Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

NINTH SUPPLEMENTAL INDENTURE 

Dated as of October 5, 2016 

Supplementing that Certain 

INDENTURE 
 Dated as of
August 20, 2009 
  
  

Among 
 BLACKSTONE HOLDINGS
FINANCE CO. L.L.C., 
 THE GUARANTOR PARTIES HERETO 

and 
 THE BANK OF NEW YORK MELLON,

 as Trustee 
 and 

THE BANK OF NEW YORK MELLON, LONDON BRANCH, 

as Paying Agent 
  

 
 1.000% Senior
Notes due 2026 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I Issuance of Securities
	  	 	2	  
			
	 SECTION 1.1.
	 	 Issuance of Notes; Principal Amount; Maturity; Title
	  	 	2	  
	 SECTION 1.2.
	 	 Form of Payment
	  	 	3	  
	 SECTION 1.3.
	 	 Relationship with Base Indenture
	  	 	4	  
		
	 ARTICLE II Definitions and Other Provisions of General Application
	  	 	4	  
			
	 SECTION 2.1.
	 	 Definitions
	  	 	4	  
		
	 ARTICLE III Security Forms
	  	 	9	  
			
	 SECTION 3.1.
	 	 Form Generally
	  	 	9	  
	 SECTION 3.2.
	 	 Form of Note
	  	 	10	  
		
	 ARTICLE IV Remedies
	  	 	21	  
			
	 SECTION 4.1.
	 	 Events of Default
	  	 	21	  
	 SECTION 4.2.
	 	 Waiver of Past Defaults
	  	 	22	  
		
	 ARTICLE V Redemption of Securities
	  	 	22	  
			
	 SECTION 5.1.
	 	 Optional Redemption
	  	 	22	  
	 SECTION 5.2.
	 	 Redemption for Tax Reasons
	  	 	23	  
	 SECTION 5.3.
	 	 Additional Amounts
	  	 	24	  
		
	 ARTICLE VI Particular Covenants
	  	 	26	  
			
	 SECTION 6.1.
	 	 Liens
	  	 	26	  
	 SECTION 6.2.
	 	 Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	26	  
	 SECTION 6.3.
	 	 Financial Reports
	  	 	28	  
		
	 ARTICLE VII Supplemental Indentures
	  	 	28	  
			
	 SECTION 7.1.
	 	 Supplemental Indentures without Consent of Holders of Notes
	  	 	28	  
	 SECTION 7.2.
	 	 Supplemental Indentures with Consent of Holders of Notes
	  	 	29	  
		
	 ARTICLE VIII Defeasance
	  	 	30	  
			
	 SECTION 8.1.
	 	 Covenant Defeasance
	  	 	30	  
	 SECTION 8.2.
	 	 Conditions to Defeasance or Covenant Defeasance
	  	 	31	  

  
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	 SECTION 8.3.
	 	 Deposited Money and European Government Obligations to Be Held in Trust; Miscellaneous
Provisions
	  	 	31	  
	 SECTION 8.4.
	 	 Reinstatement
	  	 	32	  
	 SECTION 8.5.
	 	 Funding with U.S. Government Obligations
	  	 	32	  
		
	 ARTICLE IX
	  	 	33	  
			
	 SECTION 9.1.
	 	 Appointment of Paying Agent
	  	 	33	  
	 SECTION 9.2.
	 	 Payment
	  	 	33	  
	 SECTION 9.3.
	 	 Indemnity
	  	 	34	  
	 SECTION 9.4.
	 	 General
	  	 	35	  
	 SECTION 9.5.
	 	 Change of Paying Agent
	  	 	37	  
	 SECTION 9.6.
	 	 Compensation, Fees and Expenses
	  	 	37	  
	 SECTION 9.7.
	 	 Notices
	  	 	38	  
	 SECTION 9.8.
	 	 FATCA
	  	 	38	  
		
	 ARTICLE X Miscellaneous
	  	 	39	  
			
	 SECTION 10.1.
	 	 Execution as Supplemental Indenture
	  	 	39	  
	 SECTION 10.2.
	 	 Not Responsible for Recitals or Issuance of Notes
	  	 	39	  
	 SECTION 10.3.
	 	 Separability Clause
	  	 	39	  
	 SECTION 10.4.
	 	 Successors and Assigns
	  	 	39	  
	 SECTION 10.5.
	 	 Execution and Counterparts
	  	 	39	  
	 SECTION 10.6.
	 	 Governing Law
	  	 	39	  

  
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 This Ninth Supplemental Indenture, dated as of October 5, 2016 (the “Ninth
Supplemental Indenture”), among Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 345 Park Avenue, New York, New York
10154 (the “Company”), the Guarantors party hereto, The Bank of New York Mellon, a New York banking corporation, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the “Trustee”), and The
Bank of New York Mellon, London Branch (until such time as a successor may be appointed by the Company), as paying agent (the “Paying Agent”), supplements that certain Indenture, dated as of August 20, 2009, among the Company,
the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.3 hereof, together with this Ninth Supplemental Indenture, the “Indenture”). 

RECITALS OF THE COMPANY 

The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time
to time of one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 201 and 301
of the Base Indenture, and the Guarantees thereof by the Guarantors; 
 Sections 901(9) and 901(12) of the Base Indenture provide, among
other things, that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of any series as permitted by
Sections 201 and 301 of the Base Indenture and (b) adding to or changing any of the provisions to the Base Indenture in certain circumstances; 

The Company desires to create a series of Securities designated as its “1.000% Senior Notes due 2026” pursuant to the terms of this
Ninth Supplemental Indenture; 
 The Company has duly authorized the execution and delivery of this Ninth Supplemental Indenture and the
Notes to be issued from time to time, as provided for in the Indenture; 
 With respect to the Notes, the Company wishes to appoint the
Paying Agent, as set forth above, upon the terms and subject to the conditions set forth herein; 
 Each Guarantor has duly authorized its
Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Ninth Supplemental Indenture; 

All things necessary have been done to make this Ninth Supplemental Indenture a valid and legally binding agreement of the Company, in
accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company; and 

All things necessary have been done to make the Guarantees, upon execution and delivery of this Ninth Supplemental Indenture, the valid and
legally binding obligations of each Guarantor and to make this Ninth Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. 

  
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 ARTICLE I 

Issuance of Securities 

SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title. 

(1) On October 5, 2016, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes
substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Ninth Supplemental Indenture, and
with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistently
herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. 
 (2) The Initial Notes to be
issued pursuant to the Indenture shall be issued in the aggregate principal amount of €600,000,000 and shall mature on October 5, 2026 (the “Stated Maturity”), unless the Notes are redeemed prior to that date as described
in Section 5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed €600,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The
Company may without the consent of the Holders, issue additional Notes hereunder as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers, ISIN numbers and Common Codes as the
Initial Notes, but may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date (“Additional Notes”); provided that if any Additional Notes are issued
at a price that causes such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department of
Treasury thereunder (the “Code”), such Additional Notes shall not have the same CUSIP number, ISIN number or Common Code as the Initial Notes. 

(3) The Notes shall be issued only in fully registered form without coupons in minimum denominations of €100,000 and any integral
multiple of €1,000 in excess thereof. 
 (4) Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company
hereby creates a series of Securities designated as the “1.000% Senior Notes due 2026” of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the Initial Notes and the Additional
Notes, if any, the “Notes”), which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 

  
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 SECTION 1.2. Form of Payment. 

(1) Interest on a Note will accrue at the per annum rate of 1.000% (the “Note Interest Rate”), from and including the date
specified on the face of such Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be computed by the Company on the basis of the actual number of days in the
period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or October 5, 2016 if no interest has been paid on the Notes), to but excluding the next
scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

(2) The Company shall pay interest on the Notes annually in arrears on October 5 of each year (each, an “Interest Payment
Date”), commencing October 5, 2017. 
 (3) Interest shall be paid on each Interest Payment Date to the registered Holders of
the Notes at the close of business on the Regular Record Date. 
 (4) Principal of, the Redemption Price (if any), and interest and
additional amounts (if any), on the Notes, will be payable in euro, provided, that if on or after the date of Company’s offering memorandum, dated September 27, 2016, the euro is unavailable to the Company due to the imposition of exchange
controls or other circumstances beyond its control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public
institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euro will be
converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of
conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date, or in the event The Wall Street Journal has not published such
exchange rate, such rate as determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of
Default under the Notes or the Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. Any reference elsewhere in this Ninth Supplemental Indenture or the
Notes to payments being made in euro notwithstanding shall be made in U.S. dollars to the extent set forth in this Section 1.2(4). 

(5) Amounts due on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the corporate trust office of the Paying
Agent, initially at One Canada Square, London E14 5AL. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control Repurchase Event in respect of the Notes in book-entry
form to the Paying Agent in immediately available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of the Paying Agent in effect from time to

  
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time. The Company may at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except
that the Company shall be required to maintain a Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require
Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. 
 (6) If any
Interest Payment Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls on a day that is not a Business Day, the Company shall make the required payment of principal, premium, if any, and/or interest or Repurchase
Price in connection with a Change of Control Repurchase Event on the next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest
Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price Payment Date, as the case may be, to such next succeeding Business Day. 

SECTION 1.3. Relationship with Base Indenture. 

The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Ninth Supplemental
Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Ninth Supplemental Indenture, the provisions of this Ninth Supplemental Indenture will govern and be controlling. 

ARTICLE II 
 Definitions and
Other Provisions of General Application 
 SECTION 2.1. Definitions. 

For all purposes of this Ninth Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this Ninth
Supplemental Indenture otherwise requires): 
 (1) any reference to an “Article” or a “Section” refers to an Article or
a Section, as the case may be, of this Ninth Supplemental Indenture; 
 (2) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Ninth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(3) “including” means including without limitation; 

(4) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other
modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Ninth Supplemental Indenture. 

  
 4 

 The terms defined in this Section 2.1 (except as herein otherwise expressly provided or
unless the context of this Ninth Supplemental Indenture otherwise requires) for all purposes of this Ninth Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.1. All other
terms used in this Ninth Supplemental Indenture that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Ninth Supplemental Indenture otherwise
requires), have the respective meanings assigned to such terms in the Base Indenture, as in force at the date of this Ninth Supplemental Indenture as originally executed; provided that any term that is defined in both the Base Indenture and
this Ninth Supplemental Indenture shall have the meaning assigned to such term in this Ninth Supplemental Indenture. 
 “Additional
Notes” has the meaning specified in Section 1.1(2). 
 “Applicable Procedures” means, with respect to any
transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures of DTC, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Base Indenture” has the meaning specified in the preamble hereto. 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of
a Change of Control (which period shall be extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies);
provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or
inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Bund Rate”
means the yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), on the third Business Day prior to the date fixed for redemption, of the Reference Bond on the basis of the middle market
price of the Reference Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by the Company or the Independent Investment Banker. 

  
 5 

 “Business Day” means any day: 

 

	 	(1)	that is not Saturday or Sunday or any other day on which commercial banks are authorized or required by law, regulation or executive order to close in the City of New York or London; and 

 

	 	(2)	that is a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System (the TARGET2 system), or any successor thereto, operates. 

“Change of Control” means the occurrence of the following: 

 

	 	(1)	the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets
of the Credit Group to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than to a Continuing Blackstone Entity; or 

 

	 	(2)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or
any successor provision), other than a Continuing Blackstone Entity, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a controlling interest in (i) the Partnership or
(ii) one or more Guarantors comprising all or substantially all of the assets of the Credit Group and (B) entitled to receive a Majority Economic Interest in connection with such transaction. 

“Change of Control Offer” has the meaning specified in Section 6.2(1). 

“Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 “Clearstream” means Clearstream Banking, S.A., as currently in effect or any successor securities clearing agency. 

“Code” has the meaning specified in Section 1.1(2). 

“Commission” means the U.S. Securities and Exchange Commission or any successor entity. 

“Company” has the meaning specified in the preamble hereto. 

“Continuing Blackstone Entity” means any entity that, immediately prior to and immediately following any relevant date of
determination, is directly or indirectly controlled by one or more senior managing directors or other personnel of the Partnership who, as of any date of determination (i) each has devoted substantially all of his or her business and
professional time to the activities of the Credit Parties and/or their Subsidiaries during the 12-month period immediately preceding such date and (ii) directly or indirectly controls a majority of the general partner interests (or other
similar interests) in the Partnership or any successor entity. 

  
 6 

 “Corporate Trust Office” means the principal office of the Trustee at which, at
any particular time, its corporate trust business shall be conducted, which office is located as of the date of this Ninth Supplemental Indenture at 101 Barclay Street, Floor 7-East, New York, NY 10286, Attention: Corporate Trust
Division—Corporate Finance Unit, or at any other time at such other address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the Company). 
 “Covenant Defeasance” has the meaning
specified in Section 8.1. 
 “Credit Parties” means the Company and the Guarantors. 

“DTC” means The Depository Trust Company, a New York corporation. 

“euro” or “€” means the single currency of participating member states of the economic and monetary
union as contemplated in the Treaty on European Union. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the
Euroclear system or any successor clearing agency. 
 “European Government Obligations” means any security which has
received an investment grade rating from two rating agencies, and is (1) a direct obligation of any member state of the European Union, for the payment of which the full faith and credit of such country is pledged or (2) an obligation of a
person controlled or supervised by and acting as an agency or instrumentality of any such country the payment of which is unconditionally guaranteed as a full faith and credit obligation by such country, which, in either case under the preceding
clause (1) or (2), is not callable or redeemable at the option of the issuer thereof. 
 “European Union” means the
member states of the European Union established by the Treaty on European Union, signed at Maastricht on February 7, 1992, which amended the Treaty of Rome establishing the European Community. 

“Event of Default” has the meaning specified in Section 4.1. 

“FATCA” has the meaning specified in Section 5.3. 

“Fitch” means Fitch Ratings Inc. or any successor thereto. 

“Indenture” has the meaning specified in the preamble hereto. 

“Independent Investment Banker” means one of the Reference Bond Dealers appointed by the Company. 

“Initial Notes” means Notes in an aggregate principal amount of €600,000,000, initially issued under this Ninth
Supplemental Indenture in accordance with Section 1.1(2). 

  
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 “Interest Payment Date” has the meaning specified in Section 1.2(2). 

“Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of
Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment
grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 
 “Majority Economic
Interest” means any right or entitlement to receive more than 50% of the equity distributions or partner allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments
or agreements of any kind) made to all holders of partner or other equity interests in the Credit Group (other than entities within the Credit Group). 

“Ninth Supplemental Indenture” has the meaning specified in the preamble hereto. 

“Note Interest Rate” has the meaning specified in Section 1.2(1). 

“Notes” has the meaning specified in Section 1.1(4). 

“Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary existing at
the time such entity becomes a direct or indirect Subsidiary of the Partnership or is merged into a direct or indirect Subsidiary of the Partnership (provided such liens are not created or incurred in connection with such transaction and do
not extend to any other Subsidiary), and (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested in good faith and (c) other liens of a
similar nature as those described above. 
 “Rating Agency” means: 

 

	 	(1)	each of Fitch and S&P; and 

  

	 	(2)	if either of Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for Fitch or S&P, or both, as the case may be. 

“Reference Bond” means, in relation to any Bund Rate calculation, a German government bond whose maturity is closest to the
maturity of the Notes, or if the Company or the Independent Investment Banker considers that such similar bond is not in issue, such other German government bond as the Company or the Independent Investment Banker, with the advice of three brokers
of, and/or market makers in, German government bonds selected by the Company or the Independent Investment Banker, determine to be appropriate for determining the Bund Rate 

  
 8 

 “Reference Bond Dealer” means (A) each of Barclays Bank PLC, Merrill Lynch
International, Citigroup Global Markets Limited and Morgan Stanley & Co. International plc (or their respective affiliates that are Primary Bond Dealers), and their respective successors and (B) any other broker of, and/or market maker
in, German government bonds (a “Primary Bond Dealer”) selected by the Company. 
 “Registrar” means the
Security Registrar for the Notes, which shall initially be The Bank of New York Mellon, or any successor entity thereof, subject to replacement as set forth in the Base Indenture. 

“Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means the September 15
prior to the relevant Interest Payment Date (whether or not a Business Day). 
 “Repurchase Price” has the meaning
specified in Section 6.2(1). 
 “Repurchase Price Payment Date” has the meaning specified in Section 6.2(3)(iii).

 “S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.,
or any successor thereto. 
 “Trustee” has the meaning specified in the preamble hereto. 

“U.S. Government Obligation” means (x) any security which is (i) a direct obligation of the United States of
America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for the account of the
holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held; provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt. 
 ARTICLE III 

Security Forms 
 SECTION
3.1. Form Generally. 
 (1) The Notes shall be in substantially the form set forth in Section 3.2 of this Article III, with such
appropriate insertions, omissions, substitutions and other variations as are 

  
 9 

 
required or permitted by the Base Indenture and this Ninth Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof.
All Notes shall be in fully registered form. 
 (2) The Notes shall be printed or may be produced in any other manner, all as determined by
the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. 
 (3) Upon their original issuance, the Notes
shall be issued in the form of one or more Global Securities in definitive, fully registered form without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be
registered in the name of the Common Depositary, or its nominee, and deposited with the Common Depositary. Beneficial interests in the Global Securities will be shown on, and transfers will only be made only through, records maintained by
Clearstream and the Euroclear and their participants. 
 SECTION 3.2. Form of Note. 

[FORM OF FACE OF NOTE] 
 [THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: 

THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN
RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP L.P., BLACKSTONE 

  
 10 

 
HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT
OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE
SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT 

  
 11 

 
TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL
OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME
SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE
CO. L.L.C. OR THE BLACKSTONE GROUP L.P., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT
OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION 

  
 12 

 
TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 
 [THE FOLLOWING ADDITIONAL LEGEND SHALL APPEAR ON THE FACE
OF EACH TEMPORARY GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: 
 THIS SECURITY
(INCLUDING THE RELATED GUARANTEES) IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S.
PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A
PERMANENT GLOBAL SECURITY IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.] 

[THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.
TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE COMMON DEPOSITARY OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.] 
 [THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH THE BANK OF NEW YORK MELLON IS TO BE THE COMMON DEPOSITARY: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE BANK 

  
 13 

 
OF NEW YORK MELLON (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK
MELLON), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.] 

BLACKSTONE HOLDINGS FINANCE CO. L.L.C. 

1.000% SENIOR NOTE DUE 2026 
  

			
	No.                     	  	Principal Amount (EURO) €            
	ISIN.                     	  	
	Common Code.                     	  	

 Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws
of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Ninth Supplemental Indenture referred to on the reverse hereof), for value received, hereby promises to pay to The Bank of New
York Depository (Nominees) Limited, or registered assigns, the principal sum of          euro (€        ) [Include for Global Security: as increased or decreased by
the Schedule of Increases or Decreases In the Global Note attached hereto] on October 5, 2026 and to pay interest thereon, from October 5, 2016, or from the most recent Interest Payment Date to which interest has been paid or duly provided
for to but excluding the next Interest Payment Date, which shall be October 5 of each year, commencing October 5, 2017, at the per annum rate of 1.000%, or as such rate may be adjusted pursuant to the terms hereof, per annum (the
“Note Interest Rate”), until the principal hereof is paid or made available for payment. 
 The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Ninth Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such
interest, which shall be the September 15 prior to the relevant Interest Payment Date (whether or not a Business Day). Except as otherwise provided in the Ninth Supplemental Indenture, any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Notes may be listed, all as more fully provided in the Ninth Supplemental Indenture. Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual
number of days from and including the last date on which interest was paid on the Notes (or October 5, 2016 if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment convention is
referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

  
 14 

 Payment of principal of, and premium, if any, and interest on this Note and the Repurchase Price
in connection with a Change of Control Repurchase Event will be made at the corporate trust office of the Paying Agent, in euro European Union as at the time of payment shall be legal tender for the payment of public and private debts. With respect
to Global Securities, the Company will make such payments by wire transfer of immediately available funds to The Bank of New York Mellon, or its nominee, as registered owner of the Global Securities. With respect to certificated Notes, the Company
will make such payments by wire transfer of immediately available funds to each Holder of an aggregate principal amount of Notes in excess of €5,000,000 that has furnished wire instructions in writing to the Trustee no later than 15 days
prior to the relevant payment date to the applicable euro account designated by each such Holder in such instructions. If a Holder of a certificated Note (i) does not furnish such wire instructions as provided in the preceding sentence or
(ii) holds €5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing a check to such Holder’s registered address. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 15 

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

 

					
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
		
	By:	 	 Blackstone Holdings I L.P.,
 its
sole member

		
	By:	 	 Blackstone Holdings I/II GP Inc.,

its general partner

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Attest: 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 16 

 CERTIFICATE OF AUTHENTICATION 

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

Dated: October 5, 2016 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 17 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “1.000% Senior Notes due
2026” (herein called the “Notes”), issued under a Ninth Supplemental Indenture, dated as of October 5, 2016 (the “Ninth Supplemental Indenture”), among the Company, the Guarantors, The Bank of New York
Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee) and The Bank of New York Mellon, London Branch, as Paying Agent (herein called the “Paying Agent”), to an indenture, dated
as of August 20, 2009 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the Ninth Supplemental Indenture, collectively, the
“Indenture”), among the Company, the Guarantors and the Trustee, to which reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the
Paying Agent, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed €600,000,000 in
aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed
never to have been authenticated and delivered. The Ninth Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event of a
conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 
 Optional Redemption.
At any time prior to Stated Maturity, the Company may at its option redeem all or a part of the Notes upon not more than 60 nor less than 30 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the aggregate
principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any Notes being redeemed (exclusive of interest accrued to the Redemption Date) discounted to
the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at a rate equal to the applicable Bund Rate plus 20 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

Redemption for Tax Reasons. At any time prior to Stated Maturity, the Company may at its option redeem all, but not in part, of the
Notes upon not more than 60 nor less than 30 days prior notice, at a redemption price in cash equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes to, but not including, the Redemption Date if, as a result
of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official
position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the date of the Company’s offering memorandum, dated September 27, 2016, the
Company has become or, based upon a written opinion of independent counsel selected by the Company, there is a substantial probability that the Company will become, obligated to pay additional amounts as described in Section 5.3 of the Ninth
Supplemental Indenture with respect to the Notes. 

  
 18 

 Change of Control Repurchase Event. In the event of a Change of Control Repurchase Event,
unless the Company has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal
amount of the Notes, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Ninth Supplemental Indenture. 

Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note,
including an exchange, transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the
Applicable Procedures. 
 Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the Notes
may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and
interest on the Notes shall terminate. 
 No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with
respect to the Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or
interest on such Notes in accordance with its terms), unless (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii) the
Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;
(iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee has failed to institute any such
proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in
aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided in the Indenture and for the
equal and ratable benefit of all of such Holders. 
 The foregoing shall not apply to any suit instituted by the Holder of this Note for the
enforcement of any payment of principal of, and premium, if any, or interest hereon, on or after the respective due dates expressed herein. 

Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any 

  
 19 

 
time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding
Note affected. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the
consent of the Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note
is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the name
of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the
Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for
registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the
Holder thereof or such Holder’s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the
Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the
Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary. 

Guarantee. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally
guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base
Indenture. 

  
 20 

 Governing Law. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  

	
	TEN COM (= tenant in common)
	TEN ENT (= tenants by the entireties (Cust))
	JT TEN (= joint tenants with right of survivorship and not as tenants in common)
	UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )

 Additional abbreviations may also be used though not in the above list. 

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * 

The following increases or decreases in the principal amount of this Global Note have been made: 

 

									
	 Date of

Increase or

Decrease
	 	 Amount of

decrease in

Principal Amount

at maturity of

this Global Note
	 	 Amount of

increase in

Principal Amount

at maturity of

this Global Note
	 	 Principal Amount

at maturity of

this Global Note

following such

decrease (or

increase)
	 	 Signature of

authorized officer

of Trustee or

Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

 ARTICLE IV 

Remedies 
 SECTION 4.1.
Events of Default. 
 “Event of Default” means, wherever used herein with respect to the Notes, any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (1) an Event of Default pursuant to Section 501 of the Base Indenture; or 

(2) the Company’s failure to pay the Repurchase Price when due in connection with a Change of Control Repurchase Event.

  
 21 

 SECTION 4.2. Waiver of Past Defaults. 

Section 512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 512 in the
Base Indenture shall instead be deemed to refer to this Section 4.2. 
 The Holders of not less than a majority in aggregate principal
amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a default 

(1) in the payment of the principal of or premium, if any, or interest on any Note or the Repurchase Price in connection with a Change of
Control Repurchase Event; or 
 (2) in respect of a covenant or provision hereof or of the Base Indenture which under Article VII hereof or
under Article IX of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Ninth Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

ARTICLE V 
 Redemption of
Securities 
 SECTION 5.1. Optional Redemption. 

(1) The Notes will be redeemable in whole or in part, at the Company’s option at any time and from time to time, at a Redemption Price
equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any Notes being redeemed (exclusive of
interest accrued to the Redemption Date) discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at a rate equal to the applicable Bund Rate plus 20 basis points, plus in each case accrued and unpaid interest thereon to, but
excluding, the Redemption Date. 
 (2) Notes of €100,000 or less cannot be redeemed in part. 

(3) Paragraph one of Section 1103 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to
paragraph one of Section 1103 in the Base Indenture shall instead be deemed to refer to this Section 5.1(3). 
 If less than all
the Notes series are to be redeemed, the Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date. If such Notes are global notes, 

  
 22 

 
the Notes to be redeemed shall be selected by Euroclear or Clearsteam in accordance with the Applicable Procedures and if such Notes are not global notes then held by Euroclear or Clearstream,
the Notes to be redeemed shall be selected by the Trustee, from the Outstanding Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate, including by lot or pro rata, and which may provide for the
selection for redemption of a portion of the principal amount of any Note; provided that the unredeemed portion of the principal amount of any Note shall be in an authorized denomination (which shall not be less than the minimum authorized
denomination) for such Note. In addition, if the Notes are listed on any securities exchange, Euroclear or Clearstream or the Trustee, as applicable, shall select Notes in compliance with the requirements of the principal securities exchange on
which the Notes are listed. 
 (4) Section 1105 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any
reference to Section 1105 in the Base Indenture shall instead be deemed to refer to this Section 5.1(5). 
 By no later than 11:00
a.m. (London time) on any Redemption Date, the Company shall deposit or cause to be deposited with the Trustee or with a Paying Agent (or, if any of the Credit Parties is acting as Paying Agent, such Credit Party will segregate and hold in trust as
provided in Section 1003 of the Base Indenture) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date or as herein otherwise expressly provided) accrued interest on,
all the Notes which are to be redeemed on the Redemption Date, other than the Notes or portions of the Notes called for redemption which are owned by any of the Credit Parties and have been delivered by such Credit Party to the Trustee for
cancellation. In addition, upon receipt of a written request from the Company, the Paying Agent shall promptly return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts necessary to pay the Redemption
Price of, and accrued interest, if any, on, all Notes to be redeemed. 
 If any Note called for redemption is converted, any money deposited
with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Note shall (subject to any right of the Holder of such Note or any Predecessor Note to receive interest as provided in the last paragraph of
Section 307 of the Base Indenture or in the terms of such Note) be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such trust. 

SECTION 5.2. Redemption for Tax Reasons. 

The Notes will be redeemable in whole, but not in part, at the Company’s option on not more than 60 days’ notice and not less than 30
days’ notice, at a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes to, but not including, the Redemption Date if, as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated under the laws) of the United States (or any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after the date of the Company’s offering memorandum, dated September 27, 2016, the Company has become or,

  
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based upon a written opinion of independent counsel selected by the Company, there is a substantial probability that the Company will become, obligated to pay additional amounts as described in
Section 5.3 with respect to the Notes. 
 SECTION 5.3. Additional Amounts. 

(1) In the event any withholding or deduction on payments in respect of the Notes for or on account of any present or future tax, assessment or
other governmental charge is required to be deducted or withheld by the United States or any political subdivision or taxing authority thereof or therein, the Company will pay such additional amounts on the Notes as will result in receipt by each
beneficial owner of a Note that is not a U.S. Person of such amounts (after all such withholding or deduction, including on any additional amounts) as would have been received by such beneficial owner had no such withholding or deduction been
required. The Company will not be required, however, to make any payment of additional amounts for or on account of: 
 (i) any tax,
assessment or other governmental charge that would not have been imposed but for (1) the existence of any present or former connection (other than a connection arising solely from the ownership of a Note or the receipt of payments in respect of
such Note) between a Holder of a Note (or the beneficial owner for whose benefit such Holder holds such Note), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial owner
(if that Holder or beneficial owner is an estate, trust, partnership or corporation) and the United States, including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a
citizen or resident or treated as a resident of the United States or being or having been engaged in trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a
Note for payment on a date more than 30 days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for; 

(ii) any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax, assessment or other
governmental charge; 
 (iii) any tax, assessment or other governmental charge imposed by reason of the beneficial owner’s past or
present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a corporation that accumulates earnings to avoid U.S.
federal income tax; 
 (iv) any tax, assessment or other governmental charge which is payable otherwise than by withholding or deducting
from payment of principal of or premium, if any, or interest on such Notes; 
 (v) any tax, assessment or other governmental charge required
to be withheld by any Paying Agent from any payment of principal of and premium, if any, or interest on any Note if that payment can be made without withholding by any other Paying Agent; 

  
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 (vi) any tax, assessment or other governmental charge which would not have been imposed but for
the failure of a beneficial owner or any Holder of Notes to comply with a request to satisfy certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United
States of the beneficial owner or any Holder of the Notes that such beneficial owner or Holder is legally able to deliver (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, or any
subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty); 

(vii) any tax, assessment or other governmental charge imposed on interest received by (1) a 10-percent shareholder (as defined in
Section 871(h)(3)(B) of the Code, and the regulations that may be promulgated thereunder) of the Company, (2) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the Code, or
(3) a bank receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such tax, assessment or other governmental charge would not have been imposed but for the beneficial owner’s status as described in clauses
(1) through (3) of this paragraph (vii); 
 (viii) any tax, assessment or other governmental charge required to be withheld or
deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections that is substantively comparable) (“FATCA”), any regulations or other guidance thereunder, or any agreement (including any
intergovernmental agreement) entered into in connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or 

(ix) any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) above. 

(2) In addition, the Company will not be required, however, to make any payment of additional amounts for or on account of any beneficial
owner or Holder of Notes who is a fiduciary or partnership to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership or a beneficial owner thereof would not have been entitled to the payment of those
additional amounts had that beneficiary, settlor, member or beneficial owner been the beneficial owner of those Notes. 
 (3) In this
Section 5.3, “U.S. Person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the
United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject
to United States federal income taxation regardless of its source. 
 (4) Any reference in this Ninth Supplemental Indenture, or in any
Note, to any amounts in respect of the Notes shall be deemed to also refer to any additional amounts that may be payable under this Section 5.3 to the extent that, in such context, additional amounts are, were or would be payable in respect
thereof. 

  
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 ARTICLE VI 

Particular Covenants 

SECTION 6.1. Liens. 
 The
Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee any indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than
Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by
merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or
guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge,
mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities for so long as such other indebtedness is so secured. This Section 6.1 shall not limit the ability of the Credit Parties or
their Subsidiaries to incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit participating equity interests of the Credit Parties and their respective Subsidiaries. 

SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event.  

(1) If a Change of Control Repurchase Event occurs, unless the Company has exercised its option to redeem the Notes pursuant to Article V, the
Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase Price”). 

(2) In connection with any Change of Control related to a Change of Control Repurchase Event and any particular reduction in the rating on the
Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the rating on the Notes was the result, in whole or in part, of any event or circumstance comprised of or arising as
a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below Investment Grade Rating Event). The Company shall promptly deliver an officers’
certificate to the Trustee certifying as to whether or not such confirmation has been received or denied. 
 (3) Within 30 days following
any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the
Trustee. Such notice shall state: 
 (i) a description of the transaction or transactions that constitute or may constitute
the Change of Control Repurchase Event; 

  
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 (ii) that the Change of Control Offer is being made pursuant to this
Section 6.2; 
 (iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date shall be
a Business Day that is no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Repurchase Price Payment Date”); and 

(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 (4) The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a
result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

(5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the
Repurchase Price Payment Date; 
 (ii) deposit with the Paying Agent an amount equal to the Repurchase Price in respect of
all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes
properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 
 The
Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of
Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of €100,000 or any integral multiple of €1,000 in excess
thereof. 
 (6) Notwithstanding the foregoing, the Company shall not be required to make an offer to repurchase the Notes upon a Change of
Control Repurchase Event if (i) a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the
Notes properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 1104 of the Base Indenture; provided that the Company has not failed to pay the
Redemption Price on the Redemption Date. 

  
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 SECTION 6.3. Financial Reports 

Section 704 of the Base Indenture shall apply to the reports, information, and documents delivered under this Section 6.3. 

(1) For so long as the Partnership is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall
provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after the Partnership files the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Partnership may
file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Partnership has not filed any such reports, information,
documents and other reports with the Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and until it shall have received written notice from the Company to
the contrary. 
 (2) For so long as any of the Notes remain Outstanding, the Company shall, or shall cause its Affiliates to, furnish to the
Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act and, unless available on the Commission’s Electronic Data Gathering, Analysis and
Retrieval System (or successor system), such information for the Partnership (as if such rule applied to it); provided, however, that if any time the Partnership no longer directly or indirectly controls the Credit Parties or
guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or indirectly controls the Credit Parties and guarantees
the Notes (in each case, as if such rule applied to such Person). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts and prospective investors upon request. 

ARTICLE VII 
 Supplemental
Indentures 
 SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes. 

For the purposes of the Base Indenture and this Ninth Supplemental Indenture, no amendment to cure any ambiguity, defect or inconsistency in
this Ninth Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Ninth Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company’s offering memorandum, dated
September 27, 2016, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Ninth Supplemental Indenture, the Base Indenture or the Notes, shall be deemed to adversely
affect the interests of the Holders of any Notes. 

  
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 SECTION 7.2. Supplemental Indentures with Consent of Holders of Notes. 

Section 902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 902 in the
Base Indenture shall instead be deemed to refer to this Section 7.2. 
 With the consent of the Holders of not less than a majority in
aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders delivered to the Company, the Guarantors
and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or
of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note; 

(2) reduce the principal amount of any Note which would be due and payable at or upon a declaration of acceleration of the maturity thereof
pursuant to Section 502 and 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; 

(3) reduce the Repurchase Price in connection with a Change of Control Repurchase Event; 

(4) reduce any premium payable upon the redemption of or change the date on which any Note may or must be redeemed; 

(5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is payable; 

(6) impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date); 
 (7) reduce the percentage in principal amount of the Outstanding Notes the
consent of whose Holders is required for modification or amendment of this Ninth Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Base Indenture or
this Ninth Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Ninth Supplemental Indenture; 

(8) modify any of the provisions of this Section 7.2 or Section 512 or Section 1005 of the Base Indenture, except to increase
any such percentage or to provide that certain 

  
 29 

 
other provisions of this Ninth Supplemental Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in Section 902 and Section 1005 of the Base Indenture, or the deletion of this proviso,
in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; 
 (9) subordinate the Notes or any Guarantee of a
Guarantor in respect thereof to any other obligation of the Company or such Guarantor; 
 (10) modify the terms of any Guarantee in a manner
adverse to the Holders of the Notes; or 
 (11) modify clauses (1) through (10) above. 

It shall not be necessary for any Act of Holders under this Section 7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 In addition, the Holders of at least a majority in
aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties’ covenants described under Sections 6.1, 6.2 and 6.3 of this Ninth Supplemental Indenture and Article VIII
of the Base Indenture. 
 ARTICLE VIII 

Defeasance 
 SECTION 8.1.
Covenant Defeasance.  
 Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any
reference to Section 1303 in the Base Indenture shall instead be deemed to refer to this Section 8.1. 
 Upon the Company’s
exercise of its option, if any, to have this Section 8.1 applied to the Notes, or if this Section 8.1 shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective obligations and any
covenants provided pursuant to Article VI of this Ninth Supplemental Indenture and Section 301(18), Section 801, Section 901(1) or Section 901(12) and Article XIV of the Base Indenture for the benefit of the Holders of such Notes
and (2) the occurrence of any event specified in Section 501(4) and Section 501(8) of the Base Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such Notes and the related Guarantees as
provided in this Section 8.1 on and after the date the conditions set forth in Section 1304 of the Base Indenture are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means
that, with respect to such Notes and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or
indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of the Base Indenture, this Ninth Supplemental
Indenture and such Notes and Guarantees shall be unaffected thereby. 

  
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 SECTION 8.2. Conditions to Defeasance or Covenant Defeasance. 

Section 1304(1) of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1304(1)
in the Base Indenture shall instead be deemed to refer to this Section 8.2. 
 The Company shall irrevocably have deposited or caused
to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 609 of the Base Indenture and agrees to comply with the provisions of Article XIII of the Base Indenture applicable to it) as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Notes, (A) money in an amount, or (B) European Government Obligations which
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide money in an amount, or (C) a combination thereof, in each case sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and
premium, if any, and interest on such Notes on the respective Stated Maturities, in accordance with the terms of the Indenture and such Notes. 

SECTION 8.3. Deposited Money and European Government Obligations to Be Held in Trust; Miscellaneous Provisions. 

Section 1305 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1305 in the
Base Indenture shall instead be deemed to refer to this Section 8.3. 
 Subject to the provisions of the last paragraph of
Section 1003 of the Base Indenture, all money and European Government Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section 1305 and 1306 of the Base
Indenture, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 1304 of the Base Indenture in respect of any Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and the Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes, of all sums
due and to become due thereon in respect of principal and premium, if any, and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the European Government
Obligations deposited pursuant to Section 1304 of the Base Indenture or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Notes;
provided that the Trustee shall be entitled to charge any such tax, fee or other charge to such Holder’s account. 

  
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 Anything in Article XIII of the Base Indenture to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon Company Request any money or European Government Obligations held by it as provided in Section 1304 of the Base Indenture with respect to any Notes which are in excess of the amount thereof
which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Notes. 

SECTION 8.4. Reinstatement. 

Section 1306 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1306 in the
Base Indenture shall instead be deemed to refer to this Section 8.4. 
 If the Trustee or the Paying Agent is unable to apply any money
in accordance with Article XIII of the Base Indenture with respect to any Notes by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under
the Indenture and such Notes and Guarantees from which the Company and the Guarantors have been discharged or released pursuant to Section 1302 or 1303 of the Base Indenture shall be revived and reinstated as though no deposit had occurred
pursuant to Article XIII of the Base Indenture with respect to such Notes and Guarantees, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 1305 of the Base Indenture with respect
to such Notes and Guarantees in accordance with Article XIII of the Base Indenture; provided, however, that (a) if the Company or the Guarantors makes any payment of principal of or premium, if any, or interest on any such Note following such
reinstatement of its obligations, the Company or the Guarantors, as the case may be, shall be subrogated to the rights, if any, of the Holders of such Notes to receive such payment from the money so held in trust and (b) unless otherwise
required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee or Paying Agent shall return all such money and European Government Obligations to the Company or the Guarantors, as the case may be,
promptly after receiving a written request therefor at any time, if such reinstatement of the obligations of the Company or the Guarantors, as the case may be, has occurred and continues to be in effect. 

SECTION 8.5. Funding with U.S. Government Obligations. 

Notwithstanding anything otherwise to the contrary herein, to the extent that payments in respect of the Notes are required to be made in U.S.
dollars in accordance with Section 1.2(4) of this Ninth Supplemental Indenture, any reference to “European Government Obligations” in Section 8.2, 8.3 and 8.4 of this Ninth Supplemental Indenture shall instead be deemed to refer
to “U.S. Government Obligations.” 

  
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 ARTICLE IX 

Paying Agent 
 SECTION
9.1. Appointment of Paying Agent. 
 (1) The Company hereby appoints The Bank of New York Mellon, London Branch at its office
specified in Section 1.2(5) of this Ninth Supplemental Indenture as the paying agent solely in respect of the Notes upon the terms and conditions herein contained in this Article IX, and The Bank of New York Mellon, London Branch accepts such
appointment. 
 SECTION 9.2. Payment. 

(1) In order to provide for all payments due on the Notes as the same shall become due, the Company (and if the Company fails to do so, then
the Guarantors) shall cause to be paid to the Paying Agent, no later than 10:00 a.m. London time on the due date for the payment of each Note, at such bank as the Paying Agent shall previously have notified to the Company, immediately available
funds sufficient to meet all payments due on such Notes. 
 (2) The Company hereby authorizes and directs the Paying Agent, from the amounts
paid to it pursuant to this Section 9.2, to make or cause to be made all payments on the Notes in accordance with the terms thereof. Such payments shall be made to the Holder or Holders of Notes in accordance with the terms of the Notes, the
provisions contained in this Article IX, and the procedures of Euroclear and Clearstream. All interest payments in respect of the Notes will be made by the Paying Agent on the relevant interest payment date (as set forth in the Note) to the Holders
in whose names the Notes are registered at the close of business (in London) on the record date specified in the Notes next preceding the interest payment date or such other date as is provided in the Notes. So long as the Notes are represented by a
single global certificate and registered in the name of a nominee of a common depositary for Euroclear and Clearstream, all interest payments on the Notes shall be made by the Paying Agent by wire transfer of immediately available funds in euro to
such Holder. 
 (3) The Paying Agent, to the extent sufficient funds are available to it, will pay the principal amount of each Note and
premium, if any, on the applicable maturity date or upon any redemption date with respect thereto, together with accrued and unpaid interest due at maturity or such redemption date, if any, upon presentation and surrender of such Note on or after
the maturity date or redemption date thereof to the Paying Agent, or as specified in the Notes. 
 (4) If for any reason the amounts
received by the Paying Agent are insufficient to satisfy all claims in respect of all payments then due on the Notes, the Paying Agent shall forthwith notify the Company and the Guarantors, and the Paying Agent shall not be obliged to pay any such
claims until the Paying Agent has received the full amount of the monies then due and payable in respect of such Notes. If, however, the Paying Agent in its sole discretion shall make payment on the Notes on their maturity or redemption, or payments
of interest or such other payments when otherwise due (it being understood that the Paying Agent shall have no obligation whatsoever to make any such payment) and the amount which should have been received is not received on such date, the Company
(and if the Company fails to do so, then the Guarantors) agrees forthwith on demand to pay, or procure the payment of, to the Paying Agent, in addition to the amount which should have been paid hereunder, interest thereon from the day following the
date when the amount unpaid should have been received under this Agreement to the date when such amount is actually received (inclusive) at a rate equal to the cost of the Paying Agent of funding such amount, as certified by the Paying Agent and
expressed as a rate per annum. 

  
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 (5) The Paying Agent hereby agrees that: 

(i) it will hold all sums held by it as Paying Agent for the payment of the principal of or premium, if any, or interest on the Notes in trust
for the benefit of the Holders of the Notes entitled thereto, or for the benefit of the Trustee, as the case may be, until such sums shall be paid out to such Holders or otherwise as provided in Section 9.2 (6) below and in the Indenture;

 (ii) it will promptly give the Trustee notice of: (x) a Company deposit for the payment of principal of or premium, if any, or
interest on the Notes, (y) any failure by the Company in the making of any deposit for the payment of principal of or premium, if any, or interest on the Notes that shall have become payable, and (z) any default by the Company in making
any payment of the principal of or premium, if any, or interest on the Notes where the same shall be due and payable as provided in the Notes; 

(iii) At any time after an Event of Default in respect of the Notes shall have occurred, the Paying Agent shall, if so required by notice in
writing given by the Trustee to the Paying Agent: (y) thereafter, until otherwise instructed by the Trustee, act as agent of the Trustee under the terms of the Indenture; and/or (z) deliver all Notes and all sums, documents and records
held by the Paying Agent in respect of the Notes to the Trustee or as the Trustee shall direct in such notice; provided that such notice shall be deemed not to apply to any document or record which the Paying Agent is obliged not to release by any
applicable law or regulation. 
 (6) Notwithstanding the foregoing: 

(i) if any Note is presented or surrendered for payment to the Paying Agent and the Paying Agent has delivered a replacement therefor or has
been notified that the same has been replaced, the Paying Agent shall as soon as is reasonably practicable notify the Company in writing of such presentation or surrender and shall not make payment against the same until it is so instructed by the
Company and has received the amount to be so paid; and 
 (ii) the Paying Agent shall cancel each Note against surrender of which it has
made full payment and shall deliver each Note so cancelled by it to the Trustee. 
 (7) In no event, shall the Paying Agent be obliged to
make any payments hereunder if it has not received the full amount of any payment. 
 SECTION 9.3. Indemnity. 

(1) The Company and each Guarantor, jointly and severally, shall indemnify and keep indemnified and hold harmless the Paying Agent (which for
purposes of this Section 9.3 shall be deemed to include its officers, directors, employees and agents) against any losses, liabilities, costs, claims, expenses (including the fees and expenses of counsel as provided herein), actions or demands
which it may incur or which may be made against it as a result of or 

  
 34 

 
in connection with its appointment or the exercise of its powers and duties under this Article IX or in respect of the Company’s issue of Notes, except to the extent that they were incurred
by the Paying Agent’s negligence, willful misconduct or bad faith. The Paying Agent shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Paying Agent shall cooperate in the
defense. The Paying Agent may have one separate counsel and the Company shall pay the reasonable and documented fees and expenses of such counsel. The Company need not pay for any settlement without its consent. 

(2) The indemnity contained in this Section shall survive the termination or expiry of this Article IX and the resignation or removal of the
Paying Agent. 
 SECTION 9.4. General. 

(1) In acting under this Article IX, the Paying Agent shall not (a) be under any fiduciary duty towards any person, (b) be
responsible for or liable in respect of the authorization, validity or legality of any Note amount paid by it hereunder (except to the extent that any such liability is determined by a court of competent jurisdiction to have resulted from the Paying
Agent’s negligence, willful misconduct or bad faith), (c) be under any obligation towards any person other than the Trustee and Company or (d) assume any relationship of agency or trust for or with any Holder. 

(2) The Paying Agent shall be entitled to treat the registered Holder of any Note as the absolute owner of such Note for all purposes and make
payments thereon accordingly. 
 (3) The Paying Agent may exercise any of its rights or duties hereunder by or through agents or attorneys,
and shall not be responsible for any misconduct thereof, provided such agent or attorney has been appointed with due care. 
 (4) The Paying
Agent shall not exercise any lien, right of set-off or similar claim against any Holder of a Note in respect of moneys payable by it under this Article IX; however, should the Paying Agent elect to make a payment pursuant to Section 9.2(4), it
shall be entitled to appropriate for its own account out of the funds received by it under Section 9.2 an amount equal to the amount so paid by it. 

(5) The Paying Agent may (at the reasonable expense of the Company) consult, on any matter concerning its duties hereunder, any legal adviser
or other expert selected by it with due care and, with respect to the selection of other experts, in consultation with the Company, and the Paying Agent shall not be liable in respect of anything done, or omitted to be done in good faith in
accordance with that adviser’s opinion. At any time, the Paying Agent may apply to any duly authorized representative of the Company for a written instruction, and shall not be liable for an action lawfully taken or omitted to be taken in
accordance with such instruction. Notwithstanding anything to the contrary herein, in no event shall the Paying Agent be entitled to reimbursement of the expenses of such legal adviser or expert with respect to any matter arising from the Paying
Agent’s negligence, willful misconduct or bad faith. The Paying Agent shall promptly notify the Company of any action taken or omitted by the Paying Agent in reliance upon such advice. 

  
 35 

 (6) The Paying Agent shall be entitled to rely, and shall not be liable in respect of anything
done or suffered by it in reliance, on any notice, document, communication or information reasonably believed in good faith by it to be genuine and given by the Company, Company’s counsel, the Trustee or Trustee’s counsel. 

(7) The Paying Agent shall be obliged to perform only such duties as are specifically set forth herein and in the Notes, and no implied duties
or obligations shall be read into this Article IX or the Notes against the Paying Agent. 
 (8) The Paying Agent shall not be liable to
account to the Company for any interest or other amounts in respect of funds received by it from the Company. Money held by the Paying Agent need not be segregated except as required by law. 

(9) No section of this Article IX or the Notes shall require the Paying Agent to risk or expend its own funds, or to take any action which in
its reasonable judgment would result in any expense or liability accruing to it. 
 (10) In no event will the Paying Agent be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, severe loss or severe malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Paying Agent will
use best reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(11) The Paying Agent shall have no duty to inquire as to the performance of the covenants of the Company, nor shall it be charged with
knowledge of any default or Event of Default under the Indenture. 
 (12) Notwithstanding any section of this Article IX to the contrary,
the Paying Agent will not in any event be liable for special, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Paying Agent has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
 (13) The Paying Agent, its officers, directors, employees and shareholders may become the
owners of, or acquire any interest in, the Notes, with the same rights that it or they would have if it were not the Paying Agent, and may engage or be interested in any financial or other transaction with the Company as freely as if it were not the
Paying Agent. 
 (14) The Paying Agent shall retain the right not to act and shall not be held liable for refusing to act unless it has
received clear payment instructions from the Company in form reasonably satisfactory to the Paying Agent. 
 (15) The Company will supply
the Paying Agent with the names, specimen signatures and direct dial phone numbers of its authorized persons as soon as practicable after the date hereof. 

  
 36 

 SECTION 9.5. Change of Paying Agent. 

(1) Any time, other than on a day during the forty-five (45) day period preceding any payment date for the Company’s Notes, the
Paying Agent may resign by giving at least forty-five (45) days’ prior written notice to the Company; and the Paying Agent’s agency shall be terminated and its duties shall cease upon expiration of such forty-five (45) days or
such lesser period of time as shall be mutually agreeable to the Paying Agent and the Company. At any time, following at least forty-five (45) days’ prior written notice (or such lesser period of time as shall be mutually agreeable to the
Paying Agent and the Company) from the Company, the Paying Agent may be removed from its agency. Such removal shall become effective upon the expiration of the forty-five (45) day or agreed lesser time period (provided that any such removal
shall be immediate in case the Paying Agent shall be adjudicated bankrupt or insolvent), and upon payment to the Paying Agent of all amounts payable to it in connection with its agency. In such event, following payment in full of its fees and
expenses, the Paying Agent shall deliver to the Company, or to the Company’s designated representative, all Notes (if any) and cash (if any) belonging to the Company and, at the Company’s reasonable expense, shall furnish to the Company,
or to the Company’s designated representative, such information regarding the status of the Company’s outstanding Notes reasonably requested by the Company. 

(2) Any corporation into which a Paying Agent may be merged or consolidated or any corporation resulting from any merger or consolidation to
which such Paying Agent is a party or any corporation to which such Paying Agent shall sell or otherwise transfer all or substantially all of its corporate trust or agency assets shall on the date on which such merger, consolidation or transfer
becomes effective, become the successor to such Paying Agent under this Article IX without the execution or filing of any paper or any further act on the part of the parties hereto; provided that such corporation complies with Section 9.4(3) of
this Article IX and provides the information required by Section 9.8(1) of this Article IX. 
 SECTION 9.6. Compensation, Fees and
Expenses. 
 (1) The Company will pay to the Paying Agent the compensation, fees and expenses in respect of the Paying Agent’s
services as separately agreed with the Paying Agent. 
 (2) The Company will also pay all reasonable documented out-of-pocket expenses
(including reasonable legal expenses) incurred by the Paying Agent in connection with its services hereunder, together with any applicable value added tax and stamp, issue, or other documentary taxes and duties. 

  
 37 

 SECTION 9.7. Notices. 

(1) Each notice or communication under this Article IX shall be made in writing, by fax or otherwise in accordance with this Section 9.7.
Each communication or document to be delivered to any party under this Article IX shall be sent to that party at the fax number or address, and marked for the attention of the person (if any), from time to time designated by that party to the Paying
Agent (or, in the case of the Paying Agent, by it to each other party) for the purpose of this Article IX. The initial telephone number, fax number, address and person so designated are: 

in the case of the Company, at: 

Blackstone Holdings Finance Co. L.L.C., 

345 Park Avenue 
 New York, NY
10154 
 Attention: Matthew Skurbe 

Tel no: +212-583-5655 
 Fax no:
+1-212-583-5749 
 With a copy to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attention: Joshua Ford Bonnie 

Tel no: +1-212-455-3986 
 Fax no:
+1-212-455-2502 
 in the case of the Paying Agent, to it at: 

The Bank of New York Mellon, London Branch 

One Canada Square, London E14 5AL 

Attention: Corporate Trust Administration 

Tel no: +44 (0) 207 964 5028 

Fax no: +44 (0) 207 964 2536 

With a copy to: 
 The Bank of
New York Mellon 
 101 Barclay Street, Floor 7-East 

New York, NY 10286 
 Attention:
Corporate Trust 
 Fax no: +1-212-815-5366 

(2) All notices under this Article IX shall be effective (if by fax) when good receipt is confirmed by the recipient following enquiry by the
sender and (if in writing) when delivered, except that a communication received outside normal business hours shall be deemed to be received on the next Business Day in the city in which the recipient is located. 

SECTION 9.8. FATCA. 
 In
order to assist the Trustee with its compliance with FATCA, the Company agrees (i) to provide the Trustee and any Paying Agent reasonably available information collected and stored in the Company’s ordinary course of business regarding
Holders of the Notes (solely in their capacity as such) and that is necessary for the Trustee’s and any Paying Agent’s determination of whether it has tax related obligations under FATCA and (ii) that the Trustee and any Paying Agent
shall be entitled to make any withholding or deduction from payments under this Ninth Supplemental Indenture and the Notes to the extent necessary to comply with FATCA. Nothing 

  
 38 

 
in the immediately preceding sentence shall be construed as obligating the Company to make any payment of additional amounts or other “gross up” payment or similar reimbursement in
connection with a payment in respect of which amounts are so withheld or deducted. 
 ARTICLE X 

Miscellaneous 
 SECTION
10.1. Execution as Supplemental Indenture.  
 This Ninth Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Base Indenture and, as provided in the Base Indenture, this Ninth Supplemental Indenture forms a part thereof. 

SECTION 10.2. Not Responsible for Recitals or Issuance of Notes.  

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Ninth Supplemental Indenture or of the Securities or
the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

SECTION 10.3. Separability Clause.  

In case any provision in this Ninth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 10.4. Successors and
Assigns.  
 All covenants and agreements in this Ninth Supplemental Indenture by the Company and the Guarantors shall bind their
respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Ninth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

SECTION 10.5. Execution and Counterparts.  

This Ninth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. 
 SECTION 10.6. Governing Law.  

This Ninth Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of New York. 

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

[Signature page to follow.] 

  
 39 

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

					
	Blackstone Holdings Finance Co. L.L.C.
		
	By:	 	Blackstone Holdings I L.P., its sole member
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	Blackstone Holdings I L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	Blackstone Holdings AI L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	Blackstone Holdings II L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
 [Signature Page to Ninth Supplemental Indenture] 

 

  

					
	Blackstone Holdings III L.P.
		
	By:	 	Blackstone Holdings III GP L.P., its general partner
		
	By:	 	Blackstone Holdings III GP Management L.L.C., its general partner
		
	By:	 	The Blackstone Group L.P., its sole member
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer
	
	Blackstone Holdings IV L.P.
		
	By:	 	Blackstone Holdings IV GP L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management (Delaware) L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management L.L.C., its general partner
		
	By:	 	The Blackstone Group L.P., its sole member
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

[Signature Page to Ninth Supplemental Indenture] 

  

					
	The Blackstone Group L.P.
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By:	 	 /s/ John G. Finley

		 	Name:	 	John G. Finley
		 	Title:	 	Chief Legal Officer

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

[Signature Page to Ninth Supplemental Indenture] 

  

					
	 The Bank of New York Mellon,
 as
Trustee

		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name:	 	Laurence J. O’Brien
		 	Title:	 	Vice President

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

[Signature Page to Ninth Supplemental Indenture] 

  

					
	 The Bank of New York Mellon, London Branch

as Paying Agent

		
	By:	 	 /s/ Paul Cattermole

		 	Name:	 	Paul Cattermole
		 	Title:	 	Vice President

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
 [Signature Page to Ninth Supplemental Indenture]EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
 RETAIL
PROPERTIES OF AMERICA, INC. 
 $200,000,000 

$100,000,000 4.08% Senior Notes, Series A, due September 30, 2026 

$100,000,000 4.24% Senior Notes, Series B, due December 28, 2028 

 
  

NOTE PURCHASE AGREEMENT 

 
  

Dated as of September 30, 2016 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	 	HEADING                                 
   	  	PAGE	 
	 SECTION 1.
	 	 AUTHORIZATION OF NOTES
	  	 	1	  
			
	 SECTION 2.
	 	 SALE AND PURCHASE OF
NOTES
	  	 	1	  
			
	 SECTION 3.
	 	 CLOSINGS
	  	 	2	  
			
	 SECTION 4.
	 	 CONDITIONS TO EACH CLOSING
	  	 	2	  
			
	 Section 4.1.
	 	 Representations and Warranties
	  	 	2	  
	 Section 4.2.
	 	 Performance; No Default
	  	 	2	  
	 Section 4.3.
	 	 Compliance Certificates
	  	 	3	  
	 Section 4.4.
	 	 Opinions of Counsel
	  	 	3	  
	 Section 4.5.
	 	 Purchase Permitted By Applicable Law, Etc
	  	 	3	  
	 Section 4.6.
	 	 Sale of Other Notes
	  	 	3	  
	 Section 4.7.
	 	 Payment of Special Counsel Fees
	  	 	3	  
	 Section 4.8.
	 	 Private Placement Number
	  	 	4	  
	 Section 4.9.
	 	 Changes in Corporate Structure
	  	 	4	  
	 Section 4.10.
	 	 Funding Instructions
	  	 	4	  
	 Section 4.11.
	 	 Proceedings and Documents
	  	 	4	  
	 Section 4.12.
	 	 Completion of First Closing
	  	 	4	  
	 Section 4.13.
	 	 Most Favored Lender Notice
	  	 	4	  
			
	 SECTION 5.
	 	 REPRESENTATIONS AND WARRANTIES OF
THE ISSUER
	  	 	4	  
			
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	4	  
	 Section 5.2.
	 	 Authorization, Etc
	  	 	5	  
	 Section 5.3.
	 	 Disclosure
	  	 	5	  
	 Section 5.4.
	 	 Organization and Ownership of Shares of Subsidiaries; Affiliates
	  	 	5	  
	 Section 5.5.
	 	 Financial Statements; Material Liabilities
	  	 	6	  
	 Section 5.6.
	 	 Compliance with Laws, Other Instruments, Etc
	  	 	6	  
	 Section 5.7.
	 	 Governmental Authorizations, Etc
	  	 	7	  
	 Section 5.8.
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	7	  
	 Section 5.9.
	 	 Taxes
	  	 	7	  
	 Section 5.10.
	 	 Title to Property; Leases
	  	 	7	  
	 Section 5.11.
	 	 Licenses, Permits, Etc
	  	 	8	  
	 Section 5.12.
	 	 Compliance with ERISA
	  	 	8	  
	 Section 5.13.
	 	 Private Offering by the Issuer
	  	 	9	  
	 Section 5.14.
	 	 Use of Proceeds; Margin Regulations
	  	 	9	  
	 Section 5.15.
	 	 Existing Indebtedness; Future Liens
	  	 	9	  
	 Section 5.16.
	 	 Foreign Assets Control Regulations, Etc
	  	 	10	  
	 Section 5.17.
	 	 Status under Certain Statutes
	  	 	11	  

  
 -i- 

							
	 Section 5.18.
	 	 Environmental Matters
	  	 	11	  
	 Section 5.19.
	 	 REIT Status
	  	 	12	  
	 Section 5.20.
	 	 Senior Debt Status
	  	 	12	  
			
	 SECTION 6.
	 	 REPRESENTATIONS OF THE
PURCHASERS
	  	 	12	  
			
	 Section 6.1.
	 	 Purchase for Investment
	  	 	12	  
	 Section 6.2.
	 	 Source of Funds
	  	 	12	  
			
	 SECTION 7.
	 	 INFORMATION AS TO ISSUER
	  	 	14	  
			
	 Section 7.1.
	 	 Financial and Business Information
	  	 	14	  
	 Section 7.2.
	 	 Officer’s Certificate
	  	 	17	  
	 Section 7.3.
	 	 Visitation
	  	 	17	  
	 Section 7.4.
	 	 Electronic Delivery
	  	 	18	  
			
	 SECTION 8.
	 	 PAYMENT AND PREPAYMENT OF
THE NOTES
	  	 	19	  
			
	 Section 8.1.
	 	 Maturity
	  	 	19	  
	 Section 8.2.
	 	 Optional Prepayments with Make-Whole Amount
	  	 	19	  
	 Section 8.3.
	 	 Allocation of Partial Prepayments
	  	 	20	  
	 Section 8.4.
	 	 Maturity; Surrender, Etc.
	  	 	20	  
	 Section 8.5.
	 	 Purchase of Notes
	  	 	20	  
	 Section 8.6.
	 	 Make-Whole Amount
	  	 	20	  
	 Section 8.7.
	 	 Payments Due on Non-Business Days
	  	 	22	  
	 Section 8.8.
	 	 Change in Control
	  	 	22	  
			
	 SECTION 9.
	 	 AFFIRMATIVE COVENANTS
	  	 	23	  
			
	 Section 9.1.
	 	 Compliance with Law
	  	 	23	  
	 Section 9.2.
	 	 Insurance
	  	 	23	  
	 Section 9.3.
	 	 Maintenance of Properties
	  	 	24	  
	 Section 9.4.
	 	 Payment of Taxes and Claims
	  	 	24	  
	 Section 9.5.
	 	 Corporate Existence, Etc
	  	 	24	  
	 Section 9.6.
	 	 Books and Records
	  	 	24	  
	 Section 9.7
	 	 Subsidiary Guarantors
	  	 	25	  
	 Section 9.8
	 	 Priority of Obligations
	  	 	26	  
	 Section 9.9.
	 	 Maintenance of Status
	  	 	26	  
	 Section 9.10.
	 	 Most Favored Lender Status
	  	 	26	  
			
	 SECTION 10.
	 	 NEGATIVE COVENANTS
	  	 	27	  
			
	 Section 10.1.
	 	 Transactions with Affiliates
	  	 	27	  
	 Section 10.2.
	 	 Merger, Consolidation, Etc
	  	 	28	  
	 Section 10.3.
	 	 Line of Business
	  	 	28	  
	 Section 10.4.
	 	 Economic Sanctions, Etc.
	  	 	28	  
	 Section 10.5.
	 	 Liens
	  	 	29	  
	 Section 10.6.
	 	 Financial Covenants
	  	 	29	  

  
 -ii- 

							
	 SECTION 11.
	 	 EVENTS OF DEFAULT
	  	 	29	  
			
	 SECTION 12.
	 	 REMEDIES ON DEFAULT, ETC
	  	 	32	  
			
	 Section 12.1.
	 	 Acceleration
	  	 	32	  
	 Section 12.2.
	 	 Other Remedies
	  	 	33	  
	 Section 12.3.
	 	 Rescission
	  	 	33	  
	 Section 12.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc
	  	 	33	  
			
	 SECTION 13.
	 	 REGISTRATION; EXCHANGE; SUBSTITUTION
OF NOTES
	  	 	34	  
			
	 Section 13.1.
	 	 Registration of Notes
	  	 	34	  
	 Section 13.2.
	 	 Transfer and Exchange of Notes
	  	 	34	  
	 Section 13.3.
	 	 Replacement of Notes
	  	 	35	  
			
	 SECTION 14.
	 	 PAYMENTS ON NOTES
	  	 	35	  
			
	 Section 14.1.
	 	 Place of Payment
	  	 	35	  
	 Section 14.2.
	 	 Home Office Payment
	  	 	35	  
	 Section 14.3.
	 	 FATCA Information
	  	 	36	  
			
	 SECTION 15.
	 	 EXPENSES, ETC
	  	 	36	  
			
	 Section 15.1.
	 	 Transaction Expenses
	  	 	36	  
	 Section 15.2.
	 	 Survival
	  	 	37	  
			
	 SECTION 16.
	 	 SURVIVAL OF REPRESENTATIONS AND
WARRANTIES; ENTIRE AGREEMENT
	  	 	37	  
			
	 SECTION 17.
	 	 AMENDMENT AND WAIVER
	  	 	37	  
			
	 Section 17.1.
	 	 Requirements
	  	 	37	  
	 Section 17.2.
	 	 Solicitation of Holders of Notes
	  	 	38	  
	 Section 17.3.
	 	 Binding Effect, Etc
	  	 	38	  
	 Section 17.4.
	 	 Notes Held by Issuer, Etc
	  	 	39	  
			
	 SECTION 18.
	 	 NOTICES
	  	 	39	  
			
	 SECTION 19.
	 	 REPRODUCTION OF DOCUMENTS
	  	 	39	  
			
	 SECTION 20.
	 	 CONFIDENTIAL INFORMATION
	  	 	40	  
			
	 SECTION 21.
	 	 SUBSTITUTION OF PURCHASER
	  	 	41	  
			
	 SECTION 22.
	 	 MISCELLANEOUS
	  	 	41	  
			
	 Section 22.1.
	 	 Successors and Assigns
	  	 	41	  

  
 -iii- 

							
	 Section 22.2.
	 	 Accounting Terms
	  	 	41	  
	 Section 22.3.
	 	 Severability
	  	 	42	  
	 Section 22.4.
	 	 Construction, Etc
	  	 	42	  
	 Section 22.5.
	 	 Counterparts
	  	 	42	  
	 Section 22.6.
	 	 Governing Law
	  	 	42	  
	 Section 22.7.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	42	  
		
	 Signature
	  	 	44	  

  
 -iv- 

					
	 SCHEDULE A
	 	—	  	 DEFINED TERMS

			
	 SCHEDULE 1(a)
	 	—	  	 FORM OF 4.08% SENIOR NOTE,
SERIES A, DUE SEPTEMBER 30, 2026

			
	 SCHEDULE 1(b)
	 	—	  	 FORM OF 4.24% SENIOR NOTE,
SERIES B, DUE DECEMBER 28, 2028

			
	 SCHEDULE 4.4(a)
	 	—	  	 FORM OF OPINION OF
SPECIAL COUNSEL FOR THE ISSUER

			
	 SCHEDULE 4.4(b)
	 	—	  	 FORM OF OPINION OF
SPECIAL COUNSEL FOR THE PURCHASERS

			
	 SCHEDULE 5.3
	 	—	  	 DISCLOSURE MATERIALS

			
	 SCHEDULE 5.4
	 	—	  	 SUBSIDIARIES OF THE ISSUER
AND OWNERSHIP OF SUBSIDIARY STOCK

			
	 SCHEDULE 5.5
	 	—	  	 FINANCIAL STATEMENTS

			
	 SCHEDULE 5.15
	 	—	  	 EXISTING INDEBTEDNESS

			
	 SCHEDULE B
	 	—	  	 INFORMATION RELATING TO
PURCHASERS

			
	 SCHEDULE S-1
	 	—	  	 IMMATERIAL SUBSIDIARIES

  
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 RETAIL PROPERTIES OF AMERICA,
INC. 
 2021 SPRING ROAD, SUITE 200 

OAK BROOK, IL 60523 

4.08% SENIOR NOTES, SERIES A, DUE SEPTEMBER 30, 2026 

4.24% SENIOR NOTES, SERIES B, DUE DECEMBER 28, 2028 

September 30, 2016 
 TO
EACH OF THE PURCHASERS LISTED IN 

            SCHEDULE B HERETO: 

Ladies and Gentlemen: 
 RETAIL
PROPERTIES OF AMERICA, INC., a Maryland corporation (together with any successor thereto that becomes a party hereto pursuant to Section 10.2, the “Issuer”) agrees
with each of the Purchasers as follows: 
  

	SECTION 1.	AUTHORIZATION OF NOTES. 

 Authorization of
Notes. The Issuer will authorize the issue and sale of (i) $100,000,000 aggregate principal amount of its 4.08% Senior Notes, Series A, due September 30, 2026 (the “Series A Notes”) and (ii) $100,000,000
aggregate principal amount of its 4.24% Senior Notes, Series B, due December 28, 2028 (the “Series B Notes”). The Series A Notes and the Series B Notes are collectively referred to herein as the
“Notes,” such term to include any amendments, restatements or other modifications from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13. The
Series A Notes and the Series B Notes shall be substantially in the form set out in Schedule 1(a) and Schedule 1(b), respectively. Certain capitalized and other terms used in this Agreement are defined in Schedule A.
References to a “Schedule” are references to a Schedule attached to this Agreement unless otherwise specified. References to a “Section” are references to a Section of this Agreement unless otherwise specified. 

 

	SECTION 2.	SALE AND PURCHASE OF NOTES. 

Subject to the terms and conditions of this Agreement, the Issuer will issue and sell to each Purchaser and each Purchaser will purchase from
the Issuer, at the Closings as provided for in Section 3, Notes in the principal amount and series specified opposite such Purchaser’s name in Schedule B at the purchase price of 100% of the principal amount thereof. The
Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other
Purchaser hereunder. 

			
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	SECTION 3.	CLOSINGS. 

 The sale and purchase of the Notes to be purchased by each Purchaser
shall occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 10:00 a.m., central time, at two closings (each, a “Closing”). The Closing in relation to the Series A Notes
(the “First Closing”) shall occur on September 30, 2016 and the Closing with respect to the Series B Notes (the “Second Closing”) shall occur on December 28, 2016. At each Closing the Issuer will
deliver to each Purchaser the Notes to be purchased by such Purchaser at such Closing in the form of a single Note of such series (or such greater number of Notes of such series in denominations of at least $100,000 as such Purchaser may request)
dated the date of such Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Issuer or its order of immediately available funds in the amount of the purchase price therefor by
wire transfer of immediately available funds for the account of the Issuer to account number 858000051968 at Bank of America, NA, 101 South Tryon Street, Charlotte, NC 28255, ABA #: 026009593, Beneficiary: Retail Properties of
America, Inc. If at either Closing the Issuer shall fail to tender the applicable Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such
Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of any of the conditions specified in
Section 4 not having been fulfilled to such Purchaser’s satisfaction or such failure by the Issuer to tender such Notes. 
  

	SECTION 4.	CONDITIONS TO EACH CLOSING. 

 Each
Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at each Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the time of such Closing, of the following conditions:

 Section 4.1. Representations and Warranties. The representations and warranties of the Issuer in this Agreement shall be
correct when made and at such Closing. 
 Section 4.2. Performance; No Default. The Issuer shall have performed and complied
with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at such Closing and from the date of this Agreement to such Closing. From the date of this Agreement until such Closing,
before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing and no Change of Control shall
have occurred. Neither the Issuer nor any Subsidiary shall have entered into any transaction since August 10, 2016 that would have been prohibited by Section 10 had such Section applied since such date. 

  
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 Section 4.3. Compliance Certificates. 

(a) Officer’s Certificate. The Issuer shall have delivered to such Purchaser an Officer’s Certificate, dated the date of such
Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 
 (b) Secretary’s
Certificate. The Issuer shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary, dated the date of such Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings
relating to the authorization, execution and delivery of the Notes and this Agreement and (ii) the Issuer’s organizational documents as then in effect. 

Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to such
Purchaser, dated the date of such Closing (a) from Goodwin Procter LLP, counsel for the Issuer, covering the matters set forth in Schedule 4.4(a) and covering such other matters incident to the transactions contemplated hereby as such
Purchaser or its counsel may reasonably request (and the Issuer hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such
transactions, substantially in the form set forth in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 

Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of such Closing such Purchaser’s purchase of Notes shall
(a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by
insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve
System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser
shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 

Section 4.6. Sale of Other Notes. Contemporaneously with such Closing the Issuer shall sell to each other Purchaser and each other
Purchaser shall purchase the Notes to be purchased by it at such Closing as specified in Schedule B. 
 Section 4.7. Payment of
Special Counsel Fees. Without limiting Section 15.1, the Issuer shall have paid on or before such Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in
a statement of such counsel rendered to the Issuer at least one Business Day prior to such Closing. 

  
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 Section 4.8. Private Placement Number. A Private Placement Number issued by
Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each series of Notes. 

Section 4.9. Changes in Corporate Structure. The Issuer shall not have changed its jurisdiction of incorporation or organization,
as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in
Schedule 5.5. 
 Section 4.10. Funding Instructions. At least three Business Days prior to the date of such Closing, each
Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Issuer confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such
transferee bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited. 

Section 4.11. Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated by
this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or
certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
 Section 4.12.
Completion of First Closing. It shall be a condition to the Second Closing that the First Closing shall have occurred. 

Section 4.13. Most Favored Lender Notice. To the extent that at such Closing there are any financial covenants that would be
included as a result of Section 9.10, a description of such financial covenants in the form of a Most Favored Lender Notice. 
  

	SECTION 5.	REPRESENTATIONS AND WARRANTIES OF THE ISSUER. 

The Issuer represents and warrants to each Purchaser that: 

Section 5.1. Organization; Power and Authority. The Issuer is a corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure
to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Issuer has the corporate power and authority to own or hold under lease the properties it purports to
own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. 

  
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 Section 5.2. Authorization, Etc. This Agreement and the Notes have been duly
authorized by all necessary corporate action on the part of the Issuer and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Issuer, enforceable against the
Issuer, in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3. Disclosure. This Agreement, the financial statements listed in Schedule 5.5 and the documents, certificates or
other writings delivered to the Purchasers by or on behalf of the Issuer or any of the Issuer’s Officers prior to August 10, 2016 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement
and such documents, certificates or other writings and such financial statements delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”), to the Issuer’s knowledge, taken as a
whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made; provided, that, with respect to
any projected financial information, the Issuer represents only that such information was prepared in good faith based upon assumptions that Issuer believed to be reasonable at the time. Except as disclosed in the Disclosure Documents, since
December 31, 2015, there has been no change in the financial condition, operations, business, properties or prospects of the Issuer or any Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. There is no fact known to the Issuer that could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as
noted therein) complete and correct lists of the Issuer’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, and, with respect to each non-Wholly-Owned Subsidiary, the percentage of shares of
each class of its capital stock or similar equity interests outstanding owned by the Issuer and each other Subsidiary. The Issuer shall be permitted to make additions and deletions to Schedule 5.4 for purposes of this representation in respect
of the Second Closing after September 30, 2016 but prior to the Second Closing, so long as (a) the Issuer shall have provided an updated copy of Schedule 5.4 to the Purchasers not less than 5 Business Days prior to the date of such
Closing, (b) any such additions or deletions are in all respects reasonably satisfactory to the Purchasers as a condition to such Closing and (c) such updated Schedule 5.4 does not affect the representation given in connection with the
First Closing. 
 (b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in
Schedule 5.4 as being owned by the Issuer and its Subsidiaries have been 

  
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validly issued, are fully paid and non-assessable and are owned by the Issuer or another Subsidiary free and clear of any Lien that is prohibited by this
Agreement, except where the failure or non-compliance of the same would not result in a Material Adverse Effect. 

(c) Each Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under the
laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those
jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority
to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure or non-compliance of the same would not result in a Material Adverse
Effect. 
 (d) No Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on
Schedule 5.4, customary limitations imposed by corporate law or similar statutes or any Non-Recourse Indebtedness) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to
the Issuer or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 

Section 5.5. Financial Statements; Material Liabilities. The Issuer has delivered to each Purchaser copies of the financial
statements of the Issuer and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the
Issuer and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently
applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Issuer and its Subsidiaries do
not have any Material liabilities that are not disclosed in the Disclosure Documents. 
 Section 5.6. Compliance with Laws, Other
Instruments, Etc. The execution, delivery and performance by the Issuer of this Agreement and the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any
property of the Issuer or any of its Subsidiaries under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, shareholders agreement or any other
agreement or instrument to which the Issuer or any of its Subsidiaries is bound or by which the Issuer or any of its Subsidiaries or any of their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of
the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Issuer or any of its Subsidiaries or (iii) violate any provision of any statute or other rule or
regulation of any Governmental Authority applicable to the Issuer or any of its Subsidiaries, in each case, except, in the case of each of clauses (i), (ii) and (iii) where the failure or non-compliance of the same would not result in a
Material Adverse Effect. 

  
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 Section 5.7. Governmental Authorizations, Etc. No consent, approval or
authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Issuer of this Agreement and the Notes. 

Section 5.8. Litigation; Observance of Agreements, Statutes and Orders. (a) There are no actions, suits, investigations or
proceedings pending or, to the best knowledge of the Issuer, threatened against or affecting the Issuer or any of its Subsidiaries or any property of the Issuer or any of its Subsidiaries in any court or before any arbitrator of any kind or before
or by any Governmental Authority that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) Neither the Issuer nor any of its Subsidiaries is (i) in default under any agreement or instrument to which it is a party or by which
it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including,
without limitation, Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), in the case of each of clauses (i), (ii) and (iii), which default or violation could, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 5.9. Taxes. Except as set forth on
Schedule 5.9, the Issuer and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied
upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which, individually
or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Issuer or its Subsidiaries, as the case may be, has
established adequate reserves in accordance with GAAP. The Issuer knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and
reserves on the books of the Issuer and its Subsidiaries in respect of U.S. federal, state or other taxes for all fiscal periods are adequate. Except as set forth on Schedule 5.9, the U.S. federal income tax liabilities of the Issuer and its
Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2009. 

Section 5.10. Title to Property; Leases. The Issuer and its Subsidiaries have good and sufficient title to their respective
properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have 

  
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been acquired by the Issuer or any Subsidiary after such date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this
Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects. 

Section 5.11. Licenses, Permits, Etc. (a) The Issuer and its Subsidiaries own or possess all licenses, permits, franchises,
authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto without known conflict with the rights of others, except where the failure to own or possess could not reasonably be expected to
have a Material Adverse Effect. 
 (b) To the best knowledge of the Issuer, no product or service of the Issuer or any of its Subsidiaries
infringes in any respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person, except where such infringement could not reasonably be
expected to have a Material Adverse Effect. 
 (c) To the best knowledge of the Issuer, there is no violation by any Person of any right of
the Issuer or any of its Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Issuer or any of its Subsidiaries, except where such violation could not
reasonably be expected to have a Material Adverse Effect. 
 Section 5.12. Compliance with ERISA. (a) The Issuer and each
ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could not, individually or in the aggregate, reasonably be expected to result in a
Material Adverse Effect. Neither the Issuer nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in
section 3 of ERISA), and no event, transaction or condition has occurred or exists that could, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Issuer or any ERISA Affiliate, or
in the imposition of any Lien on any of the rights, properties or assets of the Issuer or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax
provisions under the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate
Material. 
 (b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined
as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the
assets of such Plan allocable to such benefit liabilities. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and
“present value” have the meaning specified in section 3 of ERISA. 

  
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 (c) The Issuer and its ERISA Affiliates have not incurred withdrawal liabilities (and are not
subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 

(d) The expected postretirement benefit obligation (determined as of the last day of the Issuer’s most recently ended fiscal year in
accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of
the Code) of the Issuer and its Subsidiaries is not Material. 
 (e) The execution and delivery of this Agreement and the issuance and sale
of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to
section 4975(c)(1)(A)-(D) of the Code. The representation by the Issuer to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such
Purchaser’s representation in Section 6.2 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser. 

(f) The Issuer and its Subsidiaries do not have any Non-U.S. Plans. 

Section 5.13. Private Offering by the Issuer. Neither the Issuer nor anyone acting on its behalf has offered the Notes or any
similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers, each of which has been offered the Notes at
a private sale for investment. Neither the Issuer nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act or to
the registration requirements of any Securities or blue sky laws of any applicable jurisdiction. 
 Section 5.14. Use of Proceeds;
Margin Regulations. The Issuer will apply the proceeds of the sale of the Notes hereunder to repay or refinance outstanding indebtedness of the Company and for general corporate purposes. No part of the proceeds from the sale of the Notes
hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of
buying or carrying or trading in any Securities under such circumstances as to involve the Issuer in a violation of Regulation X of said Board (12 CFR 24) or to involve any broker or dealer in a violation of Regulation T of
said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Issuer and its Subsidiaries and the Issuer does not have any present intention that margin stock will constitute more
than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said
Regulation U. 
 Section 5.15. Existing Indebtedness; Future Liens. (a) Except as described therein,
Schedule 5.15 sets 

  
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forth a complete and correct list of all outstanding Indebtedness of the Issuer and its Subsidiaries as of August 31, 2016 (including descriptions of the obligors and obligees (or any agent,
trustee or other entity acting in a similar capacity, principal amounts outstanding, whether or not secured and any Guaranties thereof), since which date there has been no change in the amounts, interest rates, sinking funds, installment payments or
maturities of the Indebtedness of the Issuer or its Subsidiaries, which change could reasonably be expected to have a Material Adverse Effect. Neither the Issuer nor any Subsidiary is in default and no waiver of default is currently in effect, in
the payment of any principal or interest on any Recourse Indebtedness of the Issuer or such Subsidiary and no event or condition exists with respect to any Recourse Indebtedness of the Issuer or any Subsidiary that would permit (or that with notice
or the lapse of time, or both, would permit) one or more Persons to cause such Recourse Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b) Except as disclosed in Schedule 5.15, as of the date of this representation, neither the Issuer nor any Subsidiary is a party to any
Indebtedness pursuant to which it has agreed or consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien after the date of this representation that secures such Indebtedness or to cause or
permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures such Indebtedness. 

(c) Neither the Issuer nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
Indebtedness of the Issuer or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on
the incurring of, Indebtedness of the Issuer except as disclosed in Schedule 5.15. 
 Section 5.16. Foreign Assets Control
Regulations, Etc. (a) Neither the Issuer nor any Controlled Entity (i) is a Blocked Person or (ii) has been notified that its name appears or may in the future appear on a State Sanctions List. 

(b) Neither the Issuer nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any
applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Issuer’s knowledge, is under investigation by any
Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws. 

(c) No part of the proceeds from the sale of the Notes hereunder: 

(i) constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Issuer or
any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic
Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws; 

  
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 (ii) will be used, directly or indirectly, in violation of, or cause any
Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or 

(iii) will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any
Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws. 
 (d) The Issuer has established procedures and controls which it reasonably
believes are adequate (and otherwise comply with applicable law) to ensure that the Issuer and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws,
Anti-Money Laundering Laws and Anti-Corruption Laws. 

Section 5.17. Status under Certain Statutes. Neither the Issuer nor any Subsidiary is subject to regulation under the Investment
Company Act of 1940, as amended, the Public Utility Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. 

Section 5.18. Environmental Matters. (a) Neither the Issuer nor any Subsidiary has knowledge of any claim or has received any
notice of any claim and no proceeding has been instituted asserting any claim against the Issuer or any of its Subsidiaries or any of their respective real properties or other assets now or formerly owned, leased or operated by any of them, alleging
any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

(b) Neither the Issuer nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of
Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (c) Neither the Issuer nor any
Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect. 
 (d) Neither the Issuer nor any Subsidiary has disposed of any Hazardous Materials in a manner which
is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

(e) All buildings on all real properties now owned, leased or operated by the Issuer or any Subsidiary are in compliance with applicable
Environmental Laws, except where failure to comply could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 5.19. REIT Status. The Issuer has taken all actions necessary to
qualify as a real estate investment trust under the Code for the taxable years ended December 31, 2015, 2014 and 2013, and has not taken any action which would prevent it from maintaining such qualification in the future. Each Subsidiary of the
Issuer that is treated as a corporation for U.S. federal income tax purposes is either (i) a “qualified REIT subsidiary” within the meaning of Section 856(i)(2) of the Code or (ii) a “taxable REIT
subsidiary” within the meaning of Section 856(1) of the Code. 
 Section 5.20. Senior Debt Status. The
Issuer’s obligations under the Notes rank pari passu in priority of payment with all other senior unsecured Indebtedness of the Issuer. 
  

	SECTION 6.	REPRESENTATIONS OF THE PURCHASERS. 

Section 6.1. Purchase for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own account or
for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their property
shall at all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or
if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Issuer is not required to register the Notes. 

Section 6.2. Source of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate
representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 

(a) the Source is an “insurance company general account” (as the term is defined in the United States Department of
Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC
(the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by
or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of
the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

  
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 (b) the Source is a separate account that is maintained solely in connection
with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such
plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or 

(c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Issuer in writing pursuant to this
clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or 

(d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee
benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1)
of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are
satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Issuer that would cause the QPAM and the Issuer to be “related” within the meaning of Part VI(h) of the QPAM Exemption
and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by
an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Issuer in writing pursuant to
this clause (d);or 
 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of
PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of
Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control”
in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Issuer and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Issuer
in writing pursuant to this clause (e); or 
 (f) the Source is a governmental plan; or 

  
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 (g) the Source is one or more employee benefit plans, or a separate account
or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Issuer in writing pursuant to this clause (g); or 

(h) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 

As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and
“separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 
  

	SECTION 7.	INFORMATION AS TO ISSUER. 

Section 7.1. Financial and Business Information. The Issuer shall deliver to each Purchaser and each holder of a Note that is an
Institutional Investor: 
 (a) Quarterly Statements — within 60 days (or such shorter period as is the earlier of
(x) 15 days greater than the period applicable to the filing of the Issuer’s Quarterly Report on Form 10-Q (the
“Form 10-Q”) with the SEC regardless of whether the Issuer is subject to the filing requirements thereof and (y) the date by which such financial statements are
required to be delivered under the Primary Credit Facility or the date on which such corresponding financial statements are delivered under the Primary Credit Facility if such delivery occurs earlier than such required delivery date) after the end
of each quarterly fiscal period in each fiscal year of the Issuer (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 

(i) a consolidated balance sheet of the Issuer and its Subsidiaries as at the end of such quarter, and 

(ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Issuer and its Subsidiaries
for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter, 
 setting
forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a
Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from
year-end adjustments, provided that delivery within the time period specified above of copies of the Issuer’s Form 10-Q prepared in compliance with the
requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a); 

  
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 (b) Annual Statements — within 105 days (or such shorter period
as is the earlier of (x) 15 days greater than the period applicable to the filing of the Issuer’s Annual Report on Form 10-K (the
“Form 10-K”) with the SEC regardless of whether the Issuer is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be
delivered under the Primary Credit Facility or the date on which such corresponding financial statements are delivered under the Primary Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal
year of the Issuer, duplicate copies of 
 (i) a consolidated balance sheet of the Issuer and its Subsidiaries as at the end
of such year, and 
 (ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the
Issuer and its Subsidiaries for such year, 
 setting forth in each case in comparative form the figures for the previous fiscal year, all in
reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which
such opinion is based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon
and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing
standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Issuer’s Form 10-K
for such fiscal year (together with the Issuer’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Securities Exchange Act of 1934) prepared in accordance with the
requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(b); 
 (c)
SEC and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice or proxy statement sent by the Issuer or any Subsidiary to the administrative agent under the Primary Credit
Facility (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public Securities holders generally, and (ii) each
regular or periodic report, each registration statement (without exhibits except as expressly requested by such Purchaser or holder), and each prospectus and all amendments thereto filed by the Issuer or any Subsidiary with the SEC and of all press
releases concerning developments that are Material; 
 (d) Notice of Default or Event of Default — promptly, and
in any event within five Business Days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any
Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Issuer is taking or proposes
to take with respect thereto; 

  
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 (e) ERISA Matters — promptly, and in any event within five days
after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Issuer or an ERISA Affiliate proposes to take with respect thereto: 

(i) with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder,
for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 
 (ii) the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the
Issuer or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or 

(iii) any event, transaction or condition that could result in the incurrence of any liability by the Issuer or any ERISA
Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Issuer or any ERISA Affiliate
pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, could reasonably be expected to have a Material Adverse Effect; 

(f) Notices from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of
any notice to the Issuer or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect; 

(g) Resignation or Replacement of Auditors — within ten days following the date on which the Issuer’s auditors
resign or the Issuer elects to change auditors, as the case may be, notification thereof, together with such supporting information as the Required Holders may request; and 

(h) Requested Information — with reasonable promptness, such other data and information relating to the business,
operations, affairs, financial condition, assets or properties of the Issuer or any of its Subsidiaries (including, but without limitation, actual copies of the Issuer’s Form 10-Q and Form 10-K) or relating to the ability of (i) the Issuer to perform its obligations hereunder and, under the Notes or (ii) the ability of any Subsidiary Guarantor to perform its obligations under the
Subsidiary Guaranty, as from time to time may be reasonably requested by any such Purchaser or holder of a Note. 

  
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 Section 7.2. Officer’s Certificate. Each set of financial statements
delivered to a Purchaser or a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer: 

(a) Covenant Compliance — setting forth the information from such financial statements that is required in order to
establish whether the Issuer was in compliance with the requirements of Section 10 (including any financial covenants added pursuant to Section 9.10) during the quarterly or annual period covered by the statements then being furnished,
(including with respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount, ratio
or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage then in existence. In the event that the Issuer or any Subsidiary has made an election to measure any financial
liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s
certificate as to such period shall include a reconciliation from GAAP with respect to such election; 
 (b) Event of
Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Issuer and its Subsidiaries
from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that
constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Issuer or any Subsidiary to comply with any Environmental
Law), specifying the nature and period of existence thereof and what action the Issuer shall have taken or proposes to take with respect thereto; and 

(c) Subsidiary Guarantors – certifying that each Subsidiary that is required to be a Subsidiary Guarantor pursuant
to Section 9.7 is a Subsidiary Guarantor, in each case, as of the date of such certificate of Senior Financial Officer. 

Section 7.3. Visitation. The Issuer shall permit the representatives of each Purchaser and each holder of a Note that is an
Institutional Investor: 
 (a) No Default — if no Default or Event of Default then exists, at the expense of such
Purchaser and such holder and upon reasonable prior notice to the Issuer, to visit the principal executive office of the Issuer, to discuss the affairs, finances and accounts of 

  
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the Issuer and its Subsidiaries with the Issuer’s officers, and (with the consent of the Issuer, which consent will not be unreasonably withheld) its independent public accountants (it being
understood and agreed that only one such request for a discussion with the Issuer’s independent public accountants shall be made per fiscal year by all Purchasers and such discussion shall be held on or around the end of the SAS 100 review
period), and (with the consent of the Issuer, which consent will not be unreasonably withheld) to visit the other offices and properties of the Issuer and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in
writing; provided that such Purchaser shall only be permitted to make one such visit or have one such discussion per fiscal year and shall use reasonable efforts to coordinate any such visit with the representatives of the other Purchasers,
if applicable, and, provided, further, that no such request by any Purchaser may be made within the six (6) month period following the date of any all Purchasers’ visiting date wherein all Purchasers are invited by Issuer to its
principal executive officer; and 
 (b) Default — if a Default or Event of Default then exists, at the expense of
the Issuer to visit and inspect any of the offices or properties of the Issuer or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their
respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Issuer authorizes said accountants to discuss the affairs, finances and accounts of the Issuer and its
Subsidiaries, all at such times and as often as may be requested). 
 Section 7.4. Electronic Delivery. Financial
statements, opinions of independent certified public accountants, other information and Officer’s Certificates that are required to be delivered by the Issuer pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be
deemed to have been delivered if the Issuer satisfies any of the following requirements with respect thereto: 
 (i) such
financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to
each Purchaser or holder of a Note by e-mail at the e-mail address set forth in Schedule B for such Purchaser or holder or as communicated from time to time in a
separate writing delivered to the Issuer; 
 (ii) the Issuer shall have timely filed such
Form 10-Q or Form 10-K, satisfying the requirements of Section 7.1(a) or Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have
made such form and the related Officer’s Certificate satisfying the requirements of Section 7.2 available under the “Investor Relations” section of its home page on the internet, which is located at http://www.rpai.com as
of the date of this Agreement; 
 (iii) such financial statements satisfying the requirements of Section 7.1(a) or
Section 7.1(b) and related Officer’s Certificate(s) satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf of the Issuer, on IntraLinks or on any other
similar website to which each holder of Notes has free access; or 

  
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 (iv) the Issuer shall have filed any of the items referred to in
Section 7.1(c) with the SEC on EDGAR and shall have made such items available under the “Investor Relations” section of its home page on the internet or on IntraLinks or on any other similar website to which each holder of Notes has
free access; 
 provided however, that in no case shall access to such financial statements, other information and Officer’s
Certificates be conditioned upon any any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement); provided further, that in the case of any of clauses (ii), (iii) or
(iv), the Issuer shall have given each holder of a Note prior written notice, which may be by e-mail or in accordance with Section 18, of such posting or filing in connection with each delivery provided further, that upon request of any
holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates or to receive them by e-mail, the Issuer will promptly
e-mail them or deliver such paper copies, as the case may be, to such holder. 
  

	SECTION 8.	PAYMENT AND PREPAYMENT OF THE NOTES. 

Section 8.1. Maturity. As provided therein, the entire unpaid principal balance of each Note shall be due and payable
on the Maturity Date thereof. 
 Section 8.2. Optional Prepayments with Make-Whole
Amount. (a) The Issuer may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, any series of Notes, in an amount not less than 5% of the aggregate principal amount of such series of Notes
then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Issuer
will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less than ten days and not more than 60 days prior to the date fixed for such prepayment unless the Issuer and the Required Holders agree to
another time period pursuant to Section 17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of such series of Notes to be prepaid on such date, the principal amount of each series of
Notes held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior
Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such
computation. Two Business Days prior to such prepayment, the Issuer shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of
the specified prepayment date. 

  
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 (b) Notwithstanding anything contained in this Section 8.2 to the contrary, if and so
long as any Default or Event of Default shall have occurred and be continuing, any partial prepayment of the Notes pursuant to the provisions of Section 8.2(a) shall be allocated among all of the Notes of all series at the time outstanding in
proportion, as nearly as practicable, to the respective unpaid principal amounts thereof. 
 Section 8.3. Allocation of
Partial Prepayments. In the case of each partial prepayment of a series of Notes pursuant to Section 8.2, the principal amount of the Notes of such series to be prepaid shall be allocated among all of the Notes of such series at the time
outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. Any prepayments pursuant to Section 8.8 shall be applied only to the Notes of the holders electing to
participate in such prepayment. 
 Section 8.4. Maturity; Surrender, Etc. In the case of each optional prepayment of
Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the
applicable Make-Whole Amount, if any. From and after such date, unless the Issuer shall fail to pay such principal amount when so due and payable, together with the interest and
Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Issuer and cancelled and shall not be reissued,
and no Note shall be issued in lieu of any prepaid principal amount of any Note. 
 Section 8.5. Purchase of Notes. The
Issuer will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any series except (a) upon the payment or prepayment of the Notes of any series in
accordance with this Agreement and the Notes or (b) pursuant to an offer to purchase made by the Issuer or any of their Affiliates pro rata to the holders of all Notes of any series at the time outstanding upon the same terms and conditions.
Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 10 Business Days. The Issuer will promptly cancel all Notes acquired by it
or any Affiliate pursuant to any payment or prepayment of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.6. Make-Whole Amount. 

“Make-Whole Amount” means, with respect to any Note, an amount equal to
the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole
Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant
to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

  
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 “Discounted Value” means, with respect to the Called Principal of any Note,
the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial
practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (a) .50% plus (b) the
yield to maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as
“Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury
securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining
Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the
“Ask Yield(s)” reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and
greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
“Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) .50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which
such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant
maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity
will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the
term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

“Remaining Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such
Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year  

  
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comprised of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal
and the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to
the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled
due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued
to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be
prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

Section 8.7. Payments Due on Non-Business Days. Anything in this Agreement or the Notes to
the contrary notwithstanding, (x) subject to clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed
in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such
Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 

Section 8.8. Change in Control. 

(a) Notice of Change in Control. The Issuer will, within ten (10) Business Days after the occurrence of any Change in
Control, give written notice (the “Change in Control Notice”) of such Change in Control to each holder of Notes. Such Change in Control Notice shall contain and constitute an offer to prepay the Notes as described in
Section 8.8(b) hereof and shall be accompanied by the certificate described in Section 8.8(e). 
 (b) Offer to
Prepay Notes. The offer to prepay Notes contemplated by Section 8.8(a) shall be an offer to prepay, in accordance with and subject to this Section 8.8, all, but not less than all, the Notes held by each holder (in this case only,
“holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such Change in Control Notice (the “Proposed Prepayment Date”).
Such date shall be not fewer than 30 days and not more than 60 days after the date of delivery of the Change in Control Notice. 

(c) Acceptance. Any holder of Notes may accept the offer to prepay made pursuant to this Section 8.8 by causing a notice of
such acceptance to be delivered to the Issuer not fewer  

  
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than 10 days prior to the Proposed Prepayment Date. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.8 shall be deemed to constitute a
rejection of such offer by such holder. 
 (d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this
Section 8.8 shall be at 100% of the principal amount of the Notes together with accrued and unpaid interest thereon but without any Make-Whole Amount or other premium. The prepayment shall be made on the
Proposed Prepayment Date. 
 (e) Officer’s Certificate. Each offer to prepay the Notes pursuant to this
Section 8.8 shall be accompanied by a certificate, executed by a Senior Financial Officer and dated the date of delivery of the Change in Control Notice, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made
pursuant to this Section 8.8; (iii) the principal amount of each Note offered to be prepaid (which shall be 100% of the outstanding principal balance of each such Note); (iv) the interest that would be due on each Note offered to be
prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.8 required to be fulfilled prior to the giving of notice have been fulfilled and (vi) in reasonable detail, the general nature and date of the
Change in Control. 
  

	SECTION 9.	AFFIRMATIVE COVENANTS. 

 From the date of this Agreement until the
First Closing and thereafter, the Issuer covenants that so long as any of the Notes are outstanding: 
 Section 9.1. Compliance with
Laws. Without limiting Section 10.4, the Issuer will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA,
Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations
necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or
governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 9.2. Insurance. The Issuer will, and will cause each of its Subsidiaries to,
maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the
same or a similar business and similarly situated, except where failure to maintain such insurance could not reasonably be expected to cause a Material Adverse Effect. 

  
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 Section 9.3. Maintenance of Properties. The Issuer will, and will cause each of
its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be
properly conducted at all times, provided that this Section shall not prevent the Issuer or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its
business and the Issuer has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.4. Payment of Taxes and Claims. The Issuer will, and will cause each of its Subsidiaries to, file all tax returns
required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or
franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Issuer or any Subsidiary,
provided that neither the Issuer nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by the Issuer or such Subsidiary on a timely basis in good
faith and in appropriate proceedings, and the Issuer or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Issuer or such Subsidiary or (ii) the nonpayment of all such taxes, assessments,
charges, levies and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

Section 9.5. Corporate Existence, Etc. Subject to Section 10.2, the Issuer will at all times preserve and keep its corporate
existence in full force and effect. Subject to Section 10.2, the Issuer will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (unless merged into the Issuer or a Wholly-Owned Subsidiary) and all rights and franchises of the Issuer and its Subsidiaries unless, in the good faith judgment of the Issuer, the termination of or failure to preserve and keep in full force and effect
such corporate existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. 

Section 9.6. Books and Records. The Issuer will, and will cause each of its Subsidiaries to, maintain proper books of record and
account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Issuer or such Subsidiary, as the case may be. The Issuer will, and will cause each of its Subsidiaries
to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. The Issuer has devised a system of internal accounting controls for the Consolidated Group sufficient to provide
reasonable assurances that its books, records, and accounts accurately reflect all transactions and dispositions of assets and the Issuer will continue to maintain such system. 

  
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 Section 9.7 Subsidiary Guarantors. (a) The Issuer will cause each of its
Subsidiaries that (x) guarantees or otherwise becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Primary Credit
Facility or the 2014 Note Purchase Agreement (collectively, the “Material Credit Facilities”), or (y) (i) owns an Unencumbered Pool Property or other asset the value of which is included in the determination of
Unencumbered Pool Value and (ii) such Subsidiary, or any other Subsidiary that directly or indirectly owns any Capital Stock in such Subsidiary, incurs, acquires or suffers to exist (whether as borrower,
co-borrower, guarantor or other obligor) any Recourse Indebtedness, to concurrently therewith:  

(1) enter into an agreement in form and substance reasonably satisfactory to the Required Holders (it being understood
and agreed that any agreement substantially similar to the subsidiary guarantee required by the Material Credit Facilities shall be deemed satisfactory to the Required Holders) providing for the guaranty by such Subsidiary, on a joint and several
basis with all other such Subsidiaries, of (i) the prompt payment in full when due of all amounts payable by the Issuer pursuant to the Notes (whether for principal, interest, Make-Whole Amount or
otherwise) and this Agreement, including, without limitation, all indemnities, fees and expenses payable by the Issuer thereunder and (ii) the prompt, full and faithful performance, observance and discharge by the Issuer of each and every
covenant, agreement, undertaking and provision required pursuant to the Notes or this Agreement to be performed, observed or discharged by it (a “Subsidiary Guaranty”); and 

(2) deliver the following to each holder of a Note: 

(i) an executed counterpart of such Subsidiary Guaranty; 

(ii) to the extent required under any Material Credit Facility, a certificate signed by an authorized responsible officer of
such Subsidiary containing representations and warranties on behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Section 5 of this Agreement (but with respect to such Subsidiary and such Subsidiary Guaranty
rather than the Issuer); 
 (iii) to the extent required under any Material Credit Facility, documents to evidence the due
organization, continuing existence and good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and delivery of such Subsidiary Guaranty and the performance by such Subsidiary
of its obligations thereunder; and 
 (iv) to the extent required under any Material Credit Facility, an opinion of counsel
reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary and such Subsidiary Guaranty as the Required Holders may reasonably request. 

  
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 (b) Release of Guarantors. The Issuer may request in writing that the holders
of the Notes release a Subsidiary Guarantor, if: (i) such Subsidiary does not have any liability as a guarantor, borrower, co-borrower or otherwise with respect to any Indebtedness under any Material
Credit Facility, (ii) such Subsidiary does not have any liability under any other Recourse Indebtedness (other than a Subsidiary of the Issuer which (A) owns a single project encumbered by Liens securing Secured Indebtedness permitted to
exist hereunder or (B) is not a Wholly-Owned Subsidiary of the Issuer); (iii) no Default or Event of Default shall then be in existence or would occur as a result of such release; and (iv) if
any fee or other form of consideration is given to any holder of Indebtedness under any Material Credit Facility directly related to releasing such Subsidiary Guarantor, the holders of the Notes shall receive equivalent consideration (or other form
of consideration reasonably acceptable to the Required Holders). Together with any such request, the Issuer shall deliver to the holders of the Notes an Officer’s Certificate certifying that the conditions set forth in immediately preceding
clauses (i), (ii), (iii) and (iv) will be true and correct upon the release of such Subsidiary Guarantor. No later than 10 Business Days following the receipt by the holders of the Notes of such written request and the related
Officer’s Certificate and so long as the conditions set forth in immediately preceding clauses (i), (ii), (iii) and (iv) will be true and correct, the release shall be effective automatically and each holder of Notes shall
execute and deliver, at the sole cost and expense of the Issuer, such documents as Issuer may reasonably request to evidence such release. 

Section 9.8 Priority of Obligations. The Issuer’s obligations under the Notes and each Subsidiary Guarantor’s
obligations under the Subsidiary Guaranty, if any, will at all times rank pari passu in priority of payment with all other senior unsecured Indebtedness of the Issuer and the Subsidiary Guarantors, as the case may be. 

Section 9.9. Maintenance of Status. The Issuer shall at all times maintain its status as a real estate investment trust in
compliance with all applicable provisions of the Code relating to such status. 
 Section 9.10. Most Favored Lender
Status. (a) If on the date of this Agreement or at any time after the date of this Agreement any Material Credit Facility contains a financial covenant (regardless of whether such provision is labeled or otherwise characterized as a
covenant, a definition or a default) by the Issuer that is not contained herein (other than the covenant contained in Section 6.11 of the Primary Credit Facility as of the date hereof) or is more favorable to the lenders under such Material
Credit Facility than the financial covenants (including related definitions) contained in this Agreement (any such provision (including any necessary definition), a “More Favorable Covenant”), then the Issuer shall provide a Most
Favored Lender Notice in respect of such More Favorable Covenant. Unless waived in writing by the Required Holders within 15 days after each holder’s receipt of such notice, such More Favorable Covenant shall be deemed automatically
incorporated by reference into Section 10 of this Agreement, mutatis mutandis, as if set forth in full herein, effective as of the date when such More Favorable Covenant shall have become effective under such Material Credit Facility.

  
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 (b) Any More Favorable Covenant incorporated into this Agreement (herein referred to
as an “Incorporated Covenant”) pursuant to this Section 9.10(a) shall be deemed automatically amended herein to reflect any subsequent amendments made to such More Favorable Covenant under the applicable Material Credit
Facility; provided that, if a Default or an Event of Default then exists and the amendment of such More Favorable Covenant would make such covenant less restrictive on the Issuer, such Incorporated Covenant shall only be deemed automatically
amended at such time, if it should occur, when such Default or Event of Default no longer exists and (ii) shall be deemed automatically deleted from this Agreement at such time as such More Favorable Covenant is deleted or otherwise removed
from the applicable Material Credit Facility or such applicable Material Credit Facility ceases to be a Material Credit Facility or shall be terminated; provided that, if a Default or an Event of Default then exists, such Incorporated
Covenant shall only be deemed automatically deleted from this Agreement at such time, if it should occur, when such Default or Event of Default no longer exists; provided further, however, that if any fee or other consideration shall be given
to the lenders under such Material Credit Facility for such amendment or deletion, the equivalent of such fee or other consideration shall be given, pro rata, to the holders of the Notes. 

(c) “Most Favored Lender Notice” means, in respect of any More Favorable Covenant, a written notice to each of the
holders of the Notes delivered promptly, and in any event within twenty (20) Business Days after the inclusion of such More Favorable Covenant in any Material Credit Facility (including by way of amendment or other modification of any existing
provision thereof) from a Responsible Officer referring to the provisions of this Section 9.10 and setting forth a reasonably detailed description of such More Favorable Covenant (including any defined terms used therein) and related
explanatory calculations, as applicable. 
 (d) Notwithstanding the foregoing, the covenants in Section 10.6 as of the date of
this Agreement shall never be made less restrictive on the Issuer than each such covenant is as of the date of this Agreement (and as amended from time to time, other than by operation of this Section 9.10). 

If the Issuer fails to comply with any provision of Section 9 on or after the date of this Agreement and prior to the First Closing then
a Purchaser may elect not to purchase the Notes on the date of either Closing that is specified in Section 3 for the purchase of such Purchasers Notes and if the Issuer fails to comply with any provision of Section 9 on or after the First
Closing and prior to the Second Closing, then a Purchaser may elect not to purchase the Notes to be purchased by such Purchaser on the date of the Second Closing. 
  

	SECTION 10.	NEGATIVE COVENANTS. 

 From the date of this Agreement until the
First Closing and thereafter, the Issuer covenants that so long as any of the Notes are outstanding: 
 Section 10.1. Transactions
with Affiliates. The Issuer will not and will not permit any Subsidiary to enter into directly or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of
any kind or the rendering of any  

  
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service) with any Affiliate, (other than the Issuer or another Subsidiary), except in the ordinary course and pursuant to the reasonable requirements of the Issuer’s and such
Subsidiary’s business or upon fair and reasonable terms no less favorable to the Issuer or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an
Affiliate. 
 Section 10.2. Merger, Consolidation, Etc. The Issuer will not consolidate with or merge with any other
Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: 

(a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance,
transfer or lease all or substantially all of the assets of the Issuer as an entirety, as the case may be, shall be a solvent corporation or limited liability company, or limited partnership organized and existing under the laws of the United States
or any state thereof (including the District of Columbia), and if the Issuer is not such corporation or limited liability company, (i) such corporation or limited liability company shall have executed and delivered to each holder of any Notes
its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes and (ii) such corporation or limited liability company shall have caused to be delivered to each holder of any
Notes a customary opinion of nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in
accordance with their terms and comply with the terms hereof; 
 (b) each Subsidiary Guarantor under any Subsidiary Guaranty
that is outstanding at the time such transaction or each transaction in such a series of transactions occurs reaffirms its obligations under such Subsidiary Guaranty in writing at such time pursuant to documentation that is reasonably acceptable to
the Required Holders; and 
 (c) immediately before and immediately after giving effect to such transaction or each
transaction in any such series of transactions, no Default or Event of Default shall have occurred and be continuing. 

Section 10.3. Line of Business. The Issuer will not and will not permit any Subsidiary to, engage in any business if, as a result,
the general nature of the business in which the Issuer and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Issuer and its Subsidiaries, taken as a whole,
are engaged on the date of this Agreement. 
 Section 10.4. Economic Sanctions, Etc. The Issuer will not and will not
permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person, or (b) directly or indirectly have any investment in or engage in any dealing or
transaction (including, without limitation, any investment, dealing or transaction involving the proceeds of 

  
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the Notes) with any Person if such investment, dealing or transaction (i) would cause any Purchaser or holder or any affiliate of any such Purchaser or holder to be in violation of, or
subject to sanctions under, any law or regulation applicable to such Purchaser or such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws. 

Section 10.5. Liens. The Issuer will not nor will it permit any of its respective Subsidiaries to, secure any Indebtedness
outstanding under or pursuant to any Material Credit Facility unless and until the Notes (and any guarantee delivered in connection therewith) shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation
reasonably acceptable to the Required Holders in substance and in form, including, without limitation, an intercreditor agreement and opinions of counsel to the Issuer and/or any such Subsidiary, as the case may be, from counsel reasonably
acceptable to the Required Holders. 
 Section 10.6. Financial Covenants. Issuer, on a consolidated basis with its
Subsidiaries, shall not, directly or indirectly, permit: 
 (a) Maximum Consolidated Leverage Ratio. The
Leverage Ratio to exceed sixty percent (60.0%); 
 (b) Maximum Secured Leverage Ratio. Secured
Indebtedness to be more than forty-five percent (45%) of Total Asset Value; 
 (c) Maximum Unencumbered
Leverage Ratio. The Unencumbered Leverage Ratio to exceed 66 2/3%; and 
 (d) Minimum Interest
Coverage Ratio. As of the last day of any fiscal quarter, the Interest Coverage Ratio for the Issuer, on a consolidated basis, for the fiscal quarter then ended, to be less than 1.5 to 1.0. 

If the Issuer fails to comply with any provision of Section 10 on or after the date of this Agreement and prior to the First Closing,
then a Purchaser may elect not to purchase the Notes on the date of either Closing that is specified in Section 3 for the purchase of such Purchasers Notes and if the Issuer fails to comply with any provision of Section 10 on or after the
First Closing and prior to the Second Closing, then a Purchaser may elect not to purchase the Notes to be purchased by such Purchaser on the date of the Second Closing. 
  

	SECTION 11.	EVENTS OF DEFAULT. 

 An “Event of
Default” shall exist if any of the following conditions or events shall occur and be continuing: 
 (a) the
Issuer defaults in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or
otherwise; or 

  
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 (b) the Issuer defaults in the payment of any interest on any Note for more
than five Business Days after the same becomes due and payable; or 
 (c) the Issuer defaults in the performance of or
compliance with any term contained in Section 7.1(d) or Section 10.6 and any other financial covenants included in this Agreement pursuant to Section 9.10; or 

(d) the Issuer or any Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein
(other than those referred to in Sections 11(a), 11(b) and 11(c)) or in any Subsidiary Guaranty and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and
(ii) the Issuer receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 

(e) (i) any representation or warranty made in writing by or on behalf of the Issuer or any other member of the Consolidated
Group or by any officer of the Issuer or any other member of the Consolidated Group in this Agreement or any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on
the date as of which made, or (ii) any representation or warranty made in writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary Guaranty or any writing furnished in connection with
such Subsidiary Guaranty proves to have been false or incorrect in any material respect on the date as of which made; or 

(f) (i) the Issuer or any member of the Consolidated Group is in default (as principal or as guarantor or other surety) in
the payment of any principal of or premium or make-whole amount or interest on any Recourse Indebtedness that is outstanding in an aggregate principal amount of at least $50,000,000 beyond any period of grace
provided with respect thereto, or (ii) the Issuer or any member of the Consolidated Group is in default in the performance of or compliance with any term of any evidence of any Recourse Indebtedness in an aggregate outstanding principal amount
of at least $50,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are
entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the
passage of time or the right of the holder of Recourse Indebtedness to convert such Recourse Indebtedness into equity interests), (x) the Issuer or any Subsidiary has become obligated to purchase or repay Recourse Indebtedness before its
regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $50,000,000, or (y) one or more Persons have the right to require the Issuer or any Subsidiary so to purchase or repay
such Recourse Indebtedness in an aggregate outstanding principal amount of at least $50,000,000; or 

  
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 (g) the Issuer or any member of the Consolidated Group (other than
(1) any such other member of the Consolidated Group that, together with all other members of the Consolidated Group (other than Issuer) then subject to any proceeding or condition described in this Section or the immediately following
Section 11(h) does not account for more than 5.0% of the Total Asset Value at such time) or (2) an Immaterial Subsidiary) (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due,
(ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency,
reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with
respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated or (vi) takes corporate action for the purpose of any of the foregoing; 

(h) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the
Issuer, or any member of the Consolidated Group (other than (i) any such other member of the Consolidated Group that, together with all other members of the Consolidated Group (other than Issuer) then subject to any proceeding or condition
described in this Section or the immediately preceding Section 11(g) does not account for more than 5.0% of the Total Asset Value at such time or (ii) an Immaterial Subsidiary), a custodian, receiver, trustee or other officer with similar
powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage
of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Issuer, or any member of the Consolidated Group, or any such petition shall be filed
against the Issuer, or any member of the Consolidated Group and such petition shall not be dismissed within 90 days; or 

(i) one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000, including, without
limitation, any such final order enforcing a binding arbitration decision (other than with respect to a default under any Non-Recourse Indebtedness), are rendered against one or more of the Issuer and its
Subsidiaries (other than an Immaterial Subsidiary) and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; 

(j) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part
thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with
the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Issuer or any ERISA Affiliate that a Plan may become a subject of any
such proceedings, (iii) there is any “amount of unfunded benefit liabilities” (within the 

  
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meaning of section 4001(a)(18) of ERISA) under one or more Plans, determined in accordance with Title IV of ERISA shall exceed an amount that could reasonably be expected to have a
Material Adverse Effect, (iv) the Issuer or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to
employee benefit plans, (v) the Issuer or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Issuer or any Subsidiary establishes or amends any employee welfare benefit plan that provides
post-employment welfare benefits in a manner that would increase the liability of the Issuer or any Subsidiary thereunder; and any such event or events described in clauses (i) through (vi) above,
either individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect. As used in this Section 11(j), the terms “employee benefit plan” and “employee welfare
benefit plan” shall have the respective meanings assigned to such terms in section 3 of ERISA; or 
 (k) the
Subsidiary Guaranty, this Agreement or the Notes shall be declared null and void, or the validity or enforceability thereof shall be contested by the Issuer or its Subsidiaries party thereto or the Issuer or its Subsidiary Guarantors party thereto
shall deny it has any further liability or obligation thereunder. 
  

	SECTION 12.	REMEDIES ON DEFAULT, ETC. 

Section 12.1. Acceleration. (a) If an Event of Default with respect to the Issuer described in Section 11(g) or
(h) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause (i) of Section 11(g)) has
occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If any other Event of Default has
occurred and is continuing, any holder or holders of more than 50% in principal amount of the Notes at the time outstanding may at any time at its or their option, by notice or notices to the Issuer, declare all the Notes then outstanding to be
immediately due and payable. 
 (c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any
holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Issuer, declare all the Notes held by it or them to be immediately due and payable. 

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y) the
Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. The Issuer acknowledges, and the parties hereto 

  
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agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Issuer (except as herein specifically provided for) and that the provision for
payment of a Make-Whole Amount by the Issuer in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right
under such circumstances. 
 Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is
continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by
an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note or Subsidiary Guaranty, or for an injunction against a violation of any of the terms hereof or
thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 
 Section 12.3.
Rescission. At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the holders of more than 50% in principal amount of the Notes then outstanding, by written notice to the Issuer, may rescind
and annul any such declaration and its consequences if (a) the Issuer has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and
are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of
the Notes, at the Default Rate, (b) neither the Issuer nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment
of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any
holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement, any Subsidiary Guaranty or any
Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Issuer under
Section 15, the Issuer will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including,
without limitation, reasonable attorneys’ fees, expenses and disbursements. 

  
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	SECTION 13.	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

Section 13.1. Registration of Notes. The Issuer shall keep at its principal executive office a register for the registration
and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or
more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such
beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person(s) in whose name any Note(s) shall be registered shall be deemed and treated
as the owner and holder thereof for all purposes hereof, and the Issuer shall not be affected by any notice or knowledge to the contrary. The Issuer shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor,
a complete and correct copy of the names and addresses of all registered holders of Notes. 
 Section 13.2. Transfer and
Exchange of Notes. Upon surrender of any Note to the Issuer at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for
registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other
information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Issuer shall execute and deliver, at the Issuer’s expense (except as provided below), one or more new Notes of the same series
(as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be
substantially in the form of Schedule 1. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been
paid thereon. The Issuer may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided
that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its
nominee), shall be deemed to have made the representation set forth in Section 6.2. 

  
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 Section 13.3. Replacement of Notes. Upon receipt by the Issuer at the address and
to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of
an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such
Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $100,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be
satisfactory), or 
 (b) in the case of mutilation, upon surrender and cancellation thereof, 

within ten Business Days thereafter, the Issuer at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and
bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 

 

	SECTION 14.	PAYMENTS ON NOTES. 

 Section 14.1. Place of
Payment. Subject to Section 14.2 and the sentence immediately following, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in
New York, New York at the principal office of Bank of America, N.A. in such jurisdiction. The Issuer may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be
either the principal office of the Issuer in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

Section 14.2. Home Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding
anything contained in Section 14.1 or in such Note to the contrary, the Issuer will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts becoming
due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in Schedule B, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Issuer in
writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Issuer made concurrently with or reasonably promptly after payment or prepayment in full of
any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Issuer at its principal executive office or at the place of payment most recently designated by the Issuer pursuant to
Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been
paid thereon or surrender such Note to the Issuer in exchange for a new Note or Notes pursuant to Section 13.2. The Issuer will afford the  

  
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benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same
agreement relating to such Note as the Purchasers have made in this Section 14.2. 
 Section 14.3. FATCA Information. By
acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Issuer, or to such other Person as may be reasonably requested by the Issuer, from time to time (a) in the
case of any such holder that is a United States Person, such holder’s United States tax identification number or other Forms reasonably requested by the Issuer necessary to establish such holder’s status as a United States Person under
FATCA and as may otherwise be necessary for the Issuer to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as
prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Issuer to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s
obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide information that is confidential or proprietary to
such holder unless the Issuer is required to obtain such information under FATCA and, in such event, the Issuer shall treat any such information it receives as confidential. 

 

	SECTION 15.	EXPENSES, ETC. 

 Section 15.1. Transaction Expenses.
Whether or not the transactions contemplated hereby are consummated, the Issuer will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other
counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guaranty or the Notes (whether
or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any
Subsidiary Guaranty or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Subsidiary Guaranty or the Notes, or by reason of being a holder of any Note,
(b) the costs and expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Issuer or any Subsidiary or in connection with any work-out or
restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary Guaranty and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial
information with the SVO provided, that such costs and expenses under this clause (c) shall not exceed $3,500 for each series of Notes. If required by the NAIC, the Issuer shall obtain and maintain at its own cost and expense a Legal
Entity Identifier. 
 The Issuer will pay, and will save each Purchaser and each other holder of a Note harmless from, (i) all
claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its 

  
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purchase of the Notes) and (ii) any and all wire transfer fees that any bank deducts from any payment under such Note to such holder or otherwise charges to a holder of a Note with respect
to a payment under such Note. 
 Section 15.2. Survival. The obligations of the Issuer under this Section 15 will survive
the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement. 

 

	SECTION 16.	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or
transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser
or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Issuer pursuant to this Agreement shall be deemed representations and warranties of the Issuer under this Agreement.
Subject to the preceding sentence, this Agreement, the Notes and any Subsidiary Guaranties embody the entire agreement and understanding between each Purchaser and the Issuer and supersede all prior agreements and understandings relating to the
subject matter hereof. 
  

	SECTION 17.	AMENDMENT AND WAIVER. 

 Section 17.1.
Requirements. This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Issuer and the Required Holders, except
that: 
 (a) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it
is used therein), will be effective as to any Purchaser or holder unless consented to by such Purchaser or holder in writing; and 

(b) no amendment or waiver may, without the written consent of (A) prior to the First Closing, each Purchaser, (B) on
and after the First Closing but prior to the Second Closing, each holder of Notes issued at the First Closing at the time outstanding and each Purchaser of Notes to be issued at the Second Closing and (C) at any time on or after the Second
Closing, each holder of a Note at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of
payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount, (ii) change the percentage of the principal amount of the Notes the holders of which are required to
consent to any amendment or waiver or the principal amount of the Notes that 

  
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the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to each Closing that appear in Section 4, or (iii) amend any of Sections 8 (except
as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 17 or 20. 
 Section 17.2. Solicitation of Holders
of Notes. 
 (a) Solicitation. The Issuer will provide each Purchaser and each holder of a Note with sufficient
information, sufficiently far in advance of the date a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the
provisions hereof or of the Notes or any Subsidiary Guaranty. The Issuer will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any Subsidiary Guaranty to each Purchaser and
each holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes. 

(b) Payment. The Issuer will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental
or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Note as consideration for or as an inducement to the entering into by such Purchaser or holder of any waiver or
amendment of any of the terms and provisions hereof or of any Subsidiary Guaranty or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms,
ratably to each Purchaser and each holder of a Note even if such Purchaser or holder did not consent to such waiver or amendment. 

(c) Consent in Contemplation of Transfer. Any consent given pursuant to this Section 17 or any Subsidiary Guaranty by a
holder of a Note that has transferred or has agreed to transfer its Note to (i) the Issuer or (ii) any Subsidiary or any other Affiliate in connection with such consent shall be void and of no force or effect except solely as to such
holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the
same or similar conditions) shall be void and of no force or effect except solely as to such holder. 
 Section 17.3. Binding
Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 or any Subsidiary Guaranty applies equally to all Purchaser and holders of Notes and is binding upon them and upon each future holder of any Note and upon the
Issuer without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or
impair any right consequent thereon. No course of dealing between the Issuer and any Purchaser or holder of a Note and no delay in exercising any rights hereunder or under any Note or Subsidiary Guaranty shall operate as a waiver of any rights of
any Purchaser or holder of such Note. 

  
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 Section 17.4. Notes Held by Issuer, Etc. Solely for the purpose of determining
whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Subsidiary Guaranty or the Notes, or have
directed the taking of any action provided herein or in any Subsidiary Guaranty or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or
indirectly owned by the Issuer or any of its Affiliates shall be deemed not to be outstanding. 
  

	SECTION 18.	NOTICES. 

 Except to the extent otherwise provided in Section 7.4, all
notices and communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid),
or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in
Schedule B, or at such other address as such Purchaser or nominee shall have specified to the Issuer in writing, 
 (ii)
if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Issuer in writing, or 

(iii) if to the Issuer, to the Issuer at its address set forth at the beginning hereof to the attention of Heath R. Fear, or at
such other address as the Issuer shall have specified to the holder of each Note in writing. 
 Notices under this Section 18 will be deemed given only
when actually received. 
  

	SECTION 19.	REPRODUCTION OF DOCUMENTS. 

 This Agreement and all
documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at each Closing (except the Notes themselves), and
(c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such
Purchaser may destroy any original document so reproduced. The Issuer agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or
administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence. This Section 19 shall not prohibit the Issuer or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to
demonstrate the inaccuracy of any such reproduction. 

  
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	SECTION 20.	CONFIDENTIAL INFORMATION. 

 For the purposes of this
Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Issuer or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement
that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Issuer or such Subsidiary, provided that such term does not include
information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such
Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Issuer or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are
otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to
such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the
administration of the investment represented by its Notes), (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with this Section 20,
(iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such
Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase any Security of the Issuer (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by
this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires
access to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order
applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent
such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes, this Agreement or any Subsidiary Guaranty.
Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Issuer in
connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will
enter into an agreement with the Issuer embodying this Section 20. 

  
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 In the event that as a condition to receiving access to information relating to the Issuer or
its Subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure
website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Issuer, this Section 20 shall supersede any
such other confidentiality undertaking. 
  

	SECTION 21.	SUBSTITUTION OF PURCHASER. 

 Each Purchaser
shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s Affiliates (a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase
hereunder, by written notice to the Issuer, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by
such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to
refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the
Notes then held by such Substitute Purchaser, upon receipt by the Issuer of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be
deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. 

 

	SECTION 22.	MISCELLANEOUS. 

 Section 22.1. Successors and Assigns. All covenants
and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so
expressed or not. 
 Section 22.2. Accounting Terms. All accounting terms used herein which are not expressly defined in
this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all
financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section 10 and the definition of “Indebtedness”), any election
by the Issuer to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic
No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar
accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

  
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 In the event of any change in GAAP after the date hereof which would affect the computation
of any financial covenant, ratio or other requirements set forth herein, then upon the request of the Issuer or the Required Holders, the Issuer and the holders of Notes shall negotiate promptly, diligently and in good faith in order to amend the
provisions of this Agreement such that such financial covenant, ratio or other requirement shall continue to provide substantially the same financial tests or restrictions of the Issuer as in effect prior to such accounting change as
determined by the Required Holders in their good faith judgment. Until such time as such amendment shall have been executed and delivered by the Issuer and the Required Holders (i) such financial covenants, ratio and other requirements,
and all financial statements and other documents required to be delivered under this Agreement, shall be calculated and reported as if such change had not occurred and (ii) the Issuer shall provide to each holder of a Note that is an
Institutional Investor financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect
to such change in GAAP. 
 Section 22.3. Severability. Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to
the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 22.4. Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as
being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to
action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

Section 22.5. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original but
all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 22.6. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of
a jurisdiction other than such State. 
 Section 22.7. Jurisdiction and Process; Waiver of Jury Trial. (a) The
Issuer irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding
arising out of or relating to this Agreement, the Subsidiary Guaranty or the Notes. To the fullest extent permitted by 

  
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applicable law, the Issuer irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any
objection that it 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. 
 (b) The Issuer agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action
or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America
or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

(c) The Issuer consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature
referred to in Section 22.7(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18 or at such other
address of which such holder shall then have been notified pursuant to said Section. The Issuer agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or
proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery
receipt furnished by the United States Postal Service or any reputable commercial delivery service. 
 (d) Nothing in this Section 22.7
shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Issuer in the courts of any appropriate jurisdiction or
to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 
 (e) THE
PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON
OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT
EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 

*    *    *    *    * 

  
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 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Issuer, whereupon this Agreement shall become a binding agreement between you and the Issuer. 
  

					
	Very truly yours,
	
	 RETAIL PROPERTIES OF AMERICA, INC.,

    a Maryland corporation

		
	By:	 	 /s/ Heath R. Fear

		 	Name:	 	Heath R. Fear
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

  
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 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Jason Boe

		 	    Vice President
	
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
		
	By:	 	Prudential Investment Management Japan Co., Ltd. (as Investment Manager)
		 	
	By:	 	PGIM, Inc. (as Sub-Adviser)
		
	By:	 	 /s/ Jason Boe

		 	    Vice President
	
	PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION
		
	By:	 	PGIM, Inc. (as Investment Manager)
		
	By:	 	 /s/ Jason Boe

		 	    Vice President
	
	WILLIAM PENN LIFE INSURANCE COMPANY OF NEW YORK
		
	By:	 	 Prudential Private Placement Investors, L.P.

(as Investment Advisor)

		
	By:	 	 Prudential Private Placement Investors, Inc.

(as its General Partner)

		
	By:	 	 /s/ Jason Boe

		 	    Vice President

  
 -45- 

			
	Retail Properties of America, Inc.	 	Note Purchase Agreement

  

 This Agreement is hereby 

accepted and agreed to as 
 of the date hereof. 

 

					
	METROPOLITAN LIFE INSURANCE COMPANY
	
	NEW ENGLAND LIFE INSURANCE COMPANY
	by Metropolitan Life Insurance Company, its Investment Manager
	
	METLIFE REINSURANCE COMPANY OF CHARLESTON
	by Metropolitan Life Insurance Company, its Investment Manager
	
	GENERAL AMERICAN LIFE INSURANCE COMPANY
	by Metropolitan Life Insurance Company, its Investment Manager
		
	By:	 	 /s/ John Wills

		 	Name:	 	John Wills
		 	Title:	 	Managing Director
	
	METLIFE INSURANCE K.K.
	by MetLife Investment Advisors, LLC, its Investment Manager
		
	By:	 	 /s/ C. Scott Inglis

		 	Name:	 	C. Scott Inglis
		 	Title:	 	Managing Director

  
 -46- 

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Adjusted EBITDA” means, as of any date, the Consolidated Net Income for the most recent four (4) full fiscal quarters
of the Issuer for which financial results have been reported, as adjusted, without duplication, by (i) deducting therefrom any income attributable to Excluded Tenants; (ii) adding or deducting for, as appropriate, any adjustment made under
GAAP for straight lining of rents, gains or losses from sales of assets, extraordinary items, impairment and other non-cash charges, depreciation, amortization, interest expenses, taxes and the Consolidated Group Pro Rata Share of interest, taxes,
depreciation and amortization in Investment Affiliates; (iii) deducting therefrom the Capital Expenditure Reserve Deduction for such period and (iv) adding back all master lease income (not to exceed 5% of Consolidated Net Income). 

“Adjusted Unencumbered Pool NOI” means, as of any date, the then-current Unencumbered
Pool Property NOI less the Capital Expenditure Reserve Deduction for the then-current Unencumbered Pool Properties. 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Issuer, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of
any class of voting equity interests of the Issuer or any Subsidiary or any Person of which the Issuer and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting equity interests. As
used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Issuer. 

“Agreement” means this Agreement, including all Schedules attached to this Agreement, as it may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act
2010. 
 “Anti-Money Laundering Laws” means any law or regulation in a U.S.
or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the
Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act. 

“Blocked Person” means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons
published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed  

  
 SCHEDULE A

 (to Note Purchase Agreement) 

 
under U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly
or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b). 
 “Business Day”
means (a) for the purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision
of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed. 

“Capital Expenditure Reserve Deduction” means, with respect to any group of Projects as of any date, the sum of
(a) $0.15 per annum per gross leaseable square foot of such Projects, times either (A) in the case of calculation of Adjusted EBITDA, as to each such type of Project, the weighted average square footage of such Projects owned by the
Consolidated Group at any time during the most recent four (4) fiscal quarters of Issuer for which financial results have been reported or (B) in the case of the calculation of Adjusted Unencumbered Pool NOI, as to each such Project, the
square footage of such type of Projects included in the Unencumbered Pool as of such date. 
 “Capital Stock” means
any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants or options to
purchase any of the foregoing. 
 “Capitalization Rate” shall have the meaning ascribed to such term in the Primary
Credit Facility from time to time, and, if for any reason no Primary Credit Facility then exists or such term is no longer used therein, the Capitalization Rate most recently in effect. Notwithstanding the foregoing, in no event shall
the “Capitalization Rate” at any time be less than 6.25%. 
 “Capitalized Lease” of a Person means
any lease of property imposing obligations on such Person, as lessee thereunder, which are required in accordance with GAAP to be capitalized on a balance sheet of such Person. 

“Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which
would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 
 “Cash
Equivalents” means (a) securities issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentally thereof (provided that the full faith and credit of the United States of America is
pledged in support thereof) having maturities of not more than twelve months from the date of acquisition, (b) Dollar denominated time and demand deposits and certificates of deposit of (i) any holder of Notes or any of its Affiliates;
(ii) any domestic commercial bank having capital and surplus in excess of $500,000,000 or (iii) any bank whose short-term commercial paper rating from S&P is at least A-2 or the equivalent thereof or from Moody’s is at least P-2
or the equivalent thereof (any such  

  
 A-2 

 
bank being an “Approved Bank”), in each case with maturities of not more than two (2) years from the date of acquisition, (c) commercial paper and variable or fixed rate notes
issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof) or better
by Moody’s and maturing within one (1) year of the date of acquisition, (d) repurchase agreements with a bank or trust company or securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by
or fully guaranteed by the United States of America in which an Issuer or its Subsidiaries shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at
least 100% of the amount of the repurchase obligations and (e) Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940, as amended, which are
administered by financial institutions having capital of at least $500,000,000 and the portfolios of which are limited to investments of the character described in the foregoing subdivisions (a) through (d). 

“Change in Control” means the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) of Capital Stock representing more than 50% of the aggregate ordinary voting power
represented by the issued and outstanding Capital Stock of the Issuer. 
 “CISADA” means the Comprehensive Iran
Sanctions, Accountability and Divestment Act. 
 “Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 
 “Confidential Information” is defined in Section 20. 

“Consolidated Group” means the Issuer and all Subsidiaries which are consolidated with it for financial reporting purposes
under GAAP. 
 “Consolidated Group Pro Rata Share” means, with respect to any Investment Affiliate, the percentage
of the total equity ownership interests held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the greater of (i) the percentage of the issued and outstanding stock, partnership interests or
membership interests in such Investment Affiliate held by the Consolidated Group in the aggregate and (ii) the percentage of the total book value of such Investment Affiliate that would be received by the Consolidated Group in the aggregate,
upon liquidation of such Investment Affiliate, after repayment in full of all Indebtedness of such Investment Affiliate. 

“Consolidated Interest Expense” means, for any period without duplication, the sum of (a) the amount of interest
expense, determined in accordance with GAAP, of the Consolidated  

  
 A-3 

 
Group for such period attributable to Consolidated Outstanding Indebtedness during such period (excluding prepayment penalties and costs associated with early extinguishment of debt, to the
extent constituting interest expense in accordance with GAAP) plus (b) the applicable Consolidated Group Pro Rata Share of any interest expense, determined in accordance with GAAP, of each Investment Affiliate, for such period, whether recourse
or non-recourse. 
 “Consolidated Net Income” means, for any period, consolidated net income (or loss) of the Consolidated
Group for such period determined on a consolidated basis in accordance with GAAP. 
 “Consolidated NOI” means, as of
any date, for any entity or group of entities without duplication, the aggregate Net Operating Income for the most recent four (4) fiscal quarters for which financial results have been reported from all Projects owned by such entity or group of
entities as of the end of such period of four (4) fiscal quarters. 
 “Consolidated Outstanding Indebtedness”
means, as of any date of determination, without duplication, the sum of (a) all Indebtedness of the Consolidated Group outstanding at such date, determined on a consolidated basis in accordance with GAAP (whether recourse or non-recourse),
plus, without duplication, (b) the applicable Consolidated Group Pro Rata Share of any Indebtedness of each Investment Affiliate other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group. 

“Construction in Progress” means, as of any date, the book value of any Projects then under development provided that a
Project shall no longer be included in Construction in Progress and shall be valued based on its Net Operating Income upon the earlier of (i) the first anniversary after substantial completion (which shall mean the receipt of a temporary
certificate of occupancy or a final certificate of occupancy) of such Project and (ii) the last day of the first full fiscal quarter in which the Net Operating Income attributable to such Project for such fiscal quarter multiplied by four
(4) and then divided by the Capitalization Rate exceeds the book value of such Project. 
 “Controlled Entity”
means (i) any of the Subsidiaries of the Issuer and any of their or the Issuer’s respective Controlled Affiliates and (ii) if the Issuer has a parent company, such parent company and its Controlled Affiliates. As used in this
definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or
otherwise. 
 “Customary Recourse Exceptions” means, with respect to any Indebtedness, personal recourse that is
limited to fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity covenants, and other circumstances customarily excluded by institutional lenders
from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing of Real Property. 

  
 A-4 

 “Default” means an event or condition the occurrence or existence of which
would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” means
that rate of interest that is the greater of (i) 2.00% per annum above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2.00% over the rate of interest publicly announced by Bank of America, N.A.
in New York, New York as its “base” or “prime” rate. 
 “Disclosure Documents” is
defined in Section 5.3. 
 “EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or
any successor SEC electronic filing system for such purposes. 
 “Environmental Laws” means any and all federal, state,
local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or
the release of any materials into the environment, including but not limited to those related to Hazardous Materials. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means any trade or business
(whether or not incorporated) that is treated as a single employer together with the Issuer under section 414 of the Code. 

“Event of Default” is defined in Section 11. 

“Excluded Tenants” means, as of any date, any tenant leasing more than 15,000 square feet of gross leaseable area at one of
the Projects pursuant to a lease that has more than twelve (12) months remaining on its then applicable term, that, either (a) is subject to a voluntary or involuntary petition for relief under any federal or state bankruptcy codes or
insolvency law unless either (x) such lease is assumed in bankruptcy by or on behalf of such tenant or (y) all or a material portion of the gross leasable area that is the subject of such lease, is then also the subject of a new or
replacement lease with a tenant that intends to take occupancy of the applicable space when available or (b) is not operating its business in its demised premises at such Project unless such non-operating tenant is, or such non-operating
tenant’s lease obligations are guaranteed by an entity whose then current long-term, unsecured debt obligations are rated BBB-or above by S&P and Baa3 or above by Moody’s. 

“FATCA” means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or
relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to
section 1471(b)(1) of the Code. 

  
 A-5 

 “Financeable Ground Lease” means, a ground lease reasonably satisfactory to the
administrative agent on behalf of the lenders under the Primary Credit Facility, which must provide customary protections for a potential leasehold mortgagee (“Mortgagee”) such as (i) a remaining term, including any optional
extension terms exercisable unilaterally by the tenant, of no less than 25 years, (ii) a provision that the ground lease will not be terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure and
has failed to do so, (iii) provision for a new lease to the Mortgagee as tenant on the same terms if the ground lease is terminated for any reason, (iv) transferability of the tenant’s interest under the ground lease by the Mortgagee
without any requirement for consent of the ground lessor unless based on delivery of customary assignment and assumption agreements from the transferor and transferee, (v) the ability of the tenant to mortgage tenant’s interest under the
ground lease without any requirement for consent of the ground lessor and (vi) provisions that the tenant under the ground lease (or the leasehold mortgagee) has customary protections with respect to the application of insurance proceeds or
condemnation awards attributable to the tenant’s interest under the ground lease and related improvements. 
 “Financial
Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics, or (ii) any Rate
Management Transaction. 
 “First Closing” is defined in Section 3. 

“First Mortgage Receivable” means any Indebtedness owing to a member of the Consolidated Group which is secured by a
first-priority mortgage, deed to secure debt or deed of trust on commercial real estate and which has been designated by the Issuer as a “First Mortgage Receivable” in its most recent compliance certificate delivered pursuant to
Section 7.2. 
 “Form 10-K” is defined in Section 7.1(b). 

“Form 10-Q” is defined in Section 7.1(a). 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time
to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 7.1. 

“Governmental Authority” means 

(a) the government of 

(i) the United States of America or any state or other political subdivision thereof, or 

  
 A-6 

 (ii) any other jurisdiction in which the Issuer or any Subsidiary conducts all or
any part of its business, or which asserts jurisdiction over any properties of the Issuer or any Subsidiary, or 
 (b) any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 

“Governmental Official” means any governmental official or employee, employee of any
government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public
international organization or anyone else acting in an official capacity. 
 “Guarantee Obligation” means, as to any
Person (the “guaranteeing person”), any obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any Letter of Credit) to induce the creation
of which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary
obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase
any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business or guarantees by the Issuer of liabilities under any interest rate lock agreement utilized to facilitate Secured Indebtedness of
another member of the Consolidated Group or an Investment Affiliate. The amount of any Guarantee Obligation of any guaranteeing Person shall be deemed to be the maximum stated amount of the primary obligation relating to such Guarantee Obligation
(or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee Obligation), provided, that in the absence of any such stated amount or stated liability, or if such liability is conditioned upon the taking of certain
actions or the occurrence of certain conditions beyond non-payment or non-performance by the primary obligor, such as liability under non-recourse carveout guaranties, the amount of such Guarantee Obligation shall be such guaranteeing Person’s
reasonably anticipated liability in respect thereof as determined by the Issuer in good faith with respect to any such Guarantee Obligations of the Consolidated Group. 

“Hazardous Materials” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to
health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of
which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or
similar restricted, prohibited or penalized substances. 

  
 A-7 

 “holder” means, with respect to any Note, the Person in whose name such Note is
registered in the register maintained by the Issuer pursuant to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and 18 and any related definitions in this
Schedule B, “holder” shall mean the beneficial owner of such Note whose name and address appears in such register. 

“Immaterial Subsidiary” means the Subsidiaries listed on Schedule S-1 hereto. 

“Indebtedness” of any Person at any date means without duplication, (a) all indebtedness of such Person for borrowed
money including without limitation any repurchase obligation or liability of such Person with respect to securities, accounts or notes receivable sold by such Person, (b) all obligations of such Person for the deferred purchase price of
property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), in each case evidenced by a binding agreement (excluding premiums or discounts on debt
required to be recognized under GAAP), (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (d) all Capitalized Lease Obligations, (e) all obligations of such Person in respect
of acceptances issued or created for the account of such Person, (f) all Guarantee Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of any member of the
Consolidated Group in respect of primary obligations of any other member of the Consolidated Group), (g) all reimbursement obligations of such Person for letters of credit and other contingent liabilities, (h) any Net Mark-to-Market
Exposure, (i) all liabilities secured by a Lien (other than Liens for taxes not yet due and payable) on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof and
(j) all obligations of such Person in respect of any transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheet of such Person. 

“INHAM Exemption” is defined in Section 6.2(e). 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or
more of its affiliates) more than 10% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Interest Coverage Ratio” means, as of the last day of any fiscal quarter, the quotient (expressed as a percentage) of
(a) Adjusted EBITDA, divided by (b) Consolidated Interest Expense for the most recent four (4) fiscal quarters for which financial results of the Issuer have been reported. 

  
 A-8 

 “Investment” of a Person means any property owned by such Person, including
without limitation, any loan, advance (other than commission, travel and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of
business on terms customary in the trade), deposit account or contribution of capital by such Person to any other Person or any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other
securities of any other Person made by such Person. 
 “Investment Affiliate” means any Person in which the
Consolidated Group, directly or indirectly, has made an Investment and whose financial results are not consolidated under GAAP with the financial results of the Consolidated Group. 

“Issuer” means Retail Properties of America, Inc., a Maryland corporation or any successor that becomes such as prescribed in
Section 10.2. 
 “Leverage Ratio” means Consolidated Outstanding Indebtedness divided by Total Asset Value, expressed
as a percentage. 
 “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized
Lease or other title retention agreement). 
 “Make-Whole Amount” is defined in
Section 8.6. 
 “Management Fees” means, with respect to each Project for any period, an amount equal to the
greater of (i) actual management fees payable with respect thereto and (ii) three percent (3%) per annum on the aggregate base rent and percentage rent due and payable under leases at such Project. 

“Marketable Securities” means Investments in Capital Stock or debt securities issued by any Person (other than an Investment
Affiliate) which are publicly traded on a national exchange, excluding Cash Equivalents. 
 “Material” means material in
relation to the business, operations, affairs, financial condition, assets, properties, or prospects of the Issuer and its Subsidiaries taken as a whole. 

“Material Acquisition” means any acquisition by the Issuer or any Subsidiary in which the assets acquired exceed 10.0% of the
consolidated total assets of the Issuer and its Subsidiaries determined under GAAP as of the last day of the most recently ending fiscal quarter of the Issuer for which financial statements are publicly available. 

“Material Adverse Effect” means a material adverse effect on (a) the business, financial condition or properties of the
Issuer and its Subsidiaries taken as a whole, (b) the ability of the Issuer and the Subsidiary Guarantors, taken as a whole, to perform their obligations under this  

  
 A-9 

 
Agreement, the Subsidiary Guaranty and the Notes, or (c) the validity or enforceability of this Agreement, the Subsidiary Guaranty or the Notes. A material adverse effect on the validity or
enforceability of the Subsidiary Guaranty solely with respect to one or more Subsidiary Guarantors that do not, individually or collectively, constitute Material Subsidiaries shall not be a Material Adverse Effect hereunder, except to the extent the
same would result in a Material Adverse Effect pursuant to either clause (b) or (c) above. 
 “Material Credit
Facility” is defined in Section 9.7. 
 “Material Subsidiary” means, at any time of determination,
(a) any individual Subsidiary to which more than $150,000,000 of then-current Total Asset Value is directly or indirectly attributable and (b) each Subsidiary in a group of Subsidiaries (the “Group”) to which more than
$150,000,000 of then-current Total Asset Value is directly attributable on a collective basis to such Group, but only as and to the extent that there is a material adverse effect on the validity or
enforceability of the Subsidiary Guaranty with respect to all Subsidiaries in such Group. 
 “Maturity Date” is
defined in the first paragraph of each Note. 
 “Moody’s” means Moody’s Investors Service, Inc. and its
successors. 
 “Most Favored Lender Notice” is defined in Section 9.10(c). 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3)
of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 

“Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than as
provided in the Primary Credit Facility, this Agreement, the Notes or any Subsidiary Guaranty (each as amended or modified from time to time)) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security
for Indebtedness of the Person owning such asset or any other Person; provided, however, that an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such
Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. 

“Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess (if any) of all unrealized
losses over all unrealized profits of such Person arising from Rate Management Transactions or any other Financial Contract. “Unrealized losses” means the fair market value of the cost to such Person of replacing such Rate Management
Transaction or other Financial Contract as of the date of determination (assuming the Rate Management Transaction or other Financial Contract were to be terminated as of that date), and “unrealized profits” means the fair market value of
the gain to such Person of replacing such Rate Management Transaction or other Financial Contract as of the date of determination (assuming such Rate Management Transaction or other Financial Contract were to be terminated as of that date).

  
 A-10 

 “Net Operating Income” means, with respect to any Project for any period,
“property rental and other income” (as determined by GAAP) attributable to such Project accruing for such period, without regard for straight-lining of rents or any amortization related to
above-market or below-market leases, plus all master lease income (not to exceed to 5% of Net Operating Income), minus the amount of all expenses (as determined in accordance with GAAP) incurred
in connection with and directly attributable to the ownership and operation of such Project for such period, including, without limitation, Management Fees and amounts accrued for the payment of real estate taxes and insurance premiums, but
excluding any general and administrative expenses related to the operation of the Issuer, any interest expense, or other debt service charges, impairment charges, the effects of straight-lining of ground lease rent, bad debt expenses related to the
straight-lining of rents and any other non-cash charges such as depreciation or amortization of financing costs. 
 “Non-Recourse Indebtedness” means, for any Person, any Indebtedness of such Person for the repayment of which the Issuer does not have any personal liability (other than for Customary Recourse
Exceptions) or, if such Person is the Issuer, in which recourse of the applicable holder of such Indebtedness for non-payment is limited to such holder’s Liens on a particular asset or group of assets
(other than for Customary Recourse Exceptions). For the avoidance of doubt, if any Indebtedness is partially guaranteed by the Issuer, then the portion of such Indebtedness that is not so guaranteed shall still be
Non-Recourse Indebtedness if it otherwise satisfies the requirements in this definition. 

“Non-U.S. Plan” means any plan, fund or other similar program that (a) is
established or maintained outside the United States of America by the Issuer or any Subsidiary primarily for the benefit of employees of the Issuer or one or more Subsidiaries residing outside the United States of America, which plan, fund or other
similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code. 

“Notes” is defined in Section 1. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“OFAC Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A
list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Issuer whose
responsibilities extend to the subject matter of such certificate. 
 “PBGC” means the Pension Benefit Guaranty
Corporation referred to and defined in ERISA or any successor thereto. 

  
 A-11 

 “Permitted Liens” means: 

(i) Liens for taxes, assessments or governmental charges or levies on its property if the same shall not at the time be
delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set aside on its books, or which are on a Project whose contribution to Total
Asset Value is either less than the outstanding principal balance of Secured Indebtedness encumbering such Project or does not exceed such principal balance by more than five percent (5%); 

(ii) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and other similar liens
arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on their
books; 
 (iii) Liens arising out of pledges or deposits under workers’ compensation laws, unemployment insurance, old
age pensions, or other social security or retirement benefits, or similar legislation; 
 (iv) Easements, restrictions and
such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way adversely affect the marketability of the same or adversely
interfere with the use thereof in the business of the Issuer or its Subsidiaries; 
 (v) Liens other than Liens described in
subsections (i) through (iv) above arising in connection with any Indebtedness permitted hereunder to the extent such Liens will not result in a Default or Event of Default in any of Issuer’s covenants herein; and 

(vi) Liens permitted by Section 10.5. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Plan” means an “employee benefit plan” (as
defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be
made, by the Issuer or any ERISA Affiliate or with respect to which the Issuer or any ERISA Affiliate may have any liability. 

“Primary Credit Facility” means the Fourth Amended and Restated Credit Agreement dated as of January 6, 2016 among the
Issuer and KeyBank National Association as administrative agent and the other lenders party thereto, including any renewals, extensions, amendments, restatements, replacements or refinancing thereof (whether such renewal, extension, amendment,
restatement, replacement or refinancing of such agreement is entered into substantially concurrently with the termination of the existing agreement or at any time before or after if no new agreement is then substantially concurrently entered
into). 

  
 A-12 

 “Project” means any real estate asset located in the United States owned by the
Issuer or any of its Subsidiaries or any Investment Affiliate, and operated or intended to be operated primarily as a retail property, an office property, an industrial property or a mixed use property. For purposes of this Agreement, if only a
portion of such a real estate asset is then the subject of a material redevelopment, the Issuer may, subject to the reasonable approval of the Required Holders, elect to treat such portion as a Project separate and distinct from the remaining
portion of such real estate asset. 
 “property” or “properties” of a Person means, unless otherwise
specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” is
defined in Section 6.2(a). 
 “Purchaser” or “Purchasers” means each of the purchasers that
has executed and delivered this Agreement to the Issuer and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the
registered holder or a beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this
Agreement upon such transfer. 
 “QPAM Exemption” is defined in Section 6.2(d). 

“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of
such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Qualifying Unencumbered Pool Property”
means any Project which, as of any date of determination, (a) is located in the United States; (b) is wholly owned by the Issuer or a Wholly-Owned Subsidiary in fee simple or leased, as lessee, by
the Issuer or a Wholly-Owned Subsidiaries under the terms of a Financeable Ground Lease; (c) is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for
defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Project; and (d) is not, nor is any direct or indirect interest of the Issuer or any Subsidiary therein,
subject to any Lien other than Permitted Liens set forth in clauses (i) through (iv) of the definition thereof or to any Negative Pledge (other than Negative Pledges permitted under clause (ii) of Section 6.25 of the Primary
Credit Facility). No asset shall be deemed to be unencumbered unless both such asset and all Capital Stock of the Subsidiary owning such asset is unencumbered. Nothing in this Agreement shall prohibit a Subsidiary from having other Unsecured
Indebtedness or unsecured Guarantee Obligations and the existence of such Unsecured Indebtedness or unsecured Guarantee Obligations shall not prevent any Project owned by such Subsidiary from qualifying as a Qualifying Unencumbered Pool Property

  
 A-13 

 “Rate Management Transaction” means any transaction (including an agreement with
respect thereto) now existing or hereafter entered into by the Issuer which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest
rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any
option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Real Property” of any Person means all of the right, title, and interest of such Person in and to land, improvements, and
fixtures. 
 “Recourse Indebtedness” means any Indebtedness of the Issuer or any other member of the Consolidated
Group with respect to which the liability of the obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, other than with respect to customary limited exceptions for certain acts or types of liability
such as environmental liability, fraud and other customary nonrecourse carveouts unless they are judicially determined to be triggered and then only to the extent of such determination. 

“Related Fund” means, with respect to any holder of any Note, any fund or entity that (i) invests in Securities or bank
loans, and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 

“Required Holders” means at any time (a) prior to the First Closing, the Purchasers (b) on or after the First
Closing but before the Second Closing, the holders of more than 50% in aggregate principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Issuer or any of its Affiliates), provided, that only for purposes of
this clause (b) the Notes scheduled to be issued at the Second Closing shall be deemed to be outstanding, and (c) on or after the Second Closing, the holders of more than 50% in principal amount of the Notes at the time outstanding
(exclusive of Notes then owned by the Issuer or any of its Affiliates). 
 “Responsible Officer” means any Senior
Financial Officer and any other officer of the Issuer, as the case may be, with responsibility for the administration of the relevant portion of this Agreement. 

“S&P” means Standard & Poor’s Ratings Group and its successors. 

“SEC” means the Securities and Exchange Commission of the United States, or any successor thereto. 

“Second Closing” is defined in Section 3. 

“Secured Indebtedness” means any Indebtedness of the Issuer or any other member of the Consolidated Group which is secured by
a Lien (other than Permitted Liens set forth in clauses (i) through (iv) of the definition thereof) on a Project, any ownership interests in any  

  
 A-14 

 
Person or any other assets which had, in the aggregate, a value in excess of the amount of such Indebtedness at the time such Indebtedness was incurred. Notwithstanding the foregoing, Secured
Indebtedness shall exclude Recourse Indebtedness that is secured solely by ownership interests in another Person that owns a Project which is encumbered by a mortgage securing Indebtedness. 

“Securities” or “Security” shall have the meaning specified in section 2(1) of the Securities
Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time in effect. 
 “Senior Financial Officer” means the chief
financial officer, principal accounting officer or treasurer of the Issuer. 
 “series” means any series of Notes
issued pursuant to this Agreement. 
 “Series A Notes” is defined in Section 1. 

“Series B Notes” is defined in Section 1. 

“Single Tenant Project” means any Project that is leased (or is being constructed to be leased) to a single tenant.

 “Source” is defined in Section 6.2. 

“State Sanctions List” means a list that is adopted by any state Governmental Authority within the United States of America
pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws. 

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting
power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company,
joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references herein to a
“Subsidiary” shall mean a Subsidiary of the Issuer. 
 “Subsidiary Guarantor” means each Subsidiary that
has executed and delivered a Subsidiary Guaranty, unless released pursuant to the terms of Section 9.7. 
 “Subsidiary
Guaranty” is defined in Section 9.7(a). 
 “Substitute Purchaser” is defined in Section 21. 

  
 A-15 

 “SVO” means the Securities Valuation Office of the NAIC or any successor to such
Office. 
 “Total Asset Value” means, as of any date, (i) (A) the Consolidated NOI attributable to
Projects owned by the Issuer or a member of the Consolidated Group (excluding 100% of the Consolidated NOI attributable to Projects not owned for at least four (4) full fiscal quarters as of the end of the fiscal quarter for which Consolidated
NOI is calculated and provided that the contribution to Consolidated NOI on account of any Project shall not in any event be a negative number) divided by (B) the Capitalization Rate, plus (ii) 100% of the price paid for any such Projects
first acquired by the Issuer or a member of the Consolidated Group during such four (4) full fiscal quarter period, plus (iii) cash, Cash Equivalents and Marketable Securities owned by the Consolidated Group as of the end of such fiscal
quarter, plus (iv) the Consolidated Group Pro Rata Share of (A) Consolidated NOI attributable to Projects owned by Investment Affiliates (excluding Consolidated NOI attributable to Projects not owned for the entire four (4) full
fiscal quarters on which Consolidated NOI is calculated and provided that the contribution to Consolidated NOI on account of any Project shall not in any event be a negative number) divided by (B) the Capitalization Rate, plus (v) the
Consolidated Group Pro Rata Share of the price paid for such Projects first acquired by an Investment Affiliate during such four (4) full fiscal quarters, plus (vi) Construction in Progress at book value, plus (vii) First Mortgage
Receivables owned by the Consolidated Group (at the lower of book value or market value), plus (viii) Unimproved Land at book value. To the extent the amount of Total Asset Value attributable to Unimproved Land, Investments in Investment
Affiliates, Construction in Progress, First Mortgage Receivables and Marketable Securities would exceed 25% of Total Asset Value, such excess shall be excluded from Total Asset Value; provided, however that to the extent the amount of Total
Asset Value attributable to (v) Unimproved Land exceeds 5% of the Total Asset Value, (w) Investment Affiliates exceeds 15% of the Total Asset Value, (x) Construction in Progress exceeds 10% of the Total Asset Value, (y) First
Mortgage Receivables exceeds 5% of the Total Asset Value or (z) Marketable Securities exceed 5% of Total Asset Value, such excess shall be excluded from Total Asset Value. 

“2014 Note Purchase Agreement” means that certain Note Purchase Agreement dated as of May 16, 2014 between the Issuer
and the Purchaser (as defined therein), including any renewals, extensions, amendments, restatements, replacements or refinancings thereof (whether such renewal, extension, amendment, restatement, replacement or refinancing of such agreement is
entered into substantially concurrently with the termination of the existing agreement or at any time before or after if no new agreement is then substantially concurrently entered into). 

“Unencumbered Leverage Ratio” means, as of any date, the then-current Unsecured Indebtedness of the Consolidated Group
(excluding in any calculation of Unsecured Indebtedness, Guarantee Obligations of any member of the Consolidated Group in respect of primary obligations of any other member of the Consolidated Group) divided by the then current Unencumbered Pool
Value. 
 “Unencumbered Pool” means as of any date, all then-current Unencumbered Pool Properties. 

  
 A-16 

 “Unencumbered Pool Property” means, as of any date, any Project which is a
Qualifying Unencumbered Pool Property as of such date. 
 “Unencumbered Pool Property NOI” means, as of any date,
the aggregate Net Operating Income for the most recent four (4) fiscal quarters for which financial results have been reported attributable to Unencumbered Pool Properties as of such date. 

“Unencumbered Pool Value” means, as of any date, the sum of (a)(i) the aggregate Adjusted Unencumbered Pool NOI attributable
to all Unencumbered Pool Properties which have been owned by the Issuer or a Subsidiary for the most recent four (4) full fiscal quarters for which financial results of Issuer have been reported (provided that the contribution to Adjusted
Unencumbered Pool NOI on account of any Unencumbered Pool Property shall not in any event be a negative number) divided by (ii) the Capitalization Rate plus (b) the aggregate acquisition cost of all Unencumbered Pool
Properties which have not been so owned by a Subsidiary for such period of four (4) consecutive entire fiscal quarters, plus (c) unencumbered Unimproved Land and Construction in Progress, both at book value. For purposes of this
definition, to the extent (i) the value attributable to Unimproved Land and any other land not included in Unimproved Land and Construction in Progress, would exceed 10% of the Unencumbered Pool Value, (ii) the value attributable to any
one (1) Unencumbered Pool Property would exceed 15% of the Unencumbered Pool Value, (iii) the aggregate value attributable to those Single Tenant Projects which are leased to the same tenant (or Affiliates of the same tenant), would exceed
15% of the Unencumbered Pool Value; (iv) the aggregate value attributable to all Single Tenant Projects where the remaining unexpired term of the lease of such Single Tenant Project to the tenant of such Single Tenant Project (without giving
effect to any unexercised options of such tenant to extend the term of such lease) is less than five (5) years, would exceed 15% of the Unencumbered Pool Value, or (v) the aggregate value attributable to Unencumbered Pool Properties which
are occupied pursuant to Financeable Ground Leases would exceed 20% of Unencumbered Pool Value, each such excess amount, without duplication, shall be excluded from Unencumbered Pool Value. 

“Unimproved Land” means, as of any date, any land which (i) is not appropriately zoned for retail development,
(ii) does not have access to all necessary utilities or (iii) does not have access to publicly dedicated streets, unless such land has been designated in writing by the Issuer in a certificate delivered to the holders as land that is
reasonably expected to satisfy all such criteria within twelve (12) months after such date. For purposes of clarification, if any, such land shall be deemed to be included in Construction in Progress as of such date of designation and from and
after such date shall not be considered Unimproved Land. 
 “United States Person” has the meaning set forth in
Section 7701(a)(30) of the Code. 
 “Unsecured Indebtedness” means, with respect to any Person, all Indebtedness of
such Person for borrowed money that does not constitute Secured Indebtedness. 
 “Unsecured Interest Expense” means, for
any period, all Consolidated Interest Expense for such period attributable to Unsecured Indebtedness. 

  
 A-17 

 “USA PATRIOT Act” means United States Public Law
107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations
promulgated thereunder from time to time in effect. 
 “U.S. Economic Sanctions Laws” means those laws, executive
orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the
International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program. 

“Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the beneficial ownership of which shall at the
time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, limited liability
company, association, joint venture or similar business organization 100% of the beneficial ownership of which shall at the time be so owned or controlled. 

  
 A-18 

 [FORM OF SERIES A NOTE] 

RETAIL PROPERTIES OF AMERICA, INC. 

4.08% SENIOR NOTE, SERIES A, DUE SEPTEMBER 30, 2026

  

			
	No. [        ]	  	[Date]
	$[            ]	  	PPN 76131V A#0

 FOR VALUE RECEIVED, the undersigned, RETAIL
PROPERTIES OF AMERICA, INC. (herein called the “Issuer”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                                ] DOLLARS (or so much thereof as shall
not have been prepaid) on September 30, 2026 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months)
(a) on the unpaid balance hereof at the rate of 4.08% per annum from the date hereof, payable semiannually, on the thirtieth day of March and September in each year, commencing with the March 30 or September 30 next succeeding
the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of
Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.08% or (ii) 2.00% over the rate of interest
publicly announced by Bank of America, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at Bank of America, N.A. in New York, New York or at such other place as the Issuer shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. 
 This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to
the Note Purchase Agreement, dated as of September 30, 2016 (as from time to time amended, the “Note Purchase Agreement”), between the Issuer and the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set forth in
Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

  
 SCHEDULE
1(a) 
 (to Note Purchase Agreement) 

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Issuer may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Issuer will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment, in whole
or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of
Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect
provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the Issuer and
the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. 
  

			
	RETAIL PROPERTIES OF AMERICA, INC.
		
	By	 	  

		 	[Title]

  
 Schedule 1(a)-2 

 [FORM OF SERIES B NOTE] 

RETAIL PROPERTIES OF AMERICA, INC. 

4.24% SENIOR NOTE, SERIES B, DUE DECEMBER 28, 2028

  

			
	No. [        ]	  	[Date]
	$[            ]	  	PPN 76131V B*3

 FOR VALUE RECEIVED, the undersigned, RETAIL
PROPERTIES OF AMERICA, INC. (herein called the “Issuer”), a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                                ] DOLLARS (or so much thereof as shall
not have been prepaid) on December 28, 2028 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months)
(a) on the unpaid balance hereof at the rate of 4.24% per annum from the date hereof, payable semiannually, on the twenty-eighth day of June and December in each year, commencing with the June 28 or December 28 next succeeding
the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of
Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to the greater of (i) 6.24% or (ii) 2.00% over the rate of interest
publicly announced by Bank of America, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand). 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at Bank of America, N.A. in New York, New York or at such other place as the Issuer shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. 
 This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to
the Note Purchase Agreement, dated as of September 30, 2016 (as from time to time amended, the “Note Purchase Agreement”), between the Issuer and the respective Purchasers named therein and is entitled to the benefits thereof.
Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set forth in
Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 

  
 SCHEDULE
1(b) 
 (to Note Purchase Agreement) 

 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of
this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued
to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Issuer may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all
other purposes, and the Issuer will not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment, in whole
or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of
Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect
provided in the Note Purchase Agreement. 
 This Note shall be construed and enforced in accordance with, and the rights of the Issuer and
the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the
application of the laws of a jurisdiction other than such State. 
  

			
	RETAIL PROPERTIES OF AMERICA, INC.
		
	By	 	  

		 	[Title]

  
 Schedule 1(b)-2 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE ISSUER 

Matters To Be Covered in 

Opinion of Special Counsel to the Issuer 

1. Each of the Issuer and its Subsidiary Guarantors validly existing and having requisite corporate power and authority to issue and sell the
Notes and to execute and deliver the documents. 
 2. Due authorization and execution of the documents and such documents being legal,
valid, binding and enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general application affecting the rights and remedies of creditors
and to general principles of equity. 
 3. Execution, delivery and performance of documents not conflicting with charter documents,
New York of federal laws or certain other specified material agreements. 
 4. All New York and federal governmental consents
required to issue and sell the Notes and to execute and deliver the documents having been obtained. 
 5. Counsel is not representing the
Issuer in any litigation questioning validity of documents. 
 6. The Notes not requiring registration under the Securities Act of 1933, as
amended; no need to qualify an indenture under the Trust Indenture Act of 1939, as amended. 
 7. No violation of Regulations T, U or X of
the Federal Reserve Board. 
 8. Issuer not an “investment company”, or a company “controlled” by an “investment
company”, under the Investment Company Act of 1940, as amended. 

  
 SCHEDULE
4.4(a) 
 (to Note Purchase Agreement) 

 FORM OF OPINION OF
SPECIAL COUNSEL 
 TO THE PURCHASERS 

[To Be Provided on a Case by Case Basis] 

  
 SCHEDULE
4.4(b) 
 (to Note Purchase Agreement) 

 DISCLOSURE MATERIALS 

None. 

  
 SCHEDULE
5.3 
 (to Note Purchase Agreement) 

 SUBSIDIARIES OF THE ISSUER
AND OWNERSHIP OF SUBSIDIARY STOCK 
  

			
	RETAIL PROPERTIES OF AMERICA, INC. OWNERSHIP PERCENTAGE – 100%
		
	ENTITY	  	FORMATION
	Bel Air Square, LLC	  	Maryland
	Capital Centre LLC	  	Maryland
	Denville Union Hill, L.L.C.	  	Delaware
	Gateway Village LLC	  	Maryland
	Half Day LLC	  	Delaware
	Inland Plano Acquisitions, LLC	  	Delaware
	Inland Plano Investments, LLC	  	Delaware
	Inland Southeast New Britain, L.L.C.	  	Delaware
	Inland Western Chicago Ashland I, L.L.C.	  	Delaware
	Inland Western Chicago Ashland, L.L.C.	  	Delaware
	Inland Western Cocoa Beach Cornerstone, L.L.C.	  	Delaware
	Inland Western Dallas Paradise, L.L.C.	  	Delaware
	Inland Western El Paso MDS LP, L.L.C.	  	Delaware
	Inland Western Euless GP, L.L.C.	  	Delaware
	Inland Western Euless LP, L.L.C.	  	Delaware
	Inland Western Gainesville Village, L.L.C.	  	Delaware
	Inland Western Glendale Outlot D, L.L.C.	  	Delaware
	Inland Western Glendale Peoria II, L.L.C.	  	Delaware
	Inland Western Glendale, L.L.C.	  	Delaware
	Inland Western Greensburg Commons, L.L.C.	  	Delaware
	Inland Western Lansing Eastwood (Tenant), L.L.C.	  	Delaware
	Inland Western Lawrenceville Simonton, L.L.C.	  	Delaware
	Inland Western Marysville, L.L.C.	  	Delaware
	Inland Western McAllen MDS LP, L.L.C.	  	Delaware
	Inland Western MDS Portfolio, L.L.C.	  	Delaware
	Inland Western Milwaukee Midtown II, L.L.C.	  	Delaware
	Inland Western Milwaukee Midtown, L.L.C.	  	Delaware
	Inland Western Montevallo Main, L.L.C.	  	Delaware
	Inland Western Orange 440 Boston, L.L.C.	  	Delaware
	Inland Western Phillipsburg Greenwich, L.L.C.	  	Delaware
	Inland Western Pottstown GP, L.L.C.	  	Delaware
	Inland Western Salt Lake City Gateway, L.L.C.	  	Delaware
	Inland Western Seattle Northgate North, L.L.C.	  	Delaware
	Inland Western Temecula Commons, L.L.C.	  	Delaware
	Inland Western Traverse City Bison Hollow, L.L.C.	  	Delaware
	Inland Western Waco Central GP, L.L.C.	  	Delaware
	Inland Western Waco Central LP, L.L.C.	  	Delaware

  
 SCHEDULE
5.4 
 (to Note Purchase Agreement) 

			
	RETAIL PROPERTIES OF AMERICA, INC. OWNERSHIP PERCENTAGE – 100%
		
	ENTITY	  	FORMATION
	Inland Western West Allis Greenfield, L.L.C.	  	Delaware
	IW JV 2009 LLC	  	Delaware
	IWR Protective Corporation	  	Delaware
	MS Inland Fund, LLC	  	Delaware
	Reisterstown Plaza Associates, LLC	  	Maryland
	RPAI Acquisitions, Inc.	  	Illinois
	RPAI Altamonte Springs State Road, L.L.C.	  	Delaware
	RPAI Arvada, L.L.C.	  	Delaware
	RPAI Austin Mopac GP, L.L.C.	  	Delaware
	RPAI Austin Mopac LP, L.L.C.	  	Delaware
	RPAI Bakersfield Calloway, L.L.C.	  	Delaware
	RPAI Bangor Broadway, L.L.C.	  	Delaware
	RPAI Bangor Parkade, L.L.C.	  	Delaware
	RPAI Baton Rouge, L.L.C.	  	Delaware
	RPAI Beekman, L.L.C.	  	Delaware
	RPAI Bradenton Beachway, L.L.C.	  	Delaware
	RPAI Brooklyn Park 93rd Avenue, L.L.C.	  	Delaware
	RPAI Burleson Wilshire GP, L.L.C.	  	Delaware
	RPAI Burleson Wilshire LP, L.L.C.	  	Delaware
	RPAI Butler Kinnelon, L.L.C.	  	Delaware
	RPAI Canton Paradise Outlot, L.L.C.	  	Delaware
	RPAI Canton Paradise, L.L.C.	  	Delaware
	RPAI Cedar Park Town Center, L.L.C.	  	Delaware
	RPAI Chattanooga Brainerd Road, L.L.C.	  	Delaware
	RPAI Chicago Ashland Land, L.L.C.	  	Delaware
	RPAI Chicago Brickyard, L.L.C.	  	Delaware
	RPAI Clear Lake Clear Shores GP, L.L.C.	  	Delaware
	RPAI Clear Lake Clear Shores LP, L.L.C.	  	Delaware
	RPAI College Station Gateway GP, L.L.C.	  	Delaware
	RPAI College Station Gateway II GP, L.L.C.	  	Delaware
	RPAI College Station Gateway II LP, L.L.C.	  	Delaware
	RPAI College Station Gateway III, L.L.C.	  	Delaware
	RPAI College Station Gateway LP, L.L.C.	  	Delaware
	RPAI Columbus Clifty, L.L.C.	  	Delaware
	RPAI Columbus Polaris, L.L.C.	  	Delaware
	RPAI Continental Rave Houston, L.L.C.	  	Delaware
	RPAI Cypress Mill, L.L.C.	  	Delaware
	RPAI Darien SPE, L.L.C.	  	Delaware
	RPAI Darien, L.L.C.	  	Delaware

  
 5.4-2 

			
	RETAIL PROPERTIES OF AMERICA, INC. OWNERSHIP PERCENTAGE – 100%
		
	ENTITY	  	FORMATION
	RPAI Falls Church Merrifield II, L.L.C.	  	Delaware
	RPAI Falls Church Merrifield, L.L.C.	  	Delaware
	RPAI Fordham Place Office, L.L.C.	  	Delaware
	RPAI Fordham Place Retail, L.L.C.	  	Delaware
	RPAI Fort Myers Page Field, L.L.C.	  	Delaware
	RPAI Frisco Parkway GP, L.L.C.	  	Delaware
	RPAI Frisco Parkway LP, L.L.C.	  	Delaware
	RPAI Gaithersburg Downtown Crown, L.L.C.	  	Delaware
	RPAI Galveston Galvez GP, L.L.C.	  	Delaware
	RPAI Galveston Galvez LP, L.L.C	  	Delaware
	RPAI Georgetown Rivery GP, L.L.C.	  	Delaware
	RPAI Georgetown Rivery LP, L.L.C.	  	Delaware
	RPAI Gilroy I, L.L.C.	  	Delaware
	RPAI Gilroy II, L.L.C.	  	Delaware
	RPAI Gloucester Cross Keys, L.L.C.	  	Delaware
	RPAI Grapevine GP, L.L.C.	  	Delaware
	RPAI Grapevine LP, L.L.C.	  	Delaware
	RPAI Green Global Gateway, L.L.C.	  	Delaware
	RPAI Hagerstown, L.L.C.	  	Delaware
	RPAI Hartford New Park, L.L.C	  	Delaware
	RPAI Houma Academy, L.L.C.	  	Delaware
	RPAI Houston New Forest, L.L.C.	  	Delaware
	RPAI Houston Royal Oaks Village II GP, L.L.C.	  	Delaware
	RPAI Houston Royal Oaks Village II LP, L.L.C.	  	Delaware
	RPAI Houston Royal Oaks Village III, L.L.C.	  	Delaware
	RPAI Humble Humblewood GP, L.L.C.	  	Delaware
	RPAI Humble Humblewood LP, LLC	  	Delaware
	RPAI Irving GP, L.L.C.	  	Delaware
	RPAI Irving LP, L.L.C.	  	Delaware
	RPAI Issaquah Heritage, L.L.C.	  	Delaware
	RPAI Jacksonville Southpoint, L.L.C.	  	Delaware
	RPAI Kalamazoo WMU, L.L.C.	  	Delaware
	RPAI Kalispell Mountain View II, L.L.C.	  	Delaware
	RPAI Kalispell Mountain View, L.L.C.	  	Delaware
	RPAI Kingsport East Stone, L.L.C.	  	Delaware
	RPAI Knoxville Corridor Park II, L.L.C.	  	Delaware
	RPAI Knoxville Corridor Park, L.L.C.	  	Delaware
	RPAI Lake Worth Towne Crossing GP, L.L.C.	  	Delaware
	RPAI Lake Worth Towne Crossing LP, L.L.C.	  	Delaware

  
 5.4-3 

			
	RETAIL PROPERTIES OF AMERICA, INC. OWNERSHIP PERCENTAGE – 100%
		
	ENTITY	  	FORMATION
	RPAI Lakewood II, L.L.C.	  	Delaware
	RPAI Lakewood, L.L.C.	  	Delaware
	RPAI Lansing Eastwood, L.L.C.	  	Delaware
	RPAI Las Vegas Montecito Outlot, L.L.C.	  	Delaware
	RPAI Las Vegas Montecito, L.L.C.	  	Delaware
	RPAI Lawrence, L.L.C.	  	Delaware
	RPAI Lawton Lee Blvd., L.L.C.	  	Delaware
	RPAI Leesburg Fort Evans, L.L.C.	  	Delaware
	RPAI Lewisville Lakepointe GP, L.L.C.	  	Delaware
	RPAI Lewisville Lakepointe LP, L.L.C.	  	Delaware
	RPAI Mansfield GP, L.L.C.	  	Delaware
	RPAI Mansfield LP, L.L.C.	  	Delaware
	RPAI Maple Grove Wedgwood, L.L.C.	  	Delaware
	RPAI McAllen GP, L.L.C.	  	Delaware
	RPAI McAllen LP, L.L.C.	  	Delaware
	RPAI McKinney Stonebridge GP, L.L.C.	  	Delaware
	RPAI McKinney Stonebridge LP, L.L.C.	  	Delaware
	RPAI Miami 19th Street II, L.L.C.	  	Delaware
	RPAI Middletown Fairgrounds Plaza, L.L.C.	  	Delaware
	RPAI Midland Academy GP, L.L.C.	  	Delaware
	RPAI Midland Academy LP, L.L.C.	  	Delaware
	RPAI Moore 19th Street, L.L.C.	  	Delaware
	RPAI New Britain Main, L.L.C.	  	Delaware
	RPAI New Hartford Orchard, L.L.C.	  	Delaware
	RPAI New Port Richey Mitchell, L.L.C.	  	Delaware
	RPAI New York Portfolio, L.L.C.	  	Delaware
	RPAI Newburgh Crossing, L.L.C.	  	Delaware
	RPAI Newnan Crossing II, L.L.C.	  	Delaware
	RPAI Newnan Crossing, L.L.C.	  	Delaware
	RPAI Newport News Jefferson, L.L.C.	  	Delaware
	RPAI North Attleboro Crossroads, L.L.C.	  	Delaware
	RPAI North Carolina Sales, Inc.	  	Illinois
	RPAI North Richland Hills Davis GP, L.L.C.	  	Delaware
	RPAI North Richland Hills Davis LP, L.L.C.	  	Delaware
	RPAI Northport Northwood, L.L.C.	  	Delaware
	RPAI Northwest Management Corp.	  	Delaware
	RPAI Northwoods Natural Bridge, L.L.C.	  	Delaware
	RPAI Oak Brook Promenade I, L.L.C.	  	Delaware
	RPAI Oklahoma City Western Avenue, L.L.C.	  	Delaware

  
 5.4-4 

			
	 RETAIL PROPERTIES OF
AMERICA, INC. OWNERSHIP PERCENTAGE – 100%

		
	ENTITY	  	FORMATION
	RPAI Orange 53 Boston, L.L.C.	  	Delaware
	RPAI Oswego Gerry Centennial, L.L.C.	  	Delaware
	RPAI Pelham Manor, L.L.C.	  	Delaware
	RPAI Plymouth 5, L.L.C.	  	Delaware
	RPAI Port Arthur Academy GP, L.L.C.	  	Delaware
	RPAI Port Arthur Academy LP, L.L.C.	  	Delaware
	RPAI Poughkeepsie Mid-Hudson, L.L.C.	  	Delaware
	RPAI Powder Springs Battle Ridge, L.L.C.	  	Delaware
	RPAI Quakertown GP, L.L.C.	  	Delaware
	RPAI Redmond Avondale, L.L.C.	  	Delaware
	RPAI Richardson Eastside, L.L.C.	  	Delaware
	RPAI Round Rock Forest Commons GP, L.L.C.	  	Delaware
	RPAI Round Rock Forest Commons LP, L.L.C.	  	Delaware
	RPAI Saginaw GP, L.L.C.	  	Delaware
	RPAI Saginaw LP, L.L.C.	  	Delaware
	RPAI San Antonio Academy GP, L.L.C.	  	Delaware
	RPAI San Antonio Academy LP, L.L.C.	  	Delaware
	RPAI San Antonio GP, L.L.C.	  	Delaware
	RPAI San Antonio HQ GP, L.L.C.	  	Delaware
	RPAI San Antonio HQ LP, L.L.C.	  	Delaware
	RPAI San Antonio LP, L.L.C.	  	Delaware
	RPAI San Antonio Military Drive GP, L.L.C.	  	Delaware
	RPAI San Antonio Military Drive LP, L.L.C.	  	Delaware
	RPAI San Antonio Mission GP, L.L.C.	  	Delaware
	RPAI San Antonio Mission LP. L.L.C.	  	Delaware
	RPAI Santa Fe, L.L.C.	  	Delaware
	RPAI Saratoga Springs Wilton, L.L.C.	  	Delaware
	RPAI Schaumburg American Lane, L.L.C.	  	Delaware
	RPAI Seekonk Power Center, L.L.C.	  	Delaware
	RPAI Severn, L.L.C.	  	Delaware
	RPAI Southlake Corners Kimball, L.L.C.	  	Delaware
	RPAI Southlake GP, L.L.C.	  	Delaware
	RPAI Southlake LP, L.L.C.	  	Delaware
	RPAI Southwest Management Corp.	  	Delaware
	RPAI Springfield Boston, L.L.C.	  	Delaware
	RPAI Stony Creek II, L.L.C.	  	Delaware
	RPAI Sugar Land Colony GP, L.L.C.	  	Delaware
	RPAI Sugar Land Colony LP, L.L.C.	  	Delaware
	RPAI Summerville Azalea Square III GP, L.L.C.	  	Delaware

  
 5.4-5 

			
	 RETAIL PROPERTIES OF
AMERICA, INC. OWNERSHIP PERCENTAGE – 100%

		
	ENTITY	  	FORMATION
	RPAI Summerville Azalea Square III LP, L.L.C.	  	Delaware
	RPAI Sylacauga Broadway, L.L.C.	  	Delaware
	RPAI Tacoma South I, L.L.C.	  	Delaware
	RPAI Tallahassee Governor’s One, L.L.C.	  	Delaware
	RPAI Tampa Walters, L.L.C.	  	Delaware
	RPAI Temecula Vail, L.L.C.	  	Delaware
	RPAI Towson Square, L.L.C.	  	Delaware
	RPAI Vienna Tysons, L.L.C.	  	Delaware
	RPAI Viera Lake Andrew, L.L.C.	  	Delaware
	RPAI Watauga GP, L.L.C.	  	Delaware
	RPAI Watauga LP, L.L.C.	  	Delaware
	RPAI Westbury Merchants Plaza, L.L.C.	  	Delaware
	RPAI Western Management Corp.	  	Delaware
	RPAI Williston Maple Tree, L.L.C.	  	Delaware
	RPAI Winter Springs Red Bug, L.L.C.	  	Delaware
	RPAI Woodinville Plaza, L.L.C.	  	Delaware
	RPAI Worcester Lincoln Plaza, L.L.C.	  	Delaware
	RRP Hecht, LLC	  	Maryland
	The Shops at Legacy (RPAI) Mezz, L.L.C.	  	Delaware
	Town Square Ventures III GP, L.L.C.	  	Delaware
	Town Square Ventures III LP, L.L.C.	  	Delaware
	Town Square Ventures IV GP, L.L.C.	  	Delaware
	Town Square Ventures IV LP, L.L.C.	  	Delaware
	Town Square Ventures V GP, L.L.C.	  	Delaware
	Town Square Ventures V LP, L.L.C.	  	Delaware
	Towson Circle LLC	  	Maryland
	University Heights University Square, L.L.C.	  	Delaware
	Western Town Square Ventures GP, L.L.C.	  	Delaware
	Western Town Square Ventures I GP, L.L.C.	  	Delaware
	Western Town Square Ventures LP, L.L.C.	  	Delaware

  
 5.4-6 

 RETAIL PROPERTIES OF AMERICA,
INC. OWNERSHIP PERCENTAGE – 99% 
 IWR PROTECTIVE CORPORATION
OWNERSHIP PERCENTAGE– 1% 
  

			
	ENTITY	  	FORMATION
	Inland Western Coppell Town GP, L.L.C.	  	Delaware
	Inland Western Coppell Town Limited Partnership	  	Illinois
	Inland Western Houston Sawyer Heights GP, L.L.C.	  	Delaware
	Inland Western Houston Sawyer Heights Limited Partnership	  	Illinois
	RPAI Coppell Town, L.L.C.	  	Delaware
	RPAI Houston Sawyer Heights, L.L.C.	  	Delaware

 IWR PROTECTIVE CORPORATION OWNERSHIP PERCENTAGE -
100% 
  

			
	ENTITY	  	FORMATION
	Bellevue Development, LLC	  	Delaware
	Birch Property & Casualty, LLC	  	Vermont
	Dallas Metro Maintenance, L.L.C.	  	Delaware
	Green Valley Crossing, L.L.C.	  	Delaware
	Inland Western JV Henderson Green Valley, L.L.C.	  	Delaware
	Inland Western Phillipsburg Greenwich II, L.L.C.	  	Delaware
	IWR Gateway Central Plant, L.L.C.	  	Delaware
	Lake Mead Crossing, LLC	  	Nevada
	RPAI JV Nashville Bellevue, L.L.C.	  	Delaware
	RPAI Towson Square Parking, L.L.C.	  	Delaware
	South Billings Center, LLC	  	Delaware

  
 5.4-7 

 FINANCIAL STATEMENTS 

 

	•	 	2012 Annual Report 

  

	•	 	2013 Annual Report 

  

	•	 	2014 Annual Report 

  

	•	 	2015 Annual Report 

  

	•	 	Second Quarter 2016 Supplemental Financial Information 

  
 SCHEDULE
5.5 
 (to Note Purchase Agreement) 

 TAXATION 

None. 

  
 SCHEDULE
5.9 
 (to Note Purchase Agreement) 

 EXISTING INDEBTEDNESS 

RETAIL PROPERTIES OF AMERICA, INC. 

INDEBTEDNESS AS OF AUGUST 31, 2016 

 

																			
	DEBT DESCRIPTION	  	PROPERTY NAME	  	BORROWER	  	 MATURITY

DATE

(SORT)
	  	INTEREST
RATE	 	 	 PRINCIPAL
BALANCE AT

8/31/2016

(DOLLARS IN
000’S)
	 	 	 LENDER -

PRIMARY/
ORIGINATING
	  	SERVICER
	Heritage Towne Crossing	  	Heritage Towne Crossing	  	Inland Western Euless Limited Partnership	  	30-Sep-2016	  	 	4.52	% 	 	 	(7,768	) 	 	Texas Capital Bank	  	Texas Capital Bank
	Oswego Commons	  	Oswego Commons	  	Inland Western Oswego Douglass, L.L.C.	  	01-Dec-2016	  	 	3.35	% 	 	 	(21,000	) 	 	Hartford Life	  	Midland (Payments/ Escrows) & HFF (Reporting/ Lease
	Southlake Grand Avenue (Phase V) (CROSSED with Southlake Town Square Phase I, II, III, VII)	  	Southlake Grand Ave.	  	SLTS Grand Avenue II, L.P.	  	01-Apr-2017	  	 	3.50	% 	 	 	(54,816	) 	 	Metlife	  	MetLife
	Southlake Town Square Phase I, II, III, VII (CROSSED with Southlake Grand Avenue (Phase V))	  	Southlake Town Square	  	Town Square Ventures, L.P.; Town Square Ventures II, L.P.; and Town Square Ventures IV, L.P.	  	01-Apr-2017	  	 	6.25	% 	 	 	(82,189	) 	 	Metlife	  	MetLife
	Central Texas Marketplace	  	Central Texas Marketplace	  	Inland Western Waco Central Limited Partnership	  	11-Apr-2017	  	 	5.46	% 	 	 	(45,387	) 	 	Nomura	  	Wachovia Securities
	Coppell Town Square	  	Coppell Town Center	  	Inland Western Coppell Town Limited Partnership	  	01-May-2017	  	 	3.53	% 	 	 	(10,473	) 	 	New York Life	  	New York Life
	Lincoln Park	  	Lincoln Park	  	Inland Western Dallas Lincoln Park Limited Partnership	  	01-Dec-2017	  	 	4.05	% 	 	 	(25,223	) 	 	Metlife	  	Metlife
	Corwest Plaza (CROSSED with Dorman Center I)	  	Corwest Plaza	  	Inland Southeast New Britain, L.L.C.	  	01-Apr-2019	  	 	7.25	% 	 	 	(14,101	) 	 	John Hancock	  	Hancock
	Dorman Center I (CROSSED with Corwest Plaza)	  	Dorman Center	  	Inland Western Spartanburg, L.L.C.	  	01-Apr-2019	  	 	7.70	% 	 	 	(20,061	) 	 	John Hancock	  	Hancock
	Shops at Park Place	  	Shops at Park Place	  	Inland Park Place Limited Partnership	  	01-May-2019	  	 	7.48	% 	 	 	(7,588	) 	 	John Hancock	  	Hancock
	Paradise Shoppes of New Hope (CROSSED with Village Shoppes at Simonton)	  	Shoppes of New Hope	  	Inland Western Dallas Paradise, L.L.C.	  	01-Jun-2019	  	 	7.75	% 	 	 	(3,411	) 	 	UNUM	  	HFF, L.P.

  
 SCHEDULE
5.15 
 (to Note Purchase Agreement) 

																			
	DEBT DESCRIPTION	  	PROPERTY NAME	  	BORROWER	  	 MATURITY

DATE

(SORT)
	  	INTEREST
RATE	 	 	 PRINCIPAL
BALANCE AT

8/31/2016

(DOLLARS IN
000’S)
	 	 	 LENDER -

PRIMARY/
ORIGINATING
	  	SERVICER
	Village Shoppes at Simonton (CROSSED with Shoppes of Dallas)	  	Village Shoppes at Simonton	  	Inland Western Lawrenceville Simonton, L.L.C.	  	01-Jun-2019	  	 	7.75	% 	 	 	(3,149	) 	 	UNUM	  	HFF, L.P.
	Plaza at Marysville	  	Plaza at Marysville	  	Inland Western Marysville, L.L.C.	  	01-Sep-2019	  	 	8.00	% 	 	 	(8,662	) 	 	Provident	  	HFF, L.P.
	Forks Town Center	  	Forks Town Center	  	Inland Western Easton Forks Town DST	  	01-Oct-2019	  	 	7.70	% 	 	 	(7,906	) 	 	Aetna	  	HFF, L.P.
	IWJV Pool - Senior Mortgage	  	Eckerd’s - Edmond	  	Inland Western Danforth, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(2,120	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Eckerd’s - Norman	  	Inland Western Norman, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(3,338	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Magnolia Square	  	Inland Western Houma Magnolia, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(6,045	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Denton Crossing	  	Inland Western Denton Crossing Limited Partnership	  	01-Dec-2019	  	 	7.50	% 	 	 	(25,894	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Paradise Valley Marketplace	  	Inland Western Phoenix, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(8,752	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Gateway Pavilions	  	Inland Western Avondale McDowell, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(23,007	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Fox Creek Village	  	Inland Western Longmont Fox Creek, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(8,571	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Pleasant Run	  	Inland Western Cedar Hill Pleasant Run Limited Partnership	  	01-Dec-2019	  	 	7.50	% 	 	 	(13,082	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Hickory Ridge	  	Inland Western Hickory-Catawba, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(18,315	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	North Rivers Town Center	  	Inland Western Charleston North Rivers, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(9,564	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Northpointe Plaza	  	Inland Western Spokane Northpointe, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(22,104	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Eckerd’s - Crossville	  	Inland Western Crossville Main, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(1,263	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Eckerd’s - Columbia	  	Inland Western Columbia Broad River, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(1,579	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Eckerd’s - Kill Devil Hills	  	Inland Western Kill Devil Hills Croatan, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(1,804	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Eckerd’s - Greer	  	Inland Western Greer Wade Hampton, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(1,516	) 	 	JPMorgan Chase	  	Keybank

  
 5.15-2 

																			
	DEBT DESCRIPTION	  	PROPERTY NAME	  	BORROWER	  	 MATURITY

DATE

(SORT)
	  	INTEREST
RATE	 	 	 PRINCIPAL
BALANCE AT

8/31/2016

(DOLLARS IN
000’S)
	 	 	 LENDER -

PRIMARY/
ORIGINATING
	  	SERVICER
	IWJV Pool - Senior Mortgage	  	Cranberry Square	  	Inland Western Cranberry DST	  	01-Dec-2019	  	 	7.50	% 	 	 	(10,466	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Lake Mary Pointe	  	Inland Western Lake Mary, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(1,566	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	The Columns	  	Inland Western Jackson Columns, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(11,729	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Bed Bath & Beyond Plaza	  	Inland Western Miami 19th Street, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(8,571	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Azalea Square	  	Inland Western Summerville Azalea Square, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(11,368	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Saucon Valley Square	  	Inland Western Bethlehem Saucon Valley DST	  	01-Dec-2019	  	 	7.50	% 	 	 	(8,120	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Shoppes at Park West	  	Inland Western Mt. Pleasant Park West, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(5,052	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Coram Plaza	  	Inland Western Coram Plaza, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(13,353	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Gurnee Town Center	  	Inland Western Gurnee, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(14,345	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Winchester Commons	  	Inland Western Memphis Winchester, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(5,413	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	University Town Center	  	Inland Western Tuscaloosa University, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(4,240	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Edgemont Town Center	  	Inland Western Birmingham Edgemont, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(6,180	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Evans Town Centre	  	Inland Western Evans, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(4,060	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Irmo Station	  	Inland Western Irmo Station, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(4,782	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Northwoods	  	Inland Western Wesley Chapel Northwoods, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(8,120	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Greens Corner	  	Inland Western Cumming Green’s Corner, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(5,052	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Newton Crossroads	  	Inland Western Covington Newton Crossroads, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(3,564	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Stilesboro Oaks	  	Inland Western Acworth Stilesboro, L.L.C., a Delaware limited liability	  	01-Dec-2019	  	 	7.50	% 	 	 	(4,836	) 	 	JPMorgan Chase	  	Keybank

  
 5.15-3 

																			
	DEBT DESCRIPTION	  	PROPERTY NAME	  	BORROWER	  	 MATURITY

DATE

(SORT)
	  	INTEREST
RATE	 	 	 PRINCIPAL
BALANCE AT

8/31/2016

(DOLLARS IN
000’S)
	 	 	 LENDER -

PRIMARY/
ORIGINATING
	  	SERVICER
	IWJV Pool - Senior Mortgage	  	23rd Street Plaza	  	Inland Western Panama City, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(2,905	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Holliday Towne Center	  	Inland Western Duncansville Holliday DST	  	01-Dec-2019	  	 	7.50	% 	 	 	(7,398	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Phenix Crossing	  	Inland Western Phenix City, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(3,970	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Cottage Plaza	  	Inland Western Pawtucket Cottage, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(10,195	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	High Ridge Crossing	  	Inland Western High Ridge, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(4,692	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Cinemark Seven Bridges	  	Inland Western Woodridge Seven Bridges, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(4,692	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Eckerd - Colesville	  	Colesville One, LLC	  	01-Dec-2019	  	 	7.50	% 	 	 	(2,932	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Boulevard Plaza	  	Inland Western Pawtucket Boulevard, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(2,256	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Brown’s Lane Plaza	  	Inland Western Middletown Brown’s Lane, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(4,692	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Cuyahoga Falls Marketplace	  	Inland Western Cuyahoga Falls, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(3,474	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Fullerton Metrocenter	  	Inland Western Fullerton MetroCenter, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(26,615	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Placentia Town Center	  	Inland Western Placentia, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(10,556	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Edwards Multiplex - Fresno	  	Inland Western Fresno Blackstone Avenue, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(9,022	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Edwards Multiplex - Ontario	  	Inland Western Ontario 4th Street, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(13,037	) 	 	JPMorgan Chase	  	Keybank
	IWJV Pool - Senior Mortgage	  	Stony Creek Marketplace	  	Inland Southeast Stony Creek, L.L.C.	  	01-Dec-2019	  	 	7.50	% 	 	 	(8,120	) 	 	JPMorgan Chase	  	Keybank
	Sawyer Heights Village	  	Sawyer Heights Village	  	Inland Western Houston Sawyer Heights Limited Partnership	  	01-Jul-2021	  	 	5.00	% 	 	 	(18,700	) 	 	JPMorgan Chase	  	Midland
	Ashland and Roosevelt Phase II (Bank of America Pad)	  	Ashland and Roosevelt (LaSalle Bank Pad)	  	Inland Western Chicago Ashland, L.L.C.	  	25-Feb-2022	  	 	7.48	% 	 	 	(1,017	) 	 	Beneficial Life	  	Grandbridge Real Estate Capital

  
 5.15-4 

																			
	DEBT DESCRIPTION	  	PROPERTY NAME	  	BORROWER	  	 MATURITY

DATE

(SORT)
	  	INTEREST
RATE	 	 	 PRINCIPAL
BALANCE AT

8/31/2016

(DOLLARS IN
000’S)
	 	 	 LENDER -

PRIMARY/
ORIGINATING
	  	SERVICER
	Commons at Temecula	  	Commons at Temecula	  	Inland Western Temecula Commons, L.L.C.	  	01-Mar-2022	  	 	4.74	% 	 	 	(25,665	) 	 	JPMorgan Chase	  	Wells Fargo
	Gardiner Manor Mall	  	Gardiner Manor Mall	  	Inland Western Bay Shore Gardiner, L.L.C.	  	01-Mar-2022	  	 	4.95	% 	 	 	(34,947	) 	 	Northwestern Mutual	  	Northwestern Mutual
	Peoria Crossings	  	Peoria Crossings	  	Inland Western Glendale, L.L.C.; Inland Western Glendale Peoria II, L.L.C.; and	  	01-Apr-2022	  	 	4.82	% 	 	 	(24,131	) 	 	JPMorgan Chase	  	Wells Fargo
	Southlake Corners	  	Southlake Corners	  	Inland Western Southlake Corners Kimball Limited Partnership	  	01-Apr-2022	  	 	4.89	% 	 	 	(20,945	) 	 	JPMorgan Chase	  	Wells Fargo
	Tollgate Marketplace	  	Tollgate Marketplace	  	Inland Bel Air SPE, L.L.C.	  	01-Apr-2022	  	 	4.84	% 	 	 	(35,000	) 	 	Keybank	  	Berkadia
	Town Square Plaza	  	Town Square Plaza	  	Inland Western Pottstown Limited Partnership	  	01-Apr-2022	  	 	4.82	% 	 	 	(16,815	) 	 	JPMorgan Chase	  	Wells Fargo
	Village Shoppes at Gainesville	  	Village Shoppes at Gainesville	  	Inland Western Gainesville Village, L.L.C.	  	01-Apr-2022	  	 	4.25	% 	 	 	(19,547	) 	 	Hartford Life	  	Midland (Payments/ Escrows) & HFF (Reporting/ Lease
	Reisterstown Road Plaza	  	Reisterstown Road Plaza	  	Inland Reisterstown SPE I, L.L.C. and Inland Reisterstown SPE II, L.L.C.	  	01-Jun-2022	  	 	5.25	% 	 	 	(46,250	) 	 	Keybank	  	Midland
	Gateway Village	  	Gateway Village	  	Gateway Village LLC	  	01-Jan-2023	  	 	4.14	% 	 	 	(35,236	) 	 	PNC	  	Midland
	Home Depot Plaza	  	Home Depot Plaza	  	Inland Western Orange 440 Boston, L.L.C.	  	01-Dec-2026	  	 	4.82	% 	 	 	(10,750	) 	 	JPMorgan Chase	  	Wells Fargo
	Northgate North	  	Northgate North	  	Inland Western Seattle Northgate North, L.L.C.	  	01-Jun-2027	  	 	4.50	% 	 	 	(26,513	) 	 	ING	  	HFF, L.P.
	The Shoppes at Union Hill	  	The Shoppes at Union Hill	  	Denville Union Hill, L.L.C.	  	01-Jun-2031	  	 	3.75	% 	 	 	(15,644	) 	 	ING	  	Bellwether
		  		  		  		  				 	  
	  
	 	 		  	
		  	Total Unsecured Debt - Consolidated Portfolio	  		  				 	 	(1,035,221	) 	 		  	
		  		  		  		  				 	  
	  
	 	 		  	

  
 5.15-5 

																			
	DEBT DESCRIPTION	  	PROPERTY NAME	  	BORROWER	  	 MATURITY

DATE

(SORT)
	  	INTEREST
RATE	 	 	 PRINCIPAL
BALANCE AT

8/31/2016

(DOLLARS IN
000’S)
	 	 	 LENDER -

PRIMARY/
ORIGINATING
	  	SERVICER
	Unsecured Debt	  		  		  		  				 				 		  	
	Revolving Line of Credit ($750 mm)1	  		  	Retail Properties of America, Inc.	  	05-Jan-2020	  	 	1.87	% 	 	 	(125,000	) 	 	Keybank/Wells Fargo	  	Keybank (Agent)
	Term Loan ($200 mm Tranche)2	  		  	Retail Properties of America, Inc.	  	11-May-2018	  	 	1.97	% 	 	 	(200,000	) 	 	Keybank/Wells Fargo	  	Keybank (Agent)
	Term Loan ($250 mm Tranche) 3	  		  	Retail Properties of America, Inc.	  	05-Jan-2021	  	 	1.97	% 	 	 	(250,000	) 	 	Keybank/Wells Fargo	  	Keybank (Agent)
	Senior Notes – 4.12% due 2021	  		  	Retail Properties of America, Inc.	  	30-Jun-2021	  	 	4.12	% 	 	 	(100,000	) 	 		  	
	Senior Notes – 4.58% due 2024	  		  	Retail Properties of America, Inc.	  	30-Jun-2024	  	 	4.58	% 	 	 	(150,000	) 	 		  	
	Senior Notes – 4.00% due 2025	  		  	Retail Properties of America, Inc.	  	15-Mar-2025	  	 	4.00	% 	 	 	(250,000	) 	 		  	
		  		  		  		  				 	  
	  
	 	 		  	
		  	Total Unsecured Debt - Consolidated Portfolio	  		  				 	 	(1,075,000	) 	 		  	
		  		  		  		  				 	  
	  
	 	 		  	
		  	Total Debt – Consolidated Portfolio	  		  				 	 	(2,110,221	) 	 		  	
		  		  		  		  				 	  
	  
	 	 		  	

  

	1	The revolver is priced on leverage grid at a rate of LIBOR plus 1.35%. 

	2	The term loan is priced on a leverage grid at a rate of LBOR plus 1.45%. 

	3	The term loan is priced on a leverage grid at a rate of LBOR plus 1.30%. Retail Properties of America, Inc. entered into an interest rate swap to convert the variable rate portion of the $200 mm LIBOR-based debt to a
fixed rate through December 31, 2017. The swap effectively converts one-month floating rate LIBOR to a fixed rate of 0.6677% over the term of the swap. 

  
 5.15-6 

 RETAIL PROPERTIES OF AMERICA,
INC. 
 2021 SPRING ROAD, SUITE 200 

OAK BROOK, IL 60523 

INFORMATION RELATING TO PURCHASERS 

 

					
	NAME AND ADDRESS OF PURCHASER	  	 PRINCIPAL AMOUNT AND
SERIES OF NOTES TO BE PURCHASED

			
		  	 Series A
	  	Series B
		  		  	
		  		  	
		  		  	

  
 SCHEDULE B

 (to Note Purchase Agreement) 

 RETAIL PROPERTIES OF AMERICA,
INC. 
 2021 SPRING ROAD, SUITE 200 

OAK BROOK, IL 60523 

INFORMATION RELATING TO PURCHASERS 

 

					
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT AND SERIES
OF NOTES TO BE 
PURCHASED
			
	 	  	Series A	  	Series B
	 THE PRUDENTIAL INSURANCE COMPANY OF
AMERICA
 c/o Prudential Capital Group
 Two
Prudential Plaza
 180 N. Stetson Avenue, Suite 5600
 Chicago,
IL 60601
 Attention: Managing Director
	  	$22,090,000
 $20,680,000
	  	$0

  

	(1)	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

JPMorgan Chase Bank 
 New York, NY

 ABA No.: 021-000-021 

Account Name: Prudential Managed Portfolio 

Account No.: P86188 (please do not include spaces) (in the case of payments on account of the Note originally issued in the principal
amount of $22,090,000.00) 
 Account Name: The Prudential - Privest Portfolio 

Account No.: P86189 (please do not include spaces) (in the case of payments on account of the Note originally issued in the principal
amount of $20,680,000.00) 
 Each such wire transfer shall set forth the name of the Company, a reference to “4.08% Series A Senior
Notes due 30 September 2026, Security No. INV12021, PPN 76131V A#0” and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made. 

  
 SCHEDULE B

 (to Note Purchase Agreement) 

	(2)	Address for all communications and notices: 

 The Prudential Insurance Company of America 

c/o Prudential Capital Group 
 Two
Prudential Plaza 
 180 N. Stetson Avenue 

Suite 5600 
 Chicago, IL 60601

 Attention: Managing Director 

and for all notices relating solely to scheduled principal and interest payments to: 

The Prudential Insurance Company of America 

c/o PGIM, Inc. 
 Prudential Tower

 655 Broad Street 
 14th Floor
- South Tower 
 Newark, NJ 07102 

Attention: PIM Private Accounting Processing Team 

Email: Pim.Private.Accounting.Processing.Team@prudential.com 
  

	(3)	Address for Delivery of Notes: 

  

	 	(a)	Send physical security by nationwide overnight delivery service to: 

 PGIM, Inc. 

655 Broad Street 
 14th Floor -
South Tower 
 Newark, NJ 07102 

Attention: Michael Iacono - Trade Management manager 

 

	 	(b)	Send copy by email to: 

 armando.gamboa@prudential.com 

 

	(4)	Tax Identification No.: 22-1211670 

  
 B-2 

					
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT AND SERIES
OF NOTES TO BE 
PURCHASED
			
	 	  	Series A	  	Series B
	 THE GIBRALTAR LIFE INSURANCE CO., LTD.

c/o Prudential Private Placement Investors, L.P.
 c/o Prudential
Capital Group
 Two Prudential Plaza
 180 N. Stetson Avenue,
Suite 5600
 Chicago, IL 60601
 Attention: Managing
Director
	  	$49,500,000	  	$0

  

	(1)	All principal, interest and Make-Whole Amount payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

JPMorgan Chase Bank 
 New York, NY

 ABA No.: 021-000-021 

Account Name: GIBPRVJAFS1 

Account No.: P86246 (please do not include spaces) 

Each such wire transfer shall set forth the name of the Company, a reference to “4.08% Series A Senior Notes due 30 September 2026,
Security No. INV12021, PPN 76131V A#0” and the due date and application (as among principal, interest and Make-Whole Amount) of the payment being made. 
  

	(2)	All payments, other than principal, interest or Make-Whole Amount, on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

JPMorgan Chase Bank 
 New York, NY

 ABA No. 021-000-021 
 Account
No. 304199036 
 Account Name: Prudential International Insurance Service Co. 

Each such wire transfer shall set forth the name of the Company, a reference to “4.08% Series A Senior Notes due 30 September 2026,
Security No. INV12021, PPN 76131V A#0” and the due date and application (e.g., type of fee) of the payment being made. 

  
 B-3 

	(3)	Address for all communications and notices: 

 Prudential Private Placement Investors, L.P. 

c/o Prudential Capital Group 
 Two
Prudential Plaza 
 180 N. Stetson Avenue 

Suite 5600 
 Chicago, IL 60601

 Attention: Managing Director 

and for all notices relating solely to scheduled principal and interest payments to: 

The Gibraltar Life Insurance Co., Ltd. 

2-13-10, Nagata-cho 
 Chiyoda-ku,
Tokyo 100-8953, Japan 
 Attention: Osamu Egi, Team Leader of Investment 

                Administration Team 

E-mail: osamu.egi@gib-life.co.jp 

and e-mail copy to: 

Attention: Tetsuya Sawazaki, Manager of Investment 

                Administration Team 

E-mail: tetsuya.sawazaki@gib-life.co.jp 
  

	(4)	Address for Delivery of Notes: 

  

	 	(a)	Send physical security by nationwide overnight delivery service to: 

 PGIM, Inc. 

655 Broad Street 
 14th Floor -
South Tower 
 Newark, NJ 07102 

Attention: Michael Iacono - Trade Management manager 
  

	 	(b)	Send copy by email to: 

 armando.gamboa@prudential.com 

 

	(5)	Tax Identification No.: 98-0408643 

  
 B-4 

					
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT AND SERIES
OF NOTES TO BE 
PURCHASED
			
	 	  	Series A	  	Series B
	 PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION

c/o Prudential Capital Group
 Two Prudential Plaza

180 N. Stetson Avenue, Suite 5600
 Chicago, IL 60601

Attention: Managing Director
	  	$1,470,000	  	$0

  

	(1)	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

JPMorgan Chase Bank 
 New York, NY

 ABA No.: 021-000-021 

Account Name: Prudential Annuities Life Assurance Corporation 

Account No.: P01309 (please do not include spaces) 

Each such wire transfer shall set forth the name of the Company, a reference to “4.08% Series A Senior Notes due 30 September 2026,
Security No. INV12021, PPN 76131V A#0” and the due date and application (e.g., type of fee) of the payment being made. 
  

	(2)	Address for all communications and notices: 

 Prudential Annuities Life Assurance Corporation

 c/o Prudential Capital Group 

Two Prudential Plaza 
 180 N.
Stetson Avenue 
 Suite 5600 

Chicago, IL 60601 

Attention: Managing Director 

  
 B-5 

 and for all notices relating solely to scheduled principal and interest payments to: 

Prudential Annuities Life Assurance Corporation 

c/o PGIM, Inc. 
 Prudential Tower

 655 Broad Street 
 14th Floor
- South Tower 
 Newark, NJ 07102 

Attention: PIM Private Accounting Processing Team 

Email: Pim.Private.Accounting.Processing.Team@prudential.com 
  

	(3)	Address for Delivery of Notes: 

  

	 	(a)	Send physical security by nationwide overnight delivery service to: 

 PGIM, Inc. 

655 Broad Street 
 14th Floor -
South Tower 
 Newark, NJ 07102 

Attention: Michael Iacono - Trade Management manager 
  

	 	(b)	Send copy by email to: 

 armando.gamboa@prudential.com 

 

	(4)	Tax Identification No.: 06-1241288 

  
 B-6 

					
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT AND SERIES
OF NOTES TO BE 
PURCHASED
			
	 	  	Series A	  	Series B
	 WILLIAM PENN LIFE INSURANCE COMPANY OF
NEW YORK
 c/o Prudential Private Placement Investors, L.P.

c/o Prudential Capital Group
 Two Prudential Plaza

180 N. Stetson Avenue, Suite 5600
 Chicago, IL 60601

Attention: Managing Director
	  	$6,260,000	  	$0

 Notes/Certificates to be registered in the name of: 

Hare & Co, LLC 
  

	(1)	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to: 

The Bank of New York/Mellon 
 One
Wall Street 
 3rd Floor / Window A 

New York, NY 10286 
 ABA
No.: 021000018 
 Bnf/Account: GLA 111566 

Attention: P&I Dept 

Each such wire transfer shall set forth the name of the Company, a reference to “4.08% Series A Senior Notes due 30 September 2026,
PPN 76131V A#0” and the due date and application (e.g., type of fee) of the payment being made. 
  

	(2)	Address for all communications and notices: 

 Prudential Private Placement Investors, L.P. 

c/o Prudential Capital Group 
 Two
Prudential Plaza 
 180 N. Stetson Avenue 

Suite 5600 
 Chicago, IL 60601

 Attention: Managing Director 

  
 B-7 

 and for all notices relating solely to scheduled principal and interest payments and written
confirmations of wire transfers to: 
 William Penn Life Insurance Company of New York 

3275 Bennett Creek Ave. 

Fredrick, MD 21704 

Attention: Investment Accounting 
  

	(3)	Address for Delivery of Notes: 

  

	 	(a)	Send physical security by nationwide overnight delivery 

 service to: 

The Depository Trust Company 
 570
Washington Blvd - 5th floor 
 Jersey City, NJ 07310 

Attention: BNY Mellon/Branch Deposit Department 

For account: U.S. Bank N.A. #117612 
  

	 	(b)	Send copy by email: 

 armando.gamboa@prudential.com 

and 

Private.Disbursements@Prudential.com 
  

	(4)	Tax Identification No.: 13-1976260 

  
 B-8 

					
	NAME AND ADDRESS OF PURCHASER	  	PRINCIPAL AMOUNT AND SERIES
OF NOTES 
TO BE PURCHASED
			
	 	  	Series A	  	Series B
	 METROPOLITAN LIFE INSURANCE COMPANY

1095 Avenue of the Americas
 New York, New
York 10036
	  	$0	  	$22,000,000

 (Securities to be registered in the name of Metropolitan Life Insurance Company) 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	Bank Name:	 	JPMorgan Chase Bank
	ABA Routing #:	 	021-000-021
	Account No.:	 	002-2-410591
	Account Name:	 	Metropolitan Life Insurance Company
	Ref:	 	BME1TYUZ8– Retail Properties of America Inc, 4.24% due 12/28/2028

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the
absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
  

	(2)	All notices and communications: 

 Metropolitan Life Insurance Company 

Investments, Private Placements 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: William Gardner, VP Private Placements-Corporates 

Emails: PPUCompliance@metlife.com and wgardner@metlife.com  

With a copy OTHER than with respect to deliveries of financial statements to: 

Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

  
 B-9 

	(3)	Original notes delivered to: 

 Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Nicolette Lopez, Esq. 
  

	(4)	Taxpayer I.D. Number: 13-5581829 

  

	(5)	UK Passport Treaty Number (if applicable): 13/M/61303/DTTP 

  

	
	  

Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life Insurance Company,
Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

 

  
 B-10 

					
	NAME AND ADDRESS OF PURCHASER	  	
PRINCIPAL AMOUNT AND SERIES

OF NOTES TO BE PURCHASED

			
		  	Series A	  	Series B
	 METROPOLITAN LIFE INSURANCE COMPANY

1095 Avenue of the Americas
 New York, New
York 10036
	  	$0	  	$15,000,000

 (Securities to be registered in the name of Metropolitan Life Insurance Company) 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	Bank Name:	  	JPMorgan Chase Bank
	ABA Routing #:	  	021-000-021
	Account No.:	  	496577268
	Account Name:	  	Metropolitan Life Insurance Company-Separate Account 728
	Ref:	  	BME1TYUZ8– Retail Properties of America Inc, 4.24% due 12/28/2028

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the
absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
  

	(2)	All notices and communications: 

 Metropolitan Life Insurance Company 

Investments, Private Placements 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: William Gardner, VP Private Placements-Corporates 

Emails: PPUCompliance@metlife.com and wgardner@metlife.com  

With a copy OTHER than with respect to deliveries of financial statements to: 

Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

  
 B-11 

	(3)	Original notes delivered to: 

 Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Nicolette Lopez, Esq. 
  

	(4)	Taxpayer I.D. Number: 13-5581829 

  

	(5)	UK Passport Treaty Number (if applicable): 13/M/61303/DTTP 

  

	
	Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life Insurance Company,
Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

  
 B-12 

					
	NAME AND ADDRESS OF PURCHASER	  	
PRINCIPAL AMOUNT AND SERIES

OF NOTES TO BE PURCHASED

			
		  	Series A	  	Series B
	 METLIFE INSURANCE K.K.

4-1-3, Taihei, Sumida-ku
 Tokyo, 130-0012 JAPAN
	  	$0	  	$10,000,000

 (Securities to be registered in the name of MetLife Insurance K.K.) 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	Bank Name:	  	Citibank New York
	ABA Routing #:	  	021000089
	DDA:	  	30857793
	Account Name:	  	METLIFE PP JPYF
	Ref:	  	BME1TYUZ8– Retail Properties of America Inc, 4.24% due 12/28/2028

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the
absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
  

	(2)	All notices and communications: 

 Alico Asset Management Corp. (Japan) 

Administration Department 
 ARCA
East 7F, 3-2-1 Kinshi 
 Sumida-ku, Tokyo 130-0013 Japan 

Attention: Administration Dept. Manager 

Email: saura@metlife.co.jp 

With a copy to: 

MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: William Gardner, VP Private Placements-Corporates 

Emails: PPUCompliance@metlife.com and wgardner@metlife.com  

  
 B-13 

 With another copy OTHER than with respect to deliveries of financial statements to:

 MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 
  

	(3)	Original notes delivered to: 

 MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Nicolette Lopez, Esq. 
  

	(4)	Taxpayer I.D. Number: 98-1037269 (USA) and 00661996 (Japan) 

  

	(5)	UK Passport Treaty Number (if applicable): 43/M/359828/DTTP 

  

	
	Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life Insurance Company,
Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

  
 B-14 

					
	NAME AND ADDRESS OF PURCHASER	  	
PRINCIPAL AMOUNT AND SERIES

OF NOTES TO BE PURCHASED

			
		  	Series A	  	Series B
	 METLIFE INSURANCE K.K.

4-1-3, Taihei, Sumida-ku
 Tokyo, 130-0012 JAPAN
	  	$0	  	$8,000,000

 (Securities to be registered in the name of MetLife Insurance K.K.) 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	Bank Name:	  	 Citibank New York
 111 Wall Street, New York,
New York 10005 (USA)

	ABA Routing #:	  	021000089
	Acct No./DDA:	  	30872002
	Acct Name:	  	METLIFE PP USDF
	Ref:	  	BME1TYUZ8– Retail Properties of America Inc, 4.24% due 12/28/2028

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the
absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
  

	(2)	All notices and communications: 

 Alico Asset Management Corp. (Japan) 

Administration Department 
 ARCA
East 7F, 3-2-1 Kinshi 
 Sumida-ku, Tokyo 130-0013 Japan 

Attention: Administration Dept. Manager 

Email: saura@metlife.co.jp 

With a copy to: 

MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC 

Investments, Private Placements 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: William Gardner, VP Private Placements-Corporates 

Emails: PPUCompliance@metlife.com and wgardner@metlife.com  

  
 B-15 

 With another copy OTHER than with respect to deliveries of financial statements
to: 
 MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 
  

	(3)	Original notes delivered to: 

 MetLife Insurance K.K. 

c/o MetLife Investment Advisors, LLC, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Nicolette Lopez, Esq. 
  

	(4)	Taxpayer I.D. Number: 98-1037269 (USA) and 00661996 (Japan) 

  

	(5)	UK Passport Treaty Number (if applicable): 43/M/359828/DTTP 

  

	
	  

Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life Insurance Company,
Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

 

  
 B-16 

					
	NAME AND ADDRESS OF PURCHASER	  	
PRINCIPAL AMOUNT AND SERIES

OF NOTES TO BE PURCHASED

			
		  	Series A	  	Series B
	 GENERAL AMERICAN LIFE INSURANCE COMPANY

c/o Metropolitan Life Insurance Company
 1095 Avenue of the
Americas
 New York, New York 10036
	  	$0	  	$15,000,000

 (Securities to be registered in the name of General American Life Insurance Company) 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	Bank Name:	  	JPMorgan Chase Bank
	ABA Routing #:	  	021-000-021
	Account No.:	  	323-8-90946
	Account Name:	  	General American Life Insurance Company
	Ref:	  	BME1TYUZ8– Retail Properties of America Inc, 4.24% due 12/28/2028

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the
absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
  

	(2)	All notices and communications: 

 GENERAL AMERICAN LIFE INSURANCE COMPANY 

c/o Metropolitan Life Insurance Company 

Investments, Private Placements 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: William Gardner, VP Private Placements-Corporates 

Emails: PPUCompliance@metlife.com and wgardner@metlife.com  

With a copy OTHER than with respect to deliveries of financial statements to: 

GENERAL AMERICAN LIFE INSURANCE COMPANY 

c/o Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

  
 B-17 

	(3)	Original notes delivered to: 

 GENERAL AMERICAN LIFE INSURANCE COMPANY 

c/o Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Nicolette Lopez, Esq. 
  

	(4)	Taxpayer I.D. Number: 43-0285930 

  

	(5)	UK Passport Treaty Number (if applicable): 13/G/63177/DTTP 

  

	
	  

Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life Insurance Company,
Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

 

  
 B-18 

					
	NAME AND ADDRESS OF PURCHASER	  	
PRINCIPAL AMOUNT AND SERIES

OF NOTES TO BE PURCHASED

			
		  	Series A	  	Series B
	 NEW ENGLAND LIFE INSURANCE COMPANY

c/o Metropolitan Life Insurance Company
 1095 Avenue of the
Americas
 New York, New York 10036
	  	$0	  	$15,000,000

 (Securities to be registered in the name of New England Life Insurance Company) 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	Bank Name:	  	JPMorgan Chase Bank
	ABA Routing #:	  	021-000-021
	Account No.:	  	910-2-778983
	Account Name:	  	New England Life Insurance Company
	Ref:	  	BME1TYUZ8– Retail Properties of America Inc, 4.24% due 12/28/2028

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the
absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
  

	(2)	All notices and communications: 

 NEW ENGLAND LIFE INSURANCE COMPANY 

c/o Metropolitan Life Insurance Company 

Investments, Private Placements 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: William Gardner, VP Private Placements-Corporates 

Emails: PPUCompliance@metlife.com and wgardner@metlife.com  

  
 B-19 

 With a copy OTHER than with respect to deliveries of financial statements to: 

NEW ENGLAND LIFE INSURANCE COMPANY 

c/o Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 
  

	(3)	Original notes delivered to: 

 NEW ENGLAND LIFE INSURANCE COMPANY 

c/o Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Nicolette Lopez, Esq. 
  

	(4)	Taxpayer I.D. Number: 04-2708937 

  

	(5)	UK Passport Treaty Number (if applicable): 13/N/276931/DTTP 

  

	
	  

Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life Insurance Company,
Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

 

  
 B-20 

					
	NAME AND ADDRESS OF PURCHASER	  	
PRINCIPAL AMOUNT AND SERIES

OF NOTES TO BE PURCHASED

			
	 	  	Series A	  	Series B
	 METLIFE REINSURANCE COMPANY OF
CHARLESTON
 c/o Metropolitan Life Insurance Company

1095 Avenue of the Americas
 New York, New
York 10036
	  	$0	  	$15,000,000

 (Securities to be registered in the name of MetLife Reinsurance Company of Charleston) 

 

	(1)	All scheduled payments of principal and interest by wire transfer of immediately available funds to: 

  

			
	Bank Name:	 	JPMorgan Chase Bank
	ABA Routing #:	 	021-000-021
	Account No.:	 	304-910848
	Account Name:	 	MetLife Reinsurance Company of Charleston
	Ref:	 	BME1TYUZ8– Retail Properties of America Inc, 4.24% due 12/28/2028

 with sufficient information to identify the source and application of such funds, including issuer, PPN#,
interest rate, maturity and whether payment is of principal, interest, make whole amount or otherwise. For all payments other than scheduled payments of principal and interest, the Company shall seek instructions from the holder, and in the
absence of instructions to the contrary, will make such payments to the account and in the manner set forth above. 
  

	(2)	All notices and communications: 

 MetLife Reinsurance Company of Charleston 

c/o Metropolitan Life Insurance Company 

Investments, Private Placements 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: William Gardner, VP Private Placements-Corporates 

Emails: PPUCompliance@metlife.com     and wgardner@metlife.com  

With a copy OTHER than with respect to deliveries of financial statements to: 

MetLife Reinsurance Company of Charleston 

c/o Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Chief Counsel-Investments Law (PRIV) 

Email: sec_invest_law@metlife.com 

  
 B-21 

	(3)	Original notes delivered to: 

 MetLife Reinsurance Company of Charleston 

c/o Metropolitan Life Insurance Company, Investments Law 

One MetLife Way 
 Whippany, New
Jersey 07981 
 Attention: Nicolette Lopez, Esq. 
  

	(4)	Taxpayer I.D. Number: 20-5819518 

  

	(5)	UK Passport Treaty Number (if applicable): 13/M/360022/DTTP 

  

	
	  

Audit Requests: Soft copy to AuditConfirms.PvtPlacements@metlife.com or hard copy to: Metropolitan Life Insurance Company,
Attn: Private Placements Operations (ATTN: Audit Confirmations), 18210 Crane Nest Drive – 5th Floor, Tampa, FL 33647

 

  
 B-22 

 IMMATERIAL SUBSIDIARIES 

None. 

  
 SCHEDULE
S-1 
 (to Note Purchase Agreement)

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