the Paying Agent at such time
as it is mailed to Holders. In addition to the mailing of such Issuer Repurchase Notice, the Company shall disseminate a press release through Dow Jones & Company, Inc. or Bloomberg Business News or a substantially equivalent financial news
organization announcing the occurrence of the Designated Event and publish such information in a newspaper of general circulation in The City of New York, or on Host REIT’s website, or through such other public medium as the Company shall deem
appropriate at such time. No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Exchangeable Debentures
pursuant to this Section 10.1(b).” 
 (c) For purposes of the Exchangeable Debentures, Section 10.1 of the
Indenture is hereby supplemented by adding the following: 
 “(c) For an Exchangeable Debenture to be repurchased at the
option of the Holder pursuant to this Section 10.1, the Holder must deliver to the Paying Agent, prior to 5:00 p.m., New York City time, on the third Business Day immediately prior to the Designated Event Repurchase Date, (i) a written
notice of repurchase (the “Designated Event Repurchase Notice”) in the form set forth on the reverse of the Exchangeable Debenture duly completed (if the Exchangeable Debenture is certificated) or stating the following (if the Exchangeable
Debenture is represented by a Global Debenture): (A) the certificate number of the Exchangeable Debenture that the Holder will deliver to be repurchased (if the Exchangeable Debenture is certificated), (B) the portion of the principal
amount of the Exchangeable Debenture which the Holder will deliver to be repurchased, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000 (provided that the remaining principal amount of any Exchangeable Debentures
not subject to repurchase must be in an authorized denomination of $2,000 or integral multiple of $1,000 in excess thereof) and (C) that such Exchangeable Debenture shall be repurchased as of the Designated Event Repurchase Date pursuant to the
terms and conditions specified in the Exchangeable Debenture and in the Thirty-Second Supplemental Indenture; together with (ii) such Exchangeable Debentures duly endorsed for transfer (if the Exchangeable Debenture if certificated) or
book-entry transfer of such Exchangeable Debenture (if such Exchangeable Debenture is represented by a Global Debenture) in compliance with appropriate DTC procedures. The delivery of such Exchangeable Debenture to the Paying Agent with, or at any
time after delivery of, the Repurchase Notice (together with all necessary endorsements) at the office of the Paying Agent shall be a condition to the receipt by the Holder of the repurchase price therefore; provided, however, that
such repurchase price shall be so paid pursuant to this Section 10.1 only if the Exchangeable Debentures so delivered to the Paying Agent shall conform in all respects to the description thereof in the Repurchase Notice. All questions as to the
validity, eligibility (including time of receipt) and acceptance of any Exchangeable Debenture for repurchase shall be determined by the Company, whose determination shall be final and binding absent manifest error. 
  

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 (d) The Company, if so requested, shall repurchase from the Holder thereof, pursuant to this
Section 10.01, a portion of an Exchangeable Debenture, if the principal amount of such portion is $1,000 or a whole multiple of $1,000. Provisions of the Thirty-Second Supplemental Indenture that apply to the repurchase of all of an
Exchangeable Debenture also apply to the repurchase of such portion of such Exchangeable Debenture. 
 (e) The Paying Agent
shall promptly notify the Company of the receipt by it of any Repurchase Notice or written notice of withdrawal thereof. 
 (f)
Any repurchase by the Company contemplated pursuant to the provisions of this Section 10.1 shall be consummated by the delivery of the consideration to be received by the Holder (i) on the Designated Event Repurchase Date if the book-entry
transfer or delivery of the Exchangeable Debentures to the Paying Agent is effected prior to the close of business on the third Business Day prior to the Designated Event Repurchase Date, and (ii) if delivered later, within two
(2) Business Days following the later of the Designated Event Repurchase Date and the time of the book-entry transfer or delivery of the Exchangeable Debenture. Payment of the repurchase price for an Exchangeable Debenture for which a
Repurchase Notice has been delivered and not withdrawn is conditioned upon book-entry transfer or delivery of the Exchangeable Debentures, together with necessary endorsements, to the Paying Agent.” 
 (g) The Company may arrange for a third party to purchase any Exchangeable Debentures for which the Company receives a valid Designated
Event Repurchase Notice that is not withdrawn, in the manner and otherwise in compliance with this Thirty-Second Supplemental Indenture and the Indenture applicable to the offer to repurchase the Exchangeable Debentures. If a third party purchases
any Exchangeable Debentures under these circumstances, then interest will continue to accrue on such Exchangeable Debentures repurchased, and those Debentures will continue to be outstanding after the repurchase date and will be fungible with all
other Exchangeable Debentures then outstanding. Such third party subsequently may resell those purchased Exchangeable Debentures to other investors. 
 Section 5.02 Repurchase at Option of Holders.(a) Each Holder shall have the right, at such Holder’s option, to require the Company to repurchase all of such Holder’s Exchangeable
Debentures, or any portion thereof that is a multiple of $1,000 principal amount, in cash, on October 15, 2015, October 15, 2019 and October 15, 2024 (each, a “Repurchase Date”), at a repurchase price of 100% of the
principal amount of the Exchangeable Debentures being repurchased, plus accrued and unpaid interest to, but excluding, the Repurchase Date; provided, however, that if the Repurchase Date falls after a Record Date and on or prior to the
corresponding interest payment date, the Company will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the Holder of record at the close of business on the corresponding Record Date and the repurchase
price will be 100% of the principal amount of the Exchangeable Debentures to be repurchased. 
  

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 (b) On or before the twentieth Business Day immediately preceding each Repurchase Date, the
Company shall mail or cause to be mailed to all Holders of record on such date (and to beneficial owners as required by applicable law) an Issuer Repurchase Notice as set forth in Section 5.03. The Company shall also deliver a copy of the
Issuer Repurchase Notice to the Trustee and the Paying Agent at such time as it is mailed to Holders. In addition to the mailing of such Issuer Repurchase Notice, the Company shall disseminate a press release through Dow Jones & Company,
Inc. or Bloomberg Business News containing the information specified in such notice or publish such information in The Wall Street Journal or another newspaper of general circulation in The City of New York or on Host REIT’s website, or through
such other public medium as the Company shall deem appropriate at such time. No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for
the repurchase of the Exchangeable Debentures pursuant to this Section 5.02. 
 (c) For an Exchangeable Debenture to be so
repurchased at the option of the Holder pursuant to this Section 5.02, the Holder must deliver to the Paying Agent, during the period beginning at 9:00 a.m., New York City time, on the date that is twenty (20) Business Days prior to the
applicable Repurchase Date and ending at 5:00 p.m., New York City time, on the second Business Day immediately prior to the applicable Repurchase Date, (i) a written notice of repurchase (the “Repurchase Notice”) in the form set forth
on the reverse of the Exchangeable Debenture duly completed (if the Exchangeable Debenture is certificated) or stating the following (if the Exchangeable Debenture is represented by a Global Debenture): (A) the certificate number of the
Exchangeable Debenture which the Holder will deliver to be repurchased (if the Exchangeable Debenture is certificated) or that the relevant Repurchase Notice complies with the appropriate Depository procedures (if the Exchangeable Debenture is
represented by Global Debenture), (B) the portion of the principal amount of the Exchangeable Debenture which the Holder will deliver to be repurchased, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000
(provided that the remaining principal amount of any Exchangeable Debentures not subject to repurchase must be in authorized denomination of $2,000 or an integral multiple of $1,000 in excess thereof) and (C) that such Exchangeable
Debenture shall be repurchased as of the Repurchase Date pursuant to the terms and conditions specified in the Exchangeable Debenture and in this Thirty-Second Supplemental Indenture and the Indenture; together with (ii) such Exchangeable
Debentures duly endorsed for transfer (if the Exchangeable Debenture if certificated) or book entry transfer of such Exchangeable Debenture (if such Exchangeable Debenture is represented by a Global Debenture). The delivery of such Exchangeable
Debenture to the Paying Agent with, or at any time after delivery of, the Repurchase Notice (together with all necessary endorsements) at the office of the Paying Agent shall be a condition to the receipt by the Holder of the repurchase price;
provided, however, that such repurchase price shall be so paid pursuant to this Section 5.02 only if the Exchangeable Debentures so delivered to the Paying Agent shall conform in all respects to the description thereof in the
Repurchase Notice. All questions as to the validity, eligibility (including time of receipt) and acceptance of any Exchangeable Debenture for repurchase shall be determined by the Company, whose determination shall be final and binding absent
manifest error. 
  

 19 

 (d) The Company, if so requested, shall repurchase from the Holder thereof, pursuant to this
Section 5.02, a portion of an Exchangeable Debenture, if the principal amount of such portion is $1,000 or a whole multiple of $1,000 (provided that the remaining principal amount of Exchangeable Debentures not subject to repurchase must
be in an authorized denomination of $2,000 or an integral multiple of $1,000 in excess thereof). Provisions of this Thirty-Second Supplemental Indenture that apply to the repurchase of all of an Exchangeable Debenture also apply to the repurchase of
such portion of such Exchangeable Debenture. 
 (e) The Paying Agent shall promptly notify the Company of the receipt by it of
any Repurchase Notice or written notice of withdrawal thereof. 
 (f) Any repurchase by the Company contemplated pursuant to the
provisions of this Section 5.02 shall be consummated by the delivery of the consideration to be received by the Holder (i) on the Repurchase Date if the book-entry transfer or delivery of the Exchangeable Debentures to the Paying Agent is
effected prior to the close of business on the Business Day prior to the Repurchase Date, and (ii) if delivered later, within two (2) Business Days following the time of the book-entry transfer or delivery of the Exchangeable Debenture.
Payment of the repurchase price for an Exchangeable Debenture for which a Repurchase Notice has been delivered and not withdrawn is conditioned upon book-entry transfer or delivery of the Exchangeable Debentures, together with necessary
endorsements, to the Paying Agent. 
 Section 5.03 Issuer Repurchase Notice. (a) The Issuer Repurchase Notice, as
provided in Section 5.03(b), shall be given to Holders within the time limits set forth in Section 5.01(b) or 5.02(b), as the case may be (in either case, the “Issuer Repurchase Notice Date”). 
 (b) In connection with any repurchase of Exchangeable Debentures, the Company shall, on the applicable Issuer Repurchase Notice Date, give
written notice to Holders (with a copy to the Trustee) setting forth information specified in this Section 5.03 (in either case, the “Issuer Repurchase Notice”). 
 Each Issuer Repurchase Notice shall: 
 (i) state the repurchase price, and the Designated Event Repurchase Date or the Repurchase Date to which the relevant Issuer Repurchase Notice relates, 
 (ii) state, if applicable, the circumstances constituting the Designated Event, 
 (iii) state that Holders must exercise their right to elect to repurchase prior to 5:00 p.m., New York City time, on the second Business
Day immediately prior to the Repurchase Date or the third Business Day immediately prior to the Designated Event Repurchase Date, as the case may be, 
  

 20 

 (iv) state the name and address of the Trustee, the Paying Agent and, if
applicable, the Exchange Agent, 
 (v) state that Exchangeable Debentures must be surrendered to the Paying Agent
to collect the repurchase price, 
 (vi) state that a Holder may withdraw its Repurchase Notice or the Designated
Event Repurchase Notice, as the case may be, at any time prior to 5:00 p.m., New York City time, on the second Business Day immediately prior to the Repurchase Date, or on the third Business Day immediately prior to the Designated Event Repurchase
Date, as the case may be, by delivering a valid written notice of withdrawal in accordance with Section 5.04, 
 (vii) if the Exchangeable Debentures are then exchangeable, state that Exchangeable Debentures as to which a Repurchase Notice or the Designated Event Repurchase Notice, as the case may be, has been given may be exchanged only if the
Repurchase Notice or Designated Event Repurchase Notice, as the case may be, is withdrawn in accordance with the terms of this Thirty-Second Supplemental Indenture, 
 (viii) state the amount of interest accrued and unpaid per $1,000 principal amount of Exchangeable Debentures to, but
excluding, the Designated Event Repurchase Date or Repurchase Date, as the case may be, 
 (ix) state that,
unless the Company defaults in making payment of the repurchase price, interest on Exchangeable Debentures covered by any Repurchase Notice or Designated Event Repurchase Notice, as the case may be, shall cease to accrue on and after the Designated
Event Repurchase Date or the Repurchase Date, as the case may be, 
 (x) state the CUSIP number of the
Exchangeable Debentures, if CUSIP numbers are then in use, and 
 (xi) state the procedures for withdrawing a
Repurchase Notice or Designated Event Repurchase Notice, as the case may be, including a form of notice of withdrawal (as specified in Section 5.04). 
 An Issuer Repurchase Notice may be given by the Company or, at the Company’s request, the Trustee shall give such Issuer Repurchase Notice in the Company’s name and at the Company’s
expense; provided that the text of the Issuer Repurchase Notice shall be prepared by the Company. 
  

 21 

 If any of the Exchangeable Debentures are represented by a Global Debenture, then the Company will modify
such Issuer Repurchase Notice to the extent necessary to accord with the applicable procedures of the Depository that apply to the repurchase of Global Debentures. 
 (c) The Company will, to the extent applicable, comply with the provisions of Rule 13e-4 and Rule 14e-1 (or any successor provision) under the Exchange Act that may be applicable at the time of the
repurchase of the Exchangeable Debentures, file the related Schedule TO (or any successor schedule, form or report) under the Exchange Act and comply with all other applicable federal and state securities laws in connection with the repurchase of
the Exchangeable Debentures. 
 Section 5.04 Effect of Repurchase Notice; Withdrawal. Upon receipt by the Paying Agent of
the Repurchase Notice or Designated Event Repurchase Notice, as the case may be, the Holder of the Exchangeable Debenture in respect of which such Repurchase Notice or Designated Event Repurchase Notice, as the case may be, was given shall (unless
such Repurchase Notice or Designated Event Repurchase Notice is validly withdrawn in accordance with this Section 5.04) thereafter be entitled to receive solely the repurchase price with respect to such Exchangeable Debenture. Such repurchase
price shall be paid to such Holder, (x) on the day set forth in Section 5.02(g), in the case of a Repurchase Notice, or (y) on the date set forth in Section 5.01(g), in the case of a Designated Event Repurchase Notice.

 Exchangeable Debentures in respect of which a Repurchase Notice or Designated Event Repurchase Notice, as the case may be, has been given by
the Holder thereof may not be exchanged pursuant to Article 5 hereof on or after the date of the delivery of such Repurchase Notice unless such Repurchase Notice or Designated Event Repurchase Notice, as the case may be, has first been validly
withdrawn. 
 A Repurchase Notice or Designated Event Repurchase Notice, as the case may be, may be withdrawn in whole or in part by means of a
written notice of withdrawal delivered to the office of the Paying Agent at any time prior to 5:00 p.m., New York City time, on the third Business Day immediately prior to the Designated Event Repurchase Date, or on the second Business Day
immediately prior to the Repurchase Date, as the case may be, specifying: 
 (a) the name of the Holder; 
 (b) the certificate number(s) of all withdrawn Exchangeable Debentures in certificated form or that the notice of withdrawal complies with
appropriate Depository procedures with respect to all withdrawn Exchangeable Debentures represented by a Global Debenture; 
 (c) the principal amount of Exchangeable Debentures with respect to which such notice of withdrawal is being submitted, which must be an integral multiple of $1,000; and 
  

 22 

 (d) the principal amount of Exchangeable Debentures, if any, that remains subject to the
original Repurchase Notice or Designated Event Repurchase Notice, as the case may be, and that has been or will be delivered for repurchase by the Company, which must be an integral multiple of $1,000. 
 Section 5.05 Deposit of Repurchase Price. (a) Prior to 11:00 a.m., New York City time, on the Designated Event Repurchase Date
or the Repurchase Date, the Company shall deposit with the Paying Agent or, if the Company is acting as the Paying Agent, shall segregate and hold in trust an amount of cash (in immediately available funds if deposited on the Designated Event
Repurchase Date or the Repurchase Date, as the case may be), sufficient to pay the aggregate repurchase price of all the Exchangeable Debentures or portions thereof that are to be repurchased as of the Designated Event Repurchase Date or the
Repurchase Date, as the case may be. 
 (b) If on the Designated Event Repurchase Date or the Repurchase Date the Paying Agent
holds funds sufficient to pay the repurchase price of the Debentures that Holders have elected to require the Company to repurchase in accordance with Section 5.01 or Section 5.02, as the case may be, then, on and after the Designated
Event Repurchase Date or the Repurchase Date, as the case may be, such Exchangeable Debentures will cease to be outstanding, interest on such Exchangeable Debentures will cease to accrue and all other rights of the Holders of such Exchangeable
Debentures will terminate, other than the right to receive the repurchase price upon delivery or book-entry transfer of the Exchangeable Debenture. This will be the case whether or not book-entry transfer of the Exchangeable Debenture has been made
or the Exchangeable Debenture has been delivered to the Paying Agent. 
 Section 5.06 Exchangeable Debentures Repurchased in
Part. Upon presentation of any Exchangeable Debenture repurchased only in part, the Company shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Exchangeable
Debenture or Exchangeable Debentures in aggregate principal amount equal to the unrepurchased portion of the Exchangeable Debentures presented (provided that the unrepurchased portion of the Exchangeable Debentures must be in a minimum principal
amount of $2,000 or an integral multiple of $1,000 in excess thereof). 
 Section 5.07 Repayment to the Company. The
Paying Agent shall return to the Company any cash that remains unclaimed, together with interest, if any, thereon, held by it for the payment of the repurchase price; provided that to the extent that the aggregate amount of cash deposited by
the Company pursuant to Section 5.05 exceeds the aggregate repurchase price of the Exchangeable Debentures or portions thereof which the Company is obligated to repurchase as of the Designated Event Repurchase Date or the Repurchase Date, as
the case may be, then, unless otherwise agreed in writing with the Company, promptly after the second Business Day following the Designated Event Repurchase Date or the Repurchase Date, as the case may be, the Paying Agent shall return any such
excess to the Company, together with interest, if any, thereon. 
  

 23 

 Section 5.08 Merger, Consolidation or Sale by Host REIT. For purposes of the
Exchangeable Debentures, Article 5 of the Indenture is hereby superseded. Neither the Company nor Host REIT may (1) consolidate or merge into any other Person or sell, convey, lease or transfer its properties and assets substantially as an
entirety to any other Person in any one transaction or series of related transactions, or (2) permit any person to consolidate with or merge into it, unless, (a) in case of a merger or consolidation, if either the Company or Host REIT (as
the case may be) is the surviving Person or if the Company or Host REIT is not the surviving Person, the surviving Person formed by such consolidation or into which the Company or Host REIT is merged or the Person to which the Company’s or Host
REIT’s properties and assets are so transferred shall be a entity organized and existing under the laws of the United States of America, any state thereof or the District of Columbia and shall execute and deliver to the Trustee a supplemental
indenture expressly assuming, in the case of a transaction involving the Company, the payment when due of the principal of and interest on the Exchangeable Debentures and in the case of a transaction involving the Company or Host REIT, the
performance of each of the Company’s or Host REIT’s (as the case may be) other covenants under this Thirty-Second Supplemental Indenture and the Indenture, and (b) immediately after giving effect to such transaction, no Default or
Event of Default shall have occurred and be continuing. 
 Section 5.09 Successor Person Substituted. Upon any
consolidation or merger or any transfer of all or substantially all of the assets of the Company or Host REIT (as the case may be), in accordance with Section 5.08, the successor Person formed by such consolidation or into which the Company or
Host REIT, as applicable, is merged or to which such transfer is made, shall succeed to, be substituted for, and may exercise every right and power of the Company or Host REIT, as applicable, under this Indenture with the same effect as if such
successor Person had been named therein as the Company or Host REIT, as applicable, and the Company or Host REIT, as applicable, shall be released from the obligations under the Exchangeable Debentures, this Thirty-Second Supplemental Indenture and
the Indenture. 
 ARTICLE 6 
 Section 6.01 Exchange Rights. (a) Subject to the restrictions on ownership of shares of Host REIT Common Stock as set forth in Section 6.12 and upon compliance with the provisions of this
Thirty-Second Supplemental Indenture and the Indenture, on or prior to the close of business on the second Business Day immediately preceding the Maturity Date, the Holder of any Exchangeable Debentures not previously redeemed or repurchased shall
have the right, at such Holder’s option, to exchange its Exchangeable Debentures, or any portion thereof which is a multiple of $1,000, into cash, Host REIT Common Stock or a combination of cash and Host REIT Common Stock, as

  

 24 

 
the case may be, by surrender of such Exchangeable Debentures so to be exchanged in whole or in part, together with any required funds, under the circumstances and in the manner described in
this Article 6. Holders may exchange their Exchangeable Debentures at any time on or after September 15, 2029. In addition, Holders may exchange their Exchangeable Debentures at any time prior to September 15, 2029 only upon
occurrence of one of the following events: 
 (i) Exchange Upon Satisfaction of Market Price Condition. A Holder may
surrender any of its Exchangeable Debentures for exchange during any calendar quarter beginning after the calendar quarter ended March 31, 2010 (and only during such calendar quarter) if, and only if, the Closing Sale Price of Host REIT Common
Stock for at least twenty (20) Trading Days (whether or not consecutive) in the period of thirty (30) consecutive Trading Days ending on the last Trading Day of the preceding calendar quarter is more than 130% of the Exchange Price per
share of Host REIT Common Stock in effect on the applicable Trading Day. The Board of Directors of Host REIT will make appropriate adjustments, in its good faith determination, to account for any adjustment to the Exchange Rate that becomes
effective, or any event requiring an adjustment to the Exchange Rate where the Ex-Dividend Date of the event occurs, during that thirty (30) consecutive Trading Day period. 
 The Trustee (or other Exchange Agent appointed by the Company) shall, on behalf of the Company, determine on a daily basis during the time period specified in this Section 6.01(a)(i) whether the
Exchangeable Debentures shall be exchangeable as a result of the occurrence of an event specified in this clause (i) and, if the Exchangeable Debentures shall be so exchangeable, the Trustee (or other Exchange Agent appointed by the Company)
shall promptly deliver to the Company and the Trustee (if the Trustee is not the Exchange Agent) written notice thereof. 
 (ii) Exchange Upon Satisfaction of Trading Price Condition. A Holder may surrender any of its Exchangeable Debentures for exchange during the five (5) consecutive Trading Day period following any five (5) consecutive
Trading Days in which the Trading Price per $1,000 principal amount of Exchangeable Debentures (as determined following a reasonable request by a Holder of the Exchangeable Debentures) was less than 95% of the product of the Closing Sale Price of
Host REIT Common Stock during such period, multiplied by the Applicable Exchange Rate. 
 The Trustee shall have no obligation to determine the
Trading Price of the Exchangeable Debentures unless the Company shall have requested such determination, and the Company shall have no obligation to make such request unless a Holder provides the Company with reasonable evidence that the Trading
Price per $1,000 principal amount of Exchangeable Debentures would be less than 95% of the product of the Closing Sale Price per share of Host REIT Common Stock and the Exchange Rate, whereupon the Company shall instruct the Trustee to determine the
Trading Price of the Exchangeable Debentures beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Exchangeable Debentures is greater than or equal to 95% of the product of the

  

 25 

 
Closing Sale Price per share of Host REIT Common Stock and the Applicable Exchange Rate. If the Company does not, when it is obligated to, make a request to the Trustee to determine the Trading
Price of the Exchangeable Debentures, or if the Company makes such request to the Trustee and the Trustee does not make such determination, then the Trading Price per $1,000 in principal amount of Exchangeable Debentures will be deemed to be less
than 95% of the product of the Closing Sale Price of Host REIT Common Stock and the Applicable Exchange Rate. 
 (iii)
Exchange Upon Notice of Redemption. A Holder may surrender for exchange any of the Exchangeable Debentures called for redemption at any time prior to the close of business on the second Business Day immediately prior to Redemption Date even
if the Exchangeable Debentures are not otherwise exchangeable at such time. The right to exchange Exchangeable Debentures pursuant to this clause (iii) shall expire after 5:00 p.m., New York City time, on the second Business Day immediately
preceding the Redemption Date unless the Company defaults in payment of the Redemption Price; provided, however, that if a Holder has already delivered a Repurchase Notice with respect to an Exchangeable Debenture, such Holder may not
surrender that Exchangeable Debenture for exchange until it has withdrawn such Repurchase Notice in accordance with the terms of the Exchangeable Debentures. 
 (iv) Exchange Upon Specified Transactions. If Host REIT elects to: (1) distribute to all holders of Host REIT Common Stock certain rights entitling them to purchase, for a period expiring
within 45 days, shares of Host REIT Common Stock at less than the Closing Sale Price of Host REIT Common Stock on the Trading Day immediately preceding the declaration date of such distribution; or (2) distribute to all holders of Host REIT
Common Stock the Company’s or Host REIT’s assets, debt securities or certain rights to purchase securities of the Company or Host REIT, which distribution (excluding for this purpose a distribution solely in the form of cash required to
preserve the status of Host REIT as a real estate investment trust) has a per share value exceeding 12.5% of the Closing Sale Price of Host REIT Common Stock on the Trading Day immediately preceding the declaration date of such distribution; the
Company must notify the Holders of Exchangeable Debentures at least twenty (20) calendar days prior to the Ex-Dividend Date for such distribution. 
 Following the issuance of such notice, Holders may surrender their Exchangeable Debentures for exchange at any time until the earlier of the close of business on the Business Day immediately preceding the
Ex-Dividend Date or an announcement that such distribution will not take place; provided, however, that a Holder may not exchange its Exchangeable Debentures pursuant to this Section 6.01(a)(iv) if such Holder may participate in
the distribution, without exchange of its Exchangeable Debentures, as if such Holder held on the date such distribution is made a number of shares of Host REIT Common Stock equal to a fraction the numerator of which is the product of the Exchange
Rate in effect on the Ex-Dividend Date for such distribution, and the aggregate principal amount of Exchangeable Debentures held by such Holder and the denominator of which is one thousand dollars ($1,000). The “Ex-Dividend Date” means,
with respect to any distribution on shares of Host REIT Common Stock, the first date upon which a sale of Host REIT Common Stock does not automatically transfer the right to receive the relevant distribution from the seller of Host REIT Common Stock
to its buyer. 
  

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 In addition, if a Change in Control occurs prior to the stated Maturity Date as a result of a transaction or
event described in (i) or (ii) of the definition of Change in Control, the Company will notify Holders (which notification may be made through a notice to DTC) as promptly as reasonably practicable following the date the Company publicly
announces such transaction or event (but in no event less than twenty (20) Business Days prior to the effective time of such transaction or event). A Holder may surrender its Exchangeable Debentures for exchange at any time from and including
the date that is fifteen (15) Business Days prior to the anticipated effective time of the transaction or event up to and including (i) the related Designated Event Repurchase Date corresponding to such event or (ii) if there is no
such Designated Event Repurchase Date, the date that is five (5) Business Days after the actual date of such transaction or event. If a Change in Control occurs prior to the stated Maturity Date as a result of an event described in (iii), (iv),
or (v) of the definition of Change in Control, or if a Termination in Trading occurs, the Company will notify Holders of the occurrence of any such event (which notification may be made through a notice to DTC) and issue a press release on the
Effective Date of such event. Once the Company has given such notice, a Holder may surrender its Exchangeable Debentures for exchange at any time from the Effective Date of such event until (i) the Designated Event Repurchase Date corresponding
to such event or (ii) if there is no such Designated Event Repurchase Date, twenty (20) Trading Days following the Effective Date of such event. 
 If Host REIT is a party to a consolidation, merger, binding share exchange, reclassification or sale or conveyance of all or substantially all of its properties and assets, in each case pursuant to which
all of Host REIT Common Stock is exchanged for cash, securities or other property (the “Reference Property”), then at the effective time of the transaction any exchange of Exchangeable Debentures and the Daily Exchange Value will be based
on the kind and amount of cash, securities or other property that a Holder of Exchangeable Debentures would have received if such Holder had, immediately prior to the effective time of such transaction, exchanged its Exchangeable Debentures for a
number of shares of Host REIT Common Stock equal to a fraction the numerator of which is the product of the Exchange Rate in effect immediately prior to the effective time of such transaction or event, and the aggregate principal amount of
Exchangeable Debentures held by such Holder and the denominator of which is one thousand dollars ($1,000) provided, however, that at and after the effective time of the transaction or event the exchange obligation shall be calculated
and settled in accordance with 6.10 such that (i) the amount payable in cash upon exchange of the Exchangeable Debentures as set forth under Section 6.01 will continue to be payable in cash, (ii) the number of shares of Host REIT
Common Stock (if the Company elects Physical Settlement or Combination Settlement) deliverable upon exchange of the Exchangeable Debentures under Section 6.03 will be instead deliverable in the amount and type of Reference Property that a
holder of that number of shares of Host REIT Common Stock would have been entitled to receive in such Merger Event and

  

 27 

 
(iii) the Daily VWAP will be calculated based on the value of a unit of Reference Property. If, as a result of the transaction or event, holders of Host REIT Common Stock have the
opportunity to elect the form of consideration to be received in any such transaction or event, then from and after the effective date of such transaction or event, (x) the Reference Property into which the Exchangeable Debentures will be
exchangeable will be deemed to be the consideration that a majority of the holders of Host REIT Common Stock who made an election received in such transaction or as a result of such event, and (y) the unit of Reference Property for purposes of
the foregoing sentence shall refer to the consideration referred to in clause (x) attributable to one share of Host REIT Common Stock. 
 (b) Whenever the Exchangeable Debentures shall become exchangeable pursuant to this Section 6.01, the Company or, at the Company’s request, the Trustee in the name and at the expense of the
Company, shall notify the Holders of the event triggering such exchangeability in the manner provided in Section 13.2 of the Indenture, and the Company shall also publicly announce such information and publish it on Host REIT’s website.
Any notice so given shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. 
 (c) An Exchangeable Debenture in respect of which a Holder has delivered a Designated Event Repurchase Notice or Repurchase Notice, as the case may be, exercising such Holder’s right to require the Company to repurchase such
Exchangeable Debenture pursuant to Section 5.01 or 5.02 may be exchanged only if such Repurchase Notice is withdrawn in accordance with Section 5.03 or 5.04 prior to 5:00 p.m., New York City time, on the second Business Day immediately
prior to the Repurchase Date or on the third Business Day immediately prior to the Designated Event Repurchase Date, as applicable. 
 (d) A Holder of Exchangeable Debentures is not entitled to any rights of a Holder of Host REIT Common Stock until such Holder has exchanged its Exchangeable Debentures and received upon exchange thereof shares of Host REIT Common Stock.

 Section 6.02 Exercise of Exchange Right; No Adjustment for Interest or Dividends. In order to exercise the exchange
right with respect to any Exchangeable Debenture in certificated form, the Company must receive at the office or agency of the Company maintained for that purpose in the City of New York or, at the option of such Holder, the Corporate Trust Office,
such Exchangeable Debenture with the original or facsimile of the form entitled “Exchange Notice” on the reverse thereof, duly completed and signed manually or by facsimile, together with such Exchangeable Debentures duly endorsed for
transfer, accompanied by the funds, if any, required by this Section 6.02. Such notice shall also state the name or names (with address or addresses) in which the certificate or certificates for shares of Host REIT Common Stock that shall be
issuable on such exchange shall be issued, and shall be accompanied by transfer or similar taxes, if required pursuant to Section 6.06. 
  

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 To exchange an Exchangeable Debenture held in book-entry form, a Holder must exchange by book-entry transfer
to the Exchange Agent through the facilities of DTC and the Exchange Notice must comply with all applicable DTC procedures. To exchange an Exchangeable Debenture held in certificated form, a Holder must (i) complete and manually sign an
Exchange Notice, a form of which is on the back of the Exchangeable Debenture, and deliver the Exchange Notice to the Exchange Agent; (ii) surrender the Exchangeable Debenture to the Exchange Agent’ (iii) if required by the Exchange
Agent, furnish appropriate endorsement and transfer documents; (iv) pay all required transfer or similar taxes; and (v) if required, pay funds equal to the interest payable on the next interest payment date. 
 Holders may also obtain copies of the required form of the Exchange Notice from the Exchange Agent. The date on which the Holder satisfies all such
requirements shall be deemed to be the date on which the applicable Exchangeable Debentures shall have been tendered for exchange (the “Exchange Date”). 
 Whether the Exchangeable Debentures to be exchanged are held in book-entry or certificated form, the Exchange Notice will require the Holder to certify that it or the Person on whose behalf the
Exchangeable Debentures are being exchanged is a QIB within the meaning of Rule 144A under the Securities Act. 
 Exchangeable Debentures in
respect of which a Holder has delivered a Repurchase Notice or a Designated Event Repurchase Notice may be exchanged only if such notice is withdrawn in accordance with the terms of Section 5.03 or Section 5.04, as the case may be.

 Upon surrender of an Exchangeable Debenture for exchange by a Holder, such Holder shall deliver to the Company cash equal to the amount that
the Company is required to deduct and withhold under applicable law in connection with the exchange; provided, however, if the Holder does not deliver such cash, the Company may deduct and withhold from the amount otherwise deliverable
to such Holder the amount required to be deducted, withheld and paid over to any governmental authority under applicable law, and any amount so deducted, withheld and paid over shall be deemed paid to such Holder for all purposes of this Indenture.

 Each exchange shall be deemed to have been effected as to any Exchangeable Debentures (or portion thereof) surrendered for exchange on the
relevant Exchange Date, and with respect to any shares of Host REIT Common Stock that are issuable upon such exchange: (i) if such exchange was subject to a Physical Settlement, the Person in whose name the certificate or certificates for such
shares of Host REIT Common Stock will be registered, shall become the holder of record of such shares as of the close of business on the Exchange Date; and (ii) if such exchange was subject to a Combination Settlement, the Person in whose name
the certificate or certificates for such shares of Host REIT Common Stock will be registered, shall become the holder of record of such shares as of the close of business on the last Trading Day of the related Applicable Exchange Period. 

 

 29 

 Any Exchangeable Debenture or portion thereof surrendered for exchange during the period from 5:00 p.m., New
York City time, on the Record Date for any interest payment date to 5:00 p.m., New York City time, on the applicable interest payment date shall be accompanied by payment, in immediately available funds or other funds acceptable to the Company, of
an amount equal to the interest otherwise payable on such interest payment date on the principal amount being exchanged; provided that no such payment need be made (1) if a Holder exchanges its Exchangeable Debentures in connection with
a redemption and the Company has specified a Redemption Date that is after a Record Date and on or prior to the Business Day immediately succeeding the next interest payment date, (2) if a Holder exchanges its Exchangeable Debentures in
connection with a Designated Event and the Company has specified a Designated Event Repurchase Date that is after a Record Date and on or prior to the corresponding interest payment date or (3) to the extent of any overdue interest, if any
overdue interest exists at the time of exchange with respect to such Exchangeable Debenture. Except as otherwise provided above in this Article 6, no payment or other adjustment shall be made for interest accrued on any Exchangeable Debenture
exchanged or for dividends on any shares issued upon the exchange of such Exchangeable Debenture as provided in this Article 6. Notwithstanding the foregoing, in the case of Exchangeable Debentures submitted for exchange in connection with a
Designated Event, such Exchangeable Debentures shall continue to represent the right to receive the Additional Change in Control Shares, if any, payable pursuant to Section 6.11, until such Additional Change in Control Shares are so paid.

 Upon the exchange of an interest in a Global Debenture, the Trustee (or other Exchange Agent appointed by the Company), or the Custodian at
the direction of the Trustee (or other Exchange Agent appointed by the Company), shall make a notation on such Global Debenture as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any
exchanges of Exchangeable Debentures effected through any Exchange Agent other than the Trustee. 
 Upon an exchange of an Exchangeable
Debenture, a Holder will not receive any cash payment of interest, except as described herein, and the Company will not adjust the Exchange Rate to account for accrued and unpaid interest. Upon the exchange of an Exchangeable Debenture, the accrued
but unpaid interest attributable to the period from the issue date of the Exchangeable Debenture to the Exchange Date, with respect to the exchanged Exchangeable Debenture, shall not be deemed canceled, extinguished or forfeited, but rather shall be
deemed to be paid in full to the Holder thereof through delivery of cash and, if applicable, shares of Host REIT Common Stock (together with the cash payment, if any in lieu of fractional shares) in exchange for the Exchangeable Debenture being
exchanged pursuant to the provisions hereof. 
 In case any Exchangeable Debenture of a denomination greater than $2,000 shall be surrendered
for partial exchange, and subject to Section 2.3 of the Indenture, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of the Exchangeable Debenture so surrendered, without charge to the Holder, a new
Exchangeable Debenture or Exchangeable Debentures in authorized denominations in an aggregate principal amount equal to the unexchanged portion of the surrendered Exchangeable Debenture. 
  

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 Section 6.03 Cash Payments in Lieu of Fractional Shares. No fractional shares of Host
REIT Common Stock or scrip certificates representing fractional shares shall be issued upon exchange of Exchangeable Debentures. If more than one Exchangeable Debenture shall be surrendered for exchange at one time by the same Holder, the number of
full shares that shall be issuable upon exchange shall be computed on the basis of the aggregate principal amount of the Exchangeable Debentures (or specified portions thereof to the extent permitted hereby) so surrendered. If any fractional share
of Host REIT Common Stock would be issuable upon the exchange of any Exchangeable Debenture or Exchangeable Debentures, the Company shall make an adjustment and payment therefor in cash to the Holder of Exchangeable Debentures as set forth in
Section 6.10(f). 
 Section 6.04 Exchange Rate. The initial Exchange Rate for the Exchangeable Debentures is 71.0101
shares of Host REIT Common Stock per each $1,000 principal amount of the Exchangeable Debentures, subject to adjustment as provided in Sections 6.05 and 6.11 (herein called the “Exchange Rate”). 
 Section 6.05 Adjustment of Exchange Rate. The Exchange Rate shall be adjusted from time to time by the Company as follows:

 (a) If Host REIT issues Host REIT Common Stock as a dividend or distribution on Host REIT Common Stock to all or
substantially all holders of Host REIT Common Stock, or if Host REIT effects a share split or share combination, the Exchange Rate will be adjusted based on the following formula: 
 ER1
 = ER0 x OS1/OS0 
 where 
 ER0 = the Exchange Rate in effect immediately prior to the Ex-Dividend Date for such dividend or distribution, or the
effective date of such share split or share combination; 
 ER1 = the new Exchange Rate in effect immediately after the Ex-Dividend Date for such dividend or distribution, or the
effective date of such share split or share combination; 
 OS0 = the number of shares of Host REIT Common Stock outstanding immediately prior to such dividend or distribution, or the
effective date of such share split or share combination; and 
 OS1 = the number of shares of Host REIT Common Stock outstanding immediately after such dividend or
distribution, or the effective date of such share split or share combination. 
  

 31 

 Any adjustment made pursuant to this paragraph (a) shall become effective on the date that is
immediately after (x) the Ex-Dividend Date for such dividend or other distribution or (y) the date on which such split or combination becomes effective, as applicable. If any dividend or distribution described in this paragraph (a) is
declared but not so paid or made, the new Exchange Rate shall be readjusted to the Exchange Rate that would then be in effect if such dividend or distribution had not been declared. 
 (b) If Host REIT distributes to all or substantially all holders of Host REIT Common Stock any rights, warrants or options entitling them
for a period of not more than forty-five (45) days after the date of issuance thereof to subscribe for or purchase Host REIT Common Stock for a period of not more than forty-five (45) days after the date of issuance thereof, in either case
at an exercise price per share of Host REIT Common Stock less than the Closing Sale Price of Host REIT Common Stock on the Business Day immediately preceding the time of announcement of such issuance, the Exchange Rate will be adjusted based on the
following formula: 
 ER1 = ER0 x (OS0 + X)/(OS0 + Y) 
 where

 ER0 = the Exchange Rate in effect immediately prior to the Ex-Dividend Date for such distribution; 
 ER1
 = the new Exchange Rate in effect immediately after the Ex-Dividend Date for such distribution; 
 OS0 = the number
of shares of Host REIT Common Stock outstanding immediately prior to the Ex-Dividend Date for such distribution; 
 X = the total number of
shares of Host REIT Common Stock issuable pursuant to such rights, warrants or options; and 
 Y = the number of shares of Host REIT Common
Stock equal to the quotient of (A) the aggregate price payable to exercise such rights, warrants or options and (B) the average of the Closing Sale Prices of Host REIT Common Stock for the ten (10) consecutive Trading Days ending on
the Business Day immediately preceding the date of announcement for the issuance of such rights, warrants or options. 
 For purposes of this
paragraph (b), in determining whether any rights, warrants or options entitle the holders to subscribe for or purchase Host REIT Common Stock at less than the applicable Closing Sale Price of Host REIT Common Stock, and in determining the aggregate
exercise or exchange price payable for such Host REIT Common Stock, there shall be taken into account any consideration received by Host REIT for such rights, warrants or options and any amount payable on exercise or exchange thereof, with the value
of such consideration, if other

  

 32 

 
than cash, to be determined by Host REIT’s Board of Directors. If any right, warrant or option described in this paragraph (b) is not exercised or exchanged prior to the expiration of
the exerciseability or exchangeability thereof, the new Exchange Rate shall be readjusted to the Exchange Rate that would then be in effect if such right, warrant or option had not been so issued. 
 (c) If Host REIT distributes capital stock, evidences of indebtedness or other assets or property of Host REIT to all or substantially all
holders of Host REIT Common Stock, excluding: 
 (i) dividends, distributions, rights, warrants or options referred to in
paragraph (a) or (b) above; 
 (ii) dividends or distributions paid exclusively in cash; and 
 (iii) Spin-Offs described below in this paragraph (c), 
 then the Exchange Rate will be adjusted based on the following formula: 
 ER
1 = ER0 x SP0/(SP0 - FMV) 
 where

 ER0 = the Exchange Rate in effect immediately prior to the Ex-Dividend Date for such distribution; 
 ER1
 = the new Exchange Rate in effect immediately after the Ex-Dividend Date for such distribution; 
 SP0 = the
average of the Closing Sale Prices of the Host REIT Common Stock for the ten (10) consecutive Trading Days prior to the Business Day immediately preceding the earlier of the record date or the Ex-Dividend Date for such distribution; and

 FMV = the fair market value (as determined in good faith by the Host REIT Board of Directors) of the shares of capital stock, evidences of
indebtedness, assets or property distributed with respect to each outstanding share of Host REIT Common Stock on the earlier of the record date or the Ex-Dividend Date for such distribution; 
 provided that if “FMV” with respect to any distribution of shares of capital stock, evidences of indebtedness or other
assets or property of Host REIT is equal to or greater than “SP0” with respect to such distribution, then in lieu of the foregoing adjustment, adequate provision shall be made so that each holder of Exchangeable Debentures shall have the right to receive on the date such shares of capital stock,
evidences of indebtedness or other assets or property of Host REIT

  

 33 

 
are distributed to holders of Host REIT Common Stock, for each Exchangeable Debenture, the amount of shares of capital stock, evidences of indebtedness or other assets or property of Host REIT
such holder of Exchangeable Debentures would have received had such holder of Exchangeable Debentures owned a number of shares of Host REIT Common Stock equal to a fraction the numerator of which is the product of the Exchange Rate in effect on the
Ex-Dividend Date for such distribution, and the aggregate principal amount of Exchangeable Debentures held by such Holder and the denominator of which is one thousand dollars ($1,000). 
 An adjustment to the Exchange Rate made pursuant to the immediately preceding paragraph shall be made successively whenever any such distribution is made and shall become effective on the Ex-Dividend Date
for such distribution. 
 If Host REIT distributes to all or substantially all holders of Host REIT Common Stock capital stock of any class or
series, or similar equity interest, of or relating to a subsidiary or other business unit of Host REIT (a “Spin-Off”), the Exchange Rate in effect immediately before the tenth Trading Day from and including the effective date of the
Spin-Off will be adjusted based on the following formula: 
 ER1 = ER0 x (FMV0 + MP0)/MP0 
 where

 ER0 = the Exchange Rate in effect immediately prior to the tenth Trading Day from, and including, the effective date of the
Spin-Off; 
 ER1 = the new Exchange Rate immediately after the tenth Trading Day from, and including, the effective date of the Spin-Off;

 FMV0 = the average of the Closing Sale Prices of the capital stock or similar equity interest distributed to holders of Host
REIT Common Stock applicable to one share of Host REIT Common Stock over the first ten (10) consecutive Trading Days after the effective date of the Spin-Off; and 
 MP0
 = the average of the Closing Sale Prices of Host REIT Common Stock over the first ten (10) consecutive Trading Days after the effective date of the Spin-Off. 
 An adjustment to the Exchange Rate made pursuant to the immediately preceding paragraph will occur on the tenth Trading Day from and including the effective
date of the Spin-Off; provided that in respect of any exchange within the ten (10) Trading Days following the effective date of any Spin-Off, references within this paragraph (c) to ten (10) Trading Days shall be deemed
replaced with such lesser number of Trading Days as have elapsed between the effective date of such Spin-Off and the Exchange Date in determining the Applicable Exchange Rate. 
  

 34 

 If any such dividend or distribution described in this paragraph (c) is declared but not paid or made,
the new Exchange Rate shall be readjusted to be the Exchange Rate that would then be in effect if such dividend or distribution had not been declared. 
 (d) If Host REIT makes any cash dividend or distribution to all or substantially all holders of outstanding Host REIT Common Stock (excluding any dividend or distribution in connection with the
liquidation, dissolution or winding up of Host REIT) during any calendar quarter, the Exchange Rate will be adjusted based on the following formula: 
 ER1 =
ER0 x SP0 /(SP0 - C) 
 where

 ER0 = the Exchange Rate in effect immediately prior to the Ex-Dividend Date for such distribution; 
 ER1
 = the new Exchange Rate immediately after the Ex-Dividend Date for such distribution; 
 SP0 = the
average of the Closing Sale Prices of Host REIT Common Stock for the ten (10) consecutive Trading Days prior to the Business Day immediately preceding the earlier of the record date or the day prior to the Ex-Dividend Date for such
distribution; and 
 C = the aggregate amount in cash per share that Host REIT distributes to holders of Host REIT Common Stock in a calendar
quarter; 
 provided that if “C” with respect to any such cash dividend or distribution is equal to or
greater than “SP0” with respect to any such cash
dividend or distribution, then in lieu of the foregoing adjustment, adequate provision shall be made so that each holder of Exchangeable Debentures shall have the right to receive on the date such cash is distributed to holders of Host REIT Common
Stock, for each Exchangeable Debenture, the amount of cash such holder of Exchangeable Debentures would have received had such holder of Exchangeable Debentures owned a number of shares of Host REIT Common Stock equal to a fraction the numerator of
which is the product of the Exchange Rate in effect on the Ex-Dividend Date for such dividend or distribution, and the aggregate principal amount of Exchangeable Debentures held by such Holder and the denominator of which is one thousand dollars
($1,000). 
 Notwithstanding the foregoing, the Exchange Rate will only be adjusted for that portion of the adjustment required by this
paragraph (d) for which no adjustment to the Exchange Rate has yet been made. 
  

 35 

 An adjustment to the Exchange Rate made pursuant to this paragraph (d) shall become effective on the
Ex-Dividend Date for such dividend or distribution. If any dividend or distribution described in this paragraph (d) is declared but not so paid or made, the new Exchange Rate shall be readjusted to the Exchange Rate that would then be in effect
if such dividend or distribution had not been declared. 
 If Host REIT makes a dividend or distribution to all or substantially all holders of
Host REIT Common Stock that allows holders to elect between cash and/or shares of Host REIT Common Stock, adjustments to the Exchange Rate shall be made pursuant to this paragraph (d) only, and shall be made as if the entire dividend amount
declared by Host REIT is distributed in cash (notwithstanding the actual cash component of such distribution), and no further adjustments or readjustments shall be made with respect to such dividend or distribution. 
 (e) If Host REIT or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for Host REIT Common Stock to the
extent that the cash and value of any other consideration included in the payment per share of Host REIT Common Stock exceeds the Closing Sale Price of a share of Host REIT Common Stock on the Trading Day next succeeding the last date on which
tenders or exchanges may be made pursuant to such tender offer or exchange offer (the “Expiration Time”), the Exchange Rate will be adjusted based on the following formula: 
 ER1
 = ER0 x (AC + (SP1 x OS1))/(SP1 x OS0) 
 where

 ER0 = the Exchange Rate in effect at the close of business on the last Business Day of the ten (10) consecutive Trading
Day period commencing on the Trading Day next succeeding the date such tender offer or exchange offer expires; 
 ER1 = the new Exchange Rate in effect immediately
following the last Business Day of the ten (10) consecutive Trading Day period commencing on the Trading Day next succeeding the date such tender offer or exchange offer expires; 
 AC = the aggregate value of all cash and any other consideration (as determined by Host REIT’s Board of Directors) paid or payable for Host REIT Common Stock purchased in such tender or exchange
offer; 
 OS0 = the number of shares of Host REIT Common Stock outstanding immediately prior to the date such tender offer or exchange
offer expires; 
 OS1 = the number of shares of Host REIT Common Stock outstanding immediately after the date such tender or exchange offer
expires (after giving effect to the purchase or exchange of shares of Host REIT Common Stock pursuant to such tender offer or exchange offer); and 
  

 36 

 SP1 = the average of the Closing Sales Prices of Host REIT Common Stock for the ten (10) consecutive Trading Day next
succeeding the date such tender offer or exchange offer expires. 
 If the application of the foregoing formula would result in a decrease in
the Exchange Rate, no adjustment to the Exchange Rate will be made. 
 Any adjustment to the Exchange Rate made pursuant to this paragraph
(e) will occur on the tenth Trading Day from and including the Trading Day next succeeding the Effective Date of the tender offer or exchange offer; provided that in respect of any exchange within the ten (10) Trading Days following
the Trading Day next succeeding the Effective Date of the tender offer or exchange offer, references within this paragraph (e) to ten (10) Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed
between Trading Day next succeeding the Effective Date of such tender offer or exchange offer and the exchange date in determining the Applicable Exchange Rate. If Host REIT or one of its Subsidiaries is obligated to purchase Host REIT Common Stock
pursuant to any such tender offer or exchange offer but is permanently prevented by applicable law from effecting any such purchase or all such purchases are rescinded, the new Exchange Rate shall be readjusted to be the Exchange Rate that would be
in effect if such tender offer or exchange offer had not been made. 
 Notwithstanding the foregoing, if any adjustment to the Exchange Rate
described in clauses (a) to (e) above becomes effective on any Ex-Dividend Date or Effective Date and a Holder that has exchanged its Exchangeable Debentures would (1) receive shares of Host REIT Common Stock based on an adjusted
Exchange Rate and (2) be a record holder of such shares of Host REIT Common Stock on the record date for the dividend, distribution or other event giving rise to the adjustment, then, in lieu of receiving shares of Host REIT Common Stock at
such an adjusted Exchange Rate, such Holder shall receive a number of shares of Host REIT Common Stock based on an unadjusted Exchange Rate and will participate in the related dividend, distribution or other event giving rise to the adjustment.

 (f) If Host REIT has in effect a stockholder’s rights plan while any Exchangeable Debentures remain outstanding, Holders
of Exchangeable Debentures will receive, upon an exchange of Exchangeable Debentures in respect of which the Company elects to deliver any shares of Host REIT Common Stock, in addition to such shares of Host REIT Common Stock, rights under Host
REIT’s stockholder rights plan unless, prior to exchange, the rights have expired, terminated or been redeemed or unless the rights have separated from Host REIT Common Stock. If the rights provided for in the stockholder’s rights plan
adopted by Host REIT have separated from Host REIT Common Stock in accordance with the provisions of the applicable stockholder rights agreement so that Holders of Exchangeable Debentures would not be entitled to receive any rights in respect of any
shares of Host REIT Common Stock, if any, that the Company elects to deliver upon an exchange of Exchangeable Debentures, the Exchange Rate will be adjusted at the time of separation as if Host REIT had distributed, to all holders of Host REIT
Common Stock, capital stock, evidences of indebtedness or other assets or property pursuant to paragraph (c) above, subject to readjustment upon the subsequent expiration, termination or redemption of the rights. 
  

 37 

 (g) Notwithstanding anything in this Section 6.05, in no event will the Exchange Rate
exceed two hundred and fifty (250) shares of Host REIT Common Stock per $1,000 principle amount of Exchangeable Debentures (the “Maximum Exchange Rate”), other than as a result of proportional adjustments to the Exchange Rate,
pursuant to clauses (a), (b) and (c) above. 
 (h) In addition to the adjustments pursuant to paragraphs
(a) through (e) above, the Company may increase the Exchange Rate in order to avoid or diminish any income tax to holders of Host REIT Common Stock resulting from any dividend or distribution of capital stock (or rights to acquire Host
REIT Common Stock) or from any event treated as such for income tax purposes. The Company may also, from time to time, to the extent permitted by applicable law, increase the Exchange Rate by any amount for any period if the Company has determined
that such increase would be in the best interests of the Company or Host REIT. If the Company makes such determination, it will be conclusive and the Company will mail to Holders of the Exchangeable Debentures a notice of the increased Exchange Rate
and the period during which it will be in effect at least fifteen (15) days prior to the date the increased Exchange Rate takes effect in accordance with applicable law. 
 (i) The Company shall not make any adjustment to the Exchange Rate if Holders of the Exchangeable Debentures participate in the dividend,
distribution or transaction that would otherwise result in an adjustment to the Exchange Rate at the same time as holders of Host REIT Common Stock and as if such Holders of Exchangeable Debentures owned a number of shares of Host REIT Common Stock
equal to a fraction the numerator of which is the product of the Exchange Rate in effect on the Ex-Dividend Date or effective date for the relevant dividend, distribution or transaction, and the aggregate principal amount of Exchangeable Debentures
held by such Holder and the denominator of which is one thousand dollars ($1,000). 
 (j) In addition to the other events set
forth herein on account of which no adjustment to the Exchange Rate shall be made, the Applicable Exchange Rate shall not be adjusted for: 
 (i) the issuance of any Host REIT Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on securities of the Company or those of Host REIT and
the investment of additional optional amounts in Host REIT Common Stock under any plan; 
 (ii) the issuance of any Host REIT
Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director, trustee or consultant benefit plan, employee agreement or arrangement or program of the Company or Host REIT; 
  

 38 

 (iii) the issuance of any Host REIT Common Stock pursuant to any option, warrant, right, or
exercisable, exchangeable or exchangeable security outstanding as of the date the Exchangeable Debentures were first issued; 
 (iv) a change in the par value of Host REIT Common Stock; 
 (v) accumulated and unpaid dividends or distributions;

 (vi) as a result of a tender offer solely to holders of fewer than one hundred (100) shares of Host REIT Common Stock;
and 
 (vii) the issuance of OP Units by the Company and the issuance of Host REIT Common Stock or the payment of cash upon
redemption thereof. 
 (k) No adjustment in the Exchange Rate will be required unless the adjustment would require an increase
or decrease of at least 1% of the Exchange Rate. If the adjustment is not made because the adjustment does not change the Exchange Rate by at least 1%, then the adjustment that is not made will be carried forward and taken into account in any future
adjustment. All required calculations will be made to the nearest cent or 1/1000th of a share, as the case may be. Notwithstanding the foregoing, the Company will make any unmade adjustments, regardless of whether the aggregate adjustment is less
than 1%, (i) on the date that the Exchangeable Debentures are called for redemption and (ii) on each date thereafter and at maturity of the Exchangeable Debentures. 
 (l) Whenever the Exchange Rate is adjusted as herein provided, Host REIT or the Company shall as promptly as reasonably practicable file
with the Trustee and any Exchange Agent other than the Trustee an Officers’ Certificate setting forth the Exchange Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Promptly after delivery of
such certificate, Host REIT or the Company shall prepare a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and the date on which each adjustment becomes effective and shall mail such notice of such adjustment
of the Exchange Rate to the Holders of the Exchangeable Debentures within twenty (20) Business Days of the Effective Date of such adjustment. Failure to deliver such notice shall not affect the legality or validity of any such adjustment.

 (m) For purposes of this Section 6.05, the number of shares of Host REIT Common Stock at any time outstanding shall not
include shares held in the treasury of Host REIT but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Host REIT Common Stock. 
 (n) If any of the following events occur, namely (i) any reclassification or change of the outstanding Host REIT Common Stock (other
than a subdivision or combination to which Section 6.05(a) applies), (ii) any consolidation, merger or combination of Host REIT

  

 39 

 
with another Person, or a binding share exchange in respect of all of the outstanding Host REIT Common Stock as a result of which holders of Host REIT Common Stock shall be entitled to receive
stock, other securities or other property or assets (including cash) with respect to or in exchange for such Host REIT Common Stock or (iii) any sale or conveyance of all or substantially all of the properties and assets of Host REIT to any
other Person as a result of which holders of Host REIT Common Stock shall be entitled to receive stock, other securities or other property or assets (including cash) with respect to or in exchange for such Host REIT Common Stock, then Host REIT or
the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture). Such supplemental
indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 6.05. Host REIT shall cause notice of the execution of such supplemental indenture to be mailed to
each Holder of Debentures within twenty (20) Business Days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. The provisions of this paragraph shall similarly apply
to successive reclassifications, changes, consolidations, mergers, combinations, sales and conveyances. If the provisions of this paragraph apply to any event or occurrence, then the provisions of Sections 6.05(a) through (n) shall not apply.

 Section 6.06 Taxes on Shares Issued. The issue of stock certificates if any, on exchange of Exchangeable Debentures
shall be made without charge to the exchanging Holder for any documentary, stamp or similar issue or transfer tax in respect of the issue thereof. The Company shall not, however, be required to pay any such tax which may be payable in respect of any
transfer involved in the issue and delivery of stock in any name other than that of the holder of any Exchangeable Debenture exchanged, and the Company shall not be required to issue or deliver any such stock certificate unless and until the Person
or Persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
 Section 6.07 [Intentionally Left Blank] 
 Section 6.08 Responsibility of Trustee. The Trustee and any other Exchange Agent shall not at any time be under any duty or responsibility to any holder of Exchangeable Debentures to determine the
Exchange Rate or whether any facts exist which may require any adjustment of the Exchange Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any
supplemental indenture provided to be employed, in making the same. The Trustee and any other Exchange Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Host REIT Common Stock, or of any
capital stock, other securities or other assets or property, which may at any time be issued or delivered upon the exchange of any Exchangeable Debenture; and the Trustee and any other Exchange Agent make no representations with respect thereto.
Neither the Trustee nor any Exchange Agent shall be

  

 40 

 
responsible for any failure of the Company to issue, transfer or deliver any shares of Host REIT Common Stock or stock certificates or other securities or property or cash upon the surrender of
any Exchangeable Debenture for the purpose of exchange or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article 6. Without limiting the generality of the foregoing, neither the Trustee nor any
Exchange Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 6.05 relating either to the kind or amount of shares of capital stock or
other securities or other assets or property (including cash) receivable by Holders upon the exchange of their Exchangeable Debentures after any event referred to in such Section 6.05 or to any adjustment to be made with respect thereto, but,
subject to the provisions of Section 7.1 of the Indenture, may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated
to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. The Trustee shall not at any time be under any duty or responsibility to any holder of Exchangeable Debentures to determine the accuracy of the
method employed in calculating the Trading Price or whether any facts exist which may require any adjustment of the Trading Price. 
 Section 6.09 Notice to Holders Prior to Certain Actions. In case: 
 (a) Host REIT shall declare a dividend (or
any other distribution) on Host REIT Common Stock that would require an adjustment in the Exchange Rate pursuant to Section 6.05; or 
 (b) Host REIT shall authorize the granting to the holders of all or substantially all of Host REIT Common Stock of rights or warrants to subscribe for or purchase any share of any class or any other
rights or warrants; or 
 (c) of any reclassification or reorganization of Host REIT Common Stock (other than a subdivision or
combination of its outstanding Host REIT Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation, combination, merger or share exchange to which the Company or Host REIT
is a party and for which approval of any stockholders of Host REIT is required, or of the sale or transfer of all or substantially all of the assets of Host REIT; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding up of Host REIT; 
 the
Company shall cause to be filed with the Trustee and to be mailed to each holder of Exchangeable Debentures at its address appearing on the Exchangeable Debenture Register provided for in Section 2.4 of the Indenture, as promptly as possible
but in any event at least ten (10) calendar days prior to the applicable date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or rights or

  

 41 

 
warrants, or, if a record is not to be taken, the date as of which the holders of Host REIT Common Stock of record to be entitled to such dividend, distribution or rights are to be determined, or
(y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective or occur, and the date as of which it is expected that holders of Host REIT Common Stock
of record shall be entitled to exchange their Host REIT Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. 
 Section 6.10 Settlement upon Exchange. (a) Upon any exchange of any Exchangeable Debenture, the Company shall deliver to
exchanging Holders, in respect of each $1,000 principal amount of Exchangeable Debentures being exchanged, at the Company’s election, in full satisfaction of the Company’s Exchange Obligation, (1) shares of Host REIT Common Stock,
together with cash in lieu of fractional shares, if any (a “Physical Settlement”), (2) a cash payment without any delivery of shares of Host REIT Common Stock (a “Cash Settlement”) or (3) a combination of cash and
shares of Host REIT Common Stock, together with cash in lieu of fractional shares, if any (a “Combination Settlement”), in each case, as set forth below (the amounts so deliverable upon exchange of the Exchangeable Debentures, the
“Exchange Obligation”): 
 For exchanges: 
 (i) that occur prior to the date that is 15 Business Days prior to the Maturity Date, by the close of business on the Business Day following the Exchange Date, the Company shall notify exchanging Holders
of the relevant Settlement Method and, if the Company elects a Combination Settlement, the dollar amount of the Exchange Obligation (the “Specified Dollar Amount”) that will be settled in cash; 
 (ii) that occur on or after the date that is 15 Business Days prior to the Maturity Date, the Company shall notify all Holders of the
relevant Settlement Method and, if applicable, the related Specified Dollar Amount, by notice on or prior to the date that is 15 Business Days prior to the Maturity Date (which shall apply to all exchanges on or following the date that is 15
Business Days prior to the Maturity Date). 
 If the Company does not specify a Settlement Method as set forth above, then Combination
Settlement shall apply, and the related Specified Dollar Amount used in the settlement calculation set forth in paragraph (d) below will be $1,000. Any such notice of a Settlement Method may not be revoked. 
 (b) If the Company has elected a Physical Settlement with respect to any Exchangeable Debentures tendered for exchange, the Company shall
deliver, for each $1,000

  

 42 

 
principal amount of Exchangeable Debentures, a number of shares of Host REIT Common Stock equal to the Exchange Rate, together with cash in lieu of fractional shares, on the third Business Day
following the Exchange Date. 
 (c) If the Company has elected a Cash Settlement with respect to any Exchangeable Debentures
tendered for exchange, the Company shall deliver, for each $1,000 principal amount of Exchangeable Debentures, a cash payment equal to the sum of the Daily Exchange Values for each Trading Day during the relevant Applicable Exchange Period. The
Company shall make such payment on the third Business Day following the last day of the Applicable Exchange Period. 
 (d) If
the Company has elected or is deemed to have elected a Combination Settlement with respect to any Exchangeable Debentures tendered for exchange, the Company shall deliver, for each $1,000 principal amount of Exchangeable Debentures, the sum of the
Daily Settlement Amounts for each Trading Day during the relevant Applicable Exchange Period. 
 The “Daily Settlement
Amount” for each Trading Day during the Applicable Exchange Period shall consist of: 
 (i) cash in an amount equal to the
lesser of (i) 1/10 of the Specified Dollar Amount specified by the Company in the notice regarding the chosen Settlement Method (the “Daily Specified Dollar Amount”) and (ii) the Daily Exchange Value on such Trading Day; and

 (ii) if the Daily Exchange Value on such Trading Day exceeds the Daily Specified Dollar Amount, a number of shares of Host
REIT Common Stock (together with cash in lieu of any fractional shares) equal to (i) the difference between such Daily Exchange Value and the Daily Specified Dollar Amount, divided by (ii) the Daily VWAP on such Trading Day. 
 The Company shall deliver such cash and shares of Host REIT Common Stock on the third Business Day following the last day of the Applicable
Exchange Period. 
 (e) Upon exchange of any Exchangeable Debentures, Holders shall not receive any separate cash payment for
accrued and unpaid interest, except to the extent specified below. The Company’s delivery to the Holder of Host REIT Common Stock, cash or a combination of cash and Host REIT Common Stock, as applicable, together with any cash payment for any
fractional share of Host REIT Common Stock, into which a Exchangeable Debenture is exchangeable shall be deemed to satisfy in full the Company’s obligation to pay (i) the principal amount of the Exchangeable Debentures so exchanged and
(ii) accrued and unpaid interest to, but not including, the Exchange Date. As a result, accrued and unpaid interest to, but not including, the Exchange Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited.
Exchangeable Debentures surrendered for exchange during the period from the close of business on any Record Date to the open of business on the immediately

  

 43 

 
following interest payment date must be accompanied by funds equal to the amount of interest payable on the Exchangeable Debentures so exchanged; provided that no such payment need be made
(i) for exchanges following the Record Date immediately preceding the Maturity Date, (ii) if the Company has specified a Designated Event Repurchase Date that is after a Record Date and on or prior to the corresponding interest payment
date, or (iii) to the extent of any overdue interest, if any overdue interest exists at the time of exchange with respect to such Exchangeable Debenture. 
 (f) The Company shall not issue fractional shares of Host REIT Common Stock upon exchange of Exchangeable Debentures. If multiple Exchangeable Debentures shall be surrendered for exchange at one time by
the same Holder, the number of full shares of Host REIT Common Stock which shall be issuable upon exchange shall be computed on the basis of the aggregate principal amount of the Exchangeable Debentures (or specified portions thereof to the extent
permitted hereby) so surrendered. If any fractional share of Host REIT Common Stock would be issuable upon the exchange of any Exchangeable Debentures, the Company shall make payment therefor in cash in lieu of fractional shares of Host REIT Common
Stock based on: 
 (i) if Physical Settlement applies, on the last reported sale price of Host REIT Common Stock on the
relevant Exchange Date, and 
 (ii) if Combination Settlement applies, the Daily VWAP of Host REIT Common Stock on the final
Trading Day of the Applicable Exchange Period. 
 (g) Solely for purposes of determining the payments and deliveries due upon
exchange under this Section 6.10 and for purposes of the definitions of “Applicable Exchange Period,” “Daily Exchange Value,” “Daily VWAP” and “Scheduled Trading Day,” 
 “Trading Day” means a day on which (i) there is no Market Disruption Event and (ii) trading in Host REIT Common
Stock generally occurs on the New York Stock Exchange or, if Host REIT Common Stock is not then listed on the New York Stock Exchange, on the principal other United States national or regional securities exchange on which Host REIT Common Stock is
then listed or, if Host REIT Common Stock is not then listed on a United States national or regional securities exchange, on the principal other market on which Host REIT Common Stock is then traded. If Host REIT Common Stock (or other security for
which a Daily VWAP must be determined) is not so listed or traded, “Trading Day” means a Business Day. 
 Section 6.11
Exchange Rate Adjustment After Certain Change in Control Transactions. 
 (a) Subject to the provisions hereof, if a
Holder elects to exchange its Exchangeable Debentures following the occurrence of the Effective Date of a Change in Control described in clause (i) or (ii) of the definition of Change in Control that occurs prior to

  

 44 

 
October 15, 2015, the Company will increase the Applicable Exchange Rate for the Debentures so surrendered for exchange by a number of additional shares of Host REIT Common Stock (the
“Additional Change in Control Shares”) as specified below; provided that the Additional Change in Control Shares will only be payable as set forth below. An exchange of Exchangeable Debentures will be deemed for these purposes to be
“in connection with” such a Change in Control if the Exchange Notice is received by the Exchange Agent on or after the date that is fifteen (15) Business Days prior to the anticipated Effective Date of the Change in Control or on or
prior to the related Repurchase Date corresponding to such event or, if there is no such Designated Event Repurchase Date, the fifth Business Day following the Effective Date of the Change in Control. 
 (b) The number of Additional Change in Control Shares will be determined by reference to the table in paragraph (e) below and is based
on the date on which the relevant Change in Control transaction becomes effective (the “Effective Date”) and the price (the “Stock Price”) paid per share of Host REIT Common Stock in such transaction. If the holders of Host REIT
Common Stock receive only cash in the relevant Change in Control transaction, the Stock Price will equal the cash amount paid per share of Host REIT Common Stock. In all other cases, the Stock Price will equal the average of the Closing Sale Prices
of Host REIT Common Stock on the ten (10) consecutive Trading Days up to but excluding the Effective Date. 
 (c) The Stock
Prices set forth in the first row of the table below shall be adjusted as of any date on which the Exchange Rate of the Exchangeable Debentures is adjusted pursuant to Section 6.05. The adjusted Stock Prices will equal the Stock Prices
applicable immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the Exchange Rate immediately prior to the adjustment giving rise to the Stock Price adjustment and (ii) the denominator of which is
the Exchange Rate as so adjusted. 
 (d) The number of Additional Change in Control Shares will be adjusted in the same manner
and for the same events as the Exchange Rate is adjusted pursuant to Section 6.05. 
 (e) The following table sets forth
the Stock Price and number of Additional Change in Control Shares issuable per $1,000 principal amount of Exchangeable Debentures: 
  
 Stock Price 
  

																													
	 Effective Date
	  	$10.75	  	$12.00	  	$14.00	  	$16.00	  	$18.00	  	$20.00	  	$25.00	  	$30.00	  	$35.00	  	$40.00	  	$50.00	  	$60.00	  	$70.00	  	$80.00
	 December 22, 2009
	  	22.0131	  	17.4803	  	12.5452	  	9.3622	  	7.2165	  	5.7113	  	3.4728	  	2.2941	  	1.5890	  	1.1278	  	0.5763	  	0.2779	  	0.1122	  	0.0257
	 October 15, 2010
	  	22.0131	  	17.5081	  	12.2943	  	8.9899	  	6.8029	  	5.3017	  	3.1378	  	2.0437	  	1.4060	  	0.9943	  	0.5048	  	0.2396	  	0.0919	  	0.0141
	 October 15, 2011
	  	22.0131	  	17.4551	  	11.8324	  	8.3591	  	6.1315	  	4.6505	  	2.6278	  	1.6748	  	1.1430	  	0.8065	  	0.4071	  	0.1887	  	0.0663	  	0.0046
	 October 15, 2012
	  	22.0131	  	17.1640	  	11.0596	  	7.4144	  	5.1780	  	3.7642	  	1.9840	  	1.2328	  	0.8392	  	0.5947	  	0.3007	  	0.1353	  	0.0414	  	0.0000
	 October 15, 2013
	  	22.0131	  	16.3684	  	9.7058	  	5.9334	  	3.7849	  	2.5430	  	1.1957	  	0.7301	  	0.5055	  	0.3647	  	0.1859	  	0.0791	  	0.0164	  	0.0000
	 October 15, 2014
	  	22.0131	  	14.4235	  	7.1021	  	3.4215	  	1.6889	  	0.9074	  	0.3501	  	0.2303	  	0.1693	  	0.1255	  	0.0644	  	0.0237	  	0.0000	  	0.0000
	 October 15, 2015
	  	22.0131	  	12.3194	  	0.4557	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000

  

 45 

 (f) If the exact Stock Price and Effective Date are not set forth on the table above, then:

 (i) if the Stock Price is between two Stock Prices in the table or the Effective Date is between two Effective Dates in the
table, the number of Additional Change in Control Shares will be determined by a straight-line interpolation between the number of Additional Change in Control Shares set forth for the higher and lower Stock Prices and the earlier and later
Effective Dates, as applicable, based on a 365-day year; 
 (ii) if the Stock Price is in excess of $80.00 per share of Host
REIT Common Stock (the “Make Whole Cap”) no Additional Change in Control Shares will be issued upon exchange; and 
 (iii) if the Stock Price is less than $10.75 per share of Host REIT Common Stock (the “Make Whole Floor”) no Additional Change in Control Shares will be issued upon exchange. 
 Notwithstanding the foregoing, in no event will the total number of shares of Host REIT Common Stock issuable upon exchange exceed 93.0232 per $1,000
principal amount of Exchangeable Debentures, subject to adjustment in the same manner as the Exchange Rate as set forth in Section 6.05. 
 The Make Whole Cap and Make Whole Floor shall be adjusted as of any date on which the Exchange Rate of the Exchangeable Debentures is adjusted pursuant to Section 6.05. The adjusted Make Whole Cap or Make Whole Floor, as the case may
be, shall equal the Make Whole Cap or Make Whole Floor, as the case may be, applicable immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the Exchange Rate immediately prior to the adjustment giving
rise to the adjustment and (ii) the denominator of which is the Exchange Rate as so adjusted. 
 Section 6.12 Ownership
Limit. (a) Notwithstanding any other provision of the Exchangeable Debentures, no Holders of Exchangeable Debentures shall be entitled to receive shares of Host REIT Common Stock upon an exchange of Exchangeable Debentures to the extent
that receipt of such shares would cause such Holder (together with such Holder’s Affiliates) to exceed the ownership limit contained in the Charter of Host REIT. 
  

 46 

 (b) At the Maturity Date or upon earlier redemption or repurchase of the Exchangeable
Debentures or at any other time a payment is made with respect to the Exchangeable Debentures, and as otherwise required by law, the Company may deduct and withhold from the amount otherwise deliverable to the Holder, and pay over to the applicable
governmental authority, the amount required to be deducted and withheld under applicable law, and any amount so deducted, withheld and paid over shall be deemed paid to such Holder for all purposes of this Indenture. 
 Section 6.13 Calculation in Respect of Debentures. Except as otherwise specifically stated herein or in the Exchangeable Debentures,
all calculations to be made in respect of the Exchangeable Debentures shall be the obligation of the Company. All calculations made by the Company or its agent as contemplated pursuant to the terms hereof and of the Exchangeable Debentures shall be
made in good faith and be final and binding on the Exchangeable Debentures and the Holders of the Exchangeable Debentures absent manifest error. The Company shall provide a schedule of calculations to the Trustee, and the Trustee shall be entitled
to rely upon the accuracy of the calculations by the Company without independent verification. The Trustee shall forward calculations made by the Company to any Holder of Exchangeable Debentures upon request. 
 ARTICLE 7 
 Section
7.01 For purposes of the Exchangeable Debentures, Section 2.7 of the Indenture is hereby supplemented with, and where inconsistent replaced by, the following provisions: 
 (a) Exchange and Registration of Transfer of Exchangeable Debentures; Restrictions on Transfer. The Company shall cause to be kept at
the Corporate Trust Office a register (the register maintained in such office and in any other office or agency of the Company herein sometimes collectively referred to as the “Exchangeable Debenture Register”) in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the registration of Exchangeable Debentures and of transfers of Exchangeable Debentures. The Exchangeable Debenture Register shall be in written form or in any form capable of
being exchanged into written form within a reasonably prompt period of time. The Trustee is hereby appointed “Exchangeable Debenture Registrar” for the purpose of registering Exchangeable Debentures and transfers of Exchangeable Debentures
as herein provided. 
 Upon surrender for registration of transfer of any Exchangeable Debenture to the Exchangeable Debenture Registrar or any
co-registrar, and satisfaction of the requirements for such transfer, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Exchangeable Debentures of any
authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Thirty-Second Supplemental Indenture. 
  

 47 

 Exchangeable Debentures may be exchanged for other Exchangeable Debentures of any authorized denominations
and of a like aggregate principal amount, upon surrender of the Exchangeable Debentures to be exchanged at any such office or agency maintained by the Company. Whenever any Exchangeable Debentures are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Exchangeable Debentures which the Holder making the exchange is entitled to receive bearing registration numbers not contemporaneously outstanding. 
 All Exchangeable Debentures issued upon any registration of transfer or exchange of Exchangeable Debentures shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Thirty-Second Supplemental Indenture, as the Exchangeable Debentures surrendered upon such registration of transfer or exchange. 
 All Exchangeable Debentures presented or surrendered for registration of transfer or for exchange, redemption, or repurchase shall (if so required by the
Company or the Exchangeable Debenture Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company, and the Exchangeable Debentures shall be duly executed by the Holder thereof
or its attorney duly authorized in writing. 
 No service charge shall be made to any Holder for any registration of, transfer or exchange of
Exchangeable Debentures, but the Company may require payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Exchangeable
Debentures. 
 In the event of any redemption in part, the Company shall not be required to: (i) issue or register the transfer or exchange
of any Exchangeable Debenture during a period beginning at the opening of business 15 days before any selection of Exchangeable Debentures for redemption and ending at the close of business on the earliest date on which the relevant notice of
redemption is deemed to have been given to all Holders of Exchangeable Debentures to be so redeemed, or (ii) register the transfer or exchange of any Exchangeable Debenture so selected for redemption, in whole or in part, except the unredeemed
portion of any Exchangeable Debenture being redeemed in part. 
 (b) The following provisions shall apply only to Global
Debentures: 
 (i) Each Global Debenture authenticated under this Indenture shall be registered in the name of the Depository
or a nominee thereof and delivered to such Depository or a nominee thereof or Custodian therefor, and each such Global Debenture shall constitute a single Exchangeable Debenture for all purposes of this Indenture. 
 (ii) Notwithstanding any other provision in this Indenture, no Global Debenture may be exchanged in whole or in part for Exchangeable
Debentures registered, and no transfer of a Global Debenture in whole or in part may be registered, in the name of any Person other than the Depository or a nominee thereof unless (1) the Depository (x) has notified

  

 48 

 
the Company that it is unwilling or unable to continue as Depository for such Global Debenture or (y) has ceased to be a clearing agency registered under the Exchange Act, and a successor
depository has not been appointed by the Company within ninety (90) calendar days, (2) an Event of Default has occurred and is continuing or (3) the Company, in its sole discretion, notifies the Trustee in writing that it no longer
wishes to have all the Exchangeable Debentures represented by Global Debentures. Any Global Debenture exchanged pursuant to clause (1) or (2) above shall be so exchanged in whole and not in part and any Global Debenture exchanged pursuant
to clause (3) above may be exchanged in whole or from time to time in part as directed by the Company. Any Debenture issued in exchange for a Global Debenture or any portion thereof shall be a Global Debenture; provided that any such
Exchangeable Debenture so issued that is registered in the name of a Person other than the Depository or a nominee thereof shall not be a Global Debenture. 
 (iii) Exchangeable Debentures issued in exchange for a Global Debenture or any portion thereof pursuant to clause (ii) above shall be issued in definitive, fully registered form, without interest
coupons, shall have an aggregate principal amount equal to that of such Global Debenture or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depository shall designate and shall
bear any legends required hereunder. Any Global Debenture to be exchanged in whole shall be surrendered by the Depository to the Trustee, as Exchangeable Debenture Registrar. With regard to any Global Debenture to be exchanged in part, either such
Global Debenture shall be so surrendered for exchange or, if the Trustee is acting as Custodian for the Depository or its nominee with respect to such Global Debenture, the principal amount thereof shall be reduced, by an amount equal to the portion
thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and make available for delivery the Exchangeable Debenture issuable on such
exchange to or upon the written order of the Depository or an authorized representative thereof. 
 (iv) In the event of the
occurrence of any of the events specified in clause (ii) above, the Company will promptly make available to the Trustee a reasonable supply of certificated Exchangeable Debentures in definitive, fully registered form, without interest coupons.

 (v) Neither any members of, or participants in, the Depository (“Agent Members”) nor any other Persons on whose
behalf Agent Members may act shall have any rights under this Thirty-Second Supplemental Indenture with respect to any Global Debenture registered in the name of the Depository or any nominee thereof, and the Depository or such nominee, as the case
may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Debenture for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee or any agent of the Company or the Trustee from giving effect to any

  

 49 

 
written certification, proxy or other authorization furnished by the Depository or such nominee, as the case may be, or impair, as between the Depository, its Agent Members and any other Person
on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a Holder of any Exchangeable Debenture. 
 (vi) At such time as all interests in a Global Debenture have been redeemed, repurchased, exchanged, or canceled for Exchangeable
Debentures in certificated form, such Global Debenture shall, upon receipt thereof, be canceled by the Trustee in accordance with standing procedures and instructions existing between the Depository and the Custodian. At any time prior to such
cancellation, if any interest in a Global Debenture is redeemed, repurchased, exchanged, or canceled for Exchangeable Debentures in certificated form, the principal amount of such Global Debenture shall, in accordance with the standing procedures
and instructions existing between the Depository and the Custodian, be appropriately reduced, and an endorsement shall be made on such Global Debenture, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction.

 (c) Every Exchangeable Debenture (and all securities issued in exchange therefor or in substitution thereof) that bears or is
required under this Section 7.01(c) to bear the legend set forth in this Section 7.01(c) (the “Restricted Debentures Legend”), and any Host REIT Common Stock that bears or is required under this Section 7.01(c) to bear the
Host REIT Common Stock legend set forth in this Section 7.01(c) (the “Common Stock Legend”) (collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c)
(including those set forth in the legends below) unless such restrictions on transfer shall be waived by written consent of the Company, and the Holder of each such Restricted Security, by such Exchangeable Debenture Holder’s acceptance
thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 7.01(c), the term “transfer” means any sale, pledge, loan, transfer or other disposition whatsoever of any Restricted Security or any interest
therein. 
 Until the Maturity Date for the Debentures any certificate evidencing a Restricted Security shall bear a legend in substantially the
following form, or unless otherwise agreed by the Issuer in writing, with written notice thereof to the Trustee: 
 “THIS DEBENTURE (OR ITS
PREDECESSOR) AND ANY COMMON STOCK ISSUABLE UPON THE EXCHANGE OF THIS DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS THAT (A) IT IS NOT AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF HOST HOTELS & RESORTS, L.P. OR ANY OF THE GUARANTORS, AND (B) IT IS A “QUALIFIED INSTITUTIONAL

  

 50 

 
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) AND IS PURCHASING THIS DEBENTURE FOR ITS OWN ACCOUNT OR AN ACCOUNT OF ANOTHER QIB OVER WHICH IT EXERCISES SOLE
INVESTMENT DISCRETION; 
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS DEBENTURE EXCEPT (A) TO HOST
HOTELS & RESORTS, L.P. OR ANY GUARANTOR WHOLLY OWNED BY HOST HOTELS & RESORTS, L.P. OR ANY OF THEIR RESPECTIVE WHOLLY OWNED SUBSIDIARIES, (B) TO A PERSON WHO IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION; AND 
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS DEBENTURE OR AN INTEREST HEREIN IS TRANSFERRED A
NOTICE AS TO THE ABOVE RESTRICTIONS. 
 THE HOST REIT COMMON STOCK ISSUABLE UPON EXCHANGE OF THE DEBENTURES IS SUBJECT TO CERTAIN RESTRICTIONS
ON OWNERSHIP AND TRANSFER. HOST HOTELS & RESORTS, L.P. WILL FURNISH A FULL STATEMENT ABOUT THE RESTRICTIONS ON TRANSFERABILITY AND OWNERSHIP OF THE HOST REIT COMMON STOCK TO ANY HOLDER ON REQUEST AND WITHOUT CHARGE. SUCH REQUEST MAY BE MADE
TO THE HOST REIT CORPORATE SECRETARY AT HOST REIT’S PRINCIPAL OFFICE. 
 THIS DEBENTURE, ANY SHARES OF COMMON STOCK ISSUABLE UPON ITS
EXCHANGE AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THE DEBENTURE AND ANY SUCH SHARES TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE
INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS DEBENTURE AND SUCH SHARES SHALL BE DEEMED BY THE ACCEPTANCE OF THIS DEBENTURE AND ANY SUCH SHARES TO HAVE AGREED TO ANY
SUCH AMENDMENT OR SUPPLEMENT.” 
 Until the expiration of the holding period applicable to sales thereof under Rule 144(k) under the
Securities Act (or any successor provision), any certificate evidencing any stock certificate representing shares of Host REIT Common Stock issued upon exchange of any Exchangeable Debenture, shall bear a Common Stock Legend unless such Host REIT
Common Stock has been sold pursuant to a registration statement that has been declared effective under the Securities Act (and which continues to be effective at the time of such transfer) or pursuant to Rule 144

  

 51 

 
under the Securities Act or any similar provision then in force, or unless otherwise agreed by the Company in writing, with written notice thereof to the Trustee: 
 “THIS COMMON STOCK CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS THAT (A) IT IS NOT AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF HOST REIT, HOST HOTELS &
RESORTS, L.P. OR ANY OF THE GUARANTORS, AND (B) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) AND IS PURCHASING THIS COMMON STOCK FOR ITS OWN ACCOUNT OR AN ACCOUNT OF
ANOTHER QIB OVER WHICH IT EXERCISES SOLE INVESTMENT DISCRETION; 
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS
COMMON STOCK CERTIFICATE EXCEPT (A) TO A PERSON WHO IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT,
(C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, OR (D) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER
THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS COMMON STOCK CERTIFICATE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE AS TO THE ABOVE RESTRICTIONS. 
 THIS COMMON STOCK CERTIFICATE AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER
TRANSFERS OF THIS COMMON STOCK CERTIFICATE TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS COMMON STOCK
CERTIFICATE SHALL BE DEEMED BY THE ACCEPTANCE OF THIS COMMON STOCK CERTIFICATE TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.” 
 Any
such shares of Host REIT Common Stock as to which such restrictions on transfer shall

  

 52 

 
have expired in accordance with their terms or as to which the conditions for removal of the Common Stock Legend set forth therein have been satisfied may, upon surrender of the certificates
representing such shares of Host REIT Common Stock for exchange in accordance with the procedures of the transfer agent for the Host REIT Common Stock, be exchanged for a new certificate or certificates for a like number of shares of Host REIT
Common Stock, which shall not bear the Common Stock Legend required by this Section 7.01(c). 
 (d) By its acceptance of
any Exchangeable Debenture bearing the Restricted Debentures Legend, each Holder of such Exchangeable Debenture acknowledges the restrictions on transfer of such Exchangeable Debenture set forth in this Thirty-Second Supplemental Indenture and in
the Restricted Debentures Legend and agrees that it will transfer such Exchangeable Debenture only as provided in this Thirty-Second Supplemental Indenture and as permitted by applicable law. 
 (e) Any Restricted Securities purchased or owned by the Company or any Affiliate thereof may not be resold by the Company or such Affiliate
unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction which results in such Exchangeable Debentures or Host REIT Common Stock, as the case may be, no
longer being “restricted securities” (as defined under Rule 144). 
 (f) Global Debenture Legend. To the extent
required by the Depository, each Global Debenture shall bear a legend in substantially the following form: 
 “THIS GLOBAL SECURITY IS HELD
BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS GLOBAL SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE
MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 7.01 OF THE THIRTY-SECOND SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 7.01(a) OF THE THIRTY-SECOND SUPPLEMENTAL
INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.” 
 (g) The Trustee shall have no responsibility or obligation to any Agent Members or any other Person with
respect to the accuracy of the books or records, or the acts or omissions, of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Exchangeable Debentures or with respect to the
delivery

  

 53 

 
to any Agent Member or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Exchangeable
Debentures. All notices and communications to be given to the Holders and all payments to be made to Holders under the Exchangeable Debentures shall be given or made only to or upon the order of the registered Holders (which shall be the Depository
or its nominee in the case of a Global Debenture). The rights of beneficial owners in any Global Debenture shall be exercised only through the Depository subject to the customary procedures of the Depository. The Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect to its Agent Members. 
 The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Thirty-Second Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Exchangeable Debenture
(including any transfers between or among Agent Members in any Global Indenture) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by,
the terms of this Thirty-Second Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (h) Cancellation and/or Adjustment of Global Debentures. At such time as all beneficial interests in a particular Global Debenture have been exchanged for Certificated Exchangeable Debentures or a
particular Global Debenture has been redeemed, repurchased or cancelled in whole and not in part, each such Global Debenture shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.12 of the Indenture. At any
time prior to such cancellation, if any beneficial interest in a Global Debenture is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Debenture or for Certificated
Exchangeable Debentures, the principal amount of Exchangeable Debentures represented by such Global Debenture shall be reduced accordingly and an endorsement shall be made on such Global Debenture by the Trustee or by the Depository at the direction
of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Debenture, such other Global Debenture
shall be increased accordingly and an endorsement shall be made on such Global Debenture by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 
 ARTICLE 8 
 Section 8.01 Events of Default.
(a) For purposes of the Exchangeable Debentures, Section 6.1(c) of the Indenture shall be amended to read: 
 “(c)
the failure by the Company or any Subsidiary Guarantors to observe or perform any other covenant or agreement contained in the Exchangeable Debentures or the

  

 54 

 
Indenture with respect to the Exchangeable Debentures and the continuance of such failure for a period of 60 days after written notice is given to the Company by the Trustee or to the Company and
the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Exchangeable Debentures;”. 
 (b) For purposes of the Exchangeable Debentures, Section 6.1(d) of the Indenture shall be amended to read: 
 “(d) a default in (I) Secured Indebtedness of the Company or any of its Restricted Subsidiaries with an aggregate principal amount in excess of 5% of Total Assets, or (II) other Indebtedness of the Company or any of its Restricted
Subsidiaries with an aggregate principal amount in excess of $100 million, in either case, (a) resulting from the failure to pay principal or interest, when due (after giving effect to any applicable extensions or grace or cure periods) or
(b) as a result of which the maturity of such Indebtedness has been accelerated prior to its final Stated Maturity;”. 
 (c) For purposes of the Exchangeable Debentures, Section 6.1 of the Indenture is hereby supplemented by adding the following: 
 “(i) the failure by the Company to deliver cash, Host REIT Common Stock, or a combination of cash and Host REIT Common Stock within fifteen (15) days after the due date upon an exchange of
Exchangeable Debentures, together with any cash due in lieu of fractional shares; 
 “(j) the failure by the Company to
comply in all material respects with its notice obligations set forth in Sections 5.01, 5.03 and 6.01(a)(iv).” 
 (d) The
Event of Default set forth in Section 6.1(e) of the Indenture shall not be applicable to the Exchangeable Debentures. 
 ARTICLE 9 
 Section 9.01 Amendments and Supplements. (a) For purposes of the Exchangeable
Debentures, Section 9.1 of the Indenture is hereby amended by replacing subsection (a) with the following: 
 “(a)
to cure any ambiguity, omission, defect or inconsistency, or correct or supplement any provision in the Indenture which may be defective or inconsistent with any other provision; provided that such modification will not adversely affect the
interests of the holders of the Debentures.” 
  

 55 

 (b) For purposes of the Exchangeable Debentures, Section 9.1 of the Indenture is hereby
supplemented by: 
 (i) adding the following: 
 “(k) to increase the Exchange Rate or reduce the Exchange Price; provided that the increase or reduction, as the case may be, is in accordance with the Thirty-Second Supplemental Indenture and
the Indenture or will not adversely affect the interest of the Holders of the Exchangeable Debentures; 
 (l) to add events of
default with respect to the Exchangeable Debentures; and 
 (m) to add circumstances under which the Company shall pay Liquidated
Damages on the Exchangeable Debentures. 
 (n) to provide for the assumption of our obligations under the Indenture by a
successor upon any merger, consolidation or asset transfer permitted under the indenture; 
 (o) to add covenants that would
benefit the holders of Debentures or to surrender any rights we have under the Indenture; 
 (p) to conform the provisions of the
Thirty-Second Supplemental Indenture or the Exchangeable Debentures to the Description of Debentures section in the Offering Memorandum.” 
 (ii) replacing subsection (c) with the following: 
 “(c) to provide for
uncertificated Exchangeable Debentures in addition to or in place of certificated Exchangeable Debentures or to provide for bearer Exchangeable Debentures;” 
 (c) For purposes of the Exchangeable Debentures, Section 9.3 of the Indenture is hereby supplemented by: 
 (i) adding the following: 
 “(j) alter the provisions relating to the
Holders’ rights upon a Change in Control in a manner adverse to the Holders of the Exchangeable Debentures, including the Company’s obligations to repurchase the Exchangeable Debentures upon a Change in Control; 
 (k) reduce the redemption price or Repurchase Price of the Exchangeable Debentures or change the time at which the Exchangeable Debentures
may or must be redeemed or repurchased; 
 (l) make payments on the Exchangeable Debentures in currency other than as originally
stated in the Exchangeable Debentures; and 
  

 56 

 (m) adversely affect the Holders’ rights contained in Articles 5 and 6 of the
Thirty-Second Supplemental Indenture.” 
 (ii) replacing subsection (a) through (c) with the following:

 “(a) reduce the rate of accrual of interest or change the time for payment of interest on the Exchangeable Debentures;

 (b) reduce the issue price, the principal amount of the Debentures or change their final stated Maturity Date; 
 (c) [intentionally omitted]” 
 ARTICLE 10 
 Section 10.01 Except as specifically modified herein, the Indenture
is in all respects ratified and confirmed and shall remain in full force and effect in accordance with its terms. 
 Section
10.02 Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed or shall be construed to be assumed by the Trustee by reason of this Thirty-Second Supplemental Indenture. This Thirty-Second Supplemental
Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee
with respect to this Thirty-Second Supplemental Indenture. 
 Section 10.03 The Trustee shall not be responsible in any manner
whatsoever for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Subsidiary Guarantors. 
 Section 10.04 THIS THIRTY-SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). EACH OF THE COMPANY AND THE SUBSIDIARY GUARANTORS HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN
IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE

  

 57 

 
AND THE SECURITIES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. EACH OF THE COMPANY AND THE SUBSIDIARY
GUARANTORS IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND
ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY SECURITYHOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW
OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY AND THE SUBSIDIARY GUARANTORS IN ANY OTHER JURISDICTION. 
 Section 10.05 The parties may sign any number of copies of this Thirty-Second Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. 
 Section 10.06 All capitalized terms used in this Thirty-Second Supplemental Indenture which are not otherwise defined herein, shall have the
respective meanings specified in the Indenture, unless the context otherwise requires. 
 Section 10.07 The Exchangeable
Debentures may be issued in whole or in part in the form of one or more Global Debentures, registered in the name of Cede & Co., as nominee of “DTC”. For so long as the Debentures are in Book-Entry Form, all notices, reports and
other documents to the Holders shall be delivered through the facilities of DTC by the Trustee. 
  

 58 

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

			
	COMPANY
	
	HOST HOTELS & RESORTS, L.P., a Delaware limited
	partnership

			
		
	    BY:	 	HOST HOTELS & RESORTS, INC., its general partner

			
		
	By:	 	 /s/ Larry K. Harvey

	Name:	 	Larry K. Harvey
	Title:	 	Executive Vice President,
		 	Chief Financial Officer and Treasurer
	
	HOST REIT
	
	HOST HOTELS & RESORTS, INC.
		
	By:	 	 /s/ Larry K. Harvey

	Name:	 	Larry K. Harvey
	Title:	 	Executive Vice President,
		 	Chief Financial Officer and Treasurer
	
	SUBSIDIARY GUARANTORS
	
	AIRPORT HOTELS LLC,
	HOST OF BOSTON, LTD.,
		 	BY: AIRPORT HOTELS LLC,
	HOST OF HOUSTON LTD.,
		 	BY: AIRPORT HOTELS LLC
	HOST OF HOUSTON 1979,
		 	BY: AIRPORT HOTELS LLC
		 	BY: HOST OF HOUSTON, LTD.
		 	BY: AIRPORT HOTELS LLC
	HMC RETIREMENT PROPERTIES, L.P.,
		 	BY: DURBIN LLC
	 HMH MARINA LLC,
 HMC ATLANTA LLC,
 HMC BCR HOLDINGS LLC,
 HMC BURLINGAME LLC,

 Signature Page for Indenture 

			
	 HMC CAPITAL RESOURCES LLC,
 HOST PARK RIDGE LLC,
 HMC SUITES LLC,
 HMC SUITES LIMITED PARTNERSHIP,

		 	BY: HMC SUITES LLC,
	 WELLSFORD-PARK RIDGE HMC HOTEL LIMITED
 PARTNERSHIP,

		 	BY: HOST PARK RIDGE LLC,
	 YBG ASSOCIATES LLC,
 HMC CHICAGO LLC,
 HMC DESERT LLC,
 HMC DIVERSIFIED LLC,
 HMC EAST SIDE LLC,
 EAST SIDE HOTEL ASSOCIATES, L.P.

		 	BY: HMC EAST SIDE LLC
	 HMC EAST SIDE II LLC,
 HMC GRAND LLC,
 HMC HANOVER LLC,
 HMC HOTEL DEVELOPMENT LLC,
 HMC MANHATTAN BEACH LLC,
 HMC MARKET STREET LLC,
 NEW MARKET STREET
LP,

		 	BY: HMC MARKET STREET LLC
	 HMC GEORGIA LLC,
 HMC MEXPARK LLC,
 HMC POLANCO LLC,
 HMC NGL LLC,
 HMC OLS I L.P.,

		 	BY: HMC OLS I LLC
	 HMC PLP LLC,
 CHESAPEAKE HOTEL LIMITED PARTNERSHIP,

		 	BY: HMC PLP LLC
	 HMC POTOMAC LLC,
 HMC PROPERTIES I LLC,
 HMC SBM TWO LLC,
 HMC SEATTLE LLC,
 HMC SFO LLC,
 HMC SWISS HOLDINGS LLC,
 HMH GENERAL PARTNER
HOLDINGS LLC,
 HMH PENTAGON LLC,
 HMH
RESTAURANTS LLC,
 HMH RIVERS LLC,
 HMH
RIVERS, L.P.,

		 	BY: HMH RIVERS LLC
	 HMH WTC LLC,
 HOST LA JOLLA LLC,

 Signature Page for Indenture 

	
	CITY CENTER HOTEL LIMITED PARTNERSHIP,
	 BY: HOST LA JOLLA LLC

	TIMES SQUARE LLC,
	IVY STREET LLC,
	MARKET STREET HOST LLC,
	PHILADELPHIA AIRPORT HOTEL LLC,
	PM FINANCIAL LLC,
	PM FINANCIAL LP,
	 BY: PM FINANCIAL LLC

	HMC PROPERTY LEASING LLC,
	HMC HOST RESTAURANTS LLC,
	S.D. HOTELS LLC,
	TIMES SQUARE GP LLC,
	DURBIN LLC,
	HMC HT LLC,
	HMC OLS I LLC,
	HMC OLS II L.P.,
	 BY: HMC OLS I LLC

	HMC/INTERSTATE MANHATTAN BEACH, L.P.,
	 BY: HMC MANHATTAN BEACH LLC

	AMELIATEL,
	 BY: HMC AMELIA I LLC,

	 BY: HMC AMELIA II LLC,

	HMC AMELIA I LLC,
	HMC AMELIA II LLC,
	ROCKLEDGE HOTEL LLC,
	HMC COPLEY LLC,
	HMC HEADHOUSE FUNDING LLC,
	IVY STREET HOPEWELL LLC,
	HMC DIVERSIFIED AMERICAN HOTELS, L.P.,
	 BY: HMC DIVERSIFIED LLC,

	POTOMAC HOTEL LIMITED PARTNERSHIP,
	 BY: HMC POTOMAC LLC

	HMC AP GP LLC,
	HMC AP LP,
	 BY: HMC AP GP LLC

	HMC AP CANADA COMPANY,
	HMC TORONTO AIRPORT GP LLC,
	HMC TORONTO AIRPORT LP,
	 BY: HMC TORONTO AIRPORT GP LLC

	HMC TORONTO EC GP LLC,
	HMC TORONTO EC LP,
	 BY: HMC TORONTO EC GP LLC

	HMC CHARLOTTE LLC,
	HMC CHARLOTTE LP,
	 BY: HMC CHARLOTTE GP LLC

 Signature Page for Indenture 

	
	HMC CHARLOTTE (CALGARY) COMPANY,
	CALGARY CHARLOTTE PARTNERSHIP,
	 BY: HMC CHARLOTTE (CALGARY) COMPANY

	 BY: HMC GRACE (CALGARY) COMPANY

	CALGARY CHARLOTTE HOLDINGS COMPANY,
	HMC GRACE (CALGARY) COMPANY,
	HMC MAUI LLC,
	HMC KEA LANI LLC,
	HMC CHICAGO LAKEFRONT LLC,
	HMC LENOX LLC,
	HMC O’HARE SUITES GROUND LLC
	HMC TORONTO AIR COMPANY
	HMC TORONTO EC COMPANY
	HOST REALTY PARTNERSHIP, L.P.
	 BY: HST I LLC

	HOST HOUSTON BRIAR OAKS, L.P.
	 BY: HOST REALTY PARTNERSHIP, L.P.

	 BY: HST I LLC

	CINCINNATI PLAZA LLC
	HOST CINCINNATI HOTEL LLC
	HOST CINCINNATI II LLC
	HOST FINANCING LLC
	HOST FOURTH AVENUE LLC
	HOST INDIANAPOLIS I LLC
	HOST LOS ANGELES LLC
	HOST MISSION HILLS, L.L.C.
	HOST MISSION HILLS II LLC
	HOST MISSION HILLS HOTEL LLC
	HOST NEEDHAM HOTEL LLC
	HOST NEEDHAM LLC
	HOST NEEDHAM II LLC
	HOST REALTY LLC
	HOST REALTY COMPANY, LLC
	HOST REALTY HOTEL LLC
	HOST TUCSON LLC
	HOST WALTHAM LLC
	HOST WALTHAM II LLC
	HOST WALTHAM HOTEL LLC
	HST LT LLC
	HST I LLC
	SOUTH COAST HOST HOTEL LLC
	STARLEX LLC
	BRE/SWISS L.L.C.
	HHR HARBOR BEACH LLC
	HHR LAUDERDALE BEACH LIMITED PARTNERSHIP
	 BY: HHR HARBOR BEACH LLC

 Signature Page for Indenture 

	
	HMC CAMBRIDGE LLC
	HMC MCDOWELL MOUNTAINS LLC
	HMC MCDOWELL LLC
	HMC RESTON LLC
	HOST ATLANTA PERIMETER GROUND LLC
	HOST CAPITOL HILL LLC
	HOST DALLAS QUORUM GROUND LLC
	HOST INDIANAPOLIS HOTEL LLC
	HOST INDIANAPOLIS HOTEL MEMBER LLC
	HOST INDIANAPOLIS LLC
	IHP HOLDINGS PARTNERSHIP LP
	 BY: HMH GENERAL PARTNER HOLDINGS LLC

	HMC GATEWAY LP
	 BY: S.D. HOTELS LLC

	HHR SINGER ISLAND LIMITED PARTNERSHIP
	 BY: HHR SINGER ISLAND GP LLC

	HHR SINGER ISLAND GP LLC
	PACIFIC GATEWAY, LTD.
	 BY: S.D. HOTELS LLC

	HOST KIERLAND LLC

  

			
	By:	 	 /s/ Gregory J. Larson

	Name:	 	Gregory J. Larson
	Title:	 	Vice President

 Signature Page for Indenture 

			
	TRUSTEE
	
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	 /s/ Cheryl L. Clarke

	Name:	 	Cheryl L. Clarke
	Title:	 	Vice President

 Signature Page for Indenture 

 EXHIBIT A 
 [Face of Debenture] 
 THIS GLOBAL SECURITY IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE
GOVERNING THIS GLOBAL SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 7.01 OF THE THIRTY-SECOND SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 7.01(a) OF THE THIRTY-SECOND SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL SECURITY
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 
 THIS DEBENTURE (OR ITS PREDECESSOR) AND ANY COMMON STOCK ISSUABLE UPON THE EXCHANGE OF THIS
DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF
OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS THAT (A) IT IS NOT AN AFFILIATE (AS DEFINED IN RULE 144
UNDER THE SECURITIES ACT) OF HOST HOTELS & RESORTS, L.P. OR ANY OF THE GUARANTORS, AND (B) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) AND IS PURCHASING THIS
DEBENTURE FOR ITS OWN ACCOUNT OR AN ACCOUNT OF ANOTHER QIB OVER WHICH IT EXERCISES SOLE INVESTMENT DISCRETION; 
 (2) AGREES THAT
IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS DEBENTURE EXCEPT (A) TO HOST HOTELS & RESORTS, L.P. OR ANY GUARANTOR WHOLLY OWNED BY HOST HOTELS & RESORTS, L.P. OR ANY OF THEIR RESPECTIVE WHOLLY OWNED SUBSIDIARIES, (B) TO A
PERSON WHO IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
 (3) AGREES THAT IT WILL DELIVER TO
EACH PERSON TO WHOM THIS DEBENTURE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE AS TO THE ABOVE RESTRICTIONS. 
 THE HOST REIT COMMON STOCK
ISSUABLE UPON EXCHANGE OF THE DEBENTURES IS SUBJECT TO CERTAIN RESTRICTIONS ON OWNERSHIP AND TRANSFER. HOST HOTELS & RESORTS, L.P. WILL FURNISH A FULL STATEMENT ABOUT THE RESTRICTIONS ON TRANSFERABILITY AND OWNERSHIP OF THE HOST REIT COMMON
STOCK TO ANY HOLDER ON REQUEST AND WITHOUT CHARGE. SUCH REQUEST MAY BE MADE TO THE HOST REIT CORPORATE SECRETARY AT HOST REIT’S PRINCIPAL OFFICE. 
  

	1	 To be used only if the Exchangeable Debenture is issued as a Global Debenture. 

  

 A-F-1 

 THIS DEBENTURE, ANY SHARES OF COMMON STOCK ISSUABLE UPON ITS EXCHANGE AND ANY RELATED DOCUMENTATION MAY BE
AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THE DEBENTURE AND ANY SUCH SHARES TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING
TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS DEBENTURE AND SUCH SHARES SHALL BE DEEMED BY THE ACCEPTANCE OF THIS DEBENTURE AND ANY SUCH SHARES TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT. 
  

 A-F-2 

 HOST HOTELS & RESORTS, L.P. 
 2.50% EXCHANGEABLE SENIOR DEBENTURES DUE OCTOBER 15, 2029 
  

					
	No.	 		 	CUSIP: 44107T AG1
		 		 	$

 Host Hotels & Resorts, L.P., a Delaware limited
partnership (hereinafter called the “Company,” which term includes any successors under the Indenture hereinafter referred to), for value received, hereby promises to pay to
            , or registered assigns, the principal sum of
                     ($        ), on October 15, 2029 [or such greater or lesser amount as
is indicated in the Schedule of Exchanges of Interests in the Global Security on the reverse of this Security]2. The Security is one of the 2.50% Exchangeable Senior Debentures due 2029 referred to in such Indenture. 
 Interest Payment Dates: January 15, April 15, July 15 and October 15. 
 Record Dates: December 31, March 31, June 30 and September 30. 
 Reference is made to the further provisions of this Debenture on the reverse side, which shall, for all purposes, have the same effect as if
set forth at this place. 
  
  

	2	This should be included only if the Security is issued in global form. 

  

 A-F-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	HOST HOTELS & RESORTS, L.P.
	a Delaware limited partnership
	By: Host Hotels & Resorts, Inc., its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	
	Attest:                                      
                                         
     
	Name:
	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities described in the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK MELLON
		
	By	 	  

		 	Authorized Signatory

 Dated:
                     
 Signature Page for Global Security 

 [Reverse of Debenture] 
 2.50% EXCHANGEABLE SENIOR DEBENTURES DUE OCTOBER 15, 2029 
 1. Interest.

 This Debenture shall bear interest at a rate of 2.50% per year on the principal hereof, from December 22, 2009 or from the most
recent Interest Payment Date (as defined below) to which payment has been made or duly provided for, payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning January 15,
2010 (each an “Interest Payment Date”) to the persons in whose names the Debentures are registered at 5:00 p.m., New York City time, on December 31, March 31, June 30 and September 30 (each a “Regular
Record Date”) (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Each payment of interest shall include interest accrued for the period (the “Interest Period”), commencing on and
including the immediately preceding Interest Payment Date (or, if none, December 22, 2009) to, but excluding the applicable Interest Payment Date. The amount of interest payable for any Interest Period shall be computed on the basis of a
360-day year consisting of twelve 30-day months. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. 
 Holders of Debentures at 5:00 p.m., New York City time, on a Regular Record Date will receive payment of interest, including Liquidated Damages, if any,
payable on the corresponding Interest Payment Date notwithstanding the exchange of such Debentures at any time after 5:00 p.m., New York City time, on such Regular Record Date. Debentures surrendered for exchange by a Holder during the period from
5:00 p.m., New York City time, on any Regular Record Date to 9:00 a.m., New York City time, on the immediately following Interest Payment Date must be accompanied by payment of an amount equal to the interest, including Liquidated Damages, if any,
that the Holder is to receive on the Debentures; provided, however, that no such payment need be made (1) if the Company has specified a redemption date that is after a Regular Record Date and on or prior to the immediately following
Interest Payment Date, (2) if the Company has specified a Designated Event Repurchase Date that is after such Regular Record Date and on or prior to such Interest Payment Date or (3) with respect to overdue interest, if any overdue
interest exists at the time of exchange with respect to such Debentures. 
 The Company or Host REIT is permitted to deduct and withhold from
payment of interest otherwise due to a Holder, from cash payable to a Holder on redemption or from shares of Host REIT common stock otherwise deliverable to a Holder upon exchange of a Debenture, and from any other payment made with respect to a
Debenture, any amounts that either the Company or Host REIT is required by applicable laws to withhold and pay over to the applicable governmental authority, and any amount so deducted, withheld and paid over shall be deemed paid to such Holder.

 2. Method of Payment. 
 The Company
shall pay interest on the Debentures (except defaulted interest) to the Persons who are the registered Holders at 5:00 p.m. on the Record Date immediately preceding the Interest Payment Date. Holders must surrender Debentures to a Paying Agent to
collect principal payments. Principal of, and interest on the Debentures will be payable in United States Dollars at the office or agency of the Company maintained for such purpose, in the Borough of Manhattan, The City of New York or at the option
of the Company, payment of interest may be made by check mailed to the Holders of the Debentures at the addresses set forth upon the registry books of the Company; provided, however, Holders of Global Debentures will be entitled to receive
interest payments (other than at maturity) by wire transfer of immediately available funds, if appropriate wire transfer instructions have been received in writing by the Trustee not fewer than 15 days prior to the applicable Interest Payment Date.
Such wire instructions, upon receipt by the Trustee, shall remain in effect until revoked by such Holder. No service charge will be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 3. Paying Agent, Exchange Agent and Registrar.

 Initially, the Trustee, shall act as Paying Agent, Exchange Agent and Registrar. The Company may appoint and change any Paying Agent, Exchange
Agent, Registrar or co-registrar or approve a change in the office through which any Paying Agent acts without notice, other than notice to the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may, subject to certain
exceptions, act as Paying Agent, Exchange Agent, Registrar or co-registrar. 
  

 A-R-1 

 4. Indenture. 
 The Company issued the Debentures and the Subsidiary Guarantors issued their Guarantees under an Amended and Restated Indenture, dated as of August 5, 1998, as supplemented (the
“Indenture”), between the Company, its Parents, the Subsidiary Guarantors and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The Debentures are unlimited in aggregate principal
amount. The terms of the Debentures include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture. The Debentures are subject to all such terms,
and Holders of Debentures are referred to the Indenture and said Act for a statement of them. The Debentures are senior, general obligations of the Company, secured initially by a pledge of Capital Stock of certain Subsidiaries of the Company, which
pledge is shared equally and ratably with the Credit Facility, the Existing Senior Notes and certain future Indebtedness of the Company ranking pari passu with the Debentures. Each Holder of this Debenture, by accepting the same,
(a) agrees to and shall be bound by the provisions of the Indenture, (b) authorizes and directs the Trustee on his behalf to take such action as may be provided in the Indenture and (c) appoints the Trustee his attorney-in-fact for
such purpose. 
 5. Redemption at the Option of the Company. 
 The Company will not have the right to redeem any Debentures prior to October 20, 2015, except to preserve the status of Host REIT as a real estate investment trust. If, at any time, the Company
determines it is necessary to redeem the Debentures in order to preserve the status of Host REIT as a real estate investment trust, the Company may redeem the Debentures, in whole or in part, for cash equal to 100% of the principal amount of the
Debentures plus unpaid interest (including liquidated damages, if any) accrued to but excluding, the redemption date. In addition, on or after October 20, 2015, the Company will have the right to redeem the Debentures in whole or in part, at
any time or from time to time, for cash equal to 100% of the principal amount of the Debentures to be redeemed plus unpaid interest, if any, accrued to, but excluding, the redemption date; provided, however, that if the redemption date falls
after a record date and on or prior to the corresponding interest payment date, the Company will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the Holder of record at the close of business on the
corresponding record date. 
 6. Notice of Redemption. 
 Notice of redemption at the option of the Company shall be mailed at least 15 days but not more than 60 days before a redemption date to the each Holder of Debentures to be redeemed at the Holder’s
registered address. Debentures in denominations larger than $2,000 principal amount may be redeemed in part but only in integral multiples of $1,000 principal amount. 
 7. Purchase By the Company at the Option of the Holder. 
 (a) Subject to the terms and conditions
of the Indenture, the Company shall become obligated to purchase, at the option of the Holder, all or any portion of the Debentures held by such Holder on October 15, 2015, October 15, 2019 and on October 15, 2024 (each a
“Repurchase Date”), in integral multiples of $1,000 at a Repurchase Price equal to 100% of the principal amount of the Debentures to be repurchased. 
 (b) At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to offer to purchase the Debentures held by such Holder upon a Designated
Event. The Debentures shall be purchased at a repurchase price equal to 100% of the principal amount of the Debentures to be repurchased plus accrued and unpaid interest (including Liquidated Damages), if any, to, but not including, such Repurchase
Date. 
 (c) Holders have the right to withdraw any written notice delivered pursuant to Paragraph 7(a) above or Designated Event Repurchase
Notice delivered pursuant to Paragraph 7(b), as the case may be, by delivering to the Paying Agent a written notice of withdrawal in accordance with the provisions of the Indenture. 
  

 A-R-2 

	8.	Exchange. 

 (a) The initial Exchange Rate is
71.0101 shares of Host REIT Common Stock per $1,000 principal amount at maturity, subject to adjustment in certain events described in the Thirty-Second Supplemental Indenture. A Holder that surrenders Debentures for exchange will receive cash in
lieu of any fractional share of Host REIT Common Stock as set forth in the Indenture. 
 (b) Subject to and in compliance with the provisions of
the Indenture (including, without limitation, the conditions to exchange of this Debenture set forth in Article 6 of the Thirty-Second Supplemental Indenture), under certain circumstances set forth on the Indenture, a Holder may exchange the
Holder’s Debentures for, at the Company’s option, cash, shares of Host REIT Common Stock or a combination of cash and shares of Host REIT Common Stock. 
 (c) A Debenture in respect of which a Holder has delivered a Repurchase Notice or Designated Event Repurchase Notice, as the case may be, exercising the right of such Holder to require the Company to
repurchase such Debenture may be exchanged only if such Repurchase Notice or Designated Event Repurchase Notice is withdrawn in accordance with the terms of the Indenture. 
 (d) No payment or adjustment will be made for accrued and unpaid interest (including Liquidated Damages, if any) or dividends on the shares of Host REIT Common Stock, except as provided in the Indenture.

 (e) To surrender a Debenture for exchange, in the case of a Global Debenture, a Holder must comply with all applicable procedures of the
Depository, and in the case of a Certificated Security, a Holder must (1) complete and manually sign the irrevocable exchange notice below (or complete and manually sign a facsimile of such notice) and deliver such notice to the Exchange Agent,
(2) surrender the Debenture, if certificated, to the Exchange Agent and in any such case furnish appropriate endorsements and transfer documents and pay any transfer or similar taxes and all other taxes or duties, if required. 
 (f) If the Company or Host REIT is a party to a consolidation, merger or a transfer of all or substantially all of its properties and assets as set forth in
Article 5 of the Indenture, or a merger or binding share exchange which reclassifies or changes the outstanding shares of Host REIT Common Stock, the right to exchange a Debenture into shares of Host REIT Common Stock may be changed into a right to
exchange it into securities, cash or other assets of the Company or another Person. 
  

	9.	Events of Default. 

 If an Event of Default with
respect to the Debentures occurs and is continuing (other than an Event of Default relating to bankruptcy, insolvency or reorganization of the Company), then either the Trustee or the Holders of 25% in aggregate principal amount of the Debentures
then outstanding may declare all Debentures to be due and payable immediately in the manner and with the effect provided in the Indenture. Holders of Debentures may not enforce the Indenture or the Debentures, except as provided in the Indenture.
The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Debentures. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Debentures may direct the Trustee in its
exercise of any trust or power with respect to such Debentures. The Trustee may withhold from Holders of Debentures notice of any continuing Default or Event of Default (except a Default in payment of principal or interest) if it determines that
withholding notice is in their interest. 
  

	10.	Amendment; Supplement; Waiver. 

 The Company, the
Subsidiary Guarantors and the Trustee may enter into a supplemental indenture for certain limited purposes without the consent of the Holders. Subject to certain exceptions, the Indenture or the Debentures may be amended or supplemented with the
written consent of the Holders of not less than a majority in aggregate principal amount of the Debentures then outstanding (except that any amendments or supplements to the provisions relating to security interests or with respect to the Guarantees
of the Subsidiary Guarantors shall require the consent of the holders of not less than 66 2/3% of the aggregate principal amount of the Debentures then outstanding), and any existing Default or Event of Default or compliance with any provision may
be waived with the consent of the Holders of a majority in aggregate principal amount of the Debentures then outstanding. Without notice to or consent of any Holder, the parties thereto may under certain circumstances amend or supplement the
Indenture or the Debentures to, among other things, cure any ambiguity, defect or inconsistency, or make any other change that does not adversely affect the rights of any Holder of a Debentures. 
  

 A-R-3 

	11.	Denominations; Transfer; Exchange. 

 The
Debentures are in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of, or exchange Debentures in accordance with, the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Debentures
(a) selected for redemption except the unredeemed portion of any Debentures being redeemed in part or (b) for a period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redemption and ending at 5:00
p.m. on the day of such mailing. 
  

	12.	Persons Deemed Owners. 

 The registered Holder of
this Debenture may be treated as the owner of it for all purposes. 
  

	13.	Notation of Guarantee. 

 As set forth more fully
in the Indenture, the Persons constituting Subsidiary Guarantors from time to time, in accordance with the provisions of the Indenture, irrevocably and unconditionally and jointly and severally guarantee, in accordance with Section 12.1 of the
Indenture, to the Holders and to the Trustee and its successors and assigns, that (i) the principal of and interest on the Debentures will be paid, whether at the Stated Maturity or Interest Payment Dates, by acceleration, call for redemption
or otherwise, and all other obligations of the Company to the Holders or the Trustee under the Indenture or this Debenture will be promptly paid in full or performed, all in accordance with the terms of the Indenture and this Debenture, and
(ii) in the case of any extension of payment or renewal of the Debenture or any of such other obligations, they will be paid in full when due or performed in accordance with the terms of such extension or renewal, whether at the Stated
Maturity, as so extended, by acceleration or otherwise. Such Guarantees shall cease to apply, and shall be null and void, with respect to any such guarantor who, pursuant to Article 12 of the Indenture, is released from its Guarantees, or whose
Guarantees otherwise cease to be applicable pursuant to the terms of the Indenture. 
  

	14.	Unclaimed Money or Securities. 

 If money for the
payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent(s) will pay the money back to the Company at its written request. After that, all liability of the Trustee and such Paying Agent(s) with respect to
such money shall cease. 
  

	15.	Trustee and Agent Dealings with the Company. 

 The Trustee and each Agent under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or any Subsidiary Guarantor or any of their Subsidiaries or any of their
respective Affiliates, and may otherwise deal with such Persons as if it were not the Trustee or such agent. 
  

	16.	Calculations in Respect of Securities. 

 The
Company will be responsible for making all calculations called for under the Debentures. The Company will make these calculations in good faith and, absent manifest error, the calculations will be final and binding on Holders of the Debentures. The
Company shall provide to the Trustee a schedule of its calculations, and the Trustee is entitled to rely upon the accuracy of such calculations without independent verification. The Trustee shall forward the Company’s calculations to any Holder
of the Debentures upon the request of such Holder. 
  

	17.	No Recourse Against Others. 

 No recourse for the
payment of the principal of, or interest on the Debentures or for any claim based thereon or

  

 A-R-4 

 
otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or the Subsidiary Guarantors in the Indenture, or in the Debentures or because of
the creation of any Indebtedness represented thereby, shall be had against any incorporator, partner, stockholder, officer, director, employee or controlling Person of the Company or the Subsidiary Guarantors or of any successor Person thereof,
except as an obligor or guarantor of the Debentures pursuant to the Indenture. Each Holder, by accepting the Debentures, waives and releases all such liability. 
  

	18.	Authentication. 

 This Debenture shall not be
valid until an authorize signatory of the Trustee manually signs the Trustee’s Certificate of Authentication on the other side of this Security. 
  

	19.	Abbreviations. 

 Customary abbreviations may be
used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift
to Minors Act). 
  

	20.	CUSIP Numbers. 

 Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company will cause CUSIP numbers to be printed on the Debentures as a convenience to the Holders of the Debentures. No representation is made as to the accuracy of such
numbers as printed on the Debentures and reliance may be placed only on the other identification numbers printed hereon. 
  

	21.	Additional Rights of Holders. 

 In addition to
the rights provided to Holders of Debentures under the Indenture, Holders of Debentures shall have all the rights set forth in the Registration Rights Agreement dated as of the date of the Thirty-Second Supplemental Indenture, among the Company,
Host REIT and the Initial Purchasers. 
  

	22.	Governing Law. 

 THE INDENTURE AND THE DEBENTURES
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 Host Hotels & Resorts, L.P. 
 6903 Rockledge Drive 
 Bethesda, Maryland 20817 
 Attention: Chief Financial Officer 
  

 A-R-5 

 ASSIGNMENT FORM 
 To assign this Debenture, fill in the form below: (I) or (We) assign and transfer this Debenture to 
  
  
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  
  

 
  
  
  
  
  
  
  
  
  
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
           to transfer this Debenture on the books of the Company. The agent may substitute another to act for him. 
  
  
  
 Date:                      
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Security)

 Signature Guarantee* 
  
  
  
  
  

	*	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable to the Trustee.

  

 A-R-6 

 EXCHANGE NOTICE 
 To exchange this Debenture into shares of Common Stock of Host REIT, check the box   ̈. 
 To exchange only part of this Debenture, state the principal amount at maturity to be exchanged
                             (which must be $1,000 or an integral multiple of $1,000): 
 If you want the stock certificate made out in another person’s name, fill in the form below: 
  
  
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  
  
  
  
  
  
  
  
  
  
  
  
 (Print or type assignee’s name, address and zip code) 
  

							
		 		 		 	Your Signature:
				
	Date:                     	 		 		 	  

		 		 		 	(Sign exactly as your name appears on the other side of this Security)

 *Signature guaranteed by: 
  

			
	By:	 	 

  

	*	The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee. 

  

 A-R-7 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Security purchased by the Company pursuant to Section 5.02 of the Thirty-Second Supplemental
Indenture or Article 10 of the Indenture, check the appropriate box: 
  ̈  Section 5.02 
  ̈  Article
10. 
 If you want to elect to have only part of this Security purchased by the Company pursuant to Section 5.02 or Article
10 of the Indenture, as the case may be, state the amount you want to be purchased: $        . 
  

							
	Date:                     	 		 	Signature:	 	  

		 		 		 	(Sign exactly as your name appears on the other side of this Security)
				
		 		 	Signature Guarantee***	 	  

  
  

	***	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable to the Trustee.

  

 A-R-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY3 

 The following exchanges of an interest in this Global Debenture for an interest in another Global Debentures or for a
Certificated Security, or exchanges of an interest in another Global Debenture or Certificated Security for an interest in this Global Debenture, have been made: 
  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal Amount
of this Global
Security	  	Amount of
Increase in
Principal Amount
of this Global
Security	  	Principal
Amount of
this Global
Debenture
Following Such
Decrease
(or Increase)	  	Signature of
Authorized
Officer of Trustee
or Security
Custodian
		  		  		  		  	
		  		  		  		  	

  
  

	3	This should be included only if the Security is issued in global form. 

  

 A-R-9 

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Host Hotels & Resorts, L.P. 
 6903 Rockledge Drive, Suite 1500 
 Bethesda,
Maryland 20817 
 Attention: Chief Financial Officer 
 The Bank of New York Mellon 
 101 Barclay Street 
 New York, New York 10286 
 Attention: Corporate
Trust Department 
 Re: 2.50% Exchangeable Senior Debentures due 2029 
 Dear Sirs: 
 Reference is hereby
made to the Amended and Restated Indenture, dated as of August 5, 1998 (the “Base Indenture”), among HMH Properties, Inc., its Parents and the Subsidiary Guarantors named therein (collectively, the “Subsidiary Guarantors”)
and The Bank of New York Mellon (the “Trustee”), and the Thirty-Second Supplemental Indenture to the Base Indenture, dated as of December 22, 2009 (the “Thirty-Second Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), among Host Hotels & Resorts, L.P., as issuer (the “Company”), Host Hotels & Resorts, Inc., (“Host REIT”), the Subsidiary Guarantors and the Trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.             , (the “Transferor”) owns and proposes to transfer the Debenture[s] or interest
in such Debenture[s] specified in Annex A hereto, in the principal amount of $         in such Debenture[s] or interests (the “Transfer”), to
             (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
 1.
 ̈  Check if Transferee will take delivery of a beneficial interest in a Rule 144A Global Debenture or a Certificated Exchangeable Debenture Pursuant to Rule 144A. The Transfer
is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or
Certificated Exchangeable Debenture is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Certificated Exchangeable Debenture for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and
such Transfer is in compliance with any applicable blue sky securities laws of any State of the United States and the restrictions set forth in the Private Placement Legend. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Certificated Exchangeable Debenture will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Global Debenture and/or the Certificated Exchangeable
Debenture and in the Indenture and the Securities Act. 
 2.  ̈  Check and complete if Transferee will take delivery of a beneficial interest in a Certificated Exchangeable Debenture pursuant to any provision of the Securities Act other than Rule 144A
. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Global Debentures and Certificated Exchangeable Debentures and pursuant to and in accordance with the Securities Act and any
applicable blue sky securities laws of any State of the United States, and accordingly the Transferor hereby further certifies that such Transfer is being effected to the Company or a subsidiary thereof. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

 B-1 

							
	  
	  		  	Dated:                     
	[Insert Name of Transferor]	  	
				
	By:	 	  
	  		  	
	Name:	 		  		  	
	Title:	 		  		  	

  

 B-2 

 ANNEX A TO CERTIFICATE OF TRANSFER 
 1. The Transferor owns and proposes to transfer the following: 
 [CHECK ONE OF (a) OR (b)] 
  

	 ̈	(a)        a beneficial interest in a Global Debenture (CUSIP 44107T AG1), or 

  

	 ̈	(b)        a Certificated Exchangeable Debenture. 

 2. After the Transfer the Transferee will hold: 
 [CHECK ONE] 
  

	 ̈	(a)        a beneficial interest in a Restricted Global Debenture (CUSIP 44107T AG1); or 

  

	 ̈	(b)        a Certificated Exchangeable Debenture. 

 in accordance with the terms of the Indenture. 
  

 B-3 

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Host Hotels & Resorts, L.P. 
 6903 Rockledge Drive, Suite 1500 
 Bethesda,
Maryland 20817 
 Attention: Chief Financial Officer 
 The Bank of New York Mellon 
 101 Barclay Street 
 New York, New York 10286 
 Attention: Corporate
Trust Department 
 Re: 2.50% Exchangeable Senior Debentures due 2029 
 Dear Sirs: 
 Reference is hereby
made to the Amended and Restated Indenture, dated as of August 5, 1998 (the “Base Indenture”), among HMH Properties, Inc., its Parents and the Subsidiary Guarantors named therein (collectively, the “Subsidiary Guarantors”)
and The Bank of New York Mellon, as trustee (the “Trustee”), and the Thirty-Second Supplemental Indenture to the Base Indenture, dated as of December 22, 2009 (the “Thirty-Second Supplemental Indenture” and, together with
the Base Indenture, the “Indenture”), among Host Hotels & Resorts, L.P., as issuer (the “Company”), Host Hotels & Resorts, Inc. (“Host REIT”), the Subsidiary Guarantors and the Trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture. 
                     , (the “Owner”) owns and proposes to exchange the Debenture[s] or interest in such Debenture[s]
specified herein, in the principal amount of $         in such Debenture[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of Certificated Exchangeable Debentures or Beneficial Interests in Global Debentures for Certificated Exchangeable
Debentures or Beneficial Interests in Global Debentures 
 (a)  ̈
Check if Exchange is from beneficial interest in a Global Debenture to Certificated Exchangeable Debenture. In connection with the Exchange of the Owner’s beneficial interest in a Global Debenture for a Certificated Exchangeable Debenture
with an equal principal amount, the Owner hereby certifies that the Certificated Exchangeable Debenture is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of
the Indenture, the Certificated Exchangeable Debenture issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Certificated Exchangeable Debenture and in the Indenture and the
Securities Act. 
 (b)  ̈ Check if Exchange is from Certificated
Exchangeable Debenture to beneficial interest in a Global Debenture. In connection with the Exchange of the Owner’s Certificated Exchangeable Debenture for a beneficial interest in the Global Debenture with an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global
Debentures and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any State of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Global Debenture and in the Indenture and the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

 C-1 

 [Insert Name of Owner] 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:                     
  

 C-2

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