Document:

Exhibit 4.21

            

           

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      Deed of Trust for Convertible Debentures (Series D)

       

      Table of Contents

       

      	
              Topic

            	
              Clause in the Deed

            

      	
              Preamble; Interpretation; Definitions and Entry into Force

            	
              1

            
	
              Issuing the Debentures; the Terms of Issuance; Equal Ranking

            	
              2

            
	
              Appointment of the Trustee; Commencement of Term; Term of Office of the Trustee; Expiration of the Office of the Trustee; Resignation; Dismissal; the Duties of the Trustee; the Powers of
                the Trustee

            	
              3

            
	
              Purchasing Debentures by the Company or by an Affiliated Holder

            	
              4

            
	
              Issuance of Debentures from New Series; Expanding a Series

            	
              5

            
	
              The Company’s Undertakings          

            	
              6

            
	
              Not Securing the Debentures; Negative Pledge          

            	
              7

            
	
              Early Redemption          

            	
              8

            
	
              Right for Immediate Repayment and/or Realization of Collaterals

            	
              9

            
	
              Claims and Proceedings by the Trustee          

            	
              10

            
	
              Order of Priority of Creditors; Dividing the Intakes          

            	
              11

            
	
              Authority to Demand Financing          

            	
              12

            
	
              Authority to Delay the Division of Funds          

            	
              13

            
	
              Notice of Distribution and Deposit with the Trustee          

            	
              14

            
	
              Avoidance from Payment for a Reason that is not Dependent on the Company; Deposit with the Trustee

            	
              15

            
	
              Receipt from the Debenture Holders and the Trustee

            	
              15A

            
	
              Presenting Debentures to the Trustee and Registration pertaining to Partial Payment

            	
              16

            

      

      

      
        
          

      

      
       

        
          
            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      
        	
                Topic

              	
                Clause in the Deed

              

      

      	
              Investment of Funds          

            	
              17

            
	
              Urgent Representing Body for the Debenture Holders          

            	
              18

            
	
              Confidentiality          

            	
              19

            
	
              Other Agreements          

            	
              20

            
	
              Reporting by the Trustee          

            	
              21

            
	
              Fees and Covering the Trustee’s Expenses          

            	
              22

            
	
              Reserved          

            	
              23

            
	
              Liability          

            	
              24

            
	
              The Authority of the Trustee to Employ Agents          

            	
              25

            
	
              Indemnification          

            	
              26

            
	
              Notices          

            	
              27

            
	
              Waiver; Settlement; Changes in the Terms of the Deed of Trust, Debentures

            	
              28

            
	
              Proxies

              

            	
              29

            
	
              Registry of Debenture Holders          

            	
              30

            
	
              Meetings of Debenture Holders          

            	
              31

            
	
              Applicability of the Law          

            	
              32

            
	
              Exclusive Authority          

            	
              33

            
	
              General          

            	
              34

            
	
              Addresses          

            	
              35

            
	
              Authorization to Magna          

            	
              36

            
	
              The Date of Payment of the Debentures Principal          

            	
              Clause 3 of the First Addendum

            
	
              The Interest          

            	
              Clause 4 of the First Addendum

            
	
              The Linkage Terms of the Principal and the Interest          

            	
              Clause 5 of the First Addendum

            

      

      

      
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                      UNOFFICIAL TRANSLATION FROM HEBREW

                       

                      THE BINDING VERSION IS THE HEBREW VERSION

                    

            

          

        

        

      

      
        	
                Topic

              	
                Clause in the Deed

              

      

      	
              Deferral of Appointed Times          

            	
              Clause 6 of the First Addendum

            
	
              Payments of the Principal and Interest of the Debentures          

            	
              Clause 7 of the First Addendum

            
	
              Interest in Arrears          

            	
              Clause 8 of the First Addendum

            
	
              Avoidance from Payment for a Reason that does not Depend on the Company

            	
              Clause 9 of the First Addendum

            
	
              Registry of Debenture Holders          

            	
              Clause 10 of the First Addendum

            
	
              Splitting Debenture Certificates and Transferring Them          

            	
              Clause 11 of the First Addendum

            
	
              Replacing the Debenture Certificate          

            	
              Clause 12 of the First Addendum

            
	
              Early Redemption          

            	
              Clause 13 of the First Addendum

            
	
              Purchasing Debentures by the Company or an Affiliated Holder

            	
              Clause 14 of the First Addendum

            
	
              Waiver; Settlement and Changes in the Debenture Terms          

            	
              Clause 15 of the First Addendum

            
	
              Debenture Holders Meetings          

            	
              Clause 16 of the First Addendum

            
	
              Receipts as Proof          

            	
              Clause 17 of the First Addendum

            
	
              Immediate Repayment          

            	
              Clause 18 of the First Addendum

            
	
              Notices          

            	
              Clause 19 of the First Addendum

            
	
              Terms of the Convertible Debentures (Series D)          

            	
              Clause 20 of the First Addendum

            
	
              Conditions for Expanding the Series of Debentures          

            	
              Appendix 5.2

            
	
              Financial Covenants and Undertakings          

            	
              Appendix 6.2

            
	
              Confidentiality Undertaking          

            	
              Appendix 19.2

            
	
              The Trustee’s Fee and Covering his Expenses          

            	
              Appendix 22

            
	
              Meetings of Debenture Holders          

            	
              Second Addendum

            

       

      

      

      
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                      UNOFFICIAL TRANSLATION FROM HEBREW

                       

                      THE BINDING VERSION IS THE HEBREW VERSION

                    

            

          

          

          

        

      

      Deed of Trust

       

      Of the 21st day of February, 2021

       

       

      
        	
                Between:

              	
                Ellomay Capital Ltd.

                
                  52-003986-8

                  of 18 Rothschild Blvd., Tel Aviv

                  (hereinafter: the “Company”)

                   

              

      

       

      Of the first part;

       

      
         

        
          	
                  And between:  

                  

                	
                  
                    Hermetic Trust (1975) Ltd.

                    51-070519-7

                    of 113 HaYarkon Street, Tel-Aviv

                    (hereinafter: the “Trustee”)

                  

                

        

         

      

      Of the second part;

       

      	Whereas:	
              on February 21, 2021 the Board of Directors of the Company resolved to approve the issue of convertible debentures (Series D) whose conditions are as stated in this Deed of Trust and that will be offered to the public according to a
                shelf offering report, by virtue of the Shelf Prospectus (as hereinafter defined);

            

       

      	And whereas:	
              the Trustee is a company limited by shares that was incorporated in Israel in 1975 in accordance with the Companies Ordinance, whose main purpose is to engage in trusts, and it meets the eligibility requirements established by law, and
                in particular the requirements of the Securities Law (as hereinafter defined) to serve as a trustee of the debentures which are the subject of this deed;

            

       

      	And whereas:	
              the Trustee declared that there is no hindrance in accordance with the Securities Law or any other law barring it from entering into this Deed of Trust with the Company, including pertaining to conflicts of interests preventing him from
                engaging with the Company as stated, and that it meets all of the demands and eligibility requirements set forth in the Securities Law to serve as Trustee for the issuance of the Debentures;

            

       

      	And whereas:	
              the Trustee has no material interest in the Company, and the Company has no personal interest in the Trustee, except for the fact that the Trustee is trustee for additional debentures of the Company;

            

       

      	And whereas:	
              the Company requested the Trustee, subject to the issuance of the Debentures (Series D), the Trustee will serve as a Trustee for the Holders of the Debentures (Series D) and the Trustee agreed to
                the said and all subject to and in accordance with the provisions set forth in this Deed of Trust;

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	And whereas:	
              the Trustee has agreed to sign this Deed of Trust and to act as Trustee for the Debenture Holders ;

            

       

      	And whereas:	
              the Company declares that as of the date of signing this Deed of Trust, all approvals required for the purpose of performing the issuance have been obtained, and there is no hindrance by law and/or agreement to perform the issuance of
                the Debentures (Series D) and/or to engage with the Trustee in accordance with the Deed of Trust;

            

       

      	And whereas:	
              the parties wish to arrange the terms of the Debentures (Series D) in this Deed of Trust, in light of the Company’s intention to make a first public offering of the Debentures (Series D) in accordance with the Shelf Offering Report by
                virtue of the Shelf Prospectus, in a way that the Deed of Trust will apply solely to the Debentures (Series D);

            

       

      Therefore, it was agreed, declared and stipulated by and between the parties as follows:

       

      	1.	
              Preamble; Interpretation; Definitions and Entry into Force

            

       

      	

            	1.1.	
              The preamble of this Deed of Trust and the appendixes attached to it constitute a material and inseparable part hereof.

            

       

      	

            	1.2.	
              The division of this Deed of Trust into clauses and providing titles to the clauses was made for convenience and as reference only and they should not be used for the purpose of interpretation.

            

       

      	

            	1.3.	
              Anything mentioned in this Deed of Trust in plural shall also refer to singular and vice versa, anything mentioned in the masculine shall also refer to the feminine and vice versa, and anything mentioned regarding a person shall also
                refer to a body corporate, provided that this Deed does not contain any express provision otherwise.

            

       

      	

            	1.4.	
               In the event of discrepancy between the Deed of Trust and the accompanying documents thereto and the said in the Shelf Offering Report and/or in the Shelf Prospectus, the provisions set forth in the Deed of Trust shall take precedence,
                subject to the Stock Exchange regulations and guidelines. As of the signing date of the Deed of Trust, there is no contradiction between the provisions relating to the Debentures (Series D) in the Shelf Prospectus and/or the Shelf Offering
                Report and the provisions set forth in this Deed. This Deed including all provisions hereof shall enter into force together with and subject to the issuance of the Debentures (Series D). It is clarified that in the event the Debentures
                (Series D) are not issued for any reason, this Deed shall automatically expire and the trust contemplated hereunder shall not enter into force.

            

       

      	

            	1.5.	
              In this Deed of Trust the following expressions shall have the meaning set beside them, unless determined otherwise expressly:

            

         

      	

            	1.5.1	
              “Debentures (Series D)” or the “Debentures” or “Debentures in Circulation” or “Certificates

                  of Undertaking” or “the Debentures Series” or “Series D”: Debentures (Series D) of the Company convertible into ordinary shares registered by name
                nominal value NIS 10.00 each of the Company, registered by name, which will be issued according to the  shelf offering reports by virtue of the Shelf Prospectus and/or by any other means by the Company, including via private issuance, from
                time to time, and that have not been fully paid or expired or cancelled. For the avoidance of doubt, it is clarified that the Debentures also include debentures which shall be issued by way of expanding the series of Debentures (Series D),
                and the Debentures stemming from the exercise of options exercisable into the Debentures (Series D) to the extent that such options will be issued and exercised.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	1.5.2	
              Deleted.

            

       

      	

            	1.5.3	
              “Meeting” or “Debenture Holders Meeting”: a meeting of Debenture Holders, including a class meeting.

            

       

      	

            	1.5.4	
              “Deferred Debenture Holders Meeting”: a Debenture Holders Meeting that was deferred to another time than the one scheduled for opening the Meeting, as a legal quorum was not present at the end of
                half an hour after the time that was scheduled for the beginning of the Meeting.

            

       

      	

            	1.5.5	
              “Stock Exchange”: the Tel-Aviv Stock Exchange Ltd.

            

       

      	

            	1.5.6	
              “Collaterals”: Any pledge on assets, guarantee or any other undertakings that secure the undertakings of the Company towards the Debenture Holders whether given by the Company and/or any third
                party.

            

       

      	

            	1.5.7	
              “Immediate Report”: A report of the Company that is submitted in accordance with the provisions of section 35EE of the Securities Law, including the Securities Regulations (Periodical Reports and
                Immediate Reports of a Foreign Corporation), 5761-2001.

            

       

      	

            	1.5.8	
              The “Shelf Offering Report” or the “Offering Report”: the shelf offering reports in accordance with the provisions set forth in section 23A(f) of the Law
                according to which, inter alia, the offering of the Debentures (Series D) shall be performed from time to time, and that will complete the entire specific details for that offering, including the
                composition of the offered units, in accordance with the provisions set forth in any law and in accordance with the bylaws and the Stock Exchange regulations that are in effect from time to time.

            

       

      	

            	1.5.9	
              “Ordinary Resolution”: a resolution adopted at a meeting of holders of debentures of the relevant series, convened in accordance with Sections 35L13 and 35L14(a) of the Law (whether in the original
                meeting or the adjourned meeting) by a majority of at least fifty percent (50%) of all votes of participants in the vote, without taking into account abstaining votes.

            

       

      	

            	1.5.10	
              “Special Resolution”: a resolution adopted at a meeting of holders of the Debentures, in which were present, by themselves of by proxies, the holders of Debentures who own at least fifty percent
                (50%) of the remaining nominal value of the Debentures (Series D) in Circulation, or at an adjourned meeting of such a meeting, who were present in it by themselves or by proxies, and who hold twenty percent (20%) at least of the stated
                remainder, and which was adopted (whether in the original meeting or the adjourned meeting) by a majority of those who hold at least two thirds of the remaining nominal value of the Debentures represented in the vote, apart from abstainers
                who shall not be counted in the count of votes.

            

       

      	

            	1.5.11	
              “Nominee Company”: Mizrahi Tefahot Nominee Company Ltd. or any other nominee company in its place, at the Company’s sole discretion, provided that all of the Company’s debentures are registered in
                the name of the same Nominee Company.

            

       

      	

            	1.5.12	
              The “Companies Law”: the Companies Law, 5759-1999 and the regulations promulgated under it.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	1.5.13	
              The “Insolvency Law”: the Insolvency and Economic Rehabilitation Law 5778-2018 and the regulations promulgated thereunder.

            

       

      	

            	1.5.14	
              The “Law” or the “Securities Law”: The Securities Law, 5728-1968 and the regulations according to it, as they shall be from time to time. It is clarified
                that as of the date of this Deed of Trust the Company reports according and is subject to the provisions of Chapter E.3 of the Law.

            

       

      

      	

            	1.5.15	
              “Trading Day”: any day on which transactions are performed at the Stock Exchange.

            

       

      	

            	1.5.16	
              “Business Day”: any day in which  the majority of the banks in Israel are open for the purpose of performing transactions with the public.

            

       

      	

            	1.5.17	
              “Magna”- the Electronic Proper Disclosure System of the Israel Securities Authority.

            

       

      	

            	1.5.18	
              “Holder” or “Debenture Holder”:  within the meaning of the term ‘holder’ in the Securities Law.

            

       

      	

            	1.5.19	
              “Ordinary Shares”: ordinary shares, registered by name, of the Company NIS 10.00 par value each.

            

       

      	

            	1.5.20	
              “Registry”: Registry of Debenture Holders as mentioned in clause 30 of this Deed.

            

       

      	

            	1.5.21	
              “Trustee”: The First Trustee (as hereinafter defined) and/or anyone that shall serve from time to time as Trustee of the Debenture Holders according to this Deed.

            

       

      	

            	1.5.22	
              The “First Trustee” Hermetic Trust (1975) Ltd. that shall serve as Trustee up to the date set forth in clause 2.3 hereafter.

            

       

      	

            	1.5.23	
              “Office Holder”: as defined in the Companies Law.

            

       

      	

            	1.5.24	
              “Principal”: the total nominal value of the Debentures in Circulation.

            

       

      	

            	1.5.25	
              “Control” as this term is defined in the Law.

            

       

      	

            	1.5.26	
              The “Deed” or “This Deed” or “This Deed of Trust”: This Deed of Trust and the amendments thereof, inasmuch as there
                shall be any, including the addendums and appendixes attached to it and that constitute a material and integral part hereof.

            

       

      	

            	1.5.27	
              “Debenture Certificate”: The Debenture certificate the version of which is attached as the first addendum of this Deed of Trust.

            

       

      	

            	1.5.28	
              The “Shelf Prospectus”:  a shelf prospectus of the Company that was published in October 2020 as amended from time to time.

            

       

      	

            	1.6	
              Anywhere in this Deed that uses the phrase “subject to any law” (or any other similar expression) the meaning is subject to any law that cannot be conditioned, in accordance with the provisions of the Israeli law applicable to the
                Company that, on the date of making this Deed of Trust, is a reporting company in accordance with, and subject to, the provisions of chapter E’3 of the Law.

            

       

      

      	2.	
              Issuing the Debentures; the Terms of Issuance; Equal Ranking

            

       

      	

            	2.1.	
              The Company shall issue a series of Debentures (Series D) under the terms written on the other side of the page of the first addendum.

            

       

      	

            	2.2.	
              On any trading day, commencing on the listing date of the Debentures (Series D) for trade in the Stock Exchange and until December 21, 2026 (including) and with the exception of the record date for a Company Event (as defined in clause
                20.1.2 of the conditions set out on the back of the page in the First Addendum of this Deed) the balance of the outstanding principal of the Debentures listed in the Register at the time may be converted into Ordinary Shares, in such manner
                that any NIS 165 par value of the Debentures (Series D) may be converted into one Ordinary Share of the Company; subject to the adjustments as stated in clause 20.3 of the conditions set out on the back of the page.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	2.3.	
              If after the date of the first issuance of the Debentures (Series D) this same series of Debentures shall be expanded by the Company, the Holders of the Debenture (Series D) that shall be issued in the framework of the expansion of that
                series shall not be entitled to receive payment on account of the Principal and/or interest for these Debentures that the record date for payment thereof shall be before the date of their issuance as mentioned.

            

       

      	

            	2.4.	
              The Company shall be obligated to perform an early redemption of the Debentures in the event the terms set forth in clause 8 of the Deed of Trust have been fulfilled.

            

       

      	

            	2.5.	
              The Debentures shall all be set at an equal security ranking pari passu between them with respect with the Company’s undertakings according to this Deed of Trust, and without a preferred right or right of priority over one another.

            

       

      	

            	2.6.	
              The provisions of this Deed shall apply to the Debentures issued in accordance therewith, and which shall be held, from time to time, to each purchaser of Debentures, including the public, unless expressly stated otherwise.

            

       

      	

            	2.7.	
              This Deed of Trust shall enter into effect upon the Company’s issuance of the Debentures. It is agreed that in case the issuance of Debentures is revoked for any reason whatsoever, this Deed of Trust shall be null and void.

            

       

      	3.	
              Appointment of the Trustee; Commencement of Term; Term of Office of the Trustee; Expiration of the Office of the Trustee; Resignation; Dismissal; the Duties of the Trustee; the Powers of the Trustee

            

       

      Appointment of Trustee

       

      	

            	3.1.	
              The Company hereby appoints the Trustee as the First Trustee for the Debenture Holders (Series D) pursuant to the provisions of Chapter E.1 of the Securities Law including for those entitled to payments pursuant to the Debentures that
                were not paid after the date for their payment arrived.

            

       

      	

            	3.2.	
              If the Trustee shall be replaced by another Trustee, the other Trustee shall be Trustee for the Debenture Holders pursuant to Chapter E.1 of the Securities Law including for those entitled to payments pursuant to the Debentures which
                were not paid after the date for their payment arrived.

            

       

      Commencement of Term

       

      	

            	3.3.	
              The Trust for the Debenture Holders and the duties of the Trustee according to this Deed of Trust shall come into force upon the issuance of the Debentures pursuant to the Deed by the Company.

            

       

      Term of Office of the Trustee; Expiration of Term of Office of the Trustee, Resignation; Dismissal

       

      	

            	3.4.	
              The First Trustee shall serve commencing on the date mentioned in clause 3.3 above and his office shall end at the time on which the Debenture Holders Meeting is convened (the “First Appointment Meeting”),

                that the Trustee shall convene no later than 14 days after submitting the annual report regarding Trusteeship matters in accordance with Section 35H1(a) of the Law. Insofar as the First Appointment Meeting (by ordinary majority) approved
                the continuation of the term of office of the First Trustee, it shall continue to serve as Trustee until the end of the additional appointment period that was determined in a resolution of the First Appointment Meeting (which could be until
                the final repayment date of the Debentures). Insofar as the First Appointment Meeting and/or any later Meeting determined the term of office of the Trustee, its term of office shall end with the adoption of a resolution of the Debenture
                Holders regarding the termination of his term of office and the appointment of another Trustee in his place.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	3.5.	
              Notwithstanding everything stipulated in clause 3, the provisions of the Law shall apply to the appointment of the Trustee, his replacement, term of office, expiration, resignation and dismissal.

            

       

      The Trustee’s Duties

       

      	

            	3.6.	
               The duties of the Trustee shall be those mentioned expressly in this Deed of Trust, and according to the law.

            

       

      	

            	3.7.	
              The Trustee entering into this Deed of Trust is as an agent on behalf of the Debenture Holders.

            

       

      The Trustee’s Powers

       

      	

            	3.8.	
              The Trustee shall represent the Holders of the certificates of undertaking in any matter that arises from the undertakings of the  Company towards them, and it shall be entitled for this purpose to act in order to realize the rights
                given to the Debenture Holders according to the Law or according to this Deed. The Trustee is entitled to take any proceeding for the purpose of protecting the Holders’ rights in accordance with any law and in accordance with the provisions
                set forth in this Deed of Trust.

            

       

      	

            	3.9.	
              The actions of the Trustee are valid notwithstanding a flaw discovered in its appointment or qualifications.

            

       

      	

            	3.10.	
              The Trustee shall use the trust, powers, permissions and authorities that were conferred upon him according to this Deed of Trust, at its discretion or in accordance with the resolutions of a Meeting.

            

       

      	

            	3.11.	
              The Trustee shall be entitled to deposit all of the deeds and the documents that indicate, represent and/or stipulate its rights with respect to the trust pertaining to this Deed of Trust, including with respect to any asset that is in
                its possession at that time, in a safe and/or in another place that shall be chosen and/or at any bank and/or any banking auxiliary corporation and/or lawyer and/or accountant.

            

       

      	

            	3.12.	
              The Trustee is permitted in the framework of performing the Trusteeship matters according to this Deed of Trust, to order an opinion and/or the advice of any lawyer, accountant, appraiser, assessor, surveyor, broker or any other expert
                (the “Consultants”), whether such opinion and/or advice was prepared at the Trustee’s request and/or at the Company’s request, and to act in accordance with its conclusion, and the Trustee shall not
                be responsible for any loss or damage that shall occur as a result of any action and/or omission that were made by it based on such advice or opinion as aforesaid, unless it was determined in a final judgment that the Trustee acted
                negligently (apart from negligence which is exempt by law a shall be from time to time) and/or in bad faith and/or maliciously. The Trustee shall provide a copy of the opinion or advice as mentioned for the viewing of Debenture Holders and
                the Company, at their request. The Company shall bear the full fee and reasonable expenses of hiring the Consultants appointed as stated. The Trustee and the Company shall reach an agreement over a list of no more than three consulting
                firms with relevant reputation and expertise, which the Trustee shall approach for receiving fee quotes as stated. The Company shall select one of the offers submitted, and shall be entitled to negotiate with the firms regarding their quote
                for a period of up to 5 business days, provided that the delay due to the negotiation shall not risk, at the Trustee’s opinion, the rights of the Holders of Debentures.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      Any advice and/or opinion such as this can be given, sent or received by letter, telex, facsimile and/or any other electronic means for transferring information and the Trustee
        may act based on them, even if it turns out afterwards that errors occurred in them or that they were not authentic, unless it was possible to detect the errors or the lack of authenticity in a reasonable examination, provided that it has not acted
        negligently (apart from negligent exempt by law, as it shall be from time to time) and/or in bad faith and/or maliciously. It is clarified that the documents could be transferred, on the one hand, and that the Trustee is entitled to rely upon them,
        on the other hand, only where they are received clearly, and when they are legible. In any other case, the Trustee shall be responsible to request their receipt in a manner enabling their proper reading and understanding as stated.

       

      	

            	3.13.	
              The Trustee shall be entitled to give its consent or approval to any motion to the court as per the demand of a Debenture Holder, and the Company shall compensate the Trustee for all reasonable costs that were incurred by such motion and
                from actions performed as a result of it or with respect to it provided that before making such expense as abovementioned the Trustee will update the Company regarding its intention to make such expenses and will receive the Company’s
                approval for this, unless in the opinion of the Trustee such prior update as aforementioned could harm the rights of the Debenture Holders, and in such circumstances the Trustee shall not provide any update and no approval from the Company
                with respect to the said request shall be required.

            

       

      	

            	3.14.	
              The Trustee is entitled to institute any proceeding for protecting the rights of the Debenture Holders as set forth in clause 10 of the Deed and the provisions set forth in the law, without derogating from the provisions set forth in
                clause 9 hereunder.

            

       

      	

            	3.15.	
              The Trustee is entitled to appoint agents as set forth in clause 25 of this Deed.

            

       

      

      	4.	
              Purchasing Debentures by the Company or by an Affiliated Holder

            

       

      	

            	4.1.	
              Subject to any law, the Company reserves the right to purchase at any time, whether on the Stock Exchange or outside of the Sock Exchange, Debentures which shall be in circulation from time to time from other sellers apart from the
                Company (which shall be selected at its discretion and without the duty of approaching and/or notifying all Holders), at any price and quantity that it shall see fit, all without harming the duty of repayment imposed on it pertaining to the
                remaining Debentures (Series D) in circulation. In the event of such purchase by the Company, the Company shall notify this in an Immediate Report, inasmuch as it is required by law.

            

       

      Debentures purchased by the Company shall be revoked and delisted from trade on the Stock Exchange, and the Company shall not be entitled to re-issue them. In case the
        Debentures are purchased in the framework of Stock Exchange trade, the Company shall approach the Stock Exchange clearing house in a request to withdraw the Debenture Certificates purchased by it as stated.

       

      
        - 10 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	4.2.	
              Subject to any law, the holders of controlling interests in the Company (directly or indirectly) and/or their relative ( according to the definition of the term “relative” in the Law) and/or a subsidiary of the Company and/or an
                affiliated company of the Company and/or an included company of the Company and/or a corporation in the control of the Company or of any of them (directly or indirectly) (apart from the Company itself, regarding which the stated in clause
                4.1 of the Deed shall apply) (“Affiliated Holder”), shall be entitled to purchase and/or sell at any time and from time to time, at the Stock Exchange or outside of it (including by way of an issuance
                by the Company), Debentures (Series D) at their discretion. The Debentures that are held by an Affiliated Holder shall be considered as the asset of the Affiliated Holder, shall not be delisted from trade on the Stock Exchange and they
                shall be transferable as the other Debentures of the Company (subject to the provisions of the Deed of Trust and the Debenture).

            

       

      	

            	4.3.	
              The Debentures (Series D) held by an Affiliated Holder shall not grant him voting rights in the Meetings of Holders of Debentures (Series D) and shall not be counted for the purpose of determining a legal quorum for opening these
                Meetings. Inasmuch as an Affiliated Holder shall report to the Company regarding the purchase of Debentures (Series D), the Company shall deliver to the Trustee, at its request, the list of Affiliated Holders and the amounts held by them.

            

       

      	

            	4.4.	
              The stated in clauses 4.1 to 4.3 above does not derogate from the provisions of any law (including the instructions of the Israeli Securities Authority) applying to the Company, including pertaining to approvals required for performing
                transactions with a holder of controlling interest (or in which the holder of controlling interest has a personal interest) and/or pertaining to the sale of securities to a Company subsidiary and distributing them to the public.

            

       

      	

            	4.5.	
              The stated in this clause 4, in and of itself, does not bind the Company, an Affiliated Holder or the Debenture Holders to purchase Debentures or to sell the Debentures they hold.

            

       

      	5.	
              Issuance of Debentures from New Series; Expanding a Series

            

       

      	

            	5.1.	
              The Company reserves the right to issue, subject to the provisions of the law, at any time and from time to time (whether by a private offering or an offering to the public), at its sole discretion, to any factor whatsoever,
                including to an Affiliated Holder, and without needing the consent of the Trustee and/or the Debenture Holders, debentures of another series or additional series of Debentures, whether or not conferring a right of conversion into the shares
                of the Company (hereinafter: the “Other Series”) or other securities, under terms of redemption, interest, linkage, priority of payment in the event of liquidation and other terms, including securing
                them in collaterals, as the Company shall see fit, and whether they are preferable over the terms of the Debentures, equal to them or inferior to them, and this without derogating from the duty of repayment imposed on it in accordance with
                this Deed. Despite the foregoing, inasmuch as the Company shall issue an additional series of debentures,  or another series of securities that constitute a debt (hereinafter collectively: the “Other
                  Securities”) and the Other Securities are not secured with collaterals (and as long as they are not secured with collaterals) the rights of the Other Securities in liquidation shall not have preference in the creditors hierarchy of
                the Debentures (Series D). In addition, to the extent the Company issues Debentures of another series or series that are secured with collaterals or Other Securities that will be secured with collaterals, the rights of the said other series
                or Other Security as said (as the case may be) in liquidation shall have priority over the rights of the Debentures (Series D) solely with respect to the collaterals that will be provided. (Series D). The Company shall provide the Trustee
                with a written confirmation, no later than 7 days prior to the issuance of  Other Securities as stated, regarding its meeting the conditions set forth in this clause, signed by the Company CEO or the senior financial officer in the Company.
                Without derogation from the foregoing, the Company’s stated rights do not detract from the Trustee’s rights to inspect the implications of an issuance as stated, and does not detract from the rights of the Trustee and/or Debenture Holders
                in accordance with this Deed, including their right to make the Debentures (Series D) immediately repayable in accordance with the provisions of the Deed of Trust.

            

       

      
        - 11 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	5.2.	
              The Company shall be entitled, from time to time, without the need for obtaining the approval of the Trustee and/or the current Holders at that time, to issue additional Debentures (Series D) (whether by private offering, whether in the
                framework of a prospectus, whether by shelf offering report or any other way), including to an Affiliated Holder (as the term is defined in clause 4.2 of the Deed), for any price and at any manner as it shall see fit, provided that it
                notifies the Trustee in this regard. The Company shall approach the Stock Exchange in a request to register the additional Debentures (Series D) for trade as stated.

            

       

      Despite the stated in this clause 5.2 above, the Company shall not be entitled to issue, whether by issuance to the public according to a prospectus, and whether in any
        other manner, additional Debentures of Series D, unless all of the terms set forth in Appendix 5.2 of this Deed have been fulfilled or after receiving the approval of the Debenture Holders Meeting at
        the majority required for the purpose of adopting a Special Resolution, provided that for the purpose of adopting the resolution, the legal quorum shall be determined in accordance with the provisions applying to an Ordinary Resolution.

       

      For the avoidance of doubt it shall be clarified, that all of the provisions of the Deed of Trust that apply to the Debentures in Circulation shall apply to additional
        Debentures of Series D that shall be issued, as mentioned, and the existing Debentures of Series D and the additional Debentures of that series (as of the time of their issuance) shall constitute a single series for all matters and purposes, and
        the Deed of Trust shall also apply to all additional Debentures (Series D) as stated. For the avoidance of doubt, holders of additional Debentures of Series D, which shall be issued in a series expansion as mentioned, shall not be entitled to
        payment of any Principal and/or interest and/or any other payment that the record date for payment is prior to their date of their issuance. (It is clarified, in this respect, that in the event that additional Debentures of Series D shall be
        issued, after any time that entitlement has been stipulated in this Deed to the payment of interest, the interest for them shall be paid at the next payment date of interest, after the date of their issue, for the period from the date of their
        issue, at a relative rate from the payment of interest paid for the Debentures at that time, that is equal to the ratio between the period that passed from the time of their issue and between the original period for which the interest is paid at
        that time. Subject to the provisions of any law and the Deed of Trust, the Trustee shall hold office as trustee for the Debentures (Series D), as they shall be from time to time in circulation, even in case of a series expansion, and the Trustee’s
        consent for his office as stated pertaining to the expanded series shall not be required.

       

      
        - 12 -

        
          

      

      
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      The Company’s right to expand a series, as stated above, does not detract from the Trustee’s right to inspect the implications of an issuance as stated, and does not detract
        from the rights of the Trustee and/or the Debenture Holders in accordance with this Deed, including their right to make the Debentures (Series D) immediately repayable in accordance with the provisions of the Deed of Trust.

       

      	

            	5.3.	
              Without derogating from the foregoing, the Company reserves the right to issue additional Debentures of Series D, by way of series expansion at a different discount rate from that of the Debentures (Series D) which shall be in
                circulation at that time (inasmuch as there shall be any). If the discount rate which shall be determined for the Debentures (Series D) due to the series expansion shall be different from the discount rate of the Debentures (Series D) in
                Circulation at that time (inasmuch as there shall be any), the Company shall approach the tax authority, prior to expanding the series, in order to obtain its approval that with regards to withholding tax from the discount fees for the
                Debentures, the Debentures shall be set a uniform discount rate in accordance with a formula weighting the various discount rates in the Debentures (Series D), inasmuch as there shall be any. In the event of receiving an approval as stated,
                the Company shall calculate the weighted discount rate for all the Debentures from the series after expanding the series, it shall publish in an Immediate Report the uniform weighted discount rate for the entire series of Debentures and the
                members of the Stock Exchange shall deduct tax at the payment dates of the Debentures according to the weighted discount rate as mentioned an in accordance with the provisions of the law. If an approval of the tax authorities regarding such
                discount rates shall not be received, the Company shall notify in an Immediate Report, prior to issuing the Debentures as a result of expanding the series, of not receiving the approval as stated and that the uniform discount rate will be
                the highest discount rate that was created for the series. The members of the Stock Exchange shall deduct withholding tax at the time of repayment of the Debentures in Circulation, in accordance with the discount rate that shall be reported
                as aforementioned. Therefore, there may be cases where the Company shall deduct withholding tax for discount fees, at a higher rate than the discount fees determined to whoever held Debentures before the series was expanded. In this case,
                it is the responsibility of the Debenture Holder (and the Debenture Holder only) who held the Debentures before the series was expanded and until their repayment and who is entitled, in light of their payment, to a refund of withholding
                tax, for the over-discount, to submit a report to the tax authority on this matter insofar as he shall wish to receive a tax refund as stated and inasmuch as he is entitled to a tax refund by law.

            

       

      	

            	5.4.	
              The Company shall notify in an Immediate Report regarding the issuance of debentures as mentioned in this clause above.

            

       

      	6.	
              The Company’s Undertakings

            

       

      The Company hereby undertakes towards the Trustee and the Debenture Holders,  until immediately after the final payment of the Debentures, and for as long as all the
        undertakings towards the Debenture Holders and the Trustee were not fulfilled according to this Deed, as follows:

       

      	

            	6.1.	
              To pay, at the times scheduled for this purpose, the sums of the Principal, and the interest (including interest in arrears, if and inasmuch as it shall apply, and additional interest for breaching financial covenants, inasmuch as they
                shall apply) which shall be paid according to the terms of the Debentures and the provisions of this Deed, and to fulfill all the other terms and undertakings that are imposed on it according to the terms of the Debentures and according to
                this Deed of Trust. In any case where the date of payment on account of a Principal and/or interest shall be on a day which is not a Business Day, the payment date shall be deferred to the next Business Day, without any additional payment,
                interest or linkage and the record date for the purpose of making the payment will not change as a result of such circumstances.

            

       

      
        - 13 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	6.2.	
              To fulfill all of the financial covenants and undertakings set forth in Appendix 6.2 to this Deed including with respect to the limitation regarding the distribution of dividends.

            

       

      	

            	6.3.	
              To persist and manage the business of the Company and companies in its control in a regular and proper manner.

            

       

      	

            	6.4.	
              To notify the Trustee in writing as soon as possible, and no later than 2 Business Days regarding the occurrence of any of the events set forth in clause 9.1 of the Deed, including its sub-clauses, or regarding a real knowledge of the
                Company that an event as stated is about to take place, without taking into account the cure periods set forth in clause 9.1 of the Deed, inasmuch as any exist in the stated clauses and to take, at its expense, all reasonable means required
                for the purpose of removing the foreclosures or revoking the receivership, the liquidation or the administration, insofar as it is relevant and as the case may be.

            

       

      	

            	6.5.	
              To deliver to the Trustee as soon as possible and no later than the end of 30 days from the day of the first issuance of the Debentures (Series D) or from the time of performing a series expansion in any way, an amortization schedule for
                paying the Debentures (Principal and interest) in an Excel file.

            

       

      	

            	6.6.	
              To notify the Trustee in a written notice signed by the senior financial officer in the Company, within 4 Business Days from the date of payment, of any payment to the Debenture Holders and of the balance of the sums that the Company
                owes at that time to the Debenture Holders after making the aforementioned payment.

            

       

      	

            	6.7.	
              To deliver to the Trustee annual financial statements or quarterly financial results, as the case may be, and in accordance with the requirements of the Israeli law that apply to the Company from it being a dual listed Company, at the
                time of their publication and in any event no later than from the time scheduled for this in the Israeli law applying to a dual listed company to publish them (even in the event that the Company shall stop being a public or reporting
                Company, then it shall report in accordance with the provisions of the Law that apply to the Company at the time of signing this Deed of Trust). Notwithstanding the foregoing, it is clarified that the quarterly financial results shall be
                published by the end of the following quarter in a framework which shall be no less that the framework of the Press Release in which the Company has published its financial results for the third quarter of 2020.

            

       

      	

            	6.8.	
              Deleted.

            

       

      	

            	6.9.	
              To deliver to the Trustee in writing, notices regarding the purchase of Debentures by the Company or an Affiliated Holder, immediately upon the Company becoming informed of this.

            

       

      
        - 14 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	6.10.	
              On December 31st of each year, and for as long as this Deed is in effect, the Company shall furnish to the Trustee a confirmation of the Company signed by
                the Company CEO or the senior financial officer in the Company, that in the period starting from the date of the Deed and/or from the date of the prior confirmation that was given to the Trustee, whichever is later, and until the date of
                the confirmation, the Company has not breached this Deed, including a breach of the terms of the Debenture, unless expressly mentioned otherwise.

            

       

      	

            	6.11.	
              To deliver to the Trustee copies of the notices and invitations which the Company shall give to the Debenture Holders, as mentioned in clause 27 hereinafter.

            

       

      	

            	6.12.	
              To cause that a senior financial officer in the Company shall give, no later than fourteen (14) Business Days from the time of the Trustee’s request, to the Trustee and/or to the people who the Trustee shall order, any explanation,
                document, calculation or information regarding the Company, its business and/or assets that shall be required in a reasonable manner, at the Trustee’s discretion, for fulfilling the Trustee’s duties and for protecting the rights of the
                Debenture Holders.

            

       

      	

            	6.13.	
              To manage regular accounting books in accordance with generally acceptable accounting principles. To keep the books and documents that serve as reference to them (including deeds of pledge and mortgage, bills and receipts) as required by
                law, and to enable the Trustee and/or any authorized representative of the Trustee to view, at a time pre-coordinated with the Company, within ten (10) Business Days, any book as stated and/or document as stated, which the Trustee shall
                request to view. For this matter, an authorized representative of the Trustee is any person appointed by the Trustee for the purpose of viewing as stated, in a written notice by the Trustee which shall be given to the Company prior to
                viewing as stated, subject to an undertaking of confidentiality in accordance with the provisions of clause 19 of the Deed.

            

       

      	

            	6.14.	
              Deleted.

            

       

      	

            	6.15.	
              To summon the Trustee to all of its general meetings (whether to annual general meetings or extraordinary general meetings) of the Company shareholders, without granting the Trustee the right to vote in these meetings.

            

       

      	

            	6.16.	
              To deliver to the Trustee on the 15th of each January starting from 2021, a written approval signed by the senior financial officer, that all of the
                payments to the Debenture Holders were fully paid on time, and the balance of the par value of the Debentures in Circulation. In addition, at that time, inasmuch as the Debentures shall be secured by collaterals, the Company shall provide
                the Trustee with an approval and/or opinion which the Trustee shall reasonably require in connection with the provisions of Section 35H(b)(2) of the Law.

            

       

      	

            	6.17.	
              In addition to the statements or notices which the Company is required to give according to Section 35J(a) of the Law, to give the Trustee or to its authorized representative (a notice regarding his appointment shall be given by the
                Trustee to the Company upon his appointment), no later than fourteen (14) Business Days from the time of the Trustee’s request, additional information regarding the Company (including explanations, documents and calculations pertaining to
                the Company, its business or assets, and information which the Trustee, at its reasonable discretion, is required for the purpose of protecting the rights of the Debenture Holders, and to instruct its accountant and legal advisors to do so,
                as per the Trustee’s reasonable request, inasmuch as at the Trustee’s reasonable opinion the information is required for the purpose of applying and exercising the authorities, powers and authorizations of the Trustee and his proxies in
                accordance with this Deed, and subject to an undertaking of confidentiality as stated in this Deed. Based on the Trustee’s request, the Company shall notify it in writing whether the given information is considered as inside information, as
                this term is defined in the Securities Law.

            

       

      
        - 15 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	6.18.	
              To perform all of the actions required and/or reasonably needed and in accordance with the provisions of this Deed and any law for validating the exercise of powers, authorities and authorizations of the Trustee and/or of its proxies in
                accordance with the provisions of this Deed of Trust.

            

       

      	

            	6.19.	
              To list the Debentures for trade in the Stock Exchange and to act so that the Debentures shall continue to be listed for trade on the Stock Exchange until the date of their final repayment.

            

       

      	

            	6.20.	
              To notify the Trustee in writing regarding any change to its name or address no later than five business days from the day of the change.

            

       

      	

            	6.21.	
              To assist the Trustee in any reasonable manner to fulfill its duties according to law and/or according to this Deed including examining the performance of the Company’s undertakings in full and on time, examining actions and/or
                transactions that the Company performed, insofar as this is reasonably required in order to protect the rights of the Debenture Holders.

            

      

      	

            	6.22.	
              Inasmuch as the Company shall cease being a reporting corporation, as this term is defined in the Securities Law, or a corporation traded at a stock exchange outside of Israel, as set forth in the Second or Third Addition to the
                Securities Law, the Company shall provide the Trustee with the reports required by the Regulation Codex1 or any other circular and/or another document which
                shall replace it (hereinafter: the “Regulation Codex”). The aforesaid reports will be signed in accordance with the provisions set forth in the Regulation Codex.

            

       

      	

            	6.23.	
              The Debentures (Series D) are not rated, and the Company does not undertake to rate the Debentures (Series D) in the future, including in case the Company shall issue a new series of rated debentures or shall expand an existing series of
                rated debentures of the Company. Insofar as the Debentures (Series D) shall be rated by a rating company or by a number of rating companies, then the Company shall be entitled to cease their rating by any of the rating companies or all of
                them, at its sole discretion, and without the Trustee and/or the holders of the Debentures having any claim in this regard. In case of replacing the rating company or terminating its activity, even in case when the Debentures shall be rated
                by a number of rating companies, the Company shall publish, within one Business Day from the day of the change, an Immediate Report regarding the changing of the rating company or stopping its work as stated, as well as the reasons for
                changing the rating company or stopping its work. If the rating shall be ceased altogether, the Company shall also transfer to the Trustee, a written approval, legally executed, specifying the reasons for the stop as stated.

            

       

      
        

        1 The Regulation Codex – Business Management Principles, Volume 5, Part 2 – Capital,
          Measurement and Risk Management, Chapter 4 – Investment Assets Management, published by the Capital Markets, Insurance and Savings Authority at the Ministry of Finance (which appears, as of 1/15/2021 at:
          94BlobFolder/guide/information-entities-codex/he/Codex/_Gate5_Part2_Chapter4.pdf as amended from time to time.

      

      
        - 16 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	6.24.	
              To deliver to the Trustee a copy of any document or any information which the Company has delivered to the Debenture Holders.

            

       

      Any report or information that shall be published by the Company in the Magna system shall be considered as a report or information or summons, as the case may be, which was
        given to the Trustee in accordance with the provisions of this clause. Notwithstanding the aforesaid, at the request of the Trustee, the Company shall transfer a printed copy of the report or information as mentioned.

       

      It shall be clarified, that the confidentiality provisions in clause 19 hereinafter shall also apply to information given to the Trustee and/or his authorized representative
        and/or his agents, in accordance with the provisions of this clause 6.

       

      	7.	
              Not Securing the Debentures; Negative Pledge

            

       

      	

            	7.1.	
              The Debentures are not secured by any pledge or any other collateral. The status of the Debenture Holders is the status of unsecured creditors of the Company, with all that this entails.

            

       

      	

            	7.2.	
              Except as set forth in clause 7.4 hereafter, the Company shall be entitled from time to time, to sell, pledge, lease, assign, deliver or transfer in any other manner its assets in whole or in part, in any manner, in favor of any third
                party, without the need for the Trustee’s and/or the Debenture Holders’ consent, but subject to the duties of the Company to report with respect to the aforesaid, as these are determined in the Deed of Trust or according to law.

            

       

      	

            	7.3.	
              The Debentures issued under a certain series shall be equal in priority (pari passu) between them, without any right of preference or priority of one over the other.

            

       

      	

            	7.4.	
              Notwithstanding the aforesaid in clause 7.2 above, for as long as the Debentures (Series D) have not yet been fully repaid in any manner, including by way of a self-purchase and/or early redemption, the Company undertakes not to create a
                floating charge on all of its assets and rights, existing and future, in favor of any third party to secure any debt or undertaking and this is as opposed to a fixed charge or floating charge on a certain asset or a floating charge on a
                certain number of assets that the Company may create. Notwithstanding the aforesaid, the Company shall be entitled to create a floating charge on all of its assets as aforesaid in favor of a third party, in each one of the following cases:

            

       

      	

            	(1)	
              A receipt in advance of the consent of the Debenture Holders (Series D), which shall be adopted in a Special Resolution in the Meeting of the Debenture Holders;

            

       

      	

            	(2)	
              The Company shall create, in favor of Holders of Debentures (Series D) together with creating the floating charge on all of its assets in favor of the third party, a floating charge on all of its assets also in favor of the Holders of
                Debentures (Series D) of the same priority, pari passu, which shall remain in force up to the date of removing the charge which shall be registered in favor of the third party, and this is as long as outstanding Debentures (Series D) shall
                exist (namely, as long as they were not fully paid or removed in any manner, including by way of a self-purchase and/or early redemption); or

            

       

      
        - 17 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	(3)	
              The Company shall make available in favor of the Holders of Debentures (Series D), by the Trustee, an irrevocable autonomous bank guarantee which shall be issued by bank/s or financial institution/s in Israel, rated at no less than ilAA
                (in the rating of Standard & Poor’s or an equivalent rating), at a total equaling the amount guaranteed by the floating charge created in favor of the third party, or a total constituting the non-paid balance of the debt to Holders of
                Debentures (Series D), taking into account the amount of the interest until the date of the final repayment of the Debentures, according to the lower of them at the time of creating the pledge.

            

       

      Despite the foregoing, it is clarified that the Company’s undertaking to not create a floating charge shall not apply to any of the following actions and pledges and that the
        Company has the right, at any time (subject to the restrictions according to any law and/or any other agreement that the Company is party to), to: (a) pledge its assets, including its rights, in whole or in part, by any other pledge except for a
        floating charge on all of its assets and rights, present and future, including, but not limited to, fixed pledges, including the creation of floating charges on specific assets, one or more, of the Company with respect to creating these charges
        (and bank accounts that can be pledged by a floating charge even without a fixed charge); (b) create a floating charge on all Company assets to guarantee the recycling (or re-recycling) of a loan guaranteed by a floating charge on all Company
        assets (and which met upon its creation, one or more of the conditions set forth in clauses 7.4(1) to 7.4(3) above), provided that the debt guaranteed by the new pledge as stated shall not exceed the unpaid balance of the debt guaranteed by the
        original debt; and (c) pledge on assets or rights purchased (or which shall be purchased) in a way that they were pledged prior to their purchase.

       

      It is clarified that all fixed charges and/or floating charges set forth in this clause shall be detracted from the applicability of a floating charge insofar as this shall be
        imposed according to the provisions of this sub-clause above.

       

      Except for the aforesaid no restrictions shall apply to the Company in imposing all kinds of charges on its assets.

       

      It is clarified that the stated in this sub-clause 7.4 does not limit the Company in selling its assets and/or its businesses (without detracting from the stated in clause 9.1
        of this Deed and from the provisions of this Deed). It is further clarified, for the avoidance of doubt, that this clause cannot restrict the companies held by the Company (including subsidiaries and affiliates) from creating any charges, floating
        or fixed, on their assets, including on all of their assets.

       

      The Company declares that as of the date of signing this Deed, there is no floating charge in favor of a third party on all of the Company’s assets and rights, present and
        future. As of the date of signing this Deed there are charges on the assets of the subsidiaries of the Company in the framework of project financing, pledges on deposits in the framework of hedging transactions and additional pledges to Discount
        Bank as set forth in Note 14 of the Company’s financial statements as of December 31, 2018, included in the annual report that the Company published in the distribution website of the Securities Authority on March 31, 2019.

       

      
        - 18 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      The Company undertakes that if it shall create a floating charge on all of its assets in accordance with the exceptions set forth above, it shall notify the Trustee on the
        matter prior to creating the pledge, and shall specify in its notice, the clause due to which the Company is entitled to create a pledge as stated. It is clarified that to the extent that any fixed charges and/or specific charges are registered
        with respect to the entire assets of the Company, this undertaking shall lose its effectiveness.

       

      	

            	7.5.	
              If and insofar as a floating charge shall be given as a security, as mentioned in clause 7.4 above, the following provisions shall apply:

            

       

      	

            	(a)	
              The existence of a cause to declare the Debentures immediately payable and/or the realization of Collaterals is a preliminary condition to realizing a floating charge as mentioned.

            

       

      	

            	(b)	
              The Trustee shall be entitled to enforce a floating charge before immediate repayment has been declared for the Debentures, in accordance with Section 35J1 of the Law or subject to adopting a decision of performing realizations in a
                resolution that shall be adopted by the Meeting of the Debenture Holders in accordance with the provisions of clause 9.2.4 of this Deed.

            

       

      

      	

            	(c)	
              Enforcing the floating charge shall be performed in a manner that is expected according to the Trustee’s reasonable assessment to maximize the realization consideration from the floating charge and for this purpose the Trustee shall be
                entitled, subject to law, to determine the manner of enforcing this floating charge and the time when the floating charge should be enforced (hereinafter: the “Manner of Enforcing the Collaterals”).

            

       

      Without derogating from any right that the Trustee has according to any law, the Trustee shall be entitled to receive instructions with respect to the Manner of Enforcing the
        Collaterals also by a Special Resolution that shall be adopted in a Meeting of the Debenture Holders, on the agenda of which is the giving of instructions to the Trustee regarding the Manner of Enforcing the Collaterals. The Meeting of the
        Debenture Holders as mentioned, shall be entitled to authorize a representing body of the Debenture Holders for advising the Trustee regarding the Manner of Enforcing the Collaterals.

       

      Whenever the Company shall create a charge as mentioned in this sub-clause in favor of the Debenture Holders, and this is a charge that requires registration in the Registry of
        Charges managed at the Registrar of Companies for its perfection or any other registry as shall be required by any law, the charge shall be considered as legally registered only after the Company has furnished to the Trustee all the following
        documents, within 7 Business Days from the registration date of the charge:

       

      	

            	(1)	
              A charge document according to which the charge was registered in favor of the Trustee, bearing an original signature by the Company and stamped with an original  “received” stamp by the office of the Registrar of Companies, and bearing
                a date which is not later than twenty one (21) days after the signature date on the charge document;

            

       

      
        - 19 -

        
          

      

      
        

          	
                  UNOFFICIAL TRANSLATION FROM HEBREW

                   

                  THE BINDING VERSION IS THE HEBREW VERSION

                

        

      

      

      

      	

            	(2)	
              A notice of details of mortgages and pledges (Form 10) signed with an original “received” stamp from the office of the Registrar of Companies, which bears a date that is not later than twenty one (21) days after creating the notice;

            

       

      	

            	(3)	
              An original pledge registration certificate from the Registrar of Companies;

            

       

      	

            	(4)	
              An extract of the pledges from the Registrar of Companies or any other office or registrar as shall be required by any law, according to which this charge was registered;

            

       

      	

            	(5)	
              An affidavit by the Company CEO or a senior financial officer in the Company that the charge does not contradict or it is not in contradiction to the Company’s undertakings to third parties, and that all approvals have been received by
                the Company pertaining to the creation of the pledge as stated, all according to the wording that shall be acceptable to the Trustee at its reasonable discretion, which shall be delivered to the Trustee each year according to his demand;

            

       

      	

            	(6)	
              An opinion of an external lawyer on behalf of the Company, originally signed, inter alia, with respect to the nature of the rights of the pledging party in the pledged asset, the manner of the pledge registration, its creditor priority,
                it being legal, valid and it being exercisable and enforceable against the pledging party according to the applicable law in Israel, in the wording that shall be acceptable by the Trustee at its reasonable discretion, which shall be given
                to the Trustee each year according to its demand;

            

       

      	

            	(7)	
              Any additional document required for the purpose of creating and/or registering the pledge by any law, in any relevant Registry;

            

       

      

      To the extent that a floating charge is created on the entire assets of the Company in favor of the Debenture Holders and in favor of any third-party as stated in this clause
        above, the realization of the charge by the Trustee of the Debentures (Series D) or by the third-party shall not require the approval of the Trustee for the Debentures (Series D) or the third-party, as the case may be (hereinafter collectively: the
        “Parties”) or of any of the Holders of the Debentures (Series D) or the third-party, as the case may be, or the delivery of advance notice to the other Parties regarding the intention to act in the said
        manner. To the extent that the third-party commences with the procedure for the realization of the charge, the Company will notify the Trustee about the same after the Company receives information in connection therewith.

       

      An office holder (a receiver or any other office holder appointed for the purpose of realizing the charge) who will be appointed at the request of any of the Parties, may be
        appointed as an office holder for all the Parties. The Trustee shall be entitled to join a proceeding that will commence by any of the other Parties, at his discretion or following a decision adopted in the meeting of the Holders of the Debentures
        (Series D). The Company will provide to the Trustee the contact information for each of the Parties for the purpose of delivery of realization notices as said immediately after receiving the first request of the Trustee in connection therewith.

       

      

      
        Except as provided above, no limitations shall apply to the Company in the imposition of different charges on its property.

      

       

      
        - 20 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	8.	
              Early Redemption

            

       

      	

            	8.1.	
              Early Redemption Initiated by the Stock Exchange

            

       

      If it is decided by the Stock Exchange to delist the Debentures (Series D) from trade as the value of the public holdings in the series has decreased from the sum that was
        determined in the Stock Exchange instructions regarding delisting from trade, the Company shall allow early redemption as mentioned of the series due to the delisting from trade of the Debentures as mentioned above, and it shall act as follows:

       

      	

            	8.1.1	
              Within 45 days after the decision of the board of directors of the Stock Exchange regarding delisting as aforementioned, the Company shall notify of an early redemption date in which the Holders of Debentures may redeem them. The notice
                of early redemption shall be published in an Immediate Report that shall be sent to the securities authority and to the Stock Exchange and in two daily and prevalent newspapers in Israel in the Hebrew language and it shall be given in
                writing to all the registered Debenture Holders.

            

       

      	

            	8.1.2	
              The early redemption date shall occur not before 17 days of the date of publishing the notice and no later than 45 days after this date, however not in a period between the record date for the payment of interest and its actual payment.

            

       

      At the early redemption day the Company shall redeem the Debentures that the Debenture Holders requested to redeem. The redemption consideration shall not be less than the sum of
        the nominal value of the certificates of undertaking with additional interest that has accumulated until the date of actual payment, as set forth in the terms of the Debentures.

       

      	

            	8.1.3	
              The determination of an early redemption date as mentioned above cannot harm the redemption rights stipulated in the Debentures, of any of the Debenture Holders that shall not redeem them at the early redemption date as mentioned above,
                however the Debentures shall be delisted from trade on the Stock Exchange and will be subject, inter alia, to the tax implications arising from this.

            

       

      	

            	8.1.4	
              The early redemption of Debentures as mentioned above shall not confer upon any of the Holders of Debentures that shall be redeemed as mentioned the right to the payment of interest for the period after their redemption.

            

       

      
        - 21 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	8.2.	
              Early Redemption Initiated by the Company

            

       

      The Company shall not be entitled to call the Debentures (Series D) for early repayment at its own initiative.

       

      	9.	
              Right for Immediate Repayment and/or Realization of Collaterals

            

       

      	

            	9.1.	
              Upon the occurrence of one or more of the causes set forth hereinafter and so long as either of them is occurring, the Trustee and the Holders of Debentures shall be entitled to put the balance of the amount
                due to the Holders in accordance with the Debentures for immediate repayment, or to realize collaterals (inasmuch as they shall be given) for guaranteeing the Company’s undertakings to the Holders of Debentures, and the provisions of clause
                9.2 hereafter shall apply, as the case may be:

            

       

      	

            	9.1.1	
              If a material worsening has occurred in the Company’s business as compared to its state at the issuance date, and there is a real concern that the Company will not be able to repay the Debentures on time.

            

       

      	

            	9.1.2	
              If the Company has not repaid by of the payments it owes in accordance with The Debentures or in accordance with this Deed, however it shall be possible to declare the Debentures (Series D) immediately repayable due to this, only if the
                breach was not amended by the end of a period of seven (7) days after the date of breach.

            

       

      	

            	9.1.3	
              If the Company did not publish a financial statement which it is required to publish according to any law or according to the provisions of this Deed, within 30 days after the last date on which it is obligated publish it or at such time
                when the extension for publishing financial statements provided to the Company by a competent authority or in accordance with the provisions of the Deed shall end, according to the later of these times.

            

       

      	

            	9.1.4	
              If the Debentures (Series D) have been delisted from trade on the Stock Exchange.

            

       

      	

            	9.1.5	
              If a motion was filed for receivership or to appoint a receiver (temporary or permanent) or any other motion with a similar or identical consequence in accordance with the provisions of the Insolvency Law, on the Company’s assets, all or
                most, or if an order shall be given to appoint a temporary receiver, or any other office holder appointed in accordance with the provisions of the Insolvency Law, for the Company’s assets, all or most of them – which was not dismissed or
                cancelled within forty five (45) days after they were filed or granted, respectively; or if an order was given to appoint a permanent receiver on the Company’s assets, all or most.

            

       

      Notwithstanding the aforesaid, the Company shall not be given any cure period with respect to the motions or orders that were filed or granted, respectively, by the Company or
        with its consent.

       

      For this matter, “most of the Company assets” – the assets of the Company as well as of companies consolidated in its financial
        statements, and of associate companies in its financial statements, with an aggregated value which exceeds 45% of the total consolidated assets of the Company, in accordance with its recent consolidated financial statements or its recently
        published consolidated financial results. It is clarified that for the purpose of calculating the rate of value of the assets of an associate company the Company will use the book value of the assets of the said associate company based on the
        financial statements of the Company.

       

      
        - 22 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	9.1.6	
              Upon the occurrence of one of the following events:

            

       

      	

            	9.1.6.1	
              In the event the Company files an application for an order to commence proceedings, as defined in the Insolvency Law, or any other similar proceeding in accordance with the provisions set forth in the Insolvency Law, or in the event the
                Company files an application for a settlement or an arrangement with the creditors of the Company, pursuant to the provisions of Section 350 of the Companies Law, or in accordance with the provisions set forth in the Insolvency Law (with
                the exception of: (1) for the purpose of merging with another company, and these are not prohibited in accordance with the terms set forth in this Deed and provided that the Trustee received the approval of the Board of Directors of the
                Company, no less than ten Business Days prior to the merger date, stating that the surviving company assumed the entire undertakings towards the Debenture Holders and there is no reasonable concern that as a result of the merger the
                surviving company will not be capable of fulfilling its entire undertakings towards the Debenture Holders in accordance with the Debentures and this Deed on time, and the Trustee will not be required to verify the content of the said
                confirmation and/or a change in the structure of the Company (including split) that are not prohibited in accordance with the provisions set forth in this Deed and (2) making arrangements between the Company and its shareholders that are
                not prohibited under the terms set forth in this Deed and that do not have an adverse effect on the ability of the Company to repay the Debentures), or in the event such an order as said is issued against the Company or in the event the
                Company offers to its creditors a settlement or an arrangement in another manner as said, as a result of the inability of the Company to fulfill its undertakings timely, or in the event the Company commenced a similar proceeding or a
                similar proceeding commence against the Company in accordance with the relevant law applicable to the Company. For the purpose of this clause, such applications as said that were filed by any third-party with the approval of the Company
                shall be deemed as applications that were filed by the Company.

            

       

      	

            	9.1.6.2	
              In the event an application for an order to commence proceedings as aforesaid or an application pursuant to Section 350 of the Companies Law is filed against the Company (without obtaining its approval) or in the event the Company
                commenced a similar proceeding or a similar proceeding commenced against the Company in accordance with the relevant law applicable to the Company, and that were not dismissed or canceled within forty-five (45) days as of the date of their
                filing.

            

       

      
        - 23 -

        
          

      

       

      	

            	9.1.6.3	
              It is clarified that the purchase of the Debentures (Series D) by the Company during the trading in the Stock Exchange or outside the Stock Exchange shall not be deemed as an arrangement with creditors for the purpose of this clause.

              

            

       

      	

            	9.1.7	
              If a foreclosure shall be imposed on a Material Asset, or if any action shall be performed of execution against any such Material Asset, or in the event a charge against a Material Asset is realized; and the foreclosure was note removed,
                or the action or the realization was not cancelled, as the case may be, within 45 days after they were imposed or performed, as the case may be.

            

       

      Notwithstanding the aforesaid, the Company shall not be given any cure period with respect to motions filed or given, respectively, by the Company or with its consent.

       

      	

            	9.1.8	
              If the Company’s main activity, by itself or via corporations in its control or via held corporations, shall cease to be in the field of energy and energy infrastructure (the “Area of Activity”).
                It is clarified, that the Company’s activity in other areas of activity in addition to the Area of Activity shall not be considered as stopping the activity as stated in this clause, insofar as the Company’s assets, which are not current
                assets, which belong or are related to the Area of Activity (as it is defined above), shall constitute at least 60% of the Company’s assets which are not current assets, all based on the last consolidated financial statements or its
                recently published consolidated financial results.

            

       

      	

            	9.1.9	
              If the Company shall adopt a decision to liquidate (except for liquidation as a result of a merger with another company as mentioned in clause 9.1.18 of this Deed) or if a final permanent liquidation order shall be given with respect to
                the Company by court or any other order with a similar or identical effect in accordance with the Insolvency Law, or a permanent liquidator shall be appointed to it or any other competent official with similar or identical authorities in
                accordance with the Insolvency Law with respect to the Company will be appointed by the court, or in the event a trustee, within the meaning of this term in the Insolvency Law, was appointed.

            

       

      	

            	9.1.10	
              If a temporary liquidation order shall be given by the court, or any other order with a similar or identical effect in accordance with the provisions of the Insolvency Law, or a temporary liquidator shall be appointed for the Company, or
                any other authorized official with similar or identical authorities in accordance with the Insolvency Law, or any other office holder is appointed in accordance with the law, or if any judicial decision of a similar nature shall be granted,
                or in the event a temporary trustee is appointed, within the meaning of this term in the Insolvency Law, and the appointment, the order or the decision as mentioned were not dismissed or cancelled within forty five (45) days after the day
                on which they were given or from the date the decision was granted, respectively.

            

       

      Notwithstanding the aforesaid, the Company shall not be given any cure period with respect to motions or orders that were filed or given, respectively, by the Company or with
        its consent.

       

      	

            	9.1.11	
              If the Company ceased or notified of its intention to cease conducting its business as this shall be from time to time, or if the Company stopped or notified of its intention to stop its payments.

            

       

      
        - 24 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	9.1.12	
              If the Company is requested to pay by immediate repayment a Material Debt of the Company,  or a Material Series of Debentures, even if not traded in the Stock Exchange, and the demand for immediate repayment as said was not removed
                and/or the Company did not repay the Material Debt or the said series of debentures that the Company was required to repay, as the case may be, within 30 days of the date these were called for immediate repayment, or in the event the
                Company is required to pay in immediate repayment a series of debentures of the Company that are traded in the Tel Aviv Stock Exchange.

            

       

      	

            	9.1.13	
              Not fulfilling one or more of the financial covenants in Appendix 6.2 of this Deed of Trust at the end of the Examination Period (as defined in Appendix 6.2 of the Deed of Trust), provided that the Company was not given an extension to
                cure as mentioned in clause 28 of the Deed of Trust or in clause 18.2 of the Deed of Trust or, a waiver was not given to the Company for the breach as mentioned in clause 28 of the Deed of Trust.

            

       

      	

            	9.1.14	
              If the Company shall perform a distribution (as it is defined in the Companies Law), which does not meet any of the provisions pertaining to a distribution as stated in Appendix 6.2 of the Deed.

            

       

      	

            	9.1.15	
              There is a real concern that the Company shall not meet its material undertakings towards the Debenture Holders.

            

       

      	

            	9.1.16	
              If the Company shall breach the terms of the Debentures or the Deed of Trust by a fundamental breach or if it will not perform any of its material undertakings within their framework, and the breach was not cured within 14 days after
                receiving a notice regarding the breach, during which the Company shall act to cure it.

            

       

      	

            	9.1.17	
              If a material representation of the representations of the Company in the Debentures or in the Deed of Trust is discovered to be incorrect or not complete, and in the event that this is a breach that can be cured – the breach was not
                cured within 14 days after receiving a notice regarding the breach, during which the Company shall act to cure it.

            

       

      	

            	9.1.18	
              If a Merger was performed without receiving a prior approval of the Holders of the Debentures (Series D) by Ordinary Resolution, unless the surviving entity declared, towards the Holders of the Debenture (Series D), including via the
                Trustee, at least ten (10) Business Days before the merger date that the surviving entity, to the extent that it is not the Company, has taken upon itself all of the undertakings towards Holders of Debentures and that there is no reasonable
                concern that as a result of such merger the surviving company would not be able to fulfill its undertakings towards the Holders of the Debentures (Series D). It is clarified that a merger between the consolidated companies in the financial
                statements of the Company or between such companies and the Company (in the event the Company is the surviving company) shall not be deemed as a “merger” for the purpose of this Deed, and in such circumstances as said no declaration of the
                Company or the surviving company or a prior approval of the Debenture Holders shall be required as stated above.

            

       

      
        - 25 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	9.1.19	
              If the Company breached its undertaking not to create floating charges as set forth in clause 7.4 of this Deed.

            

       

      	

            	9.1.20	
              If a sale was made of most of the Company’s assets, and the prior approval of the Debenture Holders (Series D) in an Ordinary Resolution was not granted. If a sale was made of most of the Company’s assets as set forth in this clause, the
                Company shall submit an Immediate Report of this.

            

       

      For this matter, “most of the Company assets” – as this term is defined hereinafter.

       

      	

            	9.1.21	
              If the Stock Exchange suspended the trade of the Debentures (Series D), except for a suspension due to a cause of the creation of vagueness, as this cause is defined in the fourth part of the Stock Exchange bylaws, and the suspension was
                not cancelled within 60 days, and except for a general suspension that is not directed specifically at the Company.

            

       

      	

            	9.1.22	
              In the event the Company shall perform an expansion of the Debenture series (Series D) in a manner which does not meet the Company’s undertakings with regards to a series expansion in accordance with clause 5.2 of this Deed.

            

       

      In the event that following a transaction (that was not approved by the meeting of the Debenture Holders (Series D) in an Ordinary Resolution) the rate of holding of the group
        of shareholders that includes at least one of Messrs. Shlomo Nehama and Ran Fridrich decreased below 25% of the issued and paid-up share capital of the Company (with neutralization of dormant shares) and there is another shareholder holding a
        greater amount of shares in the Company, and all for a consecutive period that will exceed three months (hereinafter: the “Transfer of Control”). In this clause: (a) “holding”
        – including the “holding of securities or their purchase together with another” within the meaning of these terms in the Securities Law; (b) “transaction” – a
        transaction in which the holdings of Messrs. Shlomo Nehama and Ran Fridrich, directly or indirectly, are transferred.

       

      	

            	9.1.23	
               For the avoidance of doubt, a transaction as stated which is the result of a change in legislation and/or regulatory requirement and/or inheritance (including a will), when for the matter of changes in legislation and regulation –
                provided that the Company acts to the best of its efforts to avoid a result as stated shall not be deemed as Transfer of Control. If the conditions set forth above in this clause are fulfilled in the aggregate, the Company shall submit an
                Immediate Report of this.

            

       

      	

            	9.1.24	
              If the Company shall stop being a reporting corporation, as this term is defined in the Securities Law, or a corporation traded in a stock exchange outside of Israel, as set forth in the Second or Third Addition to the Securities Law.

            

       

      	

            	9.1.25	
              If a “going concern notice” is registered in the Company’s consolidated financial statements, and the basis for including the notice was not amended in the Company’s consolidated financial results for the following quarter.

            

       

      For the avoidance of doubt it is hereby emphasized and clarified that any application of the Company to the holders of any series of debentures of the Company, in whole or in
        part, in an offer to purchase from them the debentures that they hold for cash or by way of the issuance of substitute debentures shall not give rise to grounds for immediate repayment of the Debentures in accordance with this clause 9.

       

      
        - 26 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      For the avoidance of doubt, it is clarified that the right to declare the Debentures immediately repayable as mentioned above and/or declaring the Debentures immediately
        repayable and/or for realizing pledges cannot derogate from or injure any other or additional remedy that the Debenture Holders (Series D) have or that the Trustee has according to the terms of the Debentures and the provisions of this Deed or
        according to the law, and failure to declare the debt immediately repayable upon the occurrence of any of the cases set forth in clause 9.1 of the Deed, shall not constitute any waiver whatsoever of the rights of the Holders of Debentures or the
        Trustee as stated.

       

      In this clause:

       

      “Material Asset” means: an asset or several assets cumulatively, whose aggregate book value exceeds 49% of the total consolidated assets
        of the Company according to its last consolidated financial statements or its last consolidated financial results that were published.

       

      “Financial Statement” means: the consolidated financial statements or consolidated financial results of the Company that were published
        before the time of the event.

       

      “Material Debt” or a “Material Series of Debentures” shall mean: a debt or a number of
        cumulative debts of the Company whose balance, or a series of debentures whose balance of liability value is in an amount constituting 10% of the total balance sheet of the Company, according to the financial statements of the Company, or a debt or
        a number of cumulative debts of a consolidated company whose balance, or a series of debentures of a consolidated company whose balance of liability value are in an amount constituting 20% of the total balance sheet. It is clarified that a debt or
        a series of material debentures, of the Company or of the consolidated company, that are a non-recourse debt, i.e., a debt without a right of recourse towards the Company, or a project debt, shall not be deemed as a debt or as a series of material
        debentures, as the case may be.

       

      Selling “Most of the Company Assets” means selling assets of the Company or of the consolidated companies in its financial statements to
        a third-party, over a period of 12 consecutive months, with a value, after deduction of assets purchased by the Company or by the consolidated companies in its financial statements during the same period of 12 consecutive months, which exceed the
        rate of 50% of the consolidated Company assets, according to its last consolidated financial statements or its last consolidated financial results published. Notwithstanding the foregoing, the sale of assets at a rate greater than 50% as said,
        shall not be deemed as a breach, provided that in accordance with the notice of the Company the Company declares that the consideration is intended for the purchase of an asset (other than an asset of consolidated companies) or an additional
        investment, including an investment in consolidated companies, and all within the sphere of activity of the Company as stated in clause 9.1.8 above.

       

      
        - 27 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	9.2.	
              Upon the occurrence of any of the events set forth in clause 9.1 of the Deed and in accordance with the provisions included therein and its sub-clauses:

            

       

      	

            	9.2.1	
              The Trustee and any of the Debenture Holders (Series D)  shall be entitled to call for immediate repayment the entire outstanding balance of the Debentures and/or realize collaterals (insofar as any have been given); it shall be
                clarified that a decision as stated by a Holder of the Debenture is subject to adopting a resolution in the Meeting of Holders of Debentures, as set forth in clause 9.2.4 hereinafter.

            

       

      	

            	9.2.2	
              Upon the occurrence of any of the events in clause 9.1 above the Trustee, before he uses his authority to declare immediate repayment or to realize the Collaterals, insofar as they were given), shall be obligated to convene a Meeting of
                the Debenture Holders, on the agenda of which shall be a resolution regarding the declaration of immediate repayment of all unpaid balance of the Debentures (Series D) and/or realizing collaterals inasmuch as they have been given, due to
                the occurrence of any of the events set forth in clause 9.1 of the Deed, and receive its instructions.

            

       

      The time of convening a Meeting as stated shall be at the end of 21 days from the day on which it was summoned (or a shorter period of time in accordance with the provisions of
        clause 9.2.6 hereinafter).

       

      	

            	9.2.3	
              If a reasonable period was determined in clause 9.1 above or in a resolution of a Holders’ meeting, as the case may be, with respect to a certain clause, in which the Company is entitled to perform an action or to adopt a decision which
                as a result the cause for declaring immediate repayment or realization of the Collaterals, insofar as created, is dropped, the Trustees or the Debenture Holders are entitled to declare the Debentures immediately payable and/or to realize
                collaterals according to these clauses only if the period that was determined as mentioned has passed and the cause was not dropped; however, the Trustee is entitled to shorten the period that was determined as mentioned if it thought that
                it will materially harm the rights of the Debenture Holders.

            

       

      	

            	9.2.4	
              The resolution of the Debenture Holders to declare the Debenture immediately payable and/or to realize the Collaterals, insofar as created, shall be adopted in a Meeting of the Debenture Holders in which Holders of at least fifty percent
                (50%) of the balance of the nominal value of the Debentures (Series D) were present, by a majority of the Debenture Holders of the balance of the nominal value of the Debentures that is represented or by such a majority in a deferred
                Debenture Holders Meeting in which the Holders of at least twenty percent (20%) of the aforementioned  balance were present.

            

       

      	

            	9.2.5	
              In case, until the time of convening the Meeting, any of the events set forth in clause 9.1 of the Deed has not been revoked or removed, and a resolution in the Debenture Holders’ Meeting was adopted as stated in clause 9.2.4 of the
                Deed, the Trustee shall be obligated, as soon as possible, to declare immediately repayable all unpaid balance of the Debentures (Series D) and/or to realize collaterals, inasmuch as any have been given.

            

       

      
        - 28 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	9.2.6	
              Despite the stated in this clause 9.2, the Trustee or the Holders shall not declare the Debentures immediately repayable and shall not realize collaterals (inasmuch as any have been given), unless it is after they have given the Company
                a written notice, 15 days in advance before declaring the Debentures (Series D) for immediate repayment or realizing collaterals (hereinafter: “the Notice Period”), regarding their intention to do so;
                the Trustee is entitled, at its discretion, to shorten the 21 day period stated in clause 9.2.2 of the Deed and/or to not give any notice as stated in this clause, in case the Trustee is of the opinion that deferring the convening of the
                Meeting jeopardizes the rights of the Debenture Holders or if there is reasonable concern that giving the notice shall damage the possibility of declaring the Debentures for immediate repayment and/or realizing collaterals (inasmuch as any
                have been given).

            

       

      	

            	9.2.7	
              The sending of a notice to the Company of the declaration of immediate repayment of the Debentures and/or realizing collaterals, inasmuch as any have been given, can be done also by way of publishing a notice of the decision of the
                Meeting or the decision of the Trustee in accordance with the provisions of clause 27 hereafter and it shall constitute a declaration of the Debentures immediately payable.

            

       

      	

            	9.2.8	
              In the event that the Debentures (Series D) were declared immediately payable according to the provisions of clause 9, the Company undertakes:

            

       

      	

            	9.2.8.1	
              To pay the Debenture Holders and the Trustee any sums due to them and/or that shall be due to them according to the terms of the Deed of Trust, whether the date of the obligation has arrived or not (‘acceleration’), and this is within 7
                days after the notice date as mentioned in clause 9.2.6 above; and

            

       

      	

            	9.2.8.2	
              To deliver to the Trustee, as per its reasonable request, any affidavit or declarations and/or to sign any document and/or to perform and/or to cause the performance of the actions necessary and/or required in accordance with any law for
                giving effect to the exercise of authorities, the powers and the permissions of the Trustee and/or his attorneys that are required in order to enforce upon the Company its undertaking as mentioned in the Deed of Trust and for realizing the
                collaterals, inasmuch as any have been given.

            

       

      	

            	9.2.9	
              For the purposes of this clause 9 – a written notice to the Company signed by the Trustee that confirms that the action required by it in the framework of its powers, is a reasonable action, shall constitute prima facie evidence of this.

            

       

      	

            	9.2.10	
              The Trustee shall notify the Debenture Holders regarding the occurrence of an event which constitutes a cause for immediate repayment, immediately after actually becoming informed of it. A notice as stated shall be published in
                accordance with the provisions of clause 27 hereinafter.

            

       

      	

            	9.2.11	
              The stated in this clause does not harm or condition the rights of the Trustee or the Holders of Debentures (Series D) in accordance with the provisions of Article 35I1 of the Securities Law or in accordance with the provisions of the
                law.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	9.2.12	
              Notwithstanding the provisions of this clause 9.2, in case the Company requests the Trustee in writing to appoint an urgent representing body, it is mandatory to act in accordance with the provisions set forth in clause 18 of the Deed of
                Trust,  and these shall take precedence over all of the other provisions set forth in this Deed.

            

       

      	

            	9.3.	
              After declaring the Debentures immediately payable in accordance with the provisions of clause 9.1 of the Deed, the Trustee and/or the Debenture Holders shall be entitled to immediately take all steps that they shall see fit. Inter alia,
                the Trustee and/or the Debenture Holders shall be entitled to enforce and to realize the Collaterals, insofar as created, (in whole or in part) that were given to secure the Company’s undertakings to the Debenture Holders and to the Trustee
                according to this Deed. The Trustee shall be entitled to act in any manner that it shall see fit and effective, including in accordance with the relevant law in the relevant territory for each Collateral and within such actions it shall be
                entitled to appoint by itself and/or by the court, a trustee, receiver or manager on assets that were provided as Collateral, in whole or part of them and insofar as such assets were provided.

            

       

      	10.	
              Claims and Proceedings by the Trustee

            

       

      	

            	10.1.	
              In addition to any provision in this Deed and as a right and independent authority (however except for the calling for immediate repayment, and in such circumstances the provisions of clause 9 above shall apply), the Trustee is entitled,
                at its discretion, and will be obligated to do so by an Ordinary Resolution adopted in a Meeting of Debenture Holders, and without giving notice to the Company, to take all of those proceedings, including legal proceedings and motions to
                receive instructions as it shall see fit and subject to the provisions of any law, for enforcing the Company’s undertakings according to this Deed of Trust, realizing Collaterals, insofar as created, and/or rights of Debenture Holders and
                protecting their rights according to this Deed of Trust. The Trustee shall be entitled to initiate legal proceedings and/or others even if the Debentures were not declared immediately payable and all for realizing Collaterals, insofar as
                created, and/or for protecting rights of Debenture Holders and the Trustee and subject to any law. The Trustee is entitled, at its sole discretion and without the need for giving notice, to approach the competent court and submit a motion
                to receive instructions in any matter pursuant to and/or connected to this Deed of Trust also before the Debentures shall be declared immediately payable, including for giving any order regarding the trust matters. It shall be clarified,
                that the right to declare immediate repayment and/or realizing the collaterals, inasmuch as any have been given, shall only arise in accordance with the provisions of clause 9 of the Deed and not this clause 10.

            

       

      	

            	10.2.	
              The Trustee shall be obligated to act as stated in clause 10.1 above if required to do so by an Ordinary Resolution adopted by the Debenture Holders’ Meeting, unless it has seen that under the circumstances it shall not be just and/or
                reasonable to do so, and it has approached the appropriate court in a request to receive instructions on the matter at the first possible opportunity.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	10.3.	
              The Trustee is entitled, prior to taking any legal proceedings whatsoever, to convene a Debenture Holders’ Meeting so that it decides, in an Ordinary Resolution, which proceedings to take in order to realize their rights in accordance
                with this Deed. The Company waives any claim towards the Trustee and/or Debenture Holders, regarding damage which might be caused and/or which was caused to it due to summoning the Holders’ Meeting. In addition, the Trustee shall be
                entitled to re-convene Debenture Holders’ Meetings for the purpose of receiving instructions pertaining to conducting the proceedings as stated. The Trustee’s action shall be performed in such cases without delay and at the first
                opportunity. For the avoidance of doubt it shall be clarified that the Trustee is not entitled to delay the performance of declaring for immediate repayment and/or realizing collaterals, inasmuch as any have been given, which the Debenture
                Holders’ Meeting has decided in accordance with clause 9 of the Deed, unless the event for which the resolution was adopted to declare immediate repayment was revoked or removed. It is clarified, that  notwithstanding the provisions of this
                clause 10, the Trustee shall file a request for the liquidation of the Company only after an Extraordinary Resolution was adopted on the matter in a Debenture Holders’ Meeting.

            

       

      	

            	10.4.	
              Subject to the provisions of this Deed of Trust, the Trustee is entitled but not required to convene at any time a Meeting of the Debenture Holders in order to discuss and/or to receive its instructions in any matter regarding this Deed
                by way of an Ordinary Resolution. For the avoidance of doubt it shall be clarified, that the Trustee is not entitled to delay the performance of declaring for immediate repayment which the Debenture Holders’ Meeting has decided in
                accordance with clause 9.1 of the Deed, other than if the event for which the resolution was made to declare immediate repayment was revoked or removed.

            

       

      	

            	10.5.	
              Subject to the provisions of this Deed of Trust, at any time the Trustee shall be required, in accordance with the terms of this Deed, to perform any action whatsoever, including initiating proceedings or filing claims at the request of
                the Debenture Holders as stated in this clause, by adopting an Ordinary Resolution, the Trustee is entitled to avoid taking any action as stated until instructions are received from the Debenture Holders Meeting and/or instructions from the
                court which the Trustee has approached, at its discretion, in a request for instructions in case it believed that instructions as stated are required. For the avoidance of doubt it shall be clarified, that the Trustee is not entitled to
                delay declaring the Debentures immediately payable or realizing collaterals which have been given (if any have been given) which the Debenture Holders Meeting decided according to clause 9 of the Deed, unless the event for which the
                resolution for immediate repayment was made has been revoked or removed.

            

       

      	11.	
              Order of Priority of Creditors; Dividing the Intakes

            

       

      Any intake which shall be received by the Trustee, except for its fees and the payment of any debt towards it, in any manner, including but not only as a result of declaring
        the Debentures immediately payable and/or as a result of proceedings that it shall institute, if it shall institute proceedings, inter alia, against the Company, shall be held by it in trust and shall serve for the purposes according to the order
        of priority of creditors as follows:

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      First – for the payment of any debt for the fees of the Trustee and its reasonable expenses; second
        – for the payment of any other debt according to undertakings to indemnify (as this term is defined in clause 26 hereafter); third – for paying the Debenture Holders who paid payments according to clause 26
        hereafter; fourth – for paying the Debenture Holders late payment interest for delays in paying the interest that are due to them according to the terms of the Debentures, pari passu and in a proportionate
        manner to the sum of the interest that is delayed that is due to each of them without preference or right of priority regarding any of them; fifth – for paying the Debenture Holders sums of the interest in
        arrears for delays in paying the Principal, due to them in accordance with the terms of the Debentures, pari passu and relative to the amount of the Principal in delay which is due to each of them, without preference or right of precedence
        regarding either of them; sixth – for paying the Debenture Holders the amounts of the interest that are due to them according to the Debentures held by them pari passu, the payment date of which has not yet
        arrived and in a proportionate manner to the sums due to them, without any preference with respect to priority in time of issuing the Debentures by the Company or in any other manner; seventh – for paying
        the Debenture Holders the debt of amounts of the Principal which are due to them in accordance with the Debentures which are held by them pari passu, which payment date has not yet arrived and relative to the amounts which are due to them, without
        any preference pertaining to the precedence in time of issuing the Debentures by the Company or otherwise; and eighth – the surplus, if such shall exist, the Trustee shall pay the Company or to its
        substitutes, as the case may be.

       

      Withholding tax shall be deducted from the payments to the Debenture Holders, insofar as there is a duty to deduct it according to any law.

       

      	12.	
              Authority to Demand Financing

            

       

      The Debenture Holders Meeting is entitled to determine in a resolution in a special majority that the Company shall transfer to the Trustee a sum (or part of it) that is
        designed for a certain payment on account of the Principal and/or certain payment of interest for the Debentures for the finance required for matters that were determined in the Meeting as mentioned (the “Finance
          Sum”), and provided that such resolution was adopted before the record date determining the entitlement of the Debenture Holders to receive the Principal or interest as mentioned.

       

      If a resolution of the Meeting was adopted as mentioned above, the following provisions shall apply, unless the Company shall transfer to the Trustee, before the record date
        as mentioned above, a sum equal to the Finance Sum and this not out of the specific payment as mentioned above:

       

      	

            	12.1.	
              The Company shall transfer to the Trustee the Finance Sum at the time determined in this Deed for paying the Principal or the interest as mentioned above.

            

       

      	

            	12.2.	
              The amount of the certain payment as mentioned above (Principal or interest) shall be reduced by deducting the Finance Sum, and in the event of an interest payment, the rate of the specific payment shall also be reduced respectively.

            

       

      	

            	12.3.	
              Insofar as the Company has a duty according to law or according to the Deed of Trust to pay the costs and fees for which the Finance Sum was deposited, the Finance Sum (in addition to interest that applies to the Debentures according to
                this Deed of Trust, from the record date for the specific payment as mentioned above and until its actual payment) shall be paid at the next date scheduled in this Deed of Trust for payment on account of the Principal and/or the interest
                (or at another time as shall be determined in a resolution of the Meeting as mentioned above) and it shall be added to the next payment as mentioned as an integral part of it.

            

       

      	

            	12.4.	
              The transfer of the Finance Sum to the Trustee cannot constitute an admission of the Company regarding its liability in financing the costs and fees for which the Finance Sum was deposited.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	12.5.	
              The Company shall publish an Immediate Report before the record date regarding the changes in the terms of this Deed of Trust regarding payments on account of the Principal and/or interest that arise from the aforesaid.

            

       

      The aforesaid does not release the Company from its liability to pay costs and fees as mentioned where it is liable to pay them according to this Deed and/or according to the
        law.

       

      	13.	
              Authority to Delay the Division of Funds

            

       

      	

            	13.1.	
              Notwithstanding the provisions in clause 11 above, and until the earliest of the dates set forth hereafter, if the sum which shall be received as a result of instituting such proceedings mentioned above and which shall be available at
                any time for distribution to the Debenture Holders as mentioned in that clause, shall be less than 1 million NIS at the record date for distribution  the Trustee shall not be required to distribute it and it shall be entitled to invest this
                sum, in whole or in part, in accordance with the provisions of clause 17 hereafter.

            

       

      	

            	13.2.	
              When these investments mentioned above reach, if they shall reach, with their profits, together with other funds that shall reach the Trustee for the purpose of paying them to the Debenture Holders, a sum that will be sufficient in order
                to pay at least 1 million ILS, the Trustee shall be required to use the mentioned sums according to the order of priorities in clause 11 above and to distribute this sum at the earliest time of the payment of the Principal or the interest.
                In case, until the earlier of: the closest time for paying the interest and/or Principal, or a reasonable time after receiving the aforementioned funds, the Trustee shall not have a sufficient amount to pay at least 1 million ILS, the
                Trustee shall distribute the funds in his possession to the Debenture Holders, and in any case no later than once every three months. Despite the foregoing, Debenture Holders could, in an Ordinary Resolution, bind the Trustee to pay them
                the amounts accumulated by it, even if they have not reached a total of 1 million ILS. Notwithstanding the aforesaid, the fees to the Trustee and its expenses shall be paid out of these funds immediately upon their arrival to the Trustee
                and even if they are lower than the sum set forth in clause 13.1 of the Deed.

            

       

      	14.	
              Notice of Distribution and Deposit with the Trustee

            

       

      	

            	14.1.	
              The Trustee shall notify the Debenture Holders of the date and place on which any payment shall be made out of the payments mentioned in clauses 11 and 12 of the Deed, and this is by advance notice of 14 days that shall be given in the
                manner set forth in clause 26 hereafter.

            

       

      	

            	14.2.	
              After the record date for entitlement for payment that was determined in the Trustee’s notice as mentioned, the Debenture Holders shall be entitled to interest for them according to the interest rate set forth in the Debentures, only on
                the unpaid balance of the Principal sum (if such shall exist) after deducting the sum that was paid or that was offered to them for payment in accordance with the provisions of clause 15 as mentioned in this notice.

            

       

      	

            	14.3.	
              The funds distributed as stated in this clause 14 shall be considered as payment on account of the repayment.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	15.	
              Avoidance from Payment for a Reason that is not Dependent on the Company; Deposit with the Trustee

            

       

      	

            	15.1.	
              Any sum that is due to a Debenture Holder and that was not actually paid on the record date for its payment, for a reason that is not dependent on the Company, while the Company was willing and able to pay it fully and on time, shall
                cease to bear interest from the time that was determined, for its payment and the Debenture Holder shall be entitled, only to those amounts to which he was entitled at the time set for repayment or payment on account of the Principal and
                the interest.

            

       

      	

            	15.2.	
              The Company shall deposit with the Trustee, no later than 10 Business Days after the time that was scheduled for that payment, the payment sum which was not paid on time as stated in clause 15.1 of the Deed and shall notify the Debenture
                Holders in an Immediate Report regarding a deposit as mentioned, and the aforementioned deposit shall be considered as paying that payment, and in the event of payment of everything due for that Debenture, also as the redemption of the
                Debenture.

            

       

      	

            	15.3.	
              The Trustee shall deposit in bank accounts in its name and to its order in trust for the Debenture Holders, the funds that shall be transferred to it as mentioned in sub- clause 15.2 of the Deed, and shall invest them in investments in
                accordance with the provisions of clause 17 of the Deed. If the Trustee did so, it shall not owe to those entitled to those sums, other than the consideration received from realizing the investments, after deducting its fees and expenses,
                reasonable expenses related to that investment and to managing the trust accounts, reasonable commissions and mandatory payments applying to the trust account. Out of the funds as stated, the Trustee shall transfer amounts to the Debenture
                Holders entitled thereto, as soon as possible after the Trustee is provided with reasonable proof and approvals regarding their right to such amounts, and with the deduction of its reasonable expenses, commissions, mandatory payments and
                its fees.

            

       

      	

            	15.4.	
              Deleted.

            

       

      	

            	15.5.	
              The Trustee shall hold the funds that shall be deposited as mentioned in clause 15.3 above and shall invest them in the aforementioned manner, until the end of two years after the final payment of the Debentures or by the date of payment
                of the funds to the Debenture Holders, whichever is earlier. After this time, the Trustee shall transfer to the Company the sums out of these funds, which have remained with him (including profits that have accrued from their investment)
                after deducting its fees, expenses and other costs that were expended in accordance with the provisions of this Deed (such as fees of service providers etc.).

            

       

      Upon the transfer of the funds from the Trustee to the Company, to the Trustee’s satisfaction, the Trustee shall be exempt from payment of such sums to the entitled Debenture
        Holders.

       

      	

            	15.6.	
              The Company shall confirm to the Trustee in writing the fact that these funds have been received in trust for these Debenture Holders, and it shall indemnify the Trustee for any claim and/or cost and/or damage of any type and kind that
                shall be incurred by it as a result and for transferring the sums as mentioned, unless the Trustee has acted negligently (apart from negligence which is exempt by law as shall be from time to time), in bad faith or deceivingly.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	15.7.	
              The Company shall hold these funds in a trust account for the Debenture Holders that are entitled to these sums for an additional year after they are transferred to the Company from the Trustee. Funds that have not been demanded by the
                Debenture Holders from the Company at the end of two years after the final payment date of the Debentures shall serve the Company for any purpose. The aforesaid shall not derogate from the Company’s duty towards the Debenture Holders to pay
                the funds to which they are entitled as mentioned.

            

       

      15A.       Receipt from the Debenture Holders and the Trustee

       

      	

            	15A(1)	
              A receipt from the Trustee regarding the depositing of the Principal funds and the interest with it in favor of the Debenture Holders shall release the Company completely with regards to the very making of the payment of the amounts
                stated in the receipt.

            

       

      	

            	15A(2)	
              A receipt from a Debenture Holder regarding the Principal funds and the interest paid to him by the Trustee or the Company for the Debenture shall release the Trustee and/or the Company (respectively) completely with regards to the very
                making of the payment of the amounts stated in the receipt.

            

       

      	

            	15A(3)	
              Funds distributed as stated in clause 15 above shall be considered as payment on account of the repayment of the Debentures.

            

       

      	16.	
              Presenting Debentures to the Trustee and Registration pertaining to Partial Payment

            

       

      	

            	16.1	
              The Trustee shall be entitled to request a Debenture Holder to present to the Trustee, upon paying any interest whatsoever or a partial payment of the amount of the Principal and the interest, should there be any, in accordance with the
                provisions of clauses 13-15A above, the Debenture certificates for which the payments are made, and the Debenture Holder shall be required to present the Debenture certificate as stated, provided that it does not bind the Debenture Holders
                to any payment and/or expense and/or impose on the Debenture Holders any responsibility and/or liability.

            

       

      	

            	16.2	
              The Trustee shall be entitled to register a comment on the Debenture certificates regarding the amounts paid as stated above, as well as their payment date.

            

       

      	

            	16.3	
              The Trustee shall be entitled, in any special case, at its discretion, to waive the presentation of the Debenture certificates after the Debenture Holder has given it a letter of indemnification and/or sufficient guarantee to its
                satisfaction for damages which might be caused due to failure to register the comment as stated, all as it shall see fit.

            

       

      	

            	16.4	
              Despite the foregoing, the Trustee shall be entitled, at its discretion, to hold records in another manner regarding partial payments as stated.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	17.	
              Investment of Funds

            

       

      All funds which the Trustee is entitled to invest in accordance with this Deed, shall be invested by it, in a banking corporation in Israel which was rated by a rating company
        at a rating that is no less than AA of Standard & Poor’s Maalot Ltd. or an equivalent rating by another rating company, in its name or payable to it, at its discretion, in Israeli government debentures or daily banking deposits as it shall see
        fit, all subject to the terms of this Deed of Trust and the provisions of any law, and provided that any investment in securities shall be in securities rated by a rating company at a rating that is no less than AA by Standard & Poor’s Maalot
        Ltd. or an equivalent rating. It shall be clarified, that apart from Israeli government debentures or banking deposits as set forth in this clause, the Trustee shall not perform an investment in other securities. If the Trustee has done so, it
        shall not owe to the persons eligible for those amounts anything other than the consideration received from realizing the investment, with the deduction of its fees and expenses, commissions and expenses related to the stated investment and the
        management of the trust accounts, commissions and with the deduction of the mandatory payments applying to the trust account, and with regards to the remaining funds the Trustee shall act in accordance with the provisions of this Deed, as the case
        may be.

       

      	18.	
              Urgent Representing Body for the Debenture Holders

            

       

      	

            	18.1.	
              Appointment; term of office.

            

       

      	

            	18.1.1	
              The Trustee shall be entitled, or as per the Company’s written request it shall be obligated, to appoint and convene an urgent representing body amongst the Debenture Holders, as shall be set forth hereinafter (hereinafter: the “Urgent Representing Body”).

            

       

      	

            	18.1.2	
              The Trustee shall appoint to the Urgent Representing the three (3) Debenture Holders, who, to the best of the Trustee’s knowledge, hold the highest nominal value out of all Debenture Holders, and who shall declare that with regards to
                them, all conditions set forth hereinafter are fulfilled (hereinafter: “the Urgent Representing Body Members”). In case any of those could not hold office as an Urgent Representing Body Member as
                stated, the Trustee shall appoint in his place, the Debenture Holder who holds the next highest nominal value, regarding whom all conditions set forth hereinafter are fulfilled. The conditions are as follows:

            

       

      	

            	18.1.2.1	
              The Debenture Holder is not in any material conflict of interests due to the existence of any additional material matter that contradicts a matter that arises from serving on the Urgent Representing Body and from holding the Debentures.
                For the avoidance of doubt it is clarified, that a Holder who is an Affiliated Holder, as such term is defined in clause 4.2 above, shall be considered to have a material conflict of interests as stated and shall not serve on the Urgent
                Representing Body.

            

       

      	

            	18.1.2.2	
              During that calendar year, the Debenture Holder does not hold office in similar representing bodies of other debentures, which aggregate book value exceeds the rate out of the asset portfolio managed by him, which was set as the maximal
                rate enabling to hold office in an Urgent Representing Body in accordance with the instructions of the  Competition Authority pertaining to the establishment of an Urgent Representing Body.

            

       

      	

            	18.1.3	
              If, during the office of the Urgent Representing Body, one of the circumstances listed in clauses 18.1.2.1 to 18.1.2.2 above has ceased occurring, his office shall expire, and the Trustee shall appoint another member in his place out of
                the Debenture Holders as stated in sub-clause 18.1.2 above.

            

       

      
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                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	18.1.4	
              Prior to appointment the Urgent Representing Body Members, the Trustee shall receive from the candidates to hold office as Members of the Urgent Representing Body, a declaration regarding the existence or absence of material conflicts of
                interest as stated in clause 18.1.2.1 above and with regards to holding office in additional representing bodies as stated in clause 18.1.2.2 above. In addition, the Trustee shall be entitled to request a declaration as stated by Members of
                the Urgent Representing Body at any time during the office of the Urgent Representing Body. A Holder who shall fail to provide a declaration as stated shall be considered as having a material conflict of interests or a hindrance from
                holding office, pursuant to the instructions of the Competition Authority as stated above, as the case may be. With regards to a declaration regarding a conflict of interests, the Trustee shall inspect the existence of the conflicting
                matters, and if necessary shall decide whether the conflict of interests disqualifies that Holder from holding office in the Urgent Representing Body. It is clarified, that the Trustee shall rely on the declarations as stated and shall not
                be required to hold an additional inspection or independent investigation. The Trustee’s decision on these matters shall be final.

            

       

      

      	

            	18.1.5	
              The Urgent Representing Body’s term shall end when the Company publishes the decisions of the Urgent Representing Body pertaining to giving an extension to the Company for the purpose of its meeting the terms of the Deed of Trust as set
                forth in clause 18.5 hereinafter.

            

       

      	

            	18.2.	
              Authority

            

       

      	

            	18.2.1.	
              The Urgent Representing Body shall have the authority to grant a one-time extension to the Company regarding the dates for meeting either of the financial covenants set forth in clause 9.1.13 of this Deed, in such manner that the
                expected breach is eliminated or that the grounds for calling for immediate repayment set out in clause 9.1.13 of this Deed does not apply, as the case may be, for the extension period, to the extent granted, for the earlier of a period
                which shall not exceed 90 additional days for meeting the financial covenants as stated or up to the time of publishing the closest consolidated financial statements or the closest consolidated financial results (as the case may be)  made
                after the publication date of the financial statements and from which it is likely to arise that the Company failed to fulfill any of the financial covenants during the examination period, whichever is earlier. It shall be clarified, that
                the period of time until appointing the Urgent Representing Body shall be taken into account in the framework of the aforementioned extensions, and it shall not constitute a cause for granting the Company any additional extension beyond the
                stated above. It shall be further clarified, that the actions of the Urgent Representing Body and the cooperation between its Members, shall be limited to discussing the option of granting an extension as stated, and no other information
                shall be passed between the Members of the Representing Body, which does not pertain to granting an extension as stated.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	18.2.2.	
              If an Urgent Representing Body has not been appointed in accordance with the provisions of this addendum, or if the Representing Body has decided not to grant the Company an extension as stated in clause 18.2.1 above, the Trustee shall
                act in accordance with the provisions of clause 9 of the Deed of Trust.

            

       

      	

            	18.3.	
              The Company’s undertakings with regards to the Representing Body

            

       

      	

            	18.3.1.	
              The Company undertakes to provide the Trustee with all of the information in its possession or which it is able to obtain pertaining to the identity of the Debenture Holders and the scope of their holdings. In addition, the Trustee shall
                act to receive the stated information in accordance with the authorities granted to it by law.

            

       

      	

            	18.3.2.	
              In addition, the Company undertakes to act in full cooperation with the Urgent Representing Body and the Trustee inasmuch as it is required for the purpose of performing the examinations required by them and forming the decision of the
                Urgent Representing Body, and to provide the Urgent Representing Body with all data and documents which it shall require with regards to the Company, subject to the limitations of the law. Without derogation from the generality of the
                foregoing, the Company shall provide the Urgent Representing Body with the relevant information for the purpose of forming its decision, which shall not include any misleading detail and shall not be lacking.

            

       

      	

            	18.3.3.	
              The Company shall bear the costs of the Urgent Representing Body, including costs of hiring consultants and experts by the Urgent Representing Body or on its behalf, and the provisions of clause 26 of the Deed of Trust shall apply to
                this matter.

            

       

      	

            	18.4.	
              Liability

            

       

      	

            	18.4.1.	
              The Urgent Representing Body shall act and decide on matters given to it, at its absolute discretion and shall not be responsible, whether itself or any of its Members, their officers, employees or consultants, and the Company and the
                Debenture Holders hereby exempt them with regards to any arguments, demands and claims against them for using or avoiding to use powers, authorities or discretion granted to them in accordance with the Deed of Trust and with regards
                thereto, or any other action which they have performed in accordance therewith, unless they have acted that way maliciously and/or in bad faith.

            

       

      	

            	18.4.2.	
              The indemnification provisions set forth in clause 26 of this Deed shall apply to the actions of the Members of the Urgent Representing Body, as if they were the Trustee.

            

       

      	

            	18.5.	
              The Company shall publish an Immediate Report regarding the appointment of the Urgent Representing Body, the identity of its members and its authorities and shall publish an additional Immediate Report regarding the decisions of the
                Urgent Representing Body as stated.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	19.	
              Confidentiality

            

       

      	

            	19.1.	
              Subject to the provisions of any law and the stated in this Deed of Trust, the Trustee undertakes, by signing this Deed, to keep confidential any information that was given to it from the Company and/or a company affiliated with the
                Trustee and/or anyone on their behalf (“the Information”), not to disclose it to another and not to make any use of it, unless its disclosure or the use of it is required for fulfilling its duties
                according to the Law, according to the Deed of Trust, or according to a court order or according to the instructions of a legally authorized authority or for the purpose of protecting the rights of the Debenture Holders, provided that
                disclosing information as stated shall be limited to the minimal extent and scope required in order to meet the requirements of the law and that the Trustee pre-coordinates with the Company, inasmuch as it is possible and permitted and to
                the extent this will not harm the rights of the Debenture Holders, the content and timing of the disclosure, in order to give the Company reasonable leave to approach the courts in order to prevent the transfer of information as stated.

            

       

      	

            	19.2.	
              Transferring information to the Debenture Holders, including by publishing it publicly, for the purpose of adopting a resolution regarding their rights according to the Debenture or for providing a report of the Company’s state does not
                constitute a breach of the confidentiality undertaking as mentioned above, and in any case only the necessary information for adopting such resolution will be provided, to the extent provided. The transfer of information a stated to the
                Trustee’s authorized representatives and/or professional consultants and/or agents shall be done subject to their signing of a confidentiality undertaking and lack of conflict of interests in the form attached as Appendix 19.2 to this Deed.

            

       

      	

            	19.3.	
              This confidentiality undertaking shall not apply to any part of the information, that is in the public domain (except for information that became public domain due to a breach of this confidentiality undertaking) or that was received by
                the Trustee not from the Company – starting from the date its receipt.

            

       

      	

            	19.4.	
              All the conversations and discussions in the parts of the Meetings that are conducted without the Company or in the Meetings conducted without the Company, insofar as the absence of the Company is required by the Trustee, are
                confidential, and the Company and/or anyone on its behalf including any Office Holder in it shall not require the disclosure of this information.

            

       

      	20.	
              Other Agreements

            

       

      Subject to the provisions of the Law and the restrictions imposed on the Trustee in the Law the fulfillment of the Trustee’s duties according to this Deed of Trust, or its
        status as Trustee, shall not prevent it from entering into different contracts with the Company or from performing transactions with it in the ordinary course of its business.

       

      	21.	
              Reporting by the Trustee

            

       

      	

            	21.1.	
              The Trustee shall make each year, at the time determined for this in the Law and in absence of a scheduled time until the end of the second quarter in each calendar year, an annual report of the trust matters (the “Annual Report”) and it shall submit it to the Securities Authority and to the Stock Exchange.

            

       

      	

            	21.2.	
              The Annual Report shall include details that shall be determined from time to time in the Law. Submitting the Annual Report to the Securities Authority and to the Stock Exchange, is as furnishing the Annual Report to the Company and to
                the Debenture Holders.

            

       

      
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                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	21.3.	
              The Trustee must submit a report regarding the actions that it performed according to the provisions of chapter E.1 of the Law, according to a reasonable demand of the Debenture Holders that hold at least ten percent (10%) of the balance
                of the nominal value of the Debentures of that series, within a reasonable time of the demand, all subject to the confidentiality obligation of the Trustee towards the Company as set forth in Section 35J(d) of the Law.

            

       

      	

            	21.4.	
              The Trustee shall update the Company before a report according to Section 35H1 of the Law, to the extent that this is without prejudice to the rights of the Debenture Holders.

            

       

      	

            	21.5.	
              As of the day of signing this Deed, the Trustee declares that it is insured with professional liability insurance at a total of ten million  new Israeli shekels per term (the “Coverage Amount”).
                Insofar as prior to the full repayment of the Debentures, the Coverage Amount shall be reduced to less than a total of eight million  new Israeli shekels for any reason whatsoever, then the Trustee shall update the Company no later than 7
                business days from the day on which it has found out about the stated reduction from the insurer, in order to publish an Immediate Report on the subject. The provisions of this clause shall apply until such time as securities regulations
                shall enter into effect, which shall regulate the duty of the Trustee’s insurance coverage. After such regulations enter into effect as stated, the Trustee shall be required to update the Company only in case the Trustee shall fail to
                uphold the requirements of the regulations.

            

       

      	

            	21.6.	
              Until the full repayment of the Debentures, if the Trustee shall receive an inquiry by the Holders who have 5% or more of the undertaking value of the Debentures (Series D) for receiving information about the examinations performed by
                the Trustee regarding the Debenture series, including with regards to the test of the Company’s upholding of its undertakings towards the Debenture Holders in accordance with the Deed of Trust, the Trustee shall cooperate with the Holder
                with regards to receiving the aforementioned information, all subject to signing a letter of confidentiality and subject to the provisions of any law (for the removal of doubt, it shall be clarified that receiving the stated information
                shall be beyond the annual report published by the Trustee in accordance with the provisions of the Securities Law).

            

       

      	22.	
              Fees and Covering the Trustee’s Expenses

            

       

      	

            	22.1.	
              The Trustee shall be entitled to payments of its fees and expenses in connection with fulfilling its duties, in accordance with the provisions in Appendix 22 which is attached to this Deed
                of Trust. If a Trustee has been appointed in place of the Trustee whose term of service has ended according to Section 35B(a1) or Section 35N(d) of the Securities Law, the Holders of certificates of undertaking (Series D) shall pay the
                difference by which the Trustee’s fees who was appointed as mentioned exceed the fee that was paid to the Trustee in place of whom it was appointed if such difference is unreasonable and the provisions of the relevant law at the date of
                replacement shall apply.

            

       

      	

            	22.2.	
              The Debenture Holders (Series D) shall participate in financing the Trustee’s fees and the refund of its expenses in accordance with the provisions of the indemnification clause in clause 26 of the Deed of Trust.

            

       

      	

            	22.3.	
              At the request of those who hold more than 5% (five percent) of the remaining nominal value of the Debentures, the Trustee shall provide the Holders with data and details regarding his expenses pertaining to the trust which is the
                subject of this Deed of Trust.

            

       

      
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                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	23.	
              Deleted

            

       

      	24.	
              Liability

            

       

      	

            	24.1.	
              The liability of the Trustee shall be according to law.

            

       

      	

            	24.2.	
              For the avoidance of doubt it is hereby clarified that:

            

       

      	

            	24.2.1.	
              The Trustee has no duty to examine, and in actuality the Trustee has not examined, the financial state of the Company and this is not included among its duties.

            

       

      	

            	24.2.2.	
              The Trustee did not make any financial, accounting or legal due diligence examination of the Company’s business state or of the companies held by the Company or by a person that holds the Company’s shares and this is not among its
                duties.

            

       

      	

            	24.2.3.	
              The Trustee has not given its opinion expressly or impliedly regarding the Company’s ability to meet its undertakings towards the Debenture Holders, nor by the fact that it entered into this Deed of Trust, nor by its consent to serve as
                Trustee of the Debenture Holders.

            

       

      	

            	24.2.4.	
              The Trustee’s signature on this Deed of Trust is not an opinion of it regarding the nature of the offered Debentures or that it is worthwhile investing in them.

            

       

      	

            	24.3.	
              The Trustee shall not be required to notify any party of the signature of this Deed. The Trustee shall not get involved in any manner in the management of the Company’s business or its affairs and this is not included in its duties.

            

       

      	

            	24.4.	
              Subject to the provisions of any law, the Trustee is not required to act in a manner that is not expressly set forth in this Deed of Trust, so that any information, including with respect to the Company and/or with respect to the
                Company’s ability to meet its undertakings to the Debenture Holders will be brought to its knowledge and this is not one of its duties.

            

       

      	

            	24.5.	
              The Trustee is entitled to rely on the presumption as mentioned in clause 30 hereafter, and to rely on the correctness of the identity of an unregistered Debenture Holder of the Debentures as this shall be given to the Trustee by a
                person whose name is registered as authorized by power of attorney, that a Nominee Company issued, insofar as the identity of the Debenture Holder was not registered in the power of attorney.

            

       

      	

            	24.6.	
              The Trustee is entitled to rely within the framework of its trusteeship on any written document including, written instruction, notice, request, consent or approval, which appears to be signed or issued by any person or body, which the
                Trustee believes in good faith that it was signed or issued by him.

            

       

      	

            	24.7.	
              It is clarified that the termination of the Trustee’s office does not detract from rights, claims or arguments which the Company and/or the Holders of Debentures (Series D) shall have towards the Trustee, inasmuch as there shall be any,
                which cause precedes the termination date of the Trustee’s office, and it does not release the Trustee of any liability by law.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	25.	
              The Authority of the Trustee to Employ Agents

            

       

      Subject to giving the Company advance notice, and provided that the Trustee does not believe it shall injure the rights of the Debenture Holders, the Trustee shall be entitled
        to appoint agent(s) that will act in its place, whether attorneys or others, in order to do or participate in the performance of special actions that must be performed with respect to the trust and to pay reasonable fees to any agent as stated, and
        without derogating from the generality of the aforesaid instituting legal proceedings or representing in the Company’s merger or split proceedings.

       

      The Company shall be entitled to oppose an appointment as stated in case the agent is a competitor, whether directly or indirectly, with the Company’s business (including
        companies consolidated in its financial statements) and/or in case the agent  is, directly or indirectly, in a state of conflict of interests between his appointment and his position as agent and his personal interests, his other positions or his
        affinity to the Company and to corporations in its control, provided that a notice regarding the Company’s objection as stated, which includes detailed reasons, has been given to the Trustee no later than seven (7) Business Days from the day on
        which the Trustee has given the Company a notice regarding its intention to appoint an agent as stated. It is clarified, that the appointment of an agent as stated shall not detract from the Trustee’s responsibility for its actions and its agents’
        actions. In addition, the Trustee shall be entitled to pay, at the Company’s expense, the reasonable fee of any such agent, and the Company shall repay the Trustee upon its request any such expense, provided that prior to appointing an agent as
        stated, the Trustee shall notify the Company in writing regarding the appointment, in addition to details about the agent’s fees and the purpose of his appointment, and under the circumstances the cost of the agents’ fees does not exceed reasonable
        and acceptable limits (it is emphasized that to the extent that a notice to the Company as said harms the rights of the Debenture Holders the Trustee shall be entitled not to deliver any notice to the Company). It is clarified, that publishing the
        results of a resolution by the Debenture Holders regarding the appointment of agents shall constitute giving notice as stated. For the avoidance of doubt, the Company shall not repay to the Trustee the agent’s fees or expenses if he has been
        present in Debenture Holders’ Meetings on behalf of the Trustee, or of an agent who has fulfilled the regular actions which the Trustee is required to perform pursuant to this Deed of Trust, whereas the performance of these actions is included in
        the fee which the Trustee receives from the Company in accordance with the provisions of clause 22 above. For the avoidance of doubt, in case of declaring the Debentures immediately repayable, the actions which the Trustee shall be required to take
        in this regard shall not be considered as regular actions which the Trustee must perform pursuant to this Deed of Trust for the purpose of this clause. It shall be clarified, that the objection of the Company to appoint a certain agent who was
        appointed at a Holders meeting, shall not delay the beginning of employment of the agent, insofar as the delay might damage the rights of the Holders.

       

      
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      	26.	
              Indemnification

            

       

      	

            	26.1.	
              The Company and the Debenture Holders (at the relevant record date as mentioned in clause 26.5 of the Deed, each for its undertaking as mentioned in clause 26.3 of the Deed) hereby undertake to indemnify the Trustee, each Office Holder
                in it, its employees,  agents and experts that the Trustee shall appoint in accordance with the provisions of the Deed of Trust or according to a resolution adopted by an Ordinary Resolution of the Debenture Holders  (“Persons Entitled to Indemnification”), provided there is no double indemnification or compensation, as follows:

            

       

      	

            	26.1.1.	
              For any reasonable expense and/or loss and/or tort liability and/or in respect of a financial obligation, including according to a judgment or arbitration judgment (in respect to which a stay of execution was not granted) or according to
                a settlement which has ended (and  to the extent that the settlement concerns the Company, the Company granted its prior approval to the settlement) the causes of which are connected to  actions that the Persons Entitled to Indemnification
                performed or which they must perform pursuant to the provisions of this Deed, and/or according to the law and/or an instruction by an authorized authority and/or according to the demand of Debenture Holders and/or according to the Company’s
                demand and/or their position by virtue of this Deed; and

            

       

      	

            	26.1.2.	
              In respect of remuneration due to the Persons Entitled to Indemnification and reasonable expenses that they paid and/or are about to pay following the performance of the trust deeds or in connection with such actions as said whose
                performance, in their opinion, was necessary and/or in connection with the use of authorities and permissions granted under this Deed and including in connection with different legal proceedings, opinions by attorneys and other experts,
                negotiations, contacts, and requirements in connection with insolvency proceedings, collection proceedings, debt arrangement schemes, debt estimate, valuations, claims and demands with respect to any matter and/or action that were performed
                and/or that were not performed with respect to the aforesaid and/or their position by virtue of this Deed.

            

       

      And  on the condition that:

       

      	

            	(a)	
              The Persons Entitled to Indemnification shall not demand indemnification in advance in a matter that cannot be delayed without damaging their right to request indemnification retroactively, if and inasmuch as they shall have a right as
                stated;

            

       

      	

            	(b)	
              A peremptory judicial decision has not determined that the Persons Entitled to Indemnification have acted  not within the framework of their position and/or in contravention of the provisions of the Deed of Trust and/or the provisions of
                the law;

            

       

      	

            	(c)	
              A peremptory judicial decision has not determined that the Persons Entitled to Indemnification  were negligent (in a negligence not exempt under the law as amended from time to time);

            

       

      	

            	(d)	
              A peremptory judicial decision has not determined that the Persons Entitled to Indemnification  acted not in good faith or maliciously;

            

       

      Even in case it shall be claimed against the Persons Entitled to Indemnification that they are not entitled to indemnification for any reason whatsoever, the  Holders or the
        Company, as the case may be, shall be obligated to pay to the Persons Entitled to Indemnification , upon their first demand for the payment of the sum that is due to them in connection with the “Indemnification Undertaking”. In the event that it
        shall be determined in a peremptory judicial decision that the Persons Entitled for Indemnification do not have the right to be indemnified, the Persons Entitled for Indemnification shall return the sums of the Indemnification Undertaking that were
        paid to them.

       

      The undertaking to indemnify in accordance with this clause 26.1 shall be referred to as the “Indemnification Undertaking”.

       

      
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            	26.2.	
              Without derogating from the validity of the “Indemnification Undertaking” in clause 26.1 of the Deed and subject to the provisions of the Securities Law, as long as the Trustee shall be required according to the terms of the Deed of
                Trust and/or according to Law and/or instruction of an authorized authority and/or any law and/or according to the demand of Debenture Holders and/or the Company’s demand and/or for the purpose of protecting the rights of the Debenture
                Holders, to perform any action, including but not limited to, instituting proceedings or submitting claims according to the demand of Debenture Holders, as mentioned in this Deed, the Trustee shall be entitled to refrain from taking any
                such action,  until the Trustee receives, to its satisfaction, a finance cushion for the purpose of covering the Indemnification Undertaking (the “Finance Cushion”) for an amount that will be
                reasonably set by the Trustee as the projected amount of the expenses in connection with the performance of such an action as said, in first priority from the Company, and in the event the Company fails to deposit the Finance Cushion on the
                date the Company was required to act in the said manner by the Trustee, the Trustee will approach the Debenture Holders who held on the record date (as stated in clause 26.5 of the Deed) with a request to deposit with the Trustee the amount
                of the Finance Cushion, each in proportion to its Relative Share (as such term is defined below). In the event the Debenture Holders do not actually deposit the entire amount of the Finance Cushion, the Trustee shall not be obligated to
                perform any relevant action or commence proceedings. The aforesaid shall not release the Trustee from taking urgent action that is required for the purpose of preventing a material adverse effect to the rights of the Debenture Holders. The
                payments by the Holders in accordance with this clause shall not release the Company from its liability to make such payment as said.

            

       

      The Trustee shall be entitled to determine the amount of the ‘Finance Cushion’ and shall be entitled to act for the purpose of creating another cushion as said, from time to
        time, for an amount to be determined by the Trustee.

       

      After the regulations regarding the deposit deposited by the Company in favor of the Debenture Holders are amended pursuant to the provisions of Section 35E1 of the Securities
        Law, the deposit shall be used in lieu of the Finance Cushion and the Trustee shall be entitled to request from the Company from time to time to renew the deposit.

       

      	

            	26.3.	
              The Indemnification Undertaking:

            

       

      	

            	26.3.1	
              Shall apply to the Company due to the following cases: (1) Actions that were performed in accordance with any law and/or required to be performed according
                to the terms of the Deed of Trust including for protection the rights of the Debenture Holders (including pursuant to a request by one Debenture Holder which is required for the purpose of defense as stated);
                  and (2) Actions that were performed and/or required to be performed according to the Company’s demand.

            

       

      	

            	26.3.2	
              Shall apply to the Debenture Holders that held at the record date (as mentioned in clause 26.5 hereafter) in the following cases: (1). an event that is not
                within the scope of clause 26.3.1; and (2). the non-payment by the Company of the indemnification sum that applies to it according to clause 26.3.1 of the Deed (without derogating from the provisions
                of clause 26.6 of the Deed).

            

       

      
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            	26.4.	
              In any event that: (a). the Company does not pay the sums required for covering the Indemnification Undertaking and/or shall not deposit the sum of the Finance Cushion as the case
                may be; and/or (b) the indemnification duty applies to the Debenture Holders by virtue of the provisions of clause 26.3.2 above and/or the Debenture Holders were called to deposit the sum of the Finance Cushion according to clause 25.2
                above, the provisions hereinafter shall apply and the monies shall be collected in the following manner:

            

       

      
        	

              	26.4.1	
                First – out of the money (interest and/or Principal) which the Company must pay to the Debenture Holders after the date of the required action, and the provisions of clause 11 of the Deed shall apply;

              

         

      

      

      	

            	26.4.2	
              Second – insofar as according to the Trustee’s opinion the sums deposited in the Finance Cushion shall not be enough to cover the Indemnification Undertaking, the Debenture Holders that shall hold Debentures at the record date (as
                mentioned in clause 26.5 of the Deed) shall deposit the missing sum, each one in accordance with their Relative Share (as such term is defined) with the Trustee. The sum that each Debenture Holder shall deposit shall bear annual interest at
                a rate equal to the interest determined for the Debentures and it shall be paid with preference as mentioned in clause 26.7 of the Deed.

            

       

      The “Relative Share” means: the relative share of the Debentures which the Debenture Holder held at the relevant record date as
        mentioned in clause 26.5 hereafter of the total nominal value of the Debentures in Circulation at that time. It is clarified that the calculation of the relative share shall remain fixed even if after that time a change shall occur in the nominal
        value of the Debentures held by the Debenture Holder.

       

      	

            	26.5.	
              The record date for determining the Debenture Holder’s obligation in the Indemnification Undertaking and/or in the payment of the Finance Cushion is as follows:

            

       

      	

            	26.5.1	
              In any event that the Indemnification Undertaking and/or payment of the Finance Cushion are required due to a resolution or urgent action required for preventing adverse material harm to the rights of the Debenture Holders and this is
                without an advance resolution of the Debenture Holders Meeting – the record date of the obligation shall be the end of the Trading Day of the date the action was taken or the resolution was made, and if this day is not a Trading Day, the
                Trading Day prior to it.

            

       

      	

            	26.5.2	
              In any event that the Indemnification Undertaking and/or payment of the Finance Cushion is required according to a resolution of the Meeting of the Debenture Holders – the record date for the obligation shall be the record date for
                participating in the Meeting (as this date was determined in the summons notice) and it shall also apply to a Debenture Holder that was not present or that did not participate in the Meeting.

            

       

      	

            	26.5.3	
              In any other case or in the case of disputes regarding the record date – the record date shall be as determined by the Trustee at its absolute discretion.

            

       

      	

            	26.6.	
               To the extent that that sums paid to the Trustee should have been paid by the Company, the receipt of the payments from the Holders shall be without prejudice to the obligation of the Company pursuant to the provisions of this clause 26
                shall not release the Company from its liability to make the said payments and the Trustee shall act reasonably for the purpose of obtaining the said sums from the Company. It is clarified that the Trustee shall not be bound by any
                obligation to commence any legal action for the purpose of collecting the said indemnification amounts.

            

       

      
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            	26.7.	
              The refund to the Debenture Holders who made payments according to this clause shall be made according to the order of preference set forth in clause 11 above.

            

      

      	27.	
              Notices

            

       

      	

            	27.1.	
              Any notice on behalf of the Company and/or the Trustee to the Debenture Holders (including Debenture Holders registered in the Registry managed by the Company) shall be given as follows:

            

       

      	

            	27.1.1	
              In cases in which the provisions of the law require this or according to a decision of the Trustee by reporting to the Magna system of the Securities Authority;

            

       

      	

            	27.1.2	
               In the event that the circumstances require such action in accordance with the law, also by way of publishing a notice that shall be published in two daily newspapers that are widely distributed, that are published in Israel in the
                Hebrew language.

            

       

      	

            	27.1.3	
              Any notice that shall be published or sent as mentioned above, shall be considered as if it was delivered to the Debenture Holder on the date of its publication as mentioned (in the Magna system or in the press, respectively).

            

       

      	

            	27.1.4	
              The Trustee is entitled to instruct the Company, and the Company shall be obligated to immediately report on the Magna on behalf of the Trustee, any report to the Debenture Holders in its wording as it shall be given in writing by the
                Trustee to the Company. The Company shall be entitled to add its reference and/or response to the stated report, in a separate report. Any notice published as stated shall be considered to have been delivered to the Debenture Holder on the
                day of its publication on the Magna as stated.

            

       

      	

            	27.1.5	
              In the event that the Company shall cease to report in accordance with the law, in cases in which there are provisions of the law that require this, or according to the decision of the Trustee, by sending a notice by registered mail to
                each registered Debenture Holder according to his last address registered in the Debenture Holders registry (in the event of joint Holders – to the joint Debenture Holder whose name appears first in the registry). Any notice that shall be
                sent as mentioned shall be considered as if it was delivered to the Debenture Holders 10 Business Days after it was delivered in the mail and the version of such notice as said will be delivered simultaneously to the Trustee via email.

            

       

      	

            	27.1.6	
              Copies of the notices and invitations given by the Company to Debenture Holders shall also be sent by it to the Trustee. It shall be clarified, that notices and invitations as stated do not include the Company’s ongoing reports to the
                public. Copies of the notices and invitations given by the Trustee to the Debenture Holders shall also be sent by him to the Company, to the extent that such action is without prejudice to the rights of the Debenture Holders. The
                publication of notices as stated on the Magna shall be instead of delivering them to the Trustee or the Company, as stated above in this clause, as the case may be.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	27.2.	
              Any notice or demand on behalf of the Trustee or Debenture Holder to the Company may be given by a letter that shall be sent by registered mail to their address, or by transmitting it by fax or in writing by a messenger or by email and
                any notice or demand such as this shall be considered as if it was received by the Company or other addressee:

            

       

      	

            	27.2.1	
              In the event of sending by registered mail – 3 Business Days after it was delivered in the mail.

            

       

      

      	

            	27.2.2	
              In the event of transmitting it by facsimile (with additional telephone confirmation that it was received) – at the time of the telephone confirmation.

            

       

      	

            	27.2.3	
              In the event of transmitting it by email – at the time of receiving confirmation by email that it was read or at the time that it was confirmed by telephone that it was received (if confirmation was performed), whichever is earlier of
                the two.

            

       

      

      	

            	27.2.4	
              In the event that it was sent by a messenger – on the first Business Day after its delivery by messenger to the addressee or in the event that the addressee refrained from accepting it, on the first Business Day after the messenger’s
                offer to the addressee to accept it.

            

       

      	

            	27.3.	
              Any notice or demand to the Trustee shall be given in one of the ways set forth in clause 27.2 above.

            

       

      	28.	
              Waiver; Settlement; Changes in the Terms of the Deed of Trust, Debentures

            

       

      	

            	28.1.	
              Subject to the provisions of the Law and the regulations that were promulgated and/or that shall be promulgated pursuant thereto, and subject to the provisions set forth in the Stock Exchange Regulations and the guidelines thereunder,
                the Trustee shall be entitled from time to time and at any time, to waive any breach or the default of the terms of the Debentures or this Deed by the Company if it was convinced that this is for the benefit of the Debenture Holders or
                where  this does not harm the Debenture Holders. The provisions of this clause shall not apply with regards to the following subjects: the terms of Debenture repayment, the conversion ratio, including dates and payments according to the
                Debentures, reducing the interest rate listed in the Debenture terms; limitations on expanding a series as stated in clause 5.2 of the Deed;, causes for declaring Debentures immediately payable in accordance with clause 9.1 of the Deed;
                provisions regarding negative pledge in accordance with clause 7 of the Deed; limitations on distribution; the Company’s undertaking to meet financial covenants in accordance with clause 6.2 of the Deed; with respect to increasing the
                interest in the event of failure to meet financial covenants as set forth in the Debenture; waive regarding the making of payments; or with regards to reports which the Company must give the Trustee.

            

       

      
        - 47 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	28.2.	
              Subject to the provisions of the law, and with the pre-approval in a Special Resolution of the Meeting of Holders of Debentures (Series D), the Trustee shall be entitled, whether before or after the Debenture Principal is available for
                repayment, to settle with the Company with regards to any right or claim of the Debenture Holders or any of them, and to agree with the Company on any arrangement of their rights, including waiving any right or claim by it and/or the
                Debenture Holders or any of them, towards the Company. In the event the Trustee settled with the Company after the Trustee obtained prior approval as said, the Trustee shall be released from liability in respect of this action, as approved
                by the meeting of the Debenture Holders (Series D), provided that the Trustee did not breach its duty of trust and did not act in bad faith or maliciously or under gross negligence (that is not exempt in accordance with the law) in the
                application of the resolution of the meeting of the Debenture Holders (Series D).

            

       

      	

            	28.3.	
              Subject to the provisions of the law and the regulations promulgated or which shall be promulgated pursuant thereto, the Company and the Trustee are entitled, whether before or after the Debenture Principal is available for repayment, to
                change the Deed of Trust and/or the terms of the Debentures in one of the following cases:

            

       

      	

            	28.3.1	
              Apart from the subject set forth in clause 28.1 above, and apart from a change in the identity of the Trustee or its, or for appointing a Trustee in place of the Trustee whose term has ended, if the Trustee was convinced that the change
                does not harm the Debenture holders; and

            

       

      	

            	28.3.2	
              The suggested change was approved by a Special Resolution of the Meeting of Holders of Debentures (Series D).

            

       

      	

            	28.4.	
              The Company shall deliver to the Debenture Holders a written notice regarding any change or waiver as stated in this clause above, as soon as possible after performing it.

            

       

      	

            	28.5.	
              In any case of exercising the Trustee’s right in accordance with this clause, the Trustee shall be entitled to request the Debenture Holders to deliver to it or to the Company, the Debenture certificates for the purpose of registering a
                comment therein regarding any settlement, waiver, change or amendment as stated, and as per the Trustee’s request, the Company shall register a comment as stated in the certificates delivered to it. In any case of exercising the Trustee’s
                right in accordance with this clause, it shall notify the Debenture Holders in this regard without delay and as soon as possible.

            

       

      	

            	28.6.	
              Without derogation to the foregoing, the Debenture terms could also be changed in the framework of an arrangement or settlement, which was approved by the court, in accordance with Section 350 of the Companies Law or the provisions of
                the Insolvency Law.

            

       

      	29.	
              Proxies

            

       

      	

            	29.1.	
              The Company hereby appoints the Trustee for the Debentures (Series D) as its proxy, to execute and perform in its name and in its place those actions which it shall be required to perform in accordance with the terms set forth in this
                Deed, and to act in its name with regards to those actions which the Company is required to perform in accordance with this Deed and which it has not performed, or to perform part of the authorities granted to it, and to appoint any other
                person as the Trustee shall see fit, to perform its roles in accordance with this Deed, subject to the Company failing to perform the actions it is required to perform in accordance with the terms of this Deed within a reasonable period of
                time as determined by the Trustee, from the day of the Trustee’s written request, and provided that the Trustee has acted reasonably.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	29.2.	
              An appointment in accordance with this clause 29 does not obligate the Trustee to perform any action, and the Company hereby exempts the Trustee and its agents in advance, in case they shall fail to perform any action whatsoever, and the
                Company waives in advance any claim towards the Trustee and its agents for any damage which was caused or which might be caused to the Company, directly or indirectly, due to this, based on an action which was not performed by the Trustee
                and its agents as stated above.

            

       

      	30.	
              Registry of Debenture Holders

            

       

      	

            	30.1.	
              The Company shall hold and manage a registry of Debenture Holders with regards to any relevant series separately, that shall be open for viewing by any person in accordance with the provisions of the Law.

            

       

      	

            	30.2.	
              The registry of the Debenture Holders shall constitute prima facie proof of its content.

            

       

      	

            	30.3.	
              The Company shall not be obligated to register in the Debenture Holders’ registry, any notice regarding trust, expressed, implied or assumed, or any lien or pledge of any sort and type whatsoever
                or any right in equity, claim or offset or any other right pertaining to the Debentures. The Company shall only acknowledge the ownership of the person in whose name the Debentures were registered. The legal successors, estate managers or
                executors of the will of the registered Holder, and any person who shall be entitled to Debentures due to the bankruptcy of any registered Holder (and if the Holder is a corporation – due to its liquidation), shall be entitled to be
                registered as Holders thereof after giving proof which the Company finds sufficient to show their right to be registered as their Holders.

            

       

      	31.	
              Meetings of the Debenture Holders

            

       

      Convening a Meeting of the Debenture Holders, the manner of conducting it and different terms regarding it, shall be in accordance with the second addendum.

       

      	32.	
              Applicability of the Law

            

       

      	

            	32.1.	
              On any matter not mentioned in this Deed, as well as in any case of contradiction between the provisions of the law and its regulations (which cannot be conditioned) and this Deed, the parties shall act in accordance with the provisions
                of the law and its regulations (which cannot be conditioned).

            

       

      	

            	32.2.	
              The Deed of Trust and its appendixes, including the Debentures certificate, are subject to the provisions of the Israeli law alone.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	33.	
              Exclusive Authority

            

       

      The only court that shall be competent to hear matters connected to the Deed of Trust and its appendixes shall be the competent court in Tel Aviv – Jaffa.

       

      	34.	
              General

            

       

      Without derogating from the other provisions of this Deed of Trust, and of the Debentures, any waiver, extension, discount, silence, avoidance from action (“waiver”) by the Trustee concerning the default or partial performance or incorrect performance of any undertaking towards the Trustee or towards the Debenture Holders according to this Deed and the Debenture,
        shall not be considered as a waiver by the Trustee of any right, but rather as a consent limited to this certain waiver and it shall apply only with respect to the specific time in which it was given and it shall not apply to other times or to
        other waivers.

       

      Without derogating from the other provisions of this Deed of Trust and the Debenture, any reduction of undertakings towards the Trustee, that were set forth in this Deed or
        that were made according to it, including waiver, requires receiving the Trustee’s consent in advance and in writing and no other consent shall be valid, whether verbal or by conduct regarding such reduction.

       

      The Trustee’s rights according to this agreement are independent from each other and they are in addition to any right that currently exists and/or that the Trustee shall have
        according to law and/or other agreement.

       

      	35.	
              Addresses

            

       

      The parties’ addresses shall be as set forth in the preamble of this Deed, or any other address in respect to which a notice shall be given according to clause 27 above, to
        the other party. The addresses of the Debenture Holders shall be as mentioned in the Registry or as shall be delivered by them by notice according to clause 27 above.

       

      	36.	
              Authorization to Magna

            

       

      In accordance with the provisions of the Securities Regulations (Signature and Electronic Reporting), 5763- 2003, the Trustee hereby authorizes the party authorized for this
        on behalf of the Company, to electronically report to the Securities Authority of this Deed of Trust, the engagement and the signature thereon inasmuch as it is required by law.

       

      [signature on a separate page]

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      And in witness whereof the parties have signed:

       

      	
              /s/ Shlomo Nehama, /s/ Ran Fridrich

            	 	
              /s/

            
	
              Ellomay Capital Ltd.

            	 	
              Hermetic Trusts (1975) Ltd.

            

       

      

      I the undersigned Odeya Brick-Zarsky, Adv. confirm that this Deed of Trust was signed by Ellomay Capital Ltd. via Messrs. Shlomo Nehama and Ran Fridrich and their signature binds Ellomay Capital
        Ltd. with respect to this Deed of Trust.

       

      

      	
              /s/ Odeya Brick-Zarsky

            	 
	
              Odeya Brick-Zarsky, Adv.

            	 

       

      
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                  UNOFFICIAL TRANSLATION FROM HEBREW

                   

                  THE BINDING VERSION IS THE HEBREW VERSION

                

        

      

      

      

      Ellomay Capital Ltd.

       

      First Addendum

       

      Debentures (Series D)

       

      The issue of a series of registered Debentures (Series D),  NIS 1 par value each of Ellomay Capital Ltd. (the “Company”) convertible into ordinary shares,
        registered by name NIS 10.00 par value each of the Company (the “Shares of the Company”) payable in one payment on December 31, 2026. The outstanding principal of the Debentures shall carry annual non-linked
        interest (principal and interest) at a rate of 1.2%.

       

      Debentures (Series D) Registered in the Name

       

      Number ____

       

      Nominal value in NIS _________

       

      	1.	
              This Debenture hereby witnesseth that on December 31, 2026 the Company will pay 100% of the par value of the Debentures as stated in this certificate to the Holder (as defined in the terms set forth in the back of the page) and who is
                registered in the Debenture on the record date with respect to that payment, and all subject to the provisions set forth back of the page and in the Deed of Trust dated February 21, 2021 made between the Company and Hermetic Trust (1975)
                Ltd. and/or whoever serves from time to time as a trustee of the debentures in accordance with the Deed of Trust (respectively: the “Trustee” and the “Deed of Trust”).

            

       

      	2.	
              This Debenture carries interest according to the annual interest rate set out above that will be paid on the dates stated in the conditions set out in the back of the page, and all as stated in the conditions stated in the back of the
                page.

            

       

      	3.	
              This Debenture is not linked (principal and interest) to any linkage basis, and all as stated in the conditions set out in the back of the page.

            

       

      	4.	
              This Debenture may be converted into the Shares of the Company, subject to adjustments and in the manner set out in clause 20 of the conditions set out in the back of the page.

            

       

      	5.	
              This Debenture is issued as part of Series D of debentures in conditions that are identical to this Debenture (the “Debentures Series”) subject to the conditions set out in the back of the page and
                in accordance with the provisions set forth in the Deed of Trust. It is clarified that the provisions set forth in the Deed of Trust shall constitute an integral part of this Debenture and shall bind the Company and the Debenture Holders
                included in the said series. Each of the debentures in the said series shall be of equal rank inter se (pari-passu) and no right shall have priority over another right.

            

       

      	6.	
              This Debenture is issued subject to the conditions set out in the back of the page and the Deed of Trust constituting an integral part thereof.

            

       

      	7.	
              The terms set forth in this certificate shall change without the need for issuing a new certificate at any time when the Deed of Trust and/or its versions shall be lawfully modified.

            

       

      Signed by the Company on ____________

       

       

      ______________

       Ellomay Capital Ltd.

      By its authorized signatories:

       

      Director: _____________________ Director: ____________________

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      The conditions on the Back of the Page

       

      	1.	
              General

            

       

      In this Debenture the terms in clause 1.5 of the Deed of Trust shall have the meaning given to them there, unless expressly provided otherwise.

       

      	2.	
              Securing the Debentures

            

       

      The Debentures do not include any collateral or pledges and include an undertaking for negative pledge as set forth in clause 7 of the Deed of Trust, and an undertaking to
        meet the financial covenants and restrictions regarding the distribution of dividends as set forth in appendix 6.2 of this Deed.

       

      	3.	
              The Date of Payment of the Debentures Principal

            

       

      The Debentures (Series D) will be paid in one (1) payment, on December 31, 2026.

       

      	4.	
              The Interest

            

       

      	

            	4.1.	
              The unpaid balance of the Principal of the Debentures (Series D) shall bear interest at a fixed annual rate  of 1.2% (the “Base Interest”), without linkage to any index or currency. It is
                emphasized that the Base Interest is subject to additions of interest, to the extent that there are any, in respect of failure to meet financial covenants in the manner set out in clause 4.3.1 hereunder and interest in arrears in the manner
                set out in clause 8 hereunder.

            

       

      	

            	4.2.	
              The interest for the unpaid balance of the Principal of the Debentures (Series D) shall be paid in semiannual payments: on the 30th of June and the 31st of December of each of the years 2021 until 2026 (inclusive). The first payment of interest for the Debentures (Series D) shall be paid on  June 30, 2021 and
                the last payment of interest shall be paid on  December 31, 2026 (along with the  single payment  for the return of the Principal of the Debentures (Series D)) in exchange for delivering the certificates of the Debentures (Series D) to the
                Company. The payments of interest shall be paid for the period of time beginning on the first day after the end of the previous interest term, and shall end on the date of paying the relevant interest payment, apart from the payment of the
                first interest payment, which shall be made on  June 30, 2021, which shall be paid for the period that begins on the first Trading Day after the day of the tender regarding the Debentures (Series D) and ending at the stated date of payment
                (the “First Interest Term”), and shall be calculated based on the number of days in the aforementioned period on the basis of 365 days per year. The interest rate which shall be paid for a certain
                interest term, apart from the First Interest Term, shall be calculated as the annual interest rate divided by 2 (hereinafter: the “Semi-Annual Interest Rate”).

            

       

      	

            	4.3.	
              Withholding tax that must be deducted shall be deducted from any payment.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	4.4.	
              Adjustment mechanism of the interest rate:

            

       

      	

            	4.4.1.	
              Changing the interest rate due to failure to meet certain financial covenants

            

       

      Without derogating from the provisions of clause 9.1.13 of the Deed of Trust, the interest rate which the Debentures shall bear shall be adjusted due to failure to meet the
        financial covenants set forth in clauses 2(b), 3(b) and 4(b) of Appendix 6.2 of the Deed of Trust, at the times set forth in this clause, as specified hereinafter:

       

      	

            	a.	
              In case the Company fails to meet any of the financial covenants set forth in clauses 2(b), 3(b) and 4(b) of Appendix 6.2 of the Deed of Trust (hereinafter in this clause: “the Standards”), the
                annual interest rate which the unpaid balance of the Debenture Principal shall bear, shall increase by an annual rate of 0.25% beyond the annual interest rate as it shall be at that time, for breaching each of the Standards (hereinafter in
                this clause: “the Additional Interest”) in such manner that the total addition of maximal Additional Interest is at a rate of 0.75%, for the period of time beginning upon publishing the financial
                statements or the financial results, as the case may be, according to which the Company has failed to meet any of the Standards, and until the full repayment of the unpaid balance of the Debentures Principal or until the Company meets the
                financial standard, the deviation from which has led to the Additional Interest (as stated in sub-clause (d) hereinafter), the earlier of these dates. It is clarified, that increasing the interest rate as stated above shall be done only
                once for breaching each of the Standards, inasmuch as it shall occur, and that the interest rate shall not increase once more in case the deviation from that Standard continues, inasmuch as it shall continue.

            

       

      	

            	b.	
              No later than  five (5) Business Days from the day of publishing the financial statements or the financial results, as the case may be, according to which the Company has failed to meet any of the Standards, the Company shall publish an
                Immediate Report, in which it shall state: (a) the fact that it has failed to meet the Standard, while specifying the calculation of the Standard which the Company has failed to meet, and the date on which the failure to meet the Standard
                has begun; (b) the exact interest rate which the balance of the Principal of the Debentures (Series D) shall bear for the period of time beginning on the current Interest Term and until publishing the financial statements or the financial
                results, as the case may be (the interest rate shall be calculated according to 365 days a year) (hereinafter in this clause: the “Original Interest” and the “Original
                  Interest Term” respectively); (c) the interest rate which the balance of the Principal of the Debentures (Series D) shall bear as of the day of publishing the financial statements or the financial results, as the case may be, and
                until the actual nearest interest payment day, namely: the Original Interest in addition to the Additional Interest annual rate (the interest rate shall be calculated according to 365 days a year) (hereinafter in this clause: “the Updated Interest”); (d) the weighted interest rate which the Company shall pay the Holders of Debentures (Series D) upon the nearest interest payment day, pursuant to the stated in sub-clauses (b) and
                (c) above; (e) the annual interest rate reflected from the weighted interest rate; (f) the annual interest rate and the semi-annual interest rate for the coming periods.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	c.	
              If the day of publishing the financial statements or the financial results, as the case may be, according to which the Company is required to pay Additional Interest in accordance with this clause 4.3.1, shall occur during the days
                beginning four days prior to the record date for paying any interest whatsoever and ending upon the interest payment day closest to the aforementioned record date (hereinafter in this clause: “the Deferral
                  Period”), the Company shall pay the Holders of Debentures (Series D), upon the nearest interest payment day, the Original Interest, prior to the change, alone (subject to previous changes which have occurred, if any have occurred,
                to the interest rate in light of the stated in this clause), when the interest rate pursuant to the Additional Interest at a rate equaling the Additional Interest rate per year during the Deferral Period, shall be paid upon the next
                interest payment day. The Company shall notify, in an Immediate Report, the accurate Semi-Annual and Annual interest rate for payment upon the next interest payment day.

            

       

      	

            	d.	
              It shall be clarified, that in case of deviation in one or more Standards, in a way which has affected the interest rate which the Debentures (Series D) shall bear, following which a Standard shall be corrected in a way that the
                deviation ceases to exist (thus, the Debenture Holders shall cease to be entitled to Additional Interest for the deviation from that Standard), there shall be a decrease in the interest rate which shall be paid by the Company to the
                Debenture Holder, applying as of the day of publishing the financial statements or the financial results, which show that the deviation was corrected, so that in case the stated Standard was corrected, the interest rate which the unpaid
                balance of the Principal of the Debentures (Series D) shall bear, shall be, inasmuch as the interest rate was not previously increased due to a deviation from another Standard, equal to the Base Interest rate. In this case, the Company
                shall act in accordance with the stated in sub-clauses (a) to (d) above, mutatis mutandis.

            

       

      	

            	e.	
              In any case, the Additional Interest shall not increase, as a result of failure to meet the Standards, over 0.75%.

            

       

      	5.	
              The Linkage Terms of the Principal and the Interest

            

       

      The interest and the Principal of the Debentures (Series D) are not linked to the index or to any currency.

       

      	6.	
              Deferral of Appointed Times

            

       

      If the date of payment of any payment of Principal and/or interest falls on a day which is not a Business Day, the date stipulated shall be deferred to the next Business Day
        after it without any additional payment and the “Record Date” for the purpose of determining entitlement to redemption and to interest shall not change as a result.

       

      	7.	
              Payments of the Principal and Interest of the Debentures

            

       

      	

            	7.1.	
              Payment on account of the  principal for the Debentures (Series D)    shall be paid to the persons whose names shall be registered in the Registry on the date of payment and shall be made against the delivery of the Debenture (Series D)
                certificates to the Company, on the date of payment, at the Company’s registered office or anywhere else where the Company shall notify. The Company’s notification as mentioned shall be published, inasmuch as it shall be published, no later
                than five (5) Business Days before the last date of payment.

            

       

      
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                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	7.2.	
              Payments on account of the interest for the Debentures (Series D) will be paid to the persons whose names are listed in the Registry on the 24th of June of
                each of the years 2021 to 2026 and December 25 of each of the years 2021 to 2026 (the “Record date for Payment of Interest”) and with respect to the last payment, in accordance with the provisions of
                clause 7.1.

            

       

      	

            	7.3.	
              Payment to those entitled shall be made in checks or by bank transfer to the bank account of the people whose names shall be registered in the Registry (as mentioned in clause 7.1 above) and who shall be mentioned in the details given in
                writing to the Company on time, in accordance with the provisions of clause 7.4 hereafter. If the Company shall not be able, for any reason which is not dependent on it, to pay any sum to those entitled, while the Company could have paid it
                fully and timely, it shall deposit this sum with the Trustee as mentioned in clause 15 of the Deed of Trust. In the event the clearing shall be made through the Stock Exchange clearing house – through the clearing house.

            

       

      	

            	7.4.	
              A Debenture Holder who shall wish to notify the Company the details of the bank account to credit with payments according to the Debentures as mentioned above, or change the payment instructions, as the case may be, can do so in a
                registered letter to the Company. The Company shall fulfill the instruction if it shall reach its registered office at least 30 days before the record date for paying any payment according to the Debentures.

            

       

      	

            	7.5.	
              In the event that the notice shall be received by the Company late, the Company shall act according to it only with respect to payments scheduled after the payment date that is in proximity to the date the notice was received.

            

       

      	

            	7.6.	
              If the Debenture Holder entitled to such payment did not deliver details to the Company regarding his bank account, any payment on account of the Principal and interest shall be made by check which shall be sent by registered mail to his
                last address written in the registry of Debenture Holders or by bank transfer crediting the bank account of the Debenture Holder, according to the Company’s choice. Sending a check to a person entitled by registered mail as aforementioned
                shall be considered for all intents and purposes as payment of the sum stipulated in it at the date of sending it by mail provided that it was paid upon lawfully presenting it for payment.

            

       

      	

            	7.7.	
              Any mandatory payment insofar as required according to law shall be deducted from any payment for the Debentures (Series D).

            

       

      	8.	
              Interest in Arrears

            

       

      For any payment on account of the Principal and/or interest, which shall be paid in arrears exceeding seven (7) Business Days from the effective day for its payment according
        to the terms of the Debentures (Series D) for a reason dependent on the Company, the Company shall pay the Debenture Holders interest in arrears (calculated pro rata for the period after the date scheduled for payment until the actual date of
        payment). “Interest in Arrears” shall mean additional annual interest at a rate of 3.25% which shall be added to the interest rate which the Debentures (Series D) shall bear at that time.  The Company shall
        notify of the rate of the interest in arrears and of the date of payment as mentioned in an Immediate Report and at least two (2) Trading Days before the actual payment date.

       

      	9.	
              Avoidance from Payment for a Reason that does not Depend on the Company

            

       

      With respect to avoiding payment for any reason that is not dependent on the Company, while the Company could have paid it fully and timely, the provisions of clause 15 of the
        Deed of Trust shall apply and which are included in this addendum by reference.

       

      
        - 56 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	10.	
              Registry of Debenture Holders

            

       

      With respect to the registry of Debenture Holders, the provisions of clause 30 of the Deed of Trust shall apply and that are included in this addendum by reference.

       

      	11.	
              Splitting Debenture Certificates and Transferring Them

            

       

      	

            	11.1.	
              The Debentures can be transferred regarding any nominal value sum provided that it will be in whole New Shekels. Any transfer of Debentures (by a registered Holder) shall be done according to a transfer document which is made out in the
                version acceptable for transferring shares, properly signed by the registered owner or his legal representatives, and by the recipient of the transfer or his legal representatives, that shall be delivered to the Company at its registered
                office with the Debenture certificates transferred according to it, and any other reasonable proof that shall be required by the Company for proving the right of the transferor to transfer them.

            

       

      	

            	11.2.	
              Subject to the aforesaid, the procedural provisions included in the Company’s articles of association with respect to the manner of transferring shares shall apply, mutatis mutandis respectively, with respect to the manner of
                transferring Debentures and their assignment.

            

       

      	

            	11.3.	
              If any obligatory payment shall apply to the transfer document of the Debentures, reasonable proof shall be given to the Company of their payment by the person requesting transfer.

            

       

      	

            	11.4.	
              In the event of a transfer of only part of the sum of the Principal of the Debentures set forth in this certificate, the certificate shall be split first to a number of Debenture certificates as required from this, in a manner that the
                total sums of the Principal set forth in them shall be equal to the Principal sum set forth in this Debenture certificate.

            

       

      	

            	11.5.	
              After fulfilling all of these terms the transfer shall be registered in the Registry and all of the terms set forth in the Deed of Trust and in this Debenture shall apply to the transferee.

            

       

      	

            	11.6.	
              All costs and fees involved in the transfer shall apply to the transfer applicant.

            

       

      	

            	11.7.	
              Each Debenture certificate may be split to a number of Debenture certificates that their total Principal sum is equal to the Principal sum of the certificate the split of which is requested, and provided that such certificates shall not
                be issued unless this is by a reasonable quantity at the discretion of the Company’s board of directors. The split shall be made against the delivery of that Debenture certificate to the Company at its registered office for the purpose of
                performing the split together with a split request lawfully signed by the applicant. Any costs involved in the split, including taxes and levies, if such shall exist, shall apply to the split applicant.

            

       

      	12.	
              Replacing the Debenture Certificate

            

       

      In the event a Debenture certificate shall become worn out, shall be lost or shall be destroyed, the Company shall be entitled to issue a new Debenture certificate in its
        place, and this is under the same conditions with respect to proof, indemnification and covering the reasonable costs incurred by the Company for clarifying regarding the ownership right of the Debentures, as the Company shall see fit, provided
        that in the event of the certificate becoming worn out, the worn out Debenture certificates shall be returned to the Company before a new certificate is issued. Levies and other expenses involved in issuing the new certificate, insofar as existing,
        shall apply to the person requesting such certificate.

       

      
        - 57 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	13.	
              Early Redemption

            

       

      With respect to early redemption of the Debentures, the provisions of clause 8 of the Deed of Trust shall apply and which are included in this addendum by reference.

       

      	14.	
              Purchasing Debentures by the Company or an Affiliated Holder

            

       

      With respect to the purchase of Debentures by the Company or by an Affiliated Holder, see the provisions of clause 4 of the Deed of Trust which are included in this addendum
        by reference.

       

      	15.	
              Waiver; Settlement and Changes in the Debenture Terms

            

       

      With respect to a waiver, settlement and changes in the terms of the Debentures, the provisions of clause 28 of the Deed of Trust shall apply which are included in this
        addendum by reference.

       

      	16.	
              Debenture Holders Meetings

            

       

      With respect to the general meetings of the Debenture Holders, they shall be convened and conducted in accordance with the provisions of clause 31 of the Deed of Trust which
        are included in this addendum by reference.

       

      	17.	
              Receipts as Proof

            

       

      For this matter see clause 15A of the Deed.

       

      	18.	
              Immediate Repayment

            

       

      With respect to immediate repayment of the Debentures, the provisions of clause 9 of the Deed of Trust shall apply and which are included in this addendum by reference.

       

      	19.	
              Notices

            

       

      With respect to notices, the provisions of clause 27 of the Deed of Trust shall apply and which are included in this addendum by reference.

       

      	20.	
              Terms of the Convertible Debentures (Series D)

            

       

      	

            	20.1.	
              Conversion rights into shares of the Debentures (Series D)

            

       

      	

            	20.1.1.	
              The Debentures may be converted into the ordinary shares of the Company on each trading day commencing on the date of their listing for trade in the Stock Exchange and until December 21, 2026 (including) (the “Last Date for the Conversion” and the “Conversion Period” as the case may be), however in the event the Last Date for Conversion occurs on a day other than a trading day, the
                conversion date shall be delayed until the subsequent trading day. The outstanding balance of the Debentures may be converted in such manner that each NIS 165 par value of the Debentures (Series D) (the “Conversion

                  Rate”) may be converted into one ordinary share of the Company NIS 10.00 par value subject to the adjustments as stated hereunder (the “Conversion Shares”).

            

       

      The Company will publish an immediate report and will state the Last Date of Conversion of the Debentures as said until December 7, 2026.

       

      
        - 58 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	20.1.2.	
              Notwithstanding the aforesaid, the Debentures may not be converted on the record date for the distribution of the bonus shares, an offering by way of rights, distribution of a dividend, capital consolidation, capital split or capital
                reduction (each of the aforesaid hereinafter: a “Company Event”). In the event the Ex-Day of a Company Event occurs prior to the record date of a Company Event, no conversion shall be performed on the
                Ex-Day as said.

            

       

      	

            	20.1.3.	
              The Debentures may be converted under the terms set forth hereunder by requests that will be submitted to the Company no later than the Last Date for the Conversion and the conversion rights in respect of which no request for their
                exercise is made until the said date shall be canceled. In the event the Last Date for the Conversion as said occurs on a day in which no trading in the Stock Exchange is performed, the Last Date for the Conversion will be deferred to the
                subsequent trading day thereafter.

            

       

      	

            	20.1.4.	
              Each of the holders of the Debentures (in this clause: the “Applicant”) who wishes to exercise its conversion right, will submit directly to the Company, in its registered office or in any other
                place designated by the Company, in the event it is a registered holder, or by the banks and Stock Exchange members, if he is an unregistered holder, a written request for the purpose of this matter on a form as decided by the Company (the
                “Conversion Notice”) together with a Debenture certificate subject matter of the request. The Conversion Notice forms may be obtained in the registered office of the Company and in any other location
                as notified by the Company. The Applicant will be required to sign at any time it receives a demand from the Company to that effect, any additional document that is required in accordance with the provisions set forth in any law for the
                purpose of granting validity to the issuance of the Conversion Shares. The Board of Directors of the Company shall be authorized to empower any person it deems fit to sign on behalf of and in the name of the Applicant any additional
                document that is required for the purpose of issuing the Conversion Shares.

            

       

      The date in which the Conversion Notice that satisfies the entire conditions as said arrives to the registered office of the Company (in the event such notice is submitted
        directly to the Company by an Applicant who is a registered Debenture Holder) or the date in which the Stock Exchange Clearing House is considered to have received from a Stock Exchange member a notice regarding the conversion of the Debentures (in
        the event the notice is submitted by the Stock Exchange members) for an Applicant who is an unregistered Debenture Holder, shall be deemed as the conversion date (the “Conversion Date”). In the event the
        Applicant failed to satisfy the entire conditions for the conversion of the Debentures, the Conversion Notice shall be deemed as void and the convertible Debenture certificates that were attached to the said Conversion Notice shall be returned to
        the Applicant.

       

      	

            	20.1.5.	
              It is clarified that the Conversion Notice may not be canceled or modified by the Applicant.

            

       

      
        - 59 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	20.1.6.	
              The Applicant shall not be entitled to the issuance of part of one Conversion Share, however shall be entitled to add to whole shares all fractions due to the Applicant, if due, in respect of the entire conversion rights that the
                Applicant requested to use. No part of the Debentures stated in the Debentures certificates may be converted however such Debentures may be split in accordance with the provisions set forth in clause 11 above. Surpluses of the Conversion
                Shares that are created at the time of exercising the right of conversion, if formed, will be sold by the Company in the Stock Exchange within thirty (30) days after the said surpluses accumulated into entire shares in a reasonable amount
                to be sold in the Stock Exchange, taking into consideration all costs associated therewith, and the net proceeds after deduction of the sale expenses, fees and other levies, if any, will be distributed among those entitled to it in
                proportion to their relative part and within fifteen (15) days from the date of the sale. A check for an amount lower than NIS 50 will not be sent to an entitled party however such an amount may be received in the offices of the Company on
                ordinary workdays and times and by appointment. An entitled party who does not arrive to the offices of the Company for the purpose of receiving the said amount within twelve (12) months from the date of the sale will forfeit his
                entitlement to the said amount.

            

       

      	

            	20.1.7.	
              No later than 3 trading days after the Conversion Date, the Company will issue to the Applicant the Conversion Shares due to him in the name of the nominee company and, in light of the approval of the listing for trade for the Conversion
                Shares in the Stock Exchange, it will cause the registration of the Conversion Shares in the Stock Exchange as shortly as possible thereafter. The Company undertakes that the shares stemming from the conversion of the Debentures will be
                registered in the name of the nominee company.

            

       

      	

            	20.1.8.	
              The Conversion Shares shall be fully paid-up shares, and shall have equal rights in every respect to the ordinary shares of the Company that exist at the time and shall entitle their holders to participate in any dividend or any other
                distribution fully if the record date determining the entitlement to such shares occurs after the Conversion Date.

            

       

      	

            	20.1.9.	
              The Debentures that were converted will be delisted from the Debentures Registry on their Conversion Date and shall be void in full retroactively to the Conversion Date on the date of issuance of the Conversion Shares in respect thereof,
                and shall not entitle to any interest after the payment of the interest whose record date in respect whereof occurred prior to the Conversion Date (and whose payment was due together with the payments on account of the principal of the
                Debentures, if the Applicant had not exercised his right to convert the Debentures into shares as stated above).

            

       

      
        - 60 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	20.2.	
              Stock Exchange Clearing House bylaws regarding the schedule for the conversion of the Debentures

            

       

      The bylaws of the Stock Exchange Clearing House that are in effect on the actual Conversion Date shall apply to the realization of the conversion right of the Debentures into
        the shares of the Company. The bylaws of the Stock Exchange Clearing House known at the time of signing the Deed of Trust regarding the schedule for the execution of an instruction to convert the convertible Debentures held by the Stock Exchange
        members state the following:

       

      	

            	20.2.1.	
              A Conversion Notice received until 12:00 noon in the offices of the Stock Exchange member will be delivered by the member to the Stock Exchange Clearing House no later than 12:00 noon on the following trading day.

            

       

      	

            	20.2.2.	
              In the event the Stock Exchange Clearing House received a Conversion Notice from a Stock Exchange member until 12:00 noon, the Stock Exchange Clearing House will debit the Stock Exchange member for the consideration and shall credit
                accordingly the nominee company, no later than 12:00 noon on the trading day after the day in which it received such notice as said.

            

       

      	

            	20.2.3.	
              In the event the nominee company received a credit notice as stated above until 12:00 noon, the nominee company will forward the Conversion Request to the offices of the Company no later than 12:00 noon on the subsequent trading day.

            

       

      	

            	20.2.4.	
              Any of the notices as stated in clauses 20.2.1 to 20.2.3 above and that is received after 12:00 noon on each trading day shall be deemed to have been received before 12:00 noon on the subsequent trading day.

            

       

      	

            	20.2.5.	
              Notwithstanding the aforesaid, on the last conversion day prior to the final redemption, or before the ex-day of partial redemption (as the case may be) the members of the Stock Exchange Clearing House are obligated to deliver to the
                clearing house the final conversion requests until 12:00 noon. The conversion will be performed on the same day. A Stock Exchange member who did not submit the request until the said time shall be deemed by the clearing house to have not
                exercised its right. If the last conversion date prior to the final redemption or ex-partial redemption (as the case may be) occurs on a day other than a trading day, the said day will be deferred to the subsequent trading day.

            

       

      	

            	20.3.	
              Adjustments in consequence of the distribution of bonus shares, issuances of rights and distribution of a dividend

            

       

      Commencing on the date of issuance of the Debentures and until the last date in which the conversion rights attached to the Debentures may be exercised, the following
        provisions shall apply to the Debentures whose conversion right was not yet realized:

       

      	

            	20.3.1.	
              Adjustment in consequence of the distribution of bonus shares

            

       

      In the event that during the period in which the conversion right of the Debentures is in effect the Company distributes bonus shares to the holders of the ordinary shares, in
        such circumstances the rights of the holders in the Debentures will be reserved in such manner that the number of the shares stemming from the conversion that a Debenture Holder shall be entitled to receive upon their conversion will increase or
        decrease by the number of shares of the same class that the Debenture Holder would have been entitled to as bonus shares, if it had converted the Debenture by the last trading day prior to the Ex-Day.

       

      
        - 61 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      The said Debenture Holder shall not be entitled to an issuance of part of the bonus shares in accordance with the provisions set forth above, however any fractions of shares
        that are created during the issuance and that accumulate into entire shares for a reasonable amount for sale in the Stock Exchange will be sold in the Stock Exchange within thirty (30) days as of the issuance date as said, and the net proceeds
        (after deduction of the sale costs, mandatory payments and levies) will be distributed among the entitled holders within fifteen (15) days from the sale date. A check for an amount lower than NIS 50 will not be sent to an entitled party however
        such an amount may be received in the offices of the Company on the ordinary work days and times, and by appointment. An entitled holder as said who fails to arrive to the offices of the Company for the purpose of receiving the said amount in
        twelve (12) months from the sale date, will forfeit its entitlement to the said amount.

       

      This adjustment method may not be revised. The Company will announce in an immediate report the adjusted conversion rate prior to the commencement of the trading, on the date
        the shares are traded “ex-benefit.”

       

      	

            	20.3.2.	
              Adjustments in consequence of an issuance by way of rights

            

       

      If, during the period the conversion right is in effect, the shareholders of the Company are offered, by way of rights, rights for the purchase of any securities, then the
        number of shares stemming from the conversion will be adjusted to the benefit component in the rights, as reflected in the ratio between the closing price of the share in the Stock Exchange on the last trading day prior to the “ex-date” and the
        base rate of the share “ex-rights.”

       

      This adjustment method may not be revised. The Company undertakes to publish in an immediate report the adjusted conversion rate prior to the opening of the trading on the day
        the shares are traded “ex-rights.”

       

      	

            	20.3.3.	
              Adjustment in consequence of the distribution of a dividend

            

       

      To the extent that the Company distributes a dividend during the period in which the conversion rights of the Debentures are in effect, the conversion rate will be multiplied
        by the ratio between the base rate “ex-dividend” and the closing price of the share in the Stock Exchange on the last trading day prior to the “ex-dividend” day.

       

      This adjustment method may not be revised. The Company undertakes to announce in an immediate report the adjusted conversion rate prior to the opening of the trade on the day
        the shares are traded “ex-dividend.”

       

      
        - 62 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	20.3.4.	
              The number of shares that a holder of the Debentures (Series D) shall be entitled to in consequence of the realization of the conversion right will not be adjusted in the event of any issuances (including issuances to interested parties)
                except for the adjustments in consequence of the distribution of bonus shares and issuances by way of rights and adjustments performed in consequence of the distribution of a dividend.

            

       

      	

            	20.4.	
              Miscellaneous provisions protecting the rights of the Debenture Holders during the Conversion Period

            

       

      Commencing on the issuance date of the Debentures and as long as the Debentures (Series D) whose conversion right attached thereto is exercisable are not converted or redeemed,
        the following provisions shall apply:

       

      	

            	20.4.1.	
              The Company will keep a sufficient number of ordinary shares in its registered capital to ensure the conversion right attached to the Debentures (Series D) and will increase its registered capital, if necessary.

            

       

      	

            	20.4.2.	
              In the event the Company consolidates the ordinary shares in its issued capital or divides them in a secondary division, the number of shares that will be issued in consequence of the conversion right after such action as said will be
                decreased or increased, as the case may be. In such circumstances the Debenture Holder shall not be entitled to receive part of an entire share however the fractions of shares that are formed will be handled in the manner that the Board of
                Directors of the Company deems fit. The provisions set forth in this Deed shall apply, mutatis mutandis, in the event of consolidation or division as said.

            

       

      	

            	20.4.3.	
              In any event in which an adjustment occurs as a result of the distribution of bonus shares in accordance with the provisions set forth in clause 20.3.1 above, the Company will publish an immediate report and will publish an ad in two (2)
                circulated daily newspapers in Hebrew (to the extent that the law requires the publication of such an ad), regarding the right of the Debenture Holders in circulation, to exercise the conversion rights attached to the Debentures, and will
                state the Conversion Period, the Conversion Rate, the amount of the par value of the Conversion Shares and the bonus shares (if any) to which they will be entitled in consequence of the realization of one conversion right at the time.

            

       

      In addition to the said, the Company will send, no later than three weeks and not earlier than four weeks prior to the expiration of the Conversion Period, a written notice as
        said to all registered holders of the Debentures, regarding the last date for the conversion of the Debentures as said, stating that after this date the rights will be null and void and, in addition, the Company will publish an immediate report and
        an ad in two circulated newspapers published in Israel in Hebrew (to the extent that the law obliges the publication of such an ad) no later than the said date. Such a notice as said will state the Conversion Rate, the number of the Conversion
        Shares and the bonus shares that the Debenture Holder will be entitled to upon conversion during the said period of time.

       

      
        - 63 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	

            	20.4.4.	
              In the event a decision regarding voluntary liquidation is adopted, the Company will publish an immediate report regarding the adoption of such a decision as said and regarding the right of conversion as stated hereunder, and will
                publish an ad in two circulated newspapers published in Israel in Hebrew (to the extent that the law obliges the publication of such an ad). Each Debenture Holder shall be entitled, within three months as of the date of the immediate
                report, to deliver written notice to the Company regarding his wish to be considered to have exercised the conversion right attached to the Debentures (Series D) that it holds or, as the case may be, that it is entitled to their issuance
                shortly before the adoption of the decision. In such circumstances as said the Debenture Holder as said shall be entitled to payment that is equal to the amount that was due to it in liquidation if he was a shareholder following the
                exercising of the conversion right attached thereto prior to the adoption of the decision on liquidation, with deduction of an amount equal to the interest that was paid in respect of the Debentures on the date of the decision or thereafter
                (with the exception of interest whose payment time occurred prior to the decision date, even if paid on the decision date or thereafter) and the Holder of the convertible Debenture shall not be entitled to any payment made in connection
                therewith whose payment date occurs after the date of the decision.

            

       

      	

            	20.4.5.	
              The Company will provide in its registered office a copy of the annual report and its quarterly financial results for the inspection of the Debenture Holders, immediately after their publication, during the ordinary hours of work. The
                Company will send to a Holder of the Debentures (Series D) who delivered a written request that will be delivered during the period the conversion right is in effect, a copy of the said reports.

            

       

      	

            	20.4.6.	
              In accordance with the provisions of the Stock Exchange Regulations, the terms of the convertible Debentures may not be modified in anything related to the Conversion Rate, the conversion dates and the linkage method (including the lack
                of linkage) however the Company shall be entitled to change the Conversion Period and/or the Conversion Rate, provided that this was performed within the framework of an arrangement or a settlement pursuant to the provisions of Section 350
                of the Companies Law and/or in accordance with the provisions of the Insolvency Law. In addition, in accordance with the Stock Exchange Regulations and bylaws, the Company may change the Conversion Rate within the framework of a split
                procedure of the Company or a merger procedure of the Company, provided that the change will include solely the necessary adjustments from such a proceeding as said.

            

       

      	

            	20.4.7.	
              In accordance with the Stock Exchange Regulations and bylaws, the ‘split procedure’ for the purpose of this matter shall mean – a procedure in which the Company will transfer to its shareholders
                shares that it holds in another company, or a procedure in which the Company will transfer assets and liabilities to a new company that was established for the purpose of the split and the shareholders in the new company will also be
                shareholders in the company transferring the assets and the liabilities and all on the condition that the split procedure is performed in terms that are equal to the shareholders of the Company.

            

       

      
        - 64 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      According to the Stock Exchange Regulations and bylaws, a ‘merger procedure’ for the purpose of this matter shall mean – a procedure in
        which the entire shares of the Company will be transferred to the ownership of a new company or to the ownership of another registered company or a procedure in which the Company will transfer its entire assets and liabilities to a new company or
        to another registered company as said, and all on the condition that the securities of the Company whose shares or assets are transferred as said will be delisted from trade in the Stock Exchange and that the procedure will be performed equitably
        for the shareholders of the Company.

       

      	

            	20.5.	
              Dates

            

       

      Different dates, such as conversion dates, record dates for the purpose of making payments and the schedules for the submission of conversion requests (the “Dates”) were determined, inter alia, in accordance with the provisions set forth in the Stock Exchange Regulations, the guidelines thereunder and the bylaws of the Stock
        Exchange Clearing House (the “Stock Exchange Instructions”) that are in effect on the publication date of this Deed of Trust.

       

      The Stock Exchange Instructions may change from time to time and in this regard may include, inter alia, different limitations
        regarding the dates set out in the Shelf Offering Report and/or in the Deed of Trust. In the event the Stock Exchange Instructions were modified with respect to the said dates, the change will also apply to the Debentures, unless otherwise
        determined by the Stock Exchange or the Stock Exchange Clearing House.

       

      	

            	20.6.	
              Declarations in accordance with the U.S. securities laws

            

       

      The Applicant shall be deemed to have declared: (a) that it is not in the United States and it is not a U.S. Person or, alternatively, that it is an Israeli resident and he is
        not a U.S. Person; (b) that it does not purchase or receives the Conversion Shares for or in favor of a U.S. Person and/or any other person located in the United States; (c) it was not present in the United States at the time he submitted the
        Conversion Notice and at the time it received the Conversion Shares and (d) it does not purchase or receives the Conversion Shares with the intention of performing a “distribution” in the United States (all within the meaning of these terms in the
        U.S. securities laws).

       

      

       ***

      
        - 65 -

        
          

      

      

      
        

          	
                  UNOFFICIAL TRANSLATION FROM HEBREW

                   

                  THE BINDING VERSION IS THE HEBREW VERSION

                

        

      

      

      

      Appendix 5.2

       

      Conditions for Expanding the Series of Debentures

       

      The conditions for expanding the series of Debentures (Series D), which are required to be met in full for the purpose of the expansion, are as follows:

       

      	1.	
              Inasmuch as the Debentures shall be rated upon the performance of the expansion - the very expansion shall not harm the rating of the Debentures of Series D that are in circulation (that is, Debentures (Series D) that are in circulation
                before the expansion of the series), in a way that for purposes of expanding the series of the Debentures (Series D) an advance approval of the rating company for rating the additional Debentures (Series D) will be received, in which the
                additional Debentures (Series D) were taken into account, by a rating that does not fall from the rating of the Debentures (Series D) prior to the issuance of the additional Debentures and also the approval of the rating company that
                issuing the additional Debentures (Series D) does not harm the rating of the existing Debentures (Series D). Such approval shall be transferred to the Trustee before holding the tender for classified investors, and it shall be published by
                the Company in an Immediate Report (an Immediate Report which includes the approval/rating report attesting to meeting the stated condition shall be considered for the purpose of this clause as delivery to the Trustee). The Trustee shall
                rely on the rating company’s notice and it shall not be required to an additional examination.

            

       

      	2.	
              Upon expanding the series of Debentures (Series D), the Company is not in breach of any of the causes for immediate repayment set forth in clause 9 of the Deed of Trust, and it is not in breach of any of its material undertakings to the
                Holders of Debentures (Series D) in accordance with this deed and in addition, the expansion of the series shall not damage the Company’s compliance with the financial covenants as set forth in clause 9.1.13 of the Deed of Trust, without
                taking into account the periods for remedying and of waiting with regards to those financial covenants, all in accordance with the Company’s last financial statements (as they are defined in clause 9 of the Deed of Trust) which were
                published prior to the time of the additional issuance.

            

       

      The Company shall deliver to the Trustee, prior to holding the tender for classified investors, a written approval signed by a senior financial officer in the Company
        regarding the existence of these terms including calculations, all in a format to the Trustee’s satisfaction. The Trustee  may rely upon an approval as stated and shall not be required to perform an additional inspection on its behalf.

       

      	3.	
              The par value of the Debentures (Series D) shall not be greater than NIS 200 million after the performance of the expansion.

            

       

      It is clarified that the Company’s undertaking as mentioned in this appendix shall apply only with respect to additional issues of the Debentures (Series D) by way of expanding the series, and not
        with respect to issuing other series of debentures in circulation existing at that time by way of expanding the series or with respect to issuing other new securities, whether these are rated or not, including by way of a prospectus, a shelf
        prospectus, a shelf offering report and a private placement.

       

      
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        Appendix 6.2

       

      Financial covenants and Undertakings

       

      Financial covenants

       

      As long as Debentures (Series D) exist in circulation (in other words as long as they were not paid in full in any manner, including by way of self-purchase and/or early redemption), the Company
        undertakes (for the duration of the Examination Period, as defined hereafter) as follows:

       

      	[1]	
              Definitions

            

       

      In this appendix the following terms shall have the meaning set beside them:

       

      “Net Cap” means – the Adjusted Balance Sheet Equity of the Company according to its last consolidated annual financial statements or last consolidated
        quarterly financial results published before the day of calculation, with the addition of the Net Financial Debt.

       

      “Adjusted Balance Sheet Equity” means – the consolidated equity according to the international finance reporting
        standards (IFRS), and including minority rights, capital note inferior to the rights of the Debenture Holders (Series D) that shall not be i repaid until after the full and final payment of the Debentures (Series D), and shareholders’ loans which
        are inferior to the rights of Holders of Debentures (Series D), and excluding changes in the fair value of hedging transactions of electricity prices. For the purpose of this clause, a shareholders’ loan shall be considered as inferior to the
        Debentures only if according to its terms – (a) the repayment of a loan shall be conditioned on the fact that immediately upon the actual repayment of the loan, the Company shall meet the financial covenants pertaining to the performance of a
        distribution; (b) in case of declaring immediate repayment of the Debentures (Series D) or in case of liquidation, it shall be repaid only after the complete repayment of the Debentures (Series D) and (c) on the condition that they shall not in an
        amount higher than 20% of the equity balance of the Company at the time.

       

      “Net Financial Debt” - short term and long term debt from banks with the addition of debt towards holders of debentures that the Company issued and other
        interest-bearing financial obligations  provided by entities engaging in the provision of loans, with the exception of: (1) financing of projects, including hedge transactions in respect of such financing as said, whether in the level of the
        Company or in the level of subsidiaries of the Company or associate companies of the Company or of the subsidiaries of the Company (it is clarified that within the framework of the calculation of the financing of projects the Company also includes
        shareholders' loans that are provided for the purpose of financing projects, from the Company or from third-parties); (2) options exercisable into the shares of the Company; (3) preferred shares, to the extent that these cannot be redeemed by the
        holders, and there are no conditions in which the Company is required to perform redemption however only redemption subject to the sole discretion of the Company; (4) ‘lease agreement’ undertaking presented according to the IFRS 16 reporting
        standard; and (5) other financial instruments whose redemption is subject to the sole discretion of the Company; and all with deduction of the cash and cash equivalents, short-term investments, deposits, financial funds and negotiable securities,
        to the extent that these are not restricted (with the exception of a restriction for the purpose of securing any financial debt according to this definition); and all according to the annual consolidated financial statements of the Company or the
        consolidated quarterly financial results of the Company. In the event the calculation result of the Net Financial Debt is negative, the Company is considered and will be considered to have fulfilled the covenants based on the Net Financial Debt.

       

      
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      “Adjusted EBITDA” means – earnings before financing expenses, net, taxes, depreciation and amortization, where the revenues  incomes from the Company’s
        operations, for example for the Talmei Yosef project, are calculated in accordance with the fixed asset model and not in accordance with the financial asset model (IFRIC 12), and neutralizing expenses for share-based payment, when the data of
        assets or projects whose Commercial Operation Date occurred in the four quarters that preceded the test date will be calculated based on Annual Gross Up. The Adjusted EBITDA shall be calculated in accordance with the data of the four quarters prior
        to the time of the test, cumulatively, in accordance with the Company’s consolidated annual financial statements or its consolidated quarterly financial results.

       

      “Annual Gross Up” shall mean the division of the Adjusted EBITDA by the number of days in the period commencing on the Commercial Operation Date or on the
        purchase date, as the case may be, and ending on the test date, multiplied by 365.

       

      “Commercial Operation Date” – regarding projects for the construction of electricity production facilities owned by the Company (in whole or in part): the
        date in which the construction of the project was completed and the project started providing electricity produced therein to the relevant power grid; regarding systems under commercial operation that were purchased by the Company (in whole or in
        part): the date of their purchase.

       

      	[2]	
              Minimal Adjusted Balance Sheet Equity

            

       

      	

            	a.	
              For the purpose of the cause for immediate repayment in clause 9.1.13 of the Deed: the Adjusted Balance Sheet Equity of the Company, as defined above, according to the consolidated financial statements or the consolidated quarterly
                financial results last published, shall not be less than 70 million Euros over a period of two consecutive quarters.

            

       

      	

            	b.	
              For the purpose of adjusting the interest as set forth in clause 4.3.1 in the Terms on the Other Side of the Page: the Adjusted Balance Sheet Equity of the Company, as defined above, according to the consolidated financial statements or
                the consolidated quarterly financial results last published, shall be not less than 75 million Euros.

            

       

      	[3]	
              The Ratio of Net Financial Debt to Net Cap:

            

       

      	

            	a.	
              For the purpose of the cause for immediate repayment in clause 9.1.13 of the Deed: the ratio of Net Financial Debt to Net CAP shall not exceed 68% over a period of three consecutive quarters.

            

       

      	

            	b.	
              For the purpose of adjusting the interest, as set forth in clause 4.3.1 of the Terms on the Other Side of the Page: the ratio of Net Financial Debt to Net Cap shall not exceed 60%.

            

       

      
        	
                [4]

              	
                The Ratio of Net Financial Debt to Adjusted EBITDA:

              

      

       

      	

            	a.	
              For the purpose of the cause for immediate repayment in clause 9.1.13 of the Deed: the ratio of Net Financial Debt to Adjusted EBITDA shall not exceed 14 over a period of three consecutive quarters.

            

       

      	

            	b.	
              For the purpose of adjusting the interest, as set forth in clause 4.3.1 of the Terms on the Other Side of the Page: the ratio of Net Financial Debt to Adjusted EBITDA shall not exceed 12.

            

       

      
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      	[5]	
              General

            

       

      The test of the Company’s meeting each of the financial covenants in respect of each quarter shall be performed upon publishing each financial statements or each financial results, as the case may
        be, when in each of the stated reports, the Company shall state its meeting or its failure to meet each of the financial covenants, including the numerical data.

       

      As long as the Debentures (Series D) have not yet been fully paid, the Company undertakes to inform the Trustee by a written notice signed by a senior financial officer in the Company with a
        calculation of each of the financial covenants, all in a format to the Trustee’s satisfaction, within 10 Business Days after publishing any financial statement or financial results of the Company, regarding its meeting the terms of clauses [2] to
        [4] above. The Trustee may rely on the Company’s confirmation and it shall not be required to perform another examination.

       

      If it turns out that according to the financial statements or the financial results, the Company did not meet any of its undertakings mentioned in sub-clauses [2] to [4] above, and its failure to
        fulfill its undertakings as mentioned continued during  the periods as stated in clauses [2](a), [3](a) or [4](a) above (as the case may be: the “Examination Period”), then the provisions of clause 9.1.13 of
        the Deed of Trust shall apply. It is clarified that for the purposes of clause 9 of the Deed of Trust, the date of the relevant breach shall be considered the date of publishing the relevant financial statements for the end of the Examination
        Period.

       

      The Company’s meeting any of the financial covenants set forth in clauses [2]-[4] above, shall be calculated according to the accounting standard that applies to the Company in accordance with the
        financial results for 9/30/2020 (hereinafter: the “Previous Accounting Principles”). The Company shall publish in the framework of publishing its annual financial statements or financial results, as the case
        may be, the figures on which it based the calculation of the ratio of Net Financial Debt to Net Cap and the data on which it has based the calculation of the Adjusted EBITDA.

       

      If there shall be a Material Change to the Generally Accepted Accounting Principles and/or regulatory changes pertaining to the Previous Accounting Principles, the relevant tests in this Appendix
        6.2 above shall be implemented in accordance with the financial statements (as they are defined in clause 9 of the Deed of Trust) prepared in accordance with the Previous Accounting Principles, ignoring the changes as stated, and the Company shall
        furnish to the Trustee, upon transferring the approval of its meeting the financial covenants as stated in this clause above, in each quarter, a report of adjustment to the accounting principles applying to the Company in accordance with the
        Previous Accounting Principles, all in a format to the Trustee’s satisfaction.

       

      For the purpose of this clause, “Material Change” – means a change of at least 7.5% cumulatively, pertaining to all changes in accounting standards and
        regulation which have applied, between the relevant standard as stated, as of the date of the financial statements, as it shall be calculated in accordance with the Generally Accepted Accounting Principles which shall apply to the Company at the
        time of the financial statements, and between the relevant standard, as of such date, as it shall be calculated in accordance with the Previous Accounting Principles.

       

      Undertakings Pertaining to the Distribution of a Dividend

       

      As long as Debentures (Series D) shall exist in circulation (in other words as long as they were not fully paid, including by way of a self-purchase and/or early redemption), the Company shall be
        entitled to perform a distribution (as this term is defined in the Companies Law) including the distribution of dividends, to its shareholders at any time, provided that in any event of such distribution all following conditions are met: (a) the
        Adjusted Balance Sheet Equity of the Company according to its consolidated financial statements or its consolidated financial results, after such distribution, shall not be less than 85 million Euros, (b) the ratio of Net Financial Debt to Net Cap
        shall not exceed 60% after performing the distribution; (c) the ratio of Net Financial Debt to Adjusted EBITDA after performing the distribution shall not exceed 9; (d) the Company shall not distribute more than 75% of the profit appropriate for
        distribution, according to the Financial Statements of the Company; (e) the Company shall not distribute a dividend on the basis of revaluation profits which were not yet realized (for the avoidance of doubt, negative goodwill shall not be
        considered as revaluation profit); (f) the Company meets all its material undertakings to the Debenture Holders in accordance with the provisions of this Deed; and (g) at the time of the distribution as well as after the distribution there is no
        cause for immediate repayment.

       

      
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      It shall be clarified that in case of adopting a plan for repurchase of shares by the Company, the Company shall be required to meet the conditions set forth above upon adopting the repurchase plan
        and with regards to the scope of the plan in its entirety and no additional check shall be performed of meeting any of the aforementioned conditions in any case of performing a purchase under the plan adopted as stated.

       

      It is hereby clarified, that any amount not actually distributed in a certain calendar year, out of the maximal amount for distribution which the Company was entitled to distribution in accordance
        with the stated in this sub-clause above, shall accumulate to the Company’s credit, which shall be entitled to distribute it at later times and until the full repayment of the Debentures, all subject to the provisions of Section 302 of the
        Companies Law and subject to its meeting the limitations of distribution set forth in this appendix above.

       

      No later than seven business days after a decision is made regarding the distribution as mentioned, the Company shall transfer to the Trustee confirmation signed by a senior financial officer in
        the Company, regarding the Company meeting the limitations in this paragraph including detailed calculations, all in the format to the Trustee’s satisfaction. The Trustee may rely on the Company’s confirmation and shall not be required to perform
        an additional examination on its behalf. Beyond the aforesaid in this clause, the Company has no restrictions with respect with performing distributions and distributions shall be made (insofar as made) at the Company’s sole discretion and for any
        reason that it shall see fit.

       

      Except as set forth in this clause, the Company declares that as of the date of signing this Deed of Trust, it is not aware of any restrictions that could affect its ability to perform a
        distribution in the future or to perform a repurchase of its shares, except for legal general restrictions that apply to performing distributions in the Companies Law and except for restrictions that apply to the Company by the Deeds of Trust
        regarding the Debentures (Series B) and the Debentures (Series C) of the Company.

       

      It shall be clarified, that for the purpose of inspecting the Company’s meeting the terms set forth in this clause, the provisions stated in this appendix above regarding the change in accounting
        standards shall apply.

       

      Undertakings Pertaining to Transactions by Controlling Parties

       

      Inasmuch as the Company shall fail to meet any of the financial covenants set forth in clauses [2](a), [3](a) or [4](a) above, and so long as that failure has not been remedied, the Company shall
        not be entitled to enter into new transactions with controlling parties without receiving the approval of the Debenture Holders in an Ordinary Resolution. It shall be clarified that this limitation shall not apply in any of the following cases: (a)
        renewal of transactions under identical terms or terms which do not benefit the controlling parties compared to the transactions existing on the date of the failure to meet the financial covenants, (b) transactions pertaining to the terms of office
        or employment or providing management services on behalf of the controlling party, his relative or anyone on his behalf which do not deviate from the transactions existing on the date of the failure to meet the financial covenants or which do not
        deviate from the compensation policy of the Company as shall be in effect at the relevant time, (c) investments in the Company’s capital or loans or providing financing in any other way, (d) transactions which are under market terms as shall be
        determined by the Company’s audit committee, (e) transactions which are not extraordinary transactions as such term is defined in the Companies Law, and (f) transactions which fall under the categories of reliefs which are set forth in the
        Companies Regulations (Reliefs for Transactions with Interested Parties), 5760-2000, or any other reliefs as they shall be from time to time in accordance with any law regarding transactions with controlling parties.

       

      
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      Appendix 19.2

       

      Confidentiality Undertaking

      To

       

      Ellomay Capital Ltd.

       

      Dear Sir/Madam,

       

      Subject: Undertaking of Confidentiality

       

      	1.	
              In the framework or with regards to my position as ___________ to the Holders of Debentures (Series D) of Ellomay Capital Ltd. (hereinafter: “the Company”) (hereinafter: “the Work”), I might receive or be exposed to information which is not public knowledge, including, without limitation, information or professional, technical, financial, technological, commercial or other knowledge
                pertaining directly and/or indirectly to the Company, the Company’s subsidiaries or affiliates (as these terms are defined in the Securities Law, 5728-1968 (hereinafter: “the Securities Law”)), to
                corporations in the Company’s group (associate companies and corporations in which any of the entities as stated in this clause have holdings) and/or to holders of controlling interests in the Company (hereinafter jointly: “the Group”), procedures and/or methods of work and/or activity of the Group as well as commercial and business information of any other type which is not public knowledge (hereinafter jointly: “Confidential Information”). Despite the foregoing, the term Confidential Information shall not include information as stated above, which I could prove, that: (1) it is public knowledge (including
                information publicly published by you or by holders of controlling interests within you) or which shall become public knowledge not due to breaching the provisions of this confidentiality undertaking; or (2) which was known to us prior to
                its disclosure by the Company and we can provide reasonable proof thereof; or (3) that it was given to us by a third party, provided that upon receiving the information as stated we were not aware, having asked its provider, that the
                disclosure of that information by that third party constitutes a breach of the fiduciary duty by that third party towards the Company.

            

       

      	2.	
              I am aware that I am prohibited from disclosing the Confidential Information to any person, and that I shall not be entitled to use the Confidential Information for any purpose, unless it is for the Work. Despite the foregoing, I shall
                be entitled (a) to deliver conclusions and evaluations based on the Confidential Information to Holders of Debentures (Series D) of the Company (including presenting it in the Meetings of Debenture Holders for the purpose of adopting a
                resolution pertaining to their rights), provided that the reliance upon information as stated shall be limited to the minimal extent and scope required in order to meet the requirements of the law, and that I have given a notice to the
                Company in this regard a reasonable time in advance, in order to give the Company sufficient leave to approach the court in order to prevent the delivery of conclusions and evaluations as stated, to the extent that this is without prejudice
                to the rights of the Debenture Holders; (b) to deliver conclusions and evaluations based on the Confidential Information to the representing body of the Debenture Holders, which shall be duly appointed by the Debenture Holders, provided
                that all members of the representing body (inasmuch as there shall be any) have signed a declaration regarding the absence of a conflict of interests or non-competition with the Company, and to enable the representing body of Debenture
                Holders as stated, to view the Confidential Information in our office; (c) to disclose Confidential Information, inasmuch as I shall be required to do so by law or at the request of a competent authority by law and/or in accordance with a
                judicial order, provided that the disclosure is limited to the minimal extent and scope required in order to meet the requirements of the law and I shall pre-coordinate with you, inasmuch as it is possible and permitted, and to the extent
                that this is without prejudice to the rights of the Debenture Holders, the content and timing of the disclosure in order to give you sufficient leave to defend against such as request.

            

       

      
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      	3.	
              In addition to permitted delivery of Confidential Information as stated in clause 2, and without derogation to the stated therein, disclosing Confidential Information shall be done only to my employees and/or authorized representatives
                on my behalf, including my professional consultants alone. I am aware, that disclosure or use on a need-to-know basis by an authorized receiver (hereinafter: “Authorized Receiver”) not in accordance
                with the provisions of this letter is treated as disclosure or use as stated by myself, and I shall take all means required to keep the Confidential Information confidential. My undertaking herein shall not apply to an Authorized Receiver
                who shall sign an undertaking of confidentiality similar by all material aspects to the undertaking set forth in this letter.

            

       

      	4.	
              I am aware that disclosing the Confidential Information to any person or body might be contrary to the Israeli securities laws. I am aware, that due to my exposure to the Confidential Information, various limitations might apply to me if
                I shall receive inside information, as this term is defined in the Israeli Securities Law, and I am taking and I shall take all reasonable means to ensure that there shall be no prohibited use of inside information pertaining to the
                Confidential Information.

            

       

      	5.	
              All documents which shall be given to me by you or which shall arrive in my possession as a result and/or pertaining to my engagement with you, and which are related, directly or indirectly, to the Group and/or its activity (including
                any copy or processing thereof) (hereinafter jointly: “the Documents”) shall belong to you at all times and shall be considered as your property for all matters and purposes, and shall be returned to
                you by me at your request immediately upon the termination of the Work, apart from the information which I shall keep in accordance with the provisions of any law, including the instructions of a competent authority, or in accordance with
                internal procedures, inasmuch as it is required for the purpose of documenting work processes. For the purpose of the stated in my undertaking herein, the term Documents shall be interpreted to include any means of holding information
                whatsoever, including, but without derogation from the generality of the foregoing, physical, mechanical, magnetic, electronic, optic and/or electro-optic means.

            

       

      	6.	
              My undertaking in accordance with this letter shall remain effective even after the termination of the Work for any reason whatsoever, and until the Confidential Information becomes public (not due to breaching the undertaking in
                accordance with this letter, inasmuch as there shall be any). My undertakings in accordance with this letter of confidentiality are irrevocable and cannot be cancelled and they are in addition and not instead of any duty imposed on me by
                law and/or pursuant to any other agreement. My signature on this undertaking does not grant me any right to perform the Work, and the terms of employment shall be arranged in separate documents between us.

            

       

      	7.	
              I shall keep the information in complete secrecy, at least at the same level of care by which I keep my own confidential information, and for this purpose I shall take a reasonable level of care at least.

            

       

      
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      	8.	
              It is clarified, that subject to the provisions of the Securities Law, the stated in this undertaking does not bind the Company to disclose any information whatsoever, and any disclosure and delivery to us shall be at the Company’s
                absolute discretion.

            

       

      	9.	
              My undertakings in this document are towards each and every of the corporations in the Group, the Confidential Information of which shall be given to me.

            

       

      	10.	
              If any instance or authority whatsoever shall determine that any of the undertakings in this document are not valid – the undertaking shall be minimized up to the rate permittee by law at that time, and a determination as stated shall
                not harm the other undertakings and rights in accordance with this document.

            

       

      Respectfully,

       

      
        	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	Full name	
                 

              	
                ID number 

                

              	
                 

              	signature

      

       

    

    
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      Appendix 22

       

      The Trustee’s Fee and Covering its Expenses

       

      	1.	
              The Company shall pay fee to the Trustee for its services in accordance with the Deed of Trust for the Debentures (that are not secured by charges), as set forth hereafter:

            

       

      	

            	1.1.	
              Annual payment for each trust year in the sum of 18,000 NIS.

            

       

      	

            	1.2.	
              Annual payment for each trust year in the sum of 20,000 NIS if the Trustee shall serve as Trustee only regarding a single series of Debentures of the Company.

            

       

      The sums according to clauses 1.1 and/or 1.2 shall be referred to as the “Annual Fee”.

       

      	2.	
              The Annual Fee shall be paid to the Trustee at the beginning of each trust year. The Annual Fee shall be paid to the Trustee for the period until the end of the trust period according to the terms of the Deed of Trust, even if a receiver
                and/or receiver manager was appointed for the Company and/or if the trust according to the Deed of Trust shall be managed under the supervision of the court.

            

       

      	3.	
              In the event that the Trustee shall participate in the discussions with the Securities Authority we shall be paid fee (at the tariff stipulated in clause 7 hereafter), in accordance with the hours of the discussions in which we shall
                take part, including a refund of travel costs. This payment is not conditioned upon the issue of the Debentures or signing the Deed of Trust.

            

       

      	4.	
              In the event the term of the Trustee has expired as mentioned in the Deed of Trust, the Trustee shall not be entitled to the payment of its fee starting on the date that its office has expired. If the Trustee’s office has expired during
                the trust year the fee paid to it for the months that it did not serve as Trustee of the Company shall be returned. The provisions in this clause shall not apply regarding the first trust year.

            

       

      	5.	
              The Trustee is entitled to a refund for the reasonable expenses that it shall expend in the framework of fulfilling its duties, and/or pursuant to the powers granted to it according to the Deed of Trust, including for publications in the
                press, provided that for the costs of expert opinion as set forth in the Deed of Trust, the Trustee shall give an advance notice of his intention to receive an expert opinion.

            

       

      	6.	
              The Trustee is entitled to additional payment, for actions, including those which it must perform in order to fulfill its lawful obligations pursuant to the Securities Law, (including amendments 50 and 51 of the Securities Law), and the
                regulations that shall be promulgated following these amendments and also those arising from a breach of this Deed of Trust by the Company and/or for an action of declaring Debentures immediately repayable and/or for special actions which
                shall be required to be performed, if required, for fulfilling its duties according to the Deed of Trust, all in addition and without harming the payments due to it as mentioned in this appendix.

            

       

      	7.	
              The Trustee shall be entitled to additional payment as mentioned, in the sum of 600 NIS for each working hour that it shall require to perform as mentioned above, linked to the known index, at the date of publishing the prospectus, but
                in any event no less than the sum set forth above. For each annual meeting of shareholders or Debenture Holders (and this is in addition to the payment according to clause 7 above) in which the Trustee shall take part, an additional fee in
                the sum of 600 NIS per meeting, linked to the index known at the date of publishing the prospectus shall be paid, but in any case no less than the sum set forth above. The sum mentioned shall be paid immediately upon the issuing of the
                Trustee’s demand.

            

       

      
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      	8.	
              This agreement is based on the consent that the debentures are without collaterals. However in the event that the Debenture Holders (Series D) shall be granted any collaterals or any other undertaking that the Trustee must examine, then
                the Trustee’s fee shall be agreed in accordance with the scope of work that shall be required to dedicate to the trust.

            

       

      	9.	
              VAT if applicable, shall be added to the payments due to the Trustee, according to the provisions of this appendix and it shall be paid by the Company. The sums above do not include a refund of expenses and lawful VAT and they shall be
                linked to the base index of each series however in each case a lower sum than the sum set forth in this proposal shall not be paid. The payment terms are 15 days net after the end of the calendar month of the invoice.

            

       

      	10.	
              The Debenture Holders shall participate in financing the Trustee’s fee and refund of expense in accordance with the provisions of the indemnification clause in clause 25 of the Deed of Trust.

            

       

      ***

       

      
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      Second Addendum – Meeting of Debenture Holders

       

      Subject to the provisions of the Securities Law, convening a Meeting of Debenture Holders, the manner of conducting it and various terms regarding it, shall be as follows:

       

      Summoning a Meeting

       

      	1.	
              The Trustee shall summon a Debenture Holders Meeting for each series separately (“Annual Meeting”) each year and no later fourteen (14) days after the second annual report regarding trust matters
                (as mentioned in clause 21 of the Deed of Trust) was submitted, which shall be convened no later than sixty (60) days after the report was submitted. The agenda of the Annual Meeting shall include the appointment of the Trustee for the
                period that shall be determined (unless the prior Meeting determined a longer appointment time), a discussion of the annual report regarding trust matters as well as any other subject included in the agenda as stated in Section 25L2 of the
                Securities Law.

            

       

      	2.	
              The Trustee shall convene a Meeting of the Debenture Holders if it saw a need for this, or according to a written request of Debenture Holders that hold, alone or together, at least five percent (5%) of the balance of the nominal value
                of the Debentures in circulation of that series.

            

       

      	3.	
              In the event those requesting to summon a Meeting are Debenture Holders, the Trustee shall be entitled to demand indemnification from them, including in advance, for the reasonable costs involved in this.

            

       

      	4.	
              The Trustee who was required to summon a Debenture Holders Meeting in accordance with the provisions of clause 2, shall summon it within 21 days after a demand to summon it was submitted to the Trustee, to a date that shall be determined
                in the summons, provided that the convening date shall not be earlier than seven days and not later than 21 days from the summons date; however, the Trustee is entitled to bring the meeting forward, to at least one day after the summons
                date, if it thought that this was required in order to protect the Debenture Holders rights and subject to the provisions of clause 21 hereafter; if it did so, the Trustee shall explain the reasons for bringing the convening date forward in
                the report regarding the summoning of the Meeting.

            

       

      	5.	
              The Trustee may, at its reasonable discretion, change the scheduled meeting time of a Meeting convened by him as well as per the Company’s request, in case the Meeting was summoned by the Company.

            

       

      	6.	
              In the event the Trustee convened a Meeting of the Debenture Holders not according to the request of the Debenture Holders the Trustee is entitled to determine that the Meeting shall take place by electronic means.

            

       

      	7.	
              If the Trustee did not summon the Debenture Holders Meeting, according to the demand of the Debenture Holder, within such time as mentioned in clause 1.4 above, the Debenture Holder may convene the Meeting, provided that the scheduled
                Meeting shall be within 14 days, after the end of the period for summoning the Meeting by the Trustee and the Trustee shall bear the expenses that the Debenture Holder expended with respect to convening the meeting.

            

       

      	8.	
              If the Debenture Holders Meeting was not convened as mentioned in clauses 1 or 2 above, the court may at the request of the Debenture Holder, order that it be convened.

            

       

      	9.	
              If the court ordered as mentioned in clause 8, the Trustee shall bear reasonable costs that the applicant expended in a court proceeding, as shall be determined by the court.

            

       

      	10.	
              The Company is entitled to convene, at any time, a Meeting of Debenture Holders in coordination with the Trustee. If the Company summons a Meeting as stated, it must immediately send the Trustee a written notice regarding the place, day
                and time on which the Meeting shall take place, as well as the subjects to be brought up for discussion therein, and the Trustee or a representative on its behalf shall be entitled to participate in a Meeting as stated without having the
                right to vote.

            

       

      
        - 76 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	11.	
              Where there is no practical possibility to convene a Debenture Holders Meeting or to conduct it in the manner determined for this in the Deed of Trust or in the Law, the court may, at the  request of the Company, of a Debenture Holder
                that is entitled to vote in the Meeting or the Trustee, to order that a Meeting be convened and conducted in the manner as the court shall determine, and it may give supplementary instructions for this insofar as it shall see fit.

            

       

      Flaws in Convening the Meeting

       

      	12.	
              The court may, at the request of a Debenture Holder, order the cancellation of a resolution that was adopted in a Debenture Holders Meeting that was convened or conducted without fulfilling the requirements in the Law or according to
                this Deed.

            

       

      	13.	
              If the flaw in convening the Meeting concerns a notice regarding the place of convening the Meeting or its scheduled time, a Debenture Holder that attended the Meeting despite the flaw, shall not be entitled to demand the cancellation of
                the resolution.

            

       

      Notice of Convening a Meeting

       

      	14.	
              A notice of a Meeting of the Debenture Holders shall be published according to the provisions of chapter G1 of the Law (“Electronic Reporting”) and it shall be delivered to the Company by the
                Trustee before the reporting and in accordance with the provisions in the regulations.

            

       

      	15.	
              The summons notice shall include the agenda, the proposed resolutions and arrangements regarding a written vote according to the provisions of clauses 28 and 30 hereafter.

            

       

      The Meeting’s Agenda

       

      	16.	
              The Trustee shall determine the agenda in the Debenture Holders Meeting and it shall include issues for which the Debenture Holders Meeting is required according to clauses 1 and/or 2 above, and a subject for which it was requested as
                mentioned in clause 18 of the Debenture Holder’s request.

            

       

      	17.	
              Inasmuch as a Meeting shall be summoned in accordance with clause 10 above, the Company shall determine the Meeting’s agenda.

            

       

      	18.	
              A Debenture Holder, one or more, that has five percent (5%) at least of the balance of the nominal value of the series of Debentures may request the Trustee to include an issue on the agenda of the Debenture Holders Meeting that shall be
                convened in the future, provided that the issue is suitable to be discussed in the Meeting as mentioned.

            

       

      	19.	
              In the Debenture Holders Meeting resolutions shall be adopted in issues as set forth in the agenda only.

            

       

      Place of Convening the Meeting

       

      	20.	
              The Debenture Holders Meeting shall take place in Israel at the Company’s offices or another place which the Trustee shall notify of. The Trustee may change the address of the Meeting. The Company shall bear the costs of convening the
                Meeting at an address which is not its office.

            

       

      The Record Date for Ownership of the Debentures

       

      	21.	
              Debenture Holders that are entitled to participate and to vote in the Debenture Holders’ Meetings are Holders of Debentures at the time that shall be determined in the decision to summon a Debenture Holders Meeting, provided that this
                date shall not exceed three days before the date of convening the Debenture Holders Meeting and it shall not be less than one day before the convening date.

            

       

      
        - 77 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      The Chairman of the Meeting

       

      	22.	
              In each Debenture Holders Meeting the Trustee or whomever it appointed shall serve as chairman of that Meeting.

            

       

      	23.	
              The Trustee shall prepare a protocol of the Meeting of the Debenture Holders and shall keep it at its registered office for a period of seven (7) years after the Meeting date. The protocol of the Meeting may be by way of recording. A
                protocol, insofar as made in writing, shall be signed by the chairman of the Meeting or by a chairman of the Meeting that was held after it. Each protocol that was signed by the chairman of the Meeting constitutes prima facie evidence to
                whatever is stated in it. The protocol registry shall be kept with the Trustee as mentioned, and it shall be open for viewing by the Debenture Holders during work hours and with advance coordination and a copy of it shall be sent to any
                Debenture Holder that shall request this.

            

       

      	24.	
              The declaration of the chairman of the Meeting that a resolution in the Debenture Holders Meeting was adopted or rejected, whether unanimously or by a certain majority, shall be prima facie evidence to whatever is stated in it.

            

       

      Legal Quorum; Deferred or Adjourned Meeting

       

      	25.	
              A Meeting of the Debenture Holders shall be opened by the chairman of the Meeting after he has determined that the legal quorum required for any of the issues on the agenda of the Meeting exists, as follows:

            

       

      	

            	25.1.	
              The legal quorum required for opening a Meeting of the Debenture Holders shall be the presence of at least two Debenture Holders, who are present themselves or by their proxies, that hold at least twenty five percent (25%) of the voting
                rights in circulation, within half an hour of the time that was scheduled for opening the Meeting, unless stipulated otherwise in the Law.

            

       

      	

            	25.2.	
              If a legal quorum was not present in the Debenture Holders Meeting at the end of half an hour after the time scheduled for the beginning of the Meeting, the meeting shall be deferred to another time which shall not be earlier than two
                Business Days after the record date that was determined for convening the original meeting or one Business Day, if the Trustee was of the opinion that this is required for protecting the rights of the Debenture Holders; if the Meeting was
                deferred, the Trustee shall explain the reasons for this in the Meeting summons report.

            

       

      	

            	25.3.	
              If a legal quorum was not present in the deferred Debenture Holders Meeting as mentioned in clause 25.2 above, half an hour after the time that was scheduled for it, the Meeting shall be convened with any number of participants, unless
                stipulated otherwise in the Law.

            

       

      	

            	25.4.	
              Notwithstanding the provisions in clause 25.3 above, in the event a Debenture Holders Meeting was summoned according to the demand of Debenture Holders that hold five percent (5%) at least of the balance of the nominal value of the
                Debentures in circulation, the deferred Meeting shall be convened only if holders of certificates of undertaking were present in it at least in the number required for summoning a Meeting as mentioned (in other words: five percent (5%) at
                least of the balance of the nominal value of the Debentures in circulation).

            

       

      
        - 78 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	26.	
              According to the decision of the Trustee or resolution by ordinary majority of those voting in a Meeting in which a legal quorum was present, the continuation of the Meeting adjourned (the “Original
                  Meeting”) from time to time, the discussion or adopting a resolution in an issue that was set forth in the agenda, to another time and to a place that shall be determined as the Trustee or the aforementioned Meeting shall decide
                (the “Continued Meeting”). In the Continued Meeting and in the deferred meeting only matters that were on the agenda and in respect to which no resolution was adopted shall be discussed.

            

       

      If a Debenture Holders Meeting was deferred without changing its agenda, summons shall be given regarding the new time for the Continued Meeting, as early as possible, and no
        later than 12 hours before the Continued Meeting; the summons as mentioned shall be given according to clauses 14 and 15 above.

       

      Participations and Voting

       

      	27.	
              The Trustee, at its reasonable discretion and subject to the provisions of any law, shall be entitled to split the Meeting into class meetings and to determine who shall be entitled to participate in each type of meeting.

            

       

      	28.	
              A Debenture Holder is entitled to vote in Debenture Holders Meetings by himself or by proxy as well as by a voting deed in which he shall state the manner of his voting, and in accordance with the provisions of clause 30 hereinafter.

            

       

      	29.	
              A resolution in the Debenture Holders Meeting shall be made by a count of votes.

            

       

      	30.	
              A voting deed shall be sent by the Trustee to all of the Debenture Holders; a Debenture Holder may note the manner of his vote in the voting deed and send it to the Trustee.

            

       

      A voting deed in which the Debenture Holder noted the manner of his vote, and which reached the Trustee by the last date determined for this, shall be considered as presence in
        the Meeting with respect to the existence of a legal quorum as mentioned in clause 25 above.

       

      The voting deed that was received by the Trustee regarding a certain matter in respect to which a vote was not held in the Debenture Holders Meeting, shall be considered as
        having abstained in the vote in that Meeting regarding a resolution to convene a deferred Debenture Holders Meeting according to the provision of clause 26 above, and it shall be counted in the deferred Meeting that shall be convened according to
        the provisions of clauses 26 or 25.3 and 25.4 above.

       

      	31.	
              Each 1 NIS nominal value of the Debentures that are represented by vote shall confer one vote in the voting. In case of joint Debenture Holders, only the vote of the person registered first in the registry shall be counted.

            

       

      	32.	
              A Debenture Holder may vote for part of the Debentures held by him including voting for some of them in favor for the proposed resolution and for another part of them against the resolution, all as he shall see fit.

            

       

      	33.	
              The holdings of an Affiliated Holder shall not be taken into account for determining the legal quorum in the Debenture Holders Meetings, and his votes shall not be taken into account in the vote of the Meeting as mentioned.

            

       

      Resolutions

       

      	34.	
              Resolutions in the Debenture Holders Meetings shall be adopted by a vote of an ordinary majority by a count of votes, unless another majority was determined in the Law or in the Deed of Trust.

            

       

      	35.	
              The votes of those who have abstained in the vote shall not be counted in the number of votes participating in the vote.

            

       

      
        - 79 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      	36.	
              A proposed resolution regarding an issue that was not determined in respect to it that it shall be decided by a certain majority as following hereafter, shall be decided in an ordinary resolution.

            

       

      	37.	
              The issues hereafter shall be decided in a Debenture Holders Meeting by a majority which is not ordinary and/or by a legal quorum that is different than the one set forth in clause 25, and these are the
                  issues:

            

       

      	

            	37.1.	
              Change, including an addition and/or amendment in the provisions of the Deed of Trust as mentioned in clause 27 of the Deed of Trust.

            

       

      	

            	37.2.	
              Any other issue in respect to which it was determined in the Deed of Trust that it is subject to a resolution by a majority that is not an ordinary majority.

            

       

      	

            	37.3.	
              A resolution regarding the replacement of a, shall be adopted by a majority of fifty percent (50%) at least of the unpaid balance of the Debentures in circulation.

            

       

      Voting and Actions by Agent/Proxy

       

      	38.	
              An appointment instrument appointing an agent shall be in writing and it shall be signed by the appointer or by his proxy that has authorization to do so lawfully in writing. If the appointer is a corporation, the appointment instrument
                shall be made in writing and will be signed by a stamp of the corporation, with a signature of the authorized signatories of the corporation.

            

       

      	39.	
              An appointment instrument of the agent shall be made in any form which shall be acceptable by the Trustee.

            

       

      	40.	
              An agent does not need to be a Debenture Holder himself.

            

       

      	41.	
              An appointment instrument and power of attorney and any other certificate according to which an appointment instrument was signed or a certified copy of such power of attorney, shall be given to the Trustee by the time of convening the
                Meeting unless it was otherwise stipulated in the notice summoning the Meeting.

            

       

      	42.	
              The Trustee shall participate in the Meeting via its employees, officers, functionaries or another person that shall be appointed by it, however it shall not have a voting right.

            

       

      	43.	
              The Company and any other person except for the Trustee shall be prevented from participating in the Debenture Holders Meeting or in any part of it, according to the decision of the Trustee or according to an ordinary resolution of the
                Debenture Holders. Despite the stated in this clause, the Company could participate in the opening of a Meeting for the purpose of expressing its opinion regarding any subject on the Meeting’s agenda and/or presenting a certain subject (as
                the case may be).

            

       

      Approaching Debenture Holders

       

      	44.	
              The Trustee, and the Debenture Holder, one or more, that has five percent (5%) at least of the balance of the nominal value of the Debentures in circulation, are entitled to address the Debenture Holders in writing, via the Trustee, in
                order to convince them regarding the manner of their vote in any of the issues being raised for discussion in that Meeting (the “Position Paper”).

            

       

      	45.	
              If a Debenture Holders Meeting was summoned in accordance with clause 2 above, a Holder is entitled to approach the Trustee in a request to publish, in accordance with the provisions of Chapter G.1 of the Law, Position Papers on his
                behalf to the other Debenture Holders.

            

       

      	46.	
              The Trustee or the Company are entitled to send Position Papers to Debenture Holders, as a response for a Position Paper sent as stated in clauses 44 and 45 above, or in response to any other inquiry towards the Debenture Holders.

            

       

      
        - 80 -

        
          

      

       
        
          

            	
                    UNOFFICIAL TRANSLATION FROM HEBREW

                     

                    THE BINDING VERSION IS THE HEBREW VERSION

                  

          

        

        

        

      

      Examining Conflicts of Interests

       

      	47.	
               The votes of a Debenture Holder who is the controlling shareholder in the Company, his family member or a corporation controlled by any thereof shall not be counted in the count of the votes, and these Debentures shall not entitle to
                vote in the general meetings of the Debenture Holders as long as they are held by such a person as said.

            

       

      	48.	
               Save as provided in clause 47 above, the Trustee will take into consideration in the count of the votes the votes of all voters, except for the votes of the Debenture Holders who state in the ballot that their vote should not be
                considered as a result of a conflict of interests these Debenture Holders have, and the Trustee will not independently examine their personal interest.

            

       

      	49.	
               It is clarified that the examination of the conflict of interests as said above, to the extent that it is necessary in the opinion of the Trustee, will be made separately with relation to each of the decisions on the agenda of the
                meeting, and separately with relation to each meeting. It is further clarified that the declaration of a Holder as having a conflict of interests in any decision or meeting, in and of itself, shall not attest to a conflict of interests of
                that Debenture Holder in another decision on the agenda of the meeting or his conflict of interests in other meetings.

            

       

      Convening a Meeting of Debenture Holders for Consulting

       

      	50.	
              The provisions of clauses 2, 7, 16, 18 and 19 above cannot derogate from the Trustee’s authority to convene a Debenture Holders Meeting, if it saw it necessary to consult with them; in the summons to the Meeting as mentioned the issues
                on its agenda shall not be detailed, and the date of the Meeting shall be one day at least after the summons date.

            

       

      In such meeting a vote shall not take place, no resolutions shall be adopted in it and the provisions of clauses 2, 4, 7, 8, 9, 15, 16, 18, 19, 21, 25, 26, 28, 30 and 45 shall
        not apply to it and as set forth in the law.

       

    

  

  - 81 -EX-4.1

 Exhibit 4.1 
  

 
  

NOVELIS SHEET INGOT GMBH 
 3.375%
SENIOR NOTES DUE 2029 
  
  

INDENTURE 
 Dated as of
March 31, 2021 
  
  

DEUTSCHE TRUSTEE COMPANY LIMITED, 

as Trustee 
 DEUTSCHE BANK AG,
LONDON BRANCH 
 as Principal Paying Agent and Transfer Agent 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

as Registrar 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
	  

	
	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  

			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	47	 
	 Section 1.03
	 	Inapplicability of the TIA	  	 	48	 
	 Section 1.04
	 	Rules of Construction; Limited Condition Transactions; Certain Compliance Calculations	  	 	48	 
	
	 ARTICLE 2
	  

	
	 THE NOTES
	  

			
	 Section 2.01
	 	Form and Dating	  	 	51	 
	 Section 2.02
	 	Execution and Authentication	  	 	52	 
	 Section 2.03
	 	Paying Agent, Registrar and Transfer Agent	  	 	52	 
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	 	53	 
	 Section 2.05
	 	Holder Lists	  	 	53	 
	 Section 2.06
	 	Transfer and Exchange	  	 	54	 
	 Section 2.07
	 	Replacement Notes	  	 	66	 
	 Section 2.08
	 	Outstanding Notes	  	 	66	 
	 Section 2.09
	 	Treasury Notes	  	 	67	 
	 Section 2.10
	 	Temporary Notes	  	 	67	 
	 Section 2.11
	 	Cancellation	  	 	67	 
	 Section 2.12
	 	Payment of Interest; Defaulted Interest	  	 	68	 
	 Section 2.13
	 	CUSIP, ISIN or Common Code Numbers	  	 	68	 
	 Section 2.14
	 	Issuance of Additional Notes	  	 	68	 
	 Section 2.15
	 	Pro Rata Payments	  	 	69	 
	
	 ARTICLE 3
	  

	
	 REDEMPTION AND PREPAYMENT
	  

			
	 Section 3.01
	 	Notices to Trustee	  	 	69	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed	  	 	69	 
	 Section 3.03
	 	Notice of Redemption	  	 	70	 
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	71	 
	 Section 3.05
	 	Deposit of Redemption Price	  	 	72	 
	 Section 3.06
	 	Notes Redeemed in Part	  	 	72	 
	 Section 3.07
	 	Optional Redemption	  	 	72	 
	 Section 3.08
	 	Sinking Fund	  	 	73	 
	 Section 3.09
	 	Redemption for Changes in Taxes	  	 	73	 
	 Section 3.10
	 	Offer To Purchase Procedures	  	 	74	 

  
 i 

							
	 ARTICLE 4
	  

	
	 COVENANTS
	  

			
	 Section 4.01
	 	Payment of Notes	  	 	77	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	78	 
	 Section 4.03
	 	Reports and Other Information	  	 	78	 
	 Section 4.04
	 	Statement as to Compliance	  	 	79	 
	 Section 4.05
	 	Taxes	  	 	80	 
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	 	80	 
	 Section 4.07
	 	Corporate Existence	  	 	80	 
	 Section 4.08
	 	Maintenance of Listing	  	 	80	 
	 Section 4.09
	 	Limitation on Debt	  	 	80	 
	 Section 4.10
	 	Limitation on Restricted Payments	  	 	85	 
	 Section 4.11
	 	Limitation on Liens	  	 	90	 
	 Section 4.12
	 	Limitation on Asset Sales	  	 	92	 
	 Section 4.13
	 	Limitation on Restrictions on Distributions from Restricted Subsidiaries	  	 	95	 
	 Section 4.14
	 	Limitation on Transactions with Affiliates	  	 	99	 
	 Section 4.15
	 	Limitation on Use of Proceeds	  	 	101	 
	 Section 4.16
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	102	 
	 Section 4.17
	 	New Holding Parent Guaranty	  	 	103	 
	 Section 4.18
	 	Change of Control Offer	  	 	103	 
	 Section 4.19
	 	Future Subsidiary Guarantors	  	 	104	 
	 Section 4.20
	 	Additional Amounts	  	 	104	 
	 Section 4.21
	 	Covenant Suspension	  	 	107	 
	 Section 4.22
	 	Tender Offer, Change of Control Offer, Alternate Offer, Asset Sale Offer	  	 	108	 
	
	 ARTICLE 5
	  

	
	 SUCCESSORS
	  

			
	 Section 5.01
	 	Merger, Consolidation and Sale of Property	  	 	109	 
	 Section 5.02
	 	Successor Corporation Substituted	  	 	111	 
	
	 ARTICLE 6
	  

	
	 DEFAULTS AND REMEDIES
	  

			
	 Section 6.01
	 	Events of Default	  	 	111	 
	 Section 6.02
	 	Acceleration	  	 	113	 
	 Section 6.03
	 	Other Remedies	  	 	115	 
	 Section 6.04
	 	Waiver of Defaults	  	 	115	 
	 Section 6.05
	 	Control by Majority	  	 	116	 
	 Section 6.06
	 	Limitation on Suits	  	 	116	 
	 Section 6.07
	 	Rights of Holders to Receive Payment	  	 	117	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	117	 

  
 ii 

							
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	117	 
	 Section 6.10
	 	Priorities	  	 	117	 
	 Section 6.11
	 	Undertaking for Costs	  	 	118	 
	
	 ARTICLE 7
	  

	
	 TRUSTEE
	  

			
	 Section 7.01
	 	Duties of Trustee	  	 	118	 
	 Section 7.02
	 	Rights of Trustee	  	 	119	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	122	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	122	 
	 Section 7.05
	 	Notice of Defaults	  	 	122	 
	 Section 7.06
	 	[reserved]	  	 	123	 
	 Section 7.07
	 	Compensation and Indemnity	  	 	123	 
	 Section 7.08
	 	Replacement of Trustee	  	 	124	 
	 Section 7.09
	 	Successor Trustee by Merger, etc.	  	 	125	 
	 Section 7.10
	 	Eligibility; Disqualification	  	 	125	 
	 Section 7.11
	 	Agents.	  	 	125	 
	 Section 7.12
	 	Compliance With Applicable Law	  	 	128	 
	
	 ARTICLE 8
	  

	
	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  

			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	128	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	128	 
	 Section 8.03
	 	Covenant Defeasance	  	 	129	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	129	 
	 Section 8.05
	 	Deposited Cash and European Government Obligations to be Held in Trust; Other Miscellaneous Provisions	  	 	131	 
	 Section 8.06
	 	Repayment to Issuer	  	 	131	 
	 Section 8.07
	 	Reinstatement	  	 	132	 
	
	 ARTICLE 9
	  

	
	 AMENDMENT, SUPPLEMENT AND WAIVER
	  

			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	132	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	133	 
	 Section 9.03
	 	Revocation and Effect of Consents	  	 	135	 
	 Section 9.04
	 	Notation on or Exchange of Notes	  	 	135	 
	 Section 9.05
	 	Trustee to Sign Amendments, etc.	  	 	136	 
	
	 ARTICLE 10
	  

	
	 GUARANTIES
	  

			
	 Section 10.01
	 	Guaranties	  	 	136	 
	 Section 10.02
	 	Limitation on Subsidiary Guarantor Liability	  	 	138	 
	 Section 10.03
	 	Execution and Delivery of Guaranty	  	 	138	 

  
 iii 

							
	 Section 10.04
	 	 Subsidiary Guarantors May Consolidate, etc., on Certain Terms
	  	 	139	 
	 Section 10.05
	 	 Releases Following Merger, Consolidation or Sale of Assets, Etc.
	  	 	140	 
	
	 ARTICLE 11
	  

	
	 SATISFACTION AND DISCHARGE
	  

	 Section 11.01
	 	 Satisfaction and Discharge
	  	 	141	 
	 Section 11.02
	 	 Deposited Cash and European Government Obligations to be Held in Trust; Other Miscellaneous
Provisions
	  	 	142	 
	
	 ARTICLE 12
	  

	
	 MISCELLANEOUS
	  

	 Section 12.01
	 	 [reserved]
	  	 	142	 
	 Section 12.02
	 	 Notices
	  	 	142	 
	 Section 12.03
	 	 [reserved]
	  	 	144	 
	 Section 12.04
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	144	 
	 Section 12.05
	 	 Statements Required in Certificate or Opinion
	  	 	144	 
	 Section 12.06
	 	 Rules by Trustee and Agents
	  	 	144	 
	 Section 12.07
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	145	 
	 Section 12.08
	 	 Governing Law
	  	 	145	 
	 Section 12.09
	 	 [reserved]
	  	 	145	 
	 Section 12.10
	 	 Successors
	  	 	145	 
	 Section 12.11
	 	 Severability
	  	 	145	 
	 Section 12.12
	 	 Consent to Jurisdiction and Service of Process
	  	 	145	 
	 Section 12.13
	 	 Foreign Currency Equivalents
	  	 	146	 
	 Section 12.14
	 	 Judgment Currency
	  	 	146	 
	 Section 12.15
	 	 Documents in English
	  	 	147	 
	 Section 12.16
	 	 Counterpart Originals
	  	 	147	 
	 Section 12.17
	 	 Table of Contents, Headings, etc.
	  	 	147	 

 EXHIBITS 
  

			
	Exhibit A	  	FORM OF NOTE
		
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
		
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
		
	Exhibit D	  	FORM OF NOTATION OF GUARANTEE
		
	Exhibit E	  	FORM OF INDENTURE SUPPLEMENT TO ADD SUBSIDIARY GUARANTORS

 SCHEDULES 
  

			
	Schedule A	  	LIMITATION OF GUARANTY

  
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 This INDENTURE, dated as of March 31, 2021, is by and among Novelis Sheet Ingot GmbH, a
limited liability company (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany, each Guarantor (as defined below) listed on the signature pages hereto and Deutsche Trustee Company Limited, as trustee,
Deutsche Bank AG, London Branch, as principal paying agent and transfer agent and Deutsche Bank Trust Company Americas, as registrar. 

The Issuer, each Guarantor and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders
of the Issuer’s unsecured senior notes issued from time to time under this Indenture (the “Notes”). 

ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

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

“144A Global Note” means one or more Global Notes in the form of Exhibit A hereto bearing the Global Note Legend and
the Private Placement Legend and deposited with and registered in the name of the Common Depositary (or its nominee) as nominee for Euroclear and Clearstream that will be issued in an aggregate denominational amount equal to the outstanding
principal amount of the Notes sold in reliance on Rule 144A. 
 “ABL Facility” means the asset-based lending
facility dated as of October 6, 2014, by and among the Company, certain of its Affiliates, Wells Fargo Bank, National Association as administrative agent, and the several banks and other financial institutions or entities from time to time
parties thereto, including any notes, collateral documents, and documentation and guarantees and any appendices, exhibits or schedules to any of the preceding, as such facility may be amended, restated, modified or supplemented from time to time,
renewed, refunded, refinanced, restructured, replaced, repaid or extended from time to time, whether with the original agents and lenders or other agents and lenders, whether as an asset-based or cash flow type facility or otherwise;
provided, that for purposes of giving effect to the increase of the amount in clause (b)(x) of the second paragraph of Section 4.09 due to an increase of commitments under any ABL Facility, such ABL Facility will be limited to
asset-based lending facilities that limit the amount of Debt permitted to be Incurred thereunder to a borrowing base formula based on accounts receivable and inventory. 

“Additional Assets” means: 

(a) any Property (other than cash, Cash Equivalents and securities) to be owned by the Company or any Restricted Subsidiary and used in a
Related Business; or 
 (b) Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital
Stock by the Company or another Restricted Subsidiary from any Person other than the Company or an Affiliate of the Company; provided, that, in the case of this clause (b), such Restricted Subsidiary is primarily engaged in a Related
Business. 

 “Additional Notes” means any Notes (other than Initial Notes and
Notes issued under Sections 2.06, 2.07, 2.10, 3.06 and 3.10) issued under this Indenture in accordance with Sections 2.02 and 2.14, as part of the same series as the Initial Notes or as an additional series. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Registrar, co-registrar, Transfer Agent, Authenticating
Agent, Paying Agent or additional paying agent as provided in Section 2.03. 
 “Aleris” means Aleris
Corporation. 
 “Aleris Acquisition” means the acquisition by the Company of Aleris pursuant to the Aleris
Acquisition Agreement. 
 “Aleris Acquisition Agreement” means the Agreement and Plan of Merger by and among Aleris,
Novelis Inc., Novelis Acquisitions LLC and OCM Opportunities ALS Holdings, L.P. dated as of July 26, 2018 (together with the exhibits and schedules thereto, as amended, supplemented, substituted, replaced, restated or otherwise consented to or
waived from time to time). 
 “Aleris Transactions” means (i) the consummation of the Aleris Acquisition
pursuant to the Aleris Acquisition Agreement, (ii) the borrowing of the short term loans under the Short Term Credit Agreement, dated as of February 21, 2020 by Novelis Holdings Inc. on April 14, 2020, (iii) the
borrowing of $775 million of incremental term loans under our secured term loan credit agreement by Novelis Acquisitions LLC on April 14, 2020, (iv) the repayment of all of the outstanding Debt of Aleris (other than the Debt of its Chinese
subsidiaries), (v) the payment of the fees and expenses relating to the Aleris Acquisition, and (vi) any transactions related to or in connection therewith. 

“Alternative Currency” means any lawful currency other than U.S. dollars that is freely transferable into U.S.
dollars. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for Book Entry Interests
in any Global Note, the rules and procedures of Euroclear and Clearstream that apply to such transfer or exchange. 
 “Approved
Member States” means Belgium, France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Spain and Sweden. 

  
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 “Asset Sale” means any sale, lease, transfer, issuance or other
disposition (or series of related sales, leases, transfers, issuances or dispositions) by the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation, amalgamation or similar transaction (each referred to
for the purposes of this definition as a “disposition”), of the following: 
 (a) any shares of Capital Stock of a Restricted
Subsidiary (other than directors’ qualifying shares), or 
 (b) any other Property of the Company or any Restricted Subsidiary outside
of the ordinary course of business of the Company or such Restricted Subsidiary, 
 other than, in the case of clause
(a) or (b) above: 
 (1) any disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted
Subsidiary to a Restricted Subsidiary, 
 (2) any disposition that constitutes a Permitted Investment or Restricted Payment
permitted by Section 4.10; 
 (3) any disposition effected in compliance with the first or third paragraph of
Section 5.01; 
 (4) sales, transfers and other dispositions of accounts receivable (whether now existing or arising or
acquired in the future) and any assets related thereto to a Securitization Entity or a Receivables Purchaser under or pursuant to a Qualified Receivables Transaction; 

(5) any sale or disposition of cash or Cash Equivalents; 

(6) foreclosures, condemnation or any similar action on assets or the granting of Liens not prohibited by this Indenture; 

(7) any sale, exchange or other disposition of any property or equipment that has become damaged, worn out, obsolete or
otherwise unsuitable or unnecessary for use or in connection with scheduled turnarounds, maintenance and equipment and facility updates; 

(8) the creation of a Permitted Lien and dispositions in connection with Permitted Liens; 

(9) any issuance or sale of equity interests in, or Debt or other securities of, an Unrestricted Subsidiary; 

(10) any disposition of property or assets or issuance or sale of equity interests of any Restricted Subsidiary in any
transaction or series of related transactions with an aggregate fair market value for all such property or assets disposed of pursuant to this clause (10) in any fiscal year, not to exceed the greater of (x) $280.0 million and (y) 3.5% of
Consolidated Net Tangible Assets; provided that any unused amounts pursuant to this clause (10) during any fiscal year may be carried forward into the immediately succeeding fiscal year (but not any subsequent years); 

  
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 (11) any disposition in a single transaction or a series of related
transactions of assets for aggregate consideration of less than the greater of (x) $280.0 million and (y) 3.5% of Consolidated Net Tangible Assets; 

(12) (i) any exchange of like property (excluding any boot thereon) for use in a similar business and (ii) dispositions of
property to the extent that (x) such property is exchanged for credit against the purchase price of similar replacement property, or other assets or services of comparable or greater value or usefulness to the business (including transactions
covered by Section 1031 of the Code or any comparable provision of any foreign jurisdiction) as determined by the Issuer in good faith or (y) an amount equal to the net proceeds of such disposition are promptly applied to the purchase
price of such replacement property; 
 (13) any issuance, disposition or sale of equity interests in, or Debt or other
securities of, an Unrestricted Subsidiary (or a Restricted Subsidiary which owns an Unrestricted Subsidiary so long as such Restricted Subsidiary owns no assets other than the equity interests of such Unrestricted Subsidiary); 

(14) the disposition of any assets (including equity interests) acquired in a transaction after the Issue Date, which assets
are not used or useful in the core or principal business of the Company and its Restricted Subsidiaries, (i) made in connection with the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith
determination of the Company to consummate any acquisition or (ii) which, within 90 days of the date of such acquisition, are designated in writing to the Trustee as being held for sale and not for the continued operations of the Company or any
Restricted Subsidiary or any of their respective businesses; 
 (15) any sale, transfer or other disposition to effect the
formation of any Subsidiary that is a Delaware Divided LLC; provided that upon formation of such Delaware Divided LLC, such Delaware Divided LLC shall be a Restricted Subsidiary; 

(16) dispositions contemplated in connection with the Aleris Transactions, including dispositions consummated in accordance
with the Aleris Acquisition Agreement; 
 (17) dispositions in connection with the undertaking or consummation of any
Permitted Reorganization or any Tax Restructuring and, in each case, any transaction related thereto or contemplated thereby; 

(18) dispositions in connection with cash management services, permitted treasury arrangements and related activities, in each
case, in the ordinary course of business; 

  
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 (19) any sale, lease, transfer or other disposition in connection with any
industrial revenue bond or similar program that does not result in the recognition of the sale or the asset transfer in accordance with GAAP, or any similar transaction; 

(20) the termination or settlement of Hedging Obligations in the ordinary course of business; 

(21) any Sale and Leaseback Transactions; 

(22) [reserved]; 

(23) the Lewisport Sale Event; 

(24) the Duffel Sale; and 

(25) the German Reorganization. 

“Authority” means The International Stock Exchange Authority Limited. 

“Available RP Capacity Amount” means (i) the amount of Restricted Payments that may be made at the time of
determination pursuant to clause (c) of the first paragraph of Section 4.10 (including, for the avoidance of doubt, giving effect to the conditions set forth in clauses (a) and (b) of such paragraph) minus (ii) the sum of
the amount of the Available RP Capacity Amount utilized by the Company or any Restricted Subsidiary to (A) make Restricted Payments in reliance on clause (c) of the first paragraph of Section 4.10 and (B) Incur any Debt pursuant
to clause (cc) of the definition of “Permitted Debt” (including any Permitted Refinancing Debt thereof) plus (iii) the aggregate principal amount of Debt repaid prior to or substantially concurrently at such
time, solely to the extent such Debt was incurred pursuant to clause (cc) of the definition of “Permitted Debt” or constituted Permitted Refinancing Debt thereof and excluding amounts repaid with Permitted Refinancing
Debt (it being understood that the amount under this clause (iii) shall only be available for use pursuant to clause (cc) of the definition of “Permitted Debt”). 

“Average Life” means, as of any date of determination, with respect to any Debt or Preferred Stock, the quotient
obtained by dividing: 
 (a) the sum of the product of the numbers of years (rounded to the nearest
one-twelfth of one year) from the date of determination to the dates of each successive scheduled principal payment of such Debt or redemption or similar payment with respect to such Preferred Stock multiplied
by the amount of such payment by 
 (b) the sum of all such payments. 

“Bankruptcy Law” means to the extent applicable (a) Title 11 of the U.S. Code (as may be amended from time to
time), (b) the German Insolvency Code (Insolvenzordnung) or (c) any other law of the United States (or any political subdivision thereof) or Germany (or any political subdivision thereof) or the laws of any other relevant jurisdiction or
any political subdivision thereof relating to bankruptcy, insolvency, receivership, winding up, liquidation, reorganization or relief of debtors. 

  
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 “Board of Directors” means the board of directors of the Company.

 “Board Resolution” of a Person means a copy of a resolution certified by the secretary or an assistant secretary
(or individual performing comparable duties) of the applicable Person to have been duly adopted by the board of directors of such Person and to be in full force and effect on the date of such certification. 

“Book Entry Interest” means a beneficial interest in a Global Note held by or through a Participant. 

“Bund Rate” means the yield to maturity at the time of computation of direct obligations of the Federal
Republic of Germany (Bund or Bundesanleihen) with a constant maturity (as officially compiled and published in the most recent financial statistics that have become publicly available at least two Business Days (but not more than five
Business Days) prior to the redemption date (or, if such financial statistics are not so published or available, any publicly available source of similar market data selected by the Issuer in good faith)) most nearly equal to the period from the
redemption date to April 15, 2024; provided, however that if the period from the redemption date to April 15, 2024 is not equal to the constant maturity of the direct obligations of the Federal Republic of Germany for which a weekly
average yield is given, the Bund Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of direct obligations of the Federal Republic of
Germany for which such yields are given, except that if the period from such redemption date April 15, 2024 is less than one year, the weekly average yield on actually traded direct obligations of the Federal Republic of Germany adjusted to a
constant maturity of one year shall be used. 
 “Business Day” means a day other than a Saturday, Sunday or other
day on which banking institutions in London, United Kingdom; New York, United States; Frankfurt, Germany or a place of payment under the Indenture are authorized or required by law to close and other than a day which is not a TARGET Settlement Day.

 “Business Expansion” means (a) each facility which is either a new facility, branch or office or an
expansion, relocation, remodeling or substantial modernization of an existing facility, branch or office owned by the Company or a Restricted Subsidiary and (b) each creation or expansion into new markets (in one or a series of related
transactions) of a business unit to the extent such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new market. 

“Canadian Subsidiary Guarantor” means each of 4260848 Canada Inc., 4260856 Canada Inc. and 8018227 Canada Inc. 

“Capital Lease Obligation” means an obligation that is required to be accounted for as a financing or capital lease
(and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes in accordance with GAAP as in effect prior to giving effect to the adoption of ASU No. 2016-02 “Leases (Topic 842)” and ASU No. 2018-11 “Leases (Topic 842).” 

  
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 “Capital Stock” means, with respect to any Person, any shares or
other equivalents (however designated) of any class of corporate stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in such Person, including Preferred Stock,
but excluding any debt security convertible or exchangeable into such equity interest. 
 “Capital Stock
Equivalents” means all securities convertible into or exchangeable for Capital Stock and all warrants, options or other rights to purchase or subscribe for any Capital Stock, whether or not presently convertible, exchangeable or
exercisable. 
 “Capital Stock Sale Proceeds” means the aggregate cash proceeds received by the Company from the
issuance or sale by the Company of Qualified Equity Interests after the Prior Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and
other fees and expenses actually incurred in connection with such issuance or sale and net of Taxes paid or payable as a result thereof. 

“Cash Equivalents” means any of the following: 

(a) securities issued or fully guaranteed or insured by the federal government of the United States, the United Kingdom, Canada, Switzerland,
any member state of the European Union, any Approved Member State or any agency or sponsored entity of the foregoing maturing within 365 days of the date of acquisition thereof; 

(b) time deposit accounts, certificates of deposit, eurocurrency time deposits, overnight bank deposits, money market deposits and
bankers’ acceptances maturing within 365 days of the date of acquisition thereof and issued by a bank or trust company organized under the laws of Canada or any province thereof, the United States, any state thereof, the District of Columbia,
Switzerland, any member state of the European Union, the United Kingdom, any non-U.S. bank, or its branches or agencies (fully protected against currency fluctuations) that, at the time of acquisition, is
rated at least “A-2” by S&P or “P-2” by Moody’s (or such similar equivalent rating by at least one “nationally recognized statistical
rating organization” (as defined in Rule 436 under the Securities Act)) or the “R-2” category by the Dominion Bond Rating Service Limited; 

(c) shares of any money market fund that (i) has at least 95.0% of its assets invested continuously in the types of investments referred
to in clauses (a), (b) and (f) of this definition, (ii) has net assets that exceed $500.0 million and (iii) is rated at least “A-2” by S&P or
“P-2” by Moody’s; 
 (d) repurchase agreements entered into by any Person with a bank
or trust company or recognized securities dealer having capital and surplus in excess of $250.0 million for direct obligations issued by or fully guaranteed or insured by the United States government or any agency or instrumentality of the
United States in which such Person 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 100.0% of the amount of the repurchase obligations;

  
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 (e) commercial paper issued by a corporation (other than an Affiliate of the Company) with a
rating at the time as of which any Investment therein is made of “P-2” (or higher) according to Moody’s or “A-2” (or higher) according to
S&P (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436 under the Securities Act)) or in the “R-2”
category by the Dominion Bond Rating Service Limited; and 
 (f) direct obligations (or certificates representing an ownership interest in
such obligations) of the federal government of the United States, any state of the United States or the District of Columbia, Canada, any province of Canada, Switzerland, the United Kingdom any Approved Member State or any political subdivision or
instrumentality thereof (including any agency or instrumentality thereof) maturing within 365 days of the date of acquisition thereof, provided, that at the time of acquisition the long-term debt of such state, province or political
subdivision is rated, in the case of a state of the United States, one of the two highest ratings from Moody’s or S&P (or such similar equivalent rating by at least one “nationally recognized statistical rating
organization” (as defined in Rule 436 under the Securities Act)), or the “R-2” category by the Dominion Bond Rating Service Limited; 

provided, further, that, to the extent any cash is generated through operations in a jurisdiction outside the United States, Canada,
Switzerland, the United Kingdom or an Approved Member State, such cash may be retained and invested in obligations of the type described in clauses (a), (b) and (e) of this definition to the extent that such are customarily used in such other
jurisdiction for short-term cash management purposes. 
 “Casualty Event” means any involuntary loss of title, any
involuntary loss of, damage to or any destruction of, or any expropriation, condemnation or other taking (including by any Governmental Authority) of, any property of the Company or any of its Restricted Subsidiaries. “Casualty Event”
shall include but not be limited to any taking of all or any part of any real property of any person or any part thereof, in or by expropriation, condemnation or other eminent domain proceedings pursuant to any requirement of law, or by reason of
the temporary requisition of the use or occupancy of all or any part of any real property of any person or any part thereof by any Governmental Authority, civil or military, or any settlement in lieu thereof. 

“CFC” means any Subsidiary of Novelis Holdings Inc. that is a “controlled foreign corporation” within the
meaning of Section 957 of the Code. 
 “CFC Holdco” means any Subsidiary of Novelis Holdings Inc. that owns,
directly or indirectly, no material assets other than equity interests or indebtedness of one or more CFCs. 
 “Change of
Control” means the occurrence of any of the following events: 
 (a) any “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Exchange Act or any successor of the foregoing), including any group acting for the purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, other than a Permitted Holder, becomes (including as a result of a merger, consolidation or amalgamation) the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act, except that a person will be deemed to have “beneficial 

  
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ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of more than 50.0% of the total voting power of the Voting Stock (other than Disqualified Stock) of the Company or the Issuer (for purposes of this clause (a), such person or group shall be deemed to beneficially own any Voting Stock of
a corporation held by any other corporation (the “parent corporation”) so long as such person or group beneficially owns, directly or indirectly, in the aggregate at least a majority of the total
voting power of the Voting Stock of such parent corporation); provided, that any transaction in which the Company or the Issuer becomes a subsidiary of another person will not constitute a Change of Control unless more than 50.0% of the total
voting power of the Voting Stock (other than Disqualified Stock) of such person is beneficially owned, directly or indirectly, by another person or group (other than a Permitted Holder); or 

(b) the sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly (other than by way of merger, consolidation
or amalgamation) of all or substantially all the Property of the Company and the Restricted Subsidiaries, considered as a whole to a Person (other than one or more Permitted Holders and other than a disposition of such Property as an entirety or
virtually as an entirety to one or more Restricted Subsidiaries), shall have occurred. 
 “Change of Control Triggering
Event” means, with respect to the Notes, the occurrence of (a) a Change of Control that is accompanied or followed by a downgrade of the Notes within the Ratings Decline Period for such Change of Control by one of the Ratings
Agencies and (b) the rating of the Notes on any day during such Ratings Decline Period is below the lower of the rating by such Ratings Agency in effect (1) immediately preceding the first public announcement of the Change of Control (or
occurrence thereof if such Change of Control occurs prior to the first public announcement thereof) and (2) on the Issue Date. Notwithstanding anything to the contrary, no Change of Control Triggering Event will be deemed to have occurred in
connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

“Clearstream” means Clearstream Banking S.A. and any successor thereto. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Commission” means the Securities and Exchange Commission and any successor entity thereto. 

“Commodity Price Protection Agreement” means, in respect of a Person, any forward contract, commodity swap agreement,
commodity option agreement or other similar agreement or arrangement designed to protect such Person against fluctuations in commodity prices. 

“Common Depositary” means, with respect to the Notes, the common depositary for Euroclear and Clearstream, being
initially Deutsche Bank AG, London Branch, until a successor replaces it and thereafter means the successor serving hereunder. 

“Company” means (a) prior to the occurrence of the Parent Guarantor Replacement Events as provided in
Section 4.17, Novelis Inc. or any Surviving Person in respect of Novelis Inc. and (b) following the occurrence of the Parent Guarantor Replacement Events, the New Holding Parent or any Surviving Person in respect of the New Holding Parent.

  
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 “Company Equity Plan” means any management equity or stock option or
ownership plan or any other management or employee benefit plan of the Company or any Subsidiary of the Company. 
 “Consolidated
Current Liabilities” means, as of any date of determination, the aggregate amount of liabilities of the Company and its consolidated Restricted Subsidiaries which may properly be classified as current liabilities (including taxes
accrued as estimated), after eliminating: 
 (a) all intercompany items between the Company and any Restricted Subsidiary or between
Restricted Subsidiaries; and 
 (b) all current maturities of long-term Debt. 

“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of: 

(a) the aggregate amount of EBITDA for the most recent four consecutive fiscal quarters for which financial statements have been delivered to

 (b) Consolidated Interest Expense for such four fiscal quarters; 

provided, that: 

(1) if 

(A) since the beginning of such period the Company or any Restricted Subsidiary has Incurred any Debt that remains outstanding
or Repaid any Debt; or 
 (B) the transaction giving rise to the need to calculate the Consolidated Interest Coverage Ratio
is an Incurrence or Repayment of Debt, 
 Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma
basis to such Incurrence or Repayment as if such Debt was Incurred or Repaid on the first day of such period, provided that, in the event of any such Repayment of Debt, EBITDA for such period shall be calculated as if the Company
or such Restricted Subsidiary had not earned any interest income actually earned during such period in respect of the funds used to Repay such Debt, and 

(2) if 

(A) since the beginning of such period the Company or any Restricted Subsidiary shall have made any Asset Sale or an Investment
(by merger, consolidation, amalgamation or otherwise) in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or made an acquisition of Property which constitutes all or substantially all of an operating unit of a business
or implemented a restructuring, operational change, cost savings plan or Business Expansion; 

  
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 (B) the transaction giving rise to the need to calculate the Consolidated
Interest Coverage Ratio is such an Asset Sale, Investment, acquisition, restructuring, operational change, cost savings plan or Business Expansion; or 

(C) since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into
the Company or any Restricted Subsidiary since the beginning of such period) shall have made such an Asset Sale, Investment, acquisition, restructuring, operational change, cost savings plan or Business Expansion, 

then EBITDA for such period shall be calculated after giving pro forma effect to such Asset Sale, Investment, acquisition, restructuring, operational
change, cost savings plan or Business Expansion as if such Asset Sale, Investment, acquisition, restructuring, operational change, cost savings plan or Business Expansion had occurred on the first day of such period (including any pro forma
expense and cost reductions calculated in good faith by a responsible officer of the Company as set forth in an officer’s certificate). 

If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated
with or into the Company or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition, disposition, merger, amalgamation, consolidation, discontinued operation, operational change, cost savings
plan or Business Expansion that would have required adjustment pursuant to this definition, then the Consolidated Interest Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition,
disposition, merger, amalgamation, consolidation, discontinued operation, operational change, cost savings plan or Business Expansion had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to an Asset Sale, Investment, acquisition, restructuring,
operational change, Business Expansion or other transaction (including the Aleris Transactions), the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company or its Restricted
Subsidiaries and may include, for the avoidance of doubt, cost savings, operating expense reductions and synergies resulting from such Asset Sale, Investment, acquisition, restructuring, operational change, cost savings plans, Business Expansion or
other transaction (including the Aleris Transactions) which is being given pro forma effect, including the amount of “run rate” cost savings, operating expense reductions, operational improvements and synergies
(“Expected Cost Savings”) with respect to any of the foregoing, the commencement of activities constituting a business line, the termination or discontinuance of activities constituting a business
line or related to any other similar initiative (including any corporate or business restructuring initiatives) or transaction (including the effect of increased pricing in customer contracts, the renegotiation of contracts or other arrangements or
efficiencies from the shifting of production of one or more products from one manufacturing facility to another) (which Expected Cost Savings 

  
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shall be added to EBITDA (in an amount not to exceed 25.0% of EBITDA for the relevant period) until fully realized and calculated on a pro forma basis as though such Expected Cost Savings
had been realized on the first day of the relevant period), net of the amount of actual benefits realized from such actions (it being understood that “run rate” shall mean the full reasonably expected recurring benefit that is associated
with the relevant action); provided that (1)(A) such Expected Cost Savings are factually supportable (or certified by an officer of the Issuer in good faith) and reasonably identifiable and projected by the Issuer in good faith to be realized
as a result of actions that have been taken or initiated or with respect to which steps have been taken or initiated or are expected to be taken or initiated within 24 months (in the good faith determination of the Issuer) and (B) no Expected
Cost Savings shall be added to the extent duplicative of any charges relating to such Expected Cost Savings that are included in the definition of EBITDA pursuant to the definition thereof or are excluded from Consolidated Net Income pursuant to the
definition thereof and (2) such Expected Cost Savings may include other add-backs and adjustments calculated in accordance with Regulation S-X. 

If any Debt bears a floating rate of interest and is being given pro forma effect, the interest expense on such Debt shall be
calculated as if the base interest rate in effect for such floating rate of interest on the date of determination had been the applicable base interest rate for the entire period (taking into account any Interest Rate Agreement applicable to such
Debt if such Interest Rate Agreement has a remaining term in excess of 12 months). In the event the Capital Stock of any Restricted Subsidiary is sold during the period, the Company shall be deemed, for purposes of clause (1) of the first
paragraph of this definition, to have Repaid during such period the Debt of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Debt after such sale. Interest on any Debt
under a revolving credit facility computed on a pro forma basis shall be computed based on the average daily balance of such Debt during the applicable period except as set forth in the first paragraph of this definition. Interest on a
Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capital Lease Obligation in accordance with
GAAP. 
 “Consolidated Interest Expense” means, for any period, the total consolidated interest expense of the
Company and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP plus, without duplication: 

(a) imputed interest on Capital Lease Obligations of the Company and its Restricted Subsidiaries for such period; 

(b) commissions, discounts and other fees and charges owed by the Company or any of its Restricted Subsidiaries with respect to letters of
credit securing financial obligations, bankers’ acceptance financing and receivables financings for such period; 
 (c) amortization of
debt issuance costs, debt discount or premium and other financing fees and expenses incurred by the Company or any of its Restricted Subsidiaries during such period; 

  
 12 

 (d) all interest paid or payable with respect to discontinued operations of the Company or
any of its Restricted Subsidiaries for such period; and 
 (e) the interest portion of any deferred payment obligations of the Company or any
of its Restricted Subsidiaries for such period. 
 “Consolidated Net Income” means, for any period, the consolidated
net income (or loss) of the Company and its Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP; provided, however, that the following shall be excluded in the calculation of “Consolidated Net
Income”: 
 (a) any net income (loss) of any Person (other than the Company) if such Person is not a Restricted Subsidiary, except that:

 (1) subject to the exclusion contained in clause (c) below, equity of the Company and its consolidated Restricted
Subsidiaries in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash distributed by such Person during such period to the Company or a Restricted Subsidiary as a
dividend or other distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in clause (b) below); and 

(2) the equity of the Company and its consolidated Restricted Subsidiaries in a net loss of any such Person other than an
Unrestricted Subsidiary for such period shall be included in determining such Consolidated Net Income; 
 (b) any net income (loss) of any
Restricted Subsidiary if such Restricted Subsidiary is subject to a prohibition, directly or indirectly, on the payment of dividends or the making of distributions, directly or indirectly, to the Company, to the extent of such prohibition, except
that: 
 (1) subject to the exclusion contained in clause (c) below, the equity of the Company and its consolidated
Restricted Subsidiaries in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash distributed by such Restricted Subsidiary during such period to the
Company or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to another Restricted Subsidiary, to the limitation contained in this clause (b)); and 

(2) the equity of the Company and its consolidated Restricted Subsidiaries in a net loss of any such Restricted Subsidiary for
such period shall be included in determining such Consolidated Net Income; 
 (c) any gain or loss realized upon the sale or other
disposition of any Property of the Company or any of its Restricted Subsidiaries (including pursuant to any Sale and Leaseback Transaction) that is not sold or otherwise disposed of in the ordinary course of business (provided that sales or
other dispositions of assets in connection with any Qualified Receivables Transaction shall be deemed to be in the ordinary course); 

  
 13 

 (d) any extraordinary gain or loss; 

(e) the cumulative effect of a change in accounting principles; 

(f) any non-cash compensation expense realized for grants of performance shares, stock options or other
rights to officers, directors and employees of the Company or any Restricted Subsidiary, provided that such shares, options or other rights can be redeemed at the option of the holders only for Qualified Equity Interests of the Company or its
parent entity; 
 (g) any unrealized gain or loss resulting in such period from Hedging Obligations (other than any unrealized gains or
losses resulting from foreign currency re-measurement hedging activities); 
 (h) any expenses or
charges in such period related to the Aleris Transactions and the Note Transactions, any premiums, fees, discounts, expenses and losses payable by the Company or the Issuer in such period in connection with any redemption or tender offer of Debt
permitted hereunder, any acquisition, disposition, Investment, Repayment of Debt, issuance of Capital Stock or Capital Stock Equivalents, financing, recapitalization or the Incurrence of Debt permitted under this Indenture, including such fees,
expenses or charges related to the Aleris Transactions and the Note Transactions; and 
 (i) the effects of adjustments in the property,
plant and equipment, inventories, goodwill, intangible assets and debt line items in the Company’s consolidated financial statements pursuant to GAAP resulting from the application of purchase accounting in relation to any acquisition or the
amortization or write-off of any amounts thereof, net of taxes. 
 Notwithstanding the foregoing,
for purposes of Section 4.10 only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of Property from Unrestricted Subsidiaries to the Company or a Restricted Subsidiary to
the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under Section 4.10 pursuant to clause (c)(v) of the first paragraph thereof. 

“Consolidated Net Tangible Assets” means, as of any date of determination, based on the consolidated balance sheet of
the Company as of the end of the most recent fiscal quarter for which financial statements have been delivered, the sum of the amounts that would appear on such consolidated balance sheet of the Company and its consolidated Restricted Subsidiaries
as the total assets (less accumulated depreciation and amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items) of the Company and its Restricted Subsidiaries, after giving effect to purchase
accounting and after deducting therefrom Consolidated Current Liabilities and, to the extent otherwise included, the amounts of (without duplication): 

(a) the excess of cost over fair market value of assets or businesses acquired; 

(b) any revaluation or other write-up in book value of assets subsequent to March 31, 2016 as a
result of a change in the method of valuation in accordance with GAAP; 

  
 14 

 (c) unamortized debt discount and expenses and other unamortized deferred charges, goodwill,
patents, trademarks, service marks, trade names, copyrights, licenses, organization or developmental expenses and other intangible items; 

(d) minority interests in consolidated Subsidiaries held by Persons other than the Company or any Restricted Subsidiary; 

(e) treasury stock; 
 (f) cash or
securities set aside and held in a sinking or other analogous fund established for the purpose of redemption or other retirement of Capital Stock to the extent such obligation is not reflected in Consolidated Current Liabilities; and 

(g) Investments in and assets of Unrestricted Subsidiaries. 

“Consolidated Total Debt” means, as at any date of determination, an amount equal to the sum of (a) the aggregate
amount of all outstanding Debt of the Company and its Restricted Subsidiaries on a consolidated basis consisting of Debt for borrowed money, Obligations in respect of Capital Lease Obligations and Debt obligations evidenced by promissory notes and
similar instruments and Guarantees of any of the foregoing (other than Debt of the Company and its Restricted Subsidiaries) and (b) the proportionate interest of the Company and its Restricted Subsidiaries in all outstanding Debt of each of the
Non-Consolidated Affiliates consisting of Debt for borrowed money, Obligations in respect of Capital Lease Obligations and Debt obligations evidenced by promissory notes and similar instruments. 

“Contribution Indebtedness” means Debt of the Company or any Restricted Subsidiary in an aggregate principal amount
not greater than the aggregate amount of cash contributions (other than Excluded Contributions and any such cash contributions that have been used to make a Restricted Payment) made to the capital of the Company. 

“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.02, or
such other address as to which the Trustee may give notice to the Company. 
 “Credit Facilities” means one or more
debt facilities (including, without limitation, the Senior Secured Credit Facilities), credit agreements, financings, commercial paper facilities, note purchase agreements, indentures, or other agreements, in each case with banks, lenders,
purchasers, investors, trustees, agents or other representatives of any of the foregoing, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables or interests in receivables to such lenders
or other persons or to special purpose entities formed to borrow from such lenders or other persons against such receivables or sell such receivables or interests in receivables and including Qualified Receivables Transactions), letters of credit,
notes or other borrowings or other extensions of credit, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, in each case, as amended, restated, modified, renewed, refunded,
restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time, including any replacement, refunding or refinancing facility or agreement that increases the amount permitted to be borrowed thereunder or
alters the maturity thereof or adds entities as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender, group of lenders, or otherwise. 

  
 15 

 “Currency Exchange Protection Agreement” means, in respect of a
Person, any foreign exchange contract, currency swap agreement, currency option or other similar agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates. 

“Debt” means, with respect to any Person on any date of determination (without duplication): 

(a) the principal of and premium (if any) in respect of: 

(1) debt of such Person for money borrowed; and 

(2) debt evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible
or liable; 
 (b) all Capital Lease Obligations of such Person; 

(c) all obligations of such Person representing the deferred purchase price of Property, all conditional sale obligations of such Person and
all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); provided, that any earn-out obligations shall not
constitute Debt until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP; 
 (d) all obligations
of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in
(a) through (c) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day
following receipt by such Person of a demand for reimbursement following payment on the letter of credit); 
 (e) the amount of all
obligations of such Person with respect to the Repayment of any Disqualified Stock or, with respect to any Subsidiary of such Person, any Preferred Stock (but excluding, in each case, any accrued dividends); 

(f) all obligations of the type referred to in clauses (a) through (e) above of other Persons and all dividends of other Persons for the
payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 

(g) all obligations of the type referred to in clauses (a) through (f) above of other Persons secured by any Lien on any Property of such
Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such Property and the amount of the obligation so secured; and 

  
 16 

 (h) to the extent not otherwise included in this definition, Hedging Obligations of such
Person. 
 The amount of Debt of any Person at any date shall be the outstanding balance, or the accreted value of such Debt in the case of
Debt issued with original issue discount, at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date.
The amount of Debt represented by a Hedging Obligation shall be equal to: 
 (1) zero if such Hedging Obligation has been
Incurred pursuant to clauses (f), (g) or (h) of the second paragraph of Section 4.09; or 
 (2) the notional amount
of such Hedging Obligation if not Incurred pursuant to such clauses (f), (g) or (h) of the second paragraph of Section 4.09. 

The amount of Disqualified Stock and Preferred Stock shall be equal to the greater of their respective voluntary or involuntary liquidation
preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock that does not
have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Debt shall be required to be determined
pursuant to this Indenture, and if such price is not specified in such Disqualified Stock or Preferred Stock, such price will be the fair market value of such Disqualified Stock or Preferred Stock, such fair market value to be determined reasonably
and in good faith by the Company. 
 “Default” means any event which is, or after notice or passage of time or both
would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder
thereof and issued in accordance with Section 2.06, in substantially the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global
Note” attached thereto. 
 “Delaware Divided LLC” means any Delaware LLC which has been formed upon the
consummation of a Delaware LLC Division. 
 “Delaware LLC” means any limited liability company organized or formed
under the laws of the State of Delaware. 
 “Delaware LLC Division” means the statutory division of any Delaware LLC
into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act. 

“Derivative Instrument” with respect to a Person, means any contract, instrument or other right to receive payment or
delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other than a Screened Affiliate) is a party (whether or
not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or the creditworthiness of the Company and/or any one
or more of the Subsidiary Guarantors (the “Performance References”). 

  
 17 

 “Depositary” means, with respect to any Notes issuable or issued in
whole or in part in global form, Euroclear and Clearstream, in each case, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provisions of this Indenture. 

“Designated Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant
to an Officer’s Certificate, setting forth the basis of such valuation, executed by the principal financial officer of the Company or the Issuer, as applicable, less the amount of cash or Cash Equivalents received in connection with a
subsequent sale of or collection on such Designated Non-Cash Consideration. 

“Disqualified Stock” means any Capital Stock of the Company or any of its Restricted Subsidiaries that by its terms
(or by the terms of any security into which it is convertible or for which it is exchangeable, in either case at the option of the holder thereof) or otherwise: 

(a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise; 

(b) is or may become redeemable or repurchaseable at the option of the holder thereof, in whole or in part; or 

(c) is convertible or exchangeable at the option of the holder thereof for Debt or Disqualified Stock, on or prior to, in the case of clause
(a) or (b) above or this clause (c), the first anniversary of the Stated Maturity of the Notes. 
 Notwithstanding the foregoing, any
Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control or an Asset Sale will not
constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.10. 

“Distribution Compliance Period” means the 40-day distribution compliance
period set forth in Rule 903(b) of Regulation S. 
 “Dollar Equivalent” of any amount means, at the time of
determination thereof, (a) if such amount is expressed in U.S. dollars, such amount, (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in U.S. dollars calculated based on the relevant currency
exchange rate in effect in New York, New York at 11:00 a.m. (New York time) on the date of determination (or, if such date is not a Business Day, the last Business Day prior thereto) to prime banks in New York for the spot purchase in the New York
currency exchange market of such amount of U.S. dollars with such Alternative Currency and (c) if such amount is denominated in any other currency, the equivalent of such amount in U.S. dollars as determined by the Trustee using any method of
determination it deems appropriate. 

  
 18 

 “Duffel Sale” means the sale of Aleris’ plant in Duffel,
Belgium which produces aluminum for the automotive and specialties markets and of Aleris Aluminum Italy Srl, including any sales offices thereof (and certain assets of Aleris (Shanghai) Trading Co. Ltd. that are directly related to the such
businesses) and the receipt of any post-closing consideration related thereto, and which closed on September 30, 2020. 

“EBITDA” means, for any period, Consolidated Net Income for such period, adjusted by (without duplication): 

(a) adding thereto, in each case (other than clauses (11) and (12)) only to the extent (and in the same proportion) deducted in
determining such Consolidated Net Income and without duplication: 
 (1) Consolidated Interest Expense for such period, 

(2) the amortization expense of the Company and its Restricted Subsidiaries for such period, determined on a consolidated basis
in accordance with GAAP, 
 (3) the depreciation expense of the Company and its Restricted Subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP, 
 (4) the tax expense of the Company and its Restricted
Subsidiaries, for such period, determined on a consolidated basis in accordance with GAAP, 
 (5) non-recurring items, unusual or infrequent charges or expenses, severance, relocation costs or expenses, other business optimization expenses (including costs and expenses relating to business optimization
programs), new systems design and implementation costs, project start-up costs, restructuring charges or reserves, costs related to the closure and/or consolidation of facilities and one-time costs associated with a Qualified Equity Offering, an acquisition or similar Investment, an Asset Sale or the assumption or incurrence of Debt or the obtaining of a commitment in respect thereof; 

(6) to the extent covered by insurance and actually reimbursed or, so long as the Company has made a good faith determination
that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (x) not denied by the applicable carrier in writing within 180 days and (y) in fact reimbursed
within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), losses and expenses with respect to Casualty Events or business interruption; 

(7) the aggregate amount of all other non-cash charges reducing Consolidated Net Income
(excluding any non-cash charge that results in an accrual of a reserve for cash charges in any future period) for such period; 

  
 19 

 (8) the amount of net income (loss) attributable to non-controlling interests deducted (and not added back) in computing Consolidated Net Income; 

(9) Management Fees paid in compliance with Section 4.10; 

(10) Metal Price Lag, provided that the aggregate amount added to EBITDA pursuant to this clause (10) shall not
exceed in the aggregate 5.0% of EBITDA for any such period; 
 (11) the proportionate interest of the Company and its
consolidated Restricted Subsidiaries in the EBITDA for such period of each of the Non-Consolidated Affiliates (such EBITDA for each of the Non-Consolidated Affiliates to
be determined (i) in substantially the same manner and with the same additions and subtractions as EBITDA for the Company and its Restricted Subsidiaries and (ii) consistent with the presentation of EBITDA and the related “Adjustment
to reconcile proportional consolidation” line item in the Offering Memorandum) (including netting any results for the Non-Consolidated Affiliates included in Consolidated Net Income of the Company);
provided that such EBITDA shall not include the EBITDA of any Non-Consolidated Affiliate if such Non-Consolidated Affiliate is subject to a prohibition, directly
or indirectly, on the payment of dividends or the making of distributions, directly or indirectly, to the Company, to the extent of such prohibition; and 

(12) the annualized amount of net cost savings, operating expense reductions and synergies reasonably projected by the Company
in good faith to be realized as a result of substantial steps that (x) have been taken since the beginning of such period in respect of which EBITDA is being determined or (y) have been initiated prior to or during such period (in each
case, which cost savings shall be added to EBITDA until fully realized, but in no event for more than six fiscal quarters) (calculated on a pro forma basis as though such annualized cost savings, operating expense reductions and synergies had
been realized on the first day of such period, net of the amount of actual benefits realized during such period from such actions); provided that (1) such cost savings, operating expense reductions and synergies are reasonably
identifiable, quantifiable and factually supportable in the good faith judgment of the Company, and (2) no cost savings, operating expense reductions and synergies shall be added pursuant to this clause (12) to the extent duplicative of
any expenses or charges otherwise added to EBITDA, whether through a pro forma adjustment or otherwise, for such period; provided further, that the aggregate amount added to EBITDA pursuant to this clause (12) shall not exceed in
the aggregate 25.0% of EBITDA for any such period; and provided further, that projected (and not yet realized) amounts may not be added in calculating EBITDA pursuant to this clause (12) to the extent projected to occur more than 24
months after the specified action taken or initiated in order to realize such projected cost savings, operating expense reductions and synergies; 

(b) subtracting therefrom, (1) the aggregate amount of all non-cash items increasing
Consolidated Net Income (other than the accrual of revenue or recording of receivables in the ordinary course of business) for such period and (2) interest income; and 

  
 20 

 (c) excluding therefrom, 

(1) earnings or losses resulting from any reappraisal, revaluation or write-up or
write-down of assets; 
 (2) non-recurring, unusual or infrequent gains; and 

(3) any gain or loss relating to cancellation or extinguishment of Debt. 

Notwithstanding the foregoing clause (a), the provision for taxes and the depreciation, amortization and
non-cash items of a Restricted Subsidiary shall be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion) that the net income of such Restricted Subsidiary was
included in calculating Consolidated Net Income. 
 “equity interest” shall mean, with respect to any person, any
and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such person, including, if such person is a partnership, partnership interests (whether
general or limited) and any other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of property of, such partnership. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear systems, and any successor thereto. 

“European Government Obligations” means any security that is (1) a euro denominated direct obligation of Austria,
France, Germany, the Netherlands or any other Permissible Jurisdiction, 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. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Contribution” means the net cash proceeds and the Fair Market Value of any other Property received by the
Company from contributions to its common equity capital designated as Excluded Contributions pursuant to an Officer’s Certificate executed by the principal financial officer of the Company on or before the date such capital contributions are
made. 
 “Excluded Subsidiary” means any Subsidiary of Novelis Holdings Inc. that is (i) a Foreign Subsidiary,
a CFC Holdco, or a Subsidiary of a Foreign Subsidiary or a CFC Holdco, except, in each case, those that are designated by the Company as a Subsidiary Guarantor for so long as such designation has not been revoked, (ii) not a Wholly Owned
Restricted Subsidiary, provided that in no event will Subsidiaries that are not Wholly Owned Restricted Subsidiaries that would otherwise be required to be Subsidiary Guarantors, in the aggregate, hold more than 10.0% of the
Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries as of the end of the most recent fiscal quarter or account for more than 10.0% of consolidated 

  
 21 

 
EBITDA of the Company and its Restricted Subsidiaries during the most recently ended four full fiscal quarters (in each case determined as of the most recent fiscal quarter for which financial
statements have been delivered), (iii) a special purpose securitization vehicle (or similar special purpose entity), including any receivables subsidiary created pursuant to a transaction permitted under this Indenture, (iv) a joint venture,
(v) a not-for-profit Subsidiary, (vi) an Unrestricted Subsidiary and (vii) any Restricted Subsidiaries (other than the Issuer) that are designated by the
Company as Subsidiaries that will not be Subsidiary Guarantors; provided, however, that in no event will Restricted Subsidiaries that are designated as Subsidiaries that will not be Subsidiary Guarantors, in the aggregate, hold more than
10.0% of the Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries as of the end of the most recent fiscal quarter or account for more than 10.0% of consolidated EBITDA of the Company and its Restricted Subsidiaries during
the most recently ended four full fiscal quarters (in each case determined as of the most recent fiscal quarter for which financial statements have been delivered). In the event any Subsidiaries previously treated as an Excluded Subsidiaries, either
individually or collectively, cease to meet the requirements of the previous sentence, the Company will promptly cause such Subsidiaries to become Subsidiary Guarantors so that the requirements of the previous sentence are complied with. 

“Existing Notes” means the Issuer’s 5.875% senior notes due 2026 that were issued September 14, 2016 and the
Issuer’s 4.750% senior notes due 2030 that were issued January 16, 2020. 
 “Fair Market Value” means,
with respect to any Property, the price that could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing buyer, neither of whom is under undue pressure
or compulsion to complete the transaction. Fair Market Value shall be determined, except as otherwise provided, 
 (a) if such Property has a
Fair Market Value equal to or less than $75.0 million, by any Officer of the Company; or 
 (b) if such Property has a Fair Market Value
in excess of $75.0 million, by at least a majority of the Board of Directors and evidenced by a Board Resolution, dated within 45 days of the relevant transaction, delivered to the Trustee. 

“Foreign Subsidiary” means any Restricted Subsidiary (other than the Issuer) that is not organized or existing under
the laws of the United States of America, any state thereof, the District of Columbia, or any territory thereof, Canada or any province or territory thereof. 

“GAAP” means (a) generally accepted accounting principles in the United States as in effect from time to time or
(b) if elected by the Company (the “IFRS Election”) by written notice to the Trustee in connection with the delivery of financial statements and information, the accounting standards and interpretations
(“IFRS”) adopted by the International Accounting Standard Board, from time to time; provided, that (1) any such election, once made, shall be irrevocable and (2) from and after the date of the IFRS Election,
(i) all financial statements and reports required to be provided after such election pursuant to this Indenture shall be prepared on the basis of IFRS, (ii) all ratios, financial definitions, computations and other determinations
based on GAAP contained in this Indenture shall be computed in conformity with IFRS, (iii) all 

  
 22 

 
references in this Indenture to GAAP shall be deemed to be references to IFRS, (iv) all references in this Indenture to the Financial Accounting Standards Board of the American Institute of
Certified Public Accountants or any successor thereto shall be deemed to be references to the International Accounting Standards Board or any successor thereto and (v) accounting terms not defined in this Indenture shall have the respective
meanings given to them under IFRS; provided that any such term phrased in a manner customary under GAAP shall be interpreted to refer to the equivalent accounting or financial concept under IFRS and, if there is no such equivalent accounting
or financial concept, shall be interpreted in a manner that best approximates the effect that such term would have if it were construed in accordance with GAAP as in effect on the date of the IFRS Election; provided further that if at any
time any change in GAAP or IFRS (including any change required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board or the International Accounting Standards Board, as applicable, or its
successors) would affect the computation of any financial ratio or requirement set forth in this Indenture (an “Accounting Change”), then the Company may elect by written notice to the Trustee to treat such term or measure as
if such Accounting Change had not occurred to preserve the original intent thereof in light of such change in GAAP or IFRS, as applicable. 

“German Reorganization” means the sale, transfer or distribution of (i) up to 12.5% of the aggregate amount of
equity interests in each of Novelis Aluminium Holding Unlimited Company and/or Aleris Deutschland Holding GmbH and (ii) one additional share of such equity interests to AV Minerals (Netherlands) N.V. (and, in each case, any substantially
concurrent interim sale, distribution, contribution or other transfer). 
 “Global Note” or “Global
Notes” means the global Notes in the form of Exhibit A hereto issued in accordance with Article 2. 
 “Global Note
Legend” means the legend set forth in Section 2.06(f)(ii), which is required to be placed on all Global Notes issued under this Indenture. 

“Governmental Authority” means any nation, sovereign or government, any state or other political subdivision thereof
and any entity or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any central bank. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt
of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt of such other Person (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions
or otherwise), provided, that the term “Guarantee” shall not include: 
 (1) endorsements for collection or
deposit in the ordinary course of business; or 

  
 23 

 (2) a contractual commitment by one Person to invest in another Person for
so long as such Investment is reasonably expected to constitute a Permitted Investment under clauses (a), (b) or (c) of the definition of “Permitted Investment.” 

The term “Guarantee” used as a verb has a corresponding meaning. The term “guarantor” shall mean any Person
Guaranteeing any obligation. 
 “Guarantors” means Parent Guarantor and each Subsidiary Guarantor. 

“Guaranty” means the guaranty of the Guaranteed Obligations (as defined in 

Section 10.01) by each of the Guarantors pursuant to Article 10 and in the Form of Notation of 

Guaranty attached as Exhibit E. 

“Hedging Obligation” of any Person means any obligation of such Person pursuant to any Interest Rate Agreement,
Currency Exchange Protection Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement. 

“Holder” means a Person in whose name a Note is registered in the Register. 

“Incur” means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by merger,
amalgamation, conversion, exchange or otherwise), extend, assume, Guarantee or become liable in respect of such Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Debt or obligation on the balance sheet
of such Person (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing); provided, that a change in GAAP that results in an obligation of such Person that exists at such time, and is not
theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence of such Debt; provided further, that any Debt or other obligations of a Person existing at the time such Person becomes a Subsidiary (whether by merger,
amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary; and provided further, that solely for purposes of determining compliance with Section 4.09,
amortization of debt discount shall not be deemed to be the Incurrence of Debt, provided, that in the case of Debt sold at a discount, the amount of such Debt Incurred shall at all times be the aggregate principal amount at Stated
Maturity. 
 “Indenture” means this instrument, as originally executed or as it may from time to time be
supplemented or amended in accordance with Article 9. 
 “Independent Financial Advisor” means an accounting,
appraisal, investment banking or consultant of national standing that is in the good faith judgment of the Company qualified to perform the task for which it has been engaged; provided, that such firm is not an Affiliate of the Company. 

“Indirect Participant” means a Person who holds a Book-Entry Interest in a Global Note through a Participant. 

“Initial Notes” means €500.0 million aggregate principal amount of Notes issued under this Indenture on the
date hereof. 

  
 24 

 “Interest Payment Date” shall have the meaning set forth in
paragraph 1 of each Note. 
 “Interest Rate Agreement” means, for any Person, any interest rate swap agreement,
interest rate cap agreement, interest rate collar agreement or other similar agreement designed to protect against fluctuations in interest rates. 

“Investment” by any Person means any direct or indirect loan (other than advances to customers in the ordinary course
of business that are recorded as accounts receivable on the balance sheet of such Person), advance or other extension of credit or capital contribution (by means of transfers of cash or other Property to others or payments for Property or services
for the account or use of others, or otherwise) to, or Incurrence of a Guarantee of any obligation of, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person. For
purposes of Sections 4.10 and 4.16 and the definition of “Restricted Payment,” the term “Investment” shall include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of
the net assets of any Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, that upon a designation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to
continue to have a permanent “Investment” in an Unrestricted Subsidiary of an amount (if positive) equal to: 
 (a) the
Company’s “Investment” in such Subsidiary at the time of such designation, less 
 (b) the portion (proportionate to the
Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such designation. 

In determining the amount of any Investment made by transfer of any Property other than cash, such Property shall be valued at its Fair Market
Value at the time of such Investment. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or
the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 
 “Investment
Grade Securities” means: 
 (a) securities issued or directly and fully guaranteed or insured by the United States government or
any agency or instrumentality thereof (other than Cash Equivalents); 
 (b) debt securities or debt instruments with an Investment Grade
Rating, but excluding any debt securities or instruments constituting loans or advances among the Company and its Subsidiaries; 
 (c)
investments in any fund that invests at least 90.0% of its assets in investments of the type described in clauses (a) and (b) above which fund may also hold immaterial amounts of cash pending investment or distribution; and 

(d) corresponding instruments in countries other than the United States customarily utilized for high quality investments. 

  
 25 

 “Issue Date” means March 31, 2021. 

“Lewisport Sale Event” means (i) the effective sale, transfer or disposition of Aleris’ automotive finishing
lines facility in Lewisport, Kentucky by the Company or (ii) any amendment, modification or consent to the Aleris Acquisition Agreement resulting in the divestiture, sale, transfer or disposition of such facility, including, in each case, any
similar transactions relating to such facility in connection with any antitrust approval for the Aleris Acquisition. 

“Lien” means, with respect to any Property of any Person, any mortgage or deed of trust, pledge, hypothecation,
assignment, deposit arrangement, security interest, lien, charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever on or with respect to such Property (including any Capital Lease Obligation, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing or any Sale and
Leaseback Transaction). 
 “Limited Condition Transaction” means (a) the entering into or consummation of any
transaction (including in connection with any acquisition or similar Investment or the assumption or Incurrence of Debt or the obtaining of a commitment in respect thereof) and/or (b) the making of any Restricted Payment. 

“Long Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, and/or the
payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase,
with negative changes to the Performance References. 
 “Management Fees” means management, consulting, monitoring
and advisory fees and related expenses and termination fees payable to any Affiliate of the Company pursuant to a management agreement relating to the Company. 

“Maturity Date” means April 15, 2029. 

“Metal Price Lag” means the dollar impact as a result of the timing difference between the price of primary aluminum
included in the Company’s revenues and the price of aluminum impacting the Company’s cost of sales. The calculation of the Metal Price Lag is based on an internal standardized methodology calculated at each of the Company’s
manufacturing sites and is calculated as the average value of product recorded in inventory, which approximates the spot price in the market, less the average value transferred out of inventory, which is the weighted average of the metal element of
cost of goods sold, multiplied by the quantity sold in the period. 
 “Moody’s” means Moody’s Investors
Service, Inc. or any successor to the rating agency business thereof. 
 “Net Available Cash” from any Asset Sale
means payments received therefrom in the form of cash and Cash Equivalents (including any cash or Cash Equivalent received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when
received, but excluding any other consideration received in the form of assumption by the acquiring Person of Debt or other obligations relating to the Property that is the subject of such Asset Sale or received in any other form), in each case net
of: 

  
 26 

 (a) all legal, title and recording tax expenses, commissions and other fees and expenses
incurred, and all federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of such Asset Sale; 

(b) all payments made on or in respect of any Debt that is secured by any Property subject to such Asset Sale, in accordance with the terms of
any Lien upon such Property, or which must by its terms, or in order to obtain a necessary consent to such Asset Sale, or by applicable law, be repaid out of the proceeds from such Asset Sale; 

(c) all distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such
Asset Sale; and 
 (d) the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against any
liabilities associated with the Property disposed of in such Asset Sale and retained by the Company or any Restricted Subsidiary after such Asset Sale. 

“Net Senior Secured Leverage Ratio” as of any date of determination means, the ratio of (a) Consolidated Total Debt
that is secured by Liens, as of such date of determination, less the aggregate amount of Unrestricted Cash as of such date of determination to (b) EBITDA for the most recently ended four full fiscal quarters for which financial statements have
been delivered, with such pro forma adjustments to EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Interest Coverage Ratio; provided that for
purposes of determining the Net Senior Secured Leverage Ratio, the aggregate amount of Unrestricted Cash as of such date of determination shall exclude any proceeds of Debt Incurred on such date or the Incurrence of which is being tested on
such date. 
 “Net Short” means, with respect to a holder or beneficial owner, as of a date of
determination, either (a) the value of its Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date of determination or (b) it is
reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives Definitions) to have occurred with respect
to the Company or any Subsidiary Guarantor immediately prior to such date of determination. 
 “Net Total Leverage
Ratio” as of any date of determination means, the ratio of (a) Consolidated Total Debt as of such date of determination, less the aggregate amount of Unrestricted Cash as of such date of determination to (b) EBITDA for the
most recently ended four full fiscal quarters for which financial statements have been delivered, with such pro forma adjustments to EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the
definition of Consolidated Interest Coverage Ratio. 

  
 27 

 “Non-Consolidated Affiliate”
shall mean (a) Norf GmbH, MiniMRF LLC (Delaware), and Consorcio Candonga (unincorporated Brazil), in each case so long as they are not a Subsidiary of the Company, (b) Ulsan Aluminum Ltd., solely to the extent that (i) such Person is
not otherwise included in the consolidated financial results of the Company and its Subsidiaries (ii) the requirement set forth in clause (c)(ii) below remains true in respect of Ulsan Aluminum Ltd., and (c) any other Person formed or acquired
by the Company or any of its Restricted Subsidiaries, in the case of this clause (c), so long as (i) such Person is not a Subsidiary of the Company and (ii) the Company owns, directly or indirectly, equity interests in such Restricted
Subsidiary representing at least 50% of the voting power of all equity interests entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors (or equivalent governing body) of such Person. 

“Note Transactions” means the issuance by the Issuer of the Notes and any transactions related to or in connection
therewith. 
 “Notes” has the meaning ascribed to it in the preamble hereto. 

“Obligations” means all obligations for principal, premium, Additional Amounts, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Debt. 
 “Offering
Memorandum” means the offering memorandum dated March 24, 2021, pursuant to which the Notes were offered for sale. 

“Officer” means the Chief Executive Officer, the President, the Chief Financial Officer or any other executive officer
of the Company or the Issuer, as applicable. 
 “Officers’ Certificate” means a certificate, in form and
substance reasonably satisfactory to the Trustee, signed by two Officers of the Company or the Issuer, as applicable, at least one of whom shall be the principal executive officer or principal financial officer of the Company or the Issuer, as
applicable, and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion from legal counsel who is
reasonably acceptable to the Trustee. The counsel may be an employee of or counsel, or outside counsel, to the Company or the Issuer, as applicable, or the Trustee. 

“Parent Guarantor” means (a) the Company and (b) any other Person that becomes a Parent Guarantor pursuant
to Section 5.01 or who otherwise executes and delivers a supplemental indenture to the Trustee under this Indenture providing for a Parent Guaranty. 

“Parent Guaranty” means a Guarantee on the terms set forth in this Indenture by a Parent Guarantor of the
Issuer’s obligations with respect to the Notes. 
 “Parent Holdco” means any Person (other than a natural
person) which legally and beneficially owns more than 50% of the Voting Stock and/or Capital Stock of another Person, either directly or through one or more Subsidiaries. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively. 

  
 28 

 “Permissible Jurisdiction” means any member state of the European
Union on December 31, 2003 (other than Greece, Ireland, Italy, Portugal and Spain). 
 “Permitted Asset Swap”
means the substantially concurrent purchase and sale or exchange, including as a deposit for future purchases, of related business assets or a combination of related business assets and Cash Equivalents between the Company or any of its Restricted
Subsidiaries and another Person for comparable or greater value or usefulness to the business (as determined in good faith by the Company); provided, that any Cash Equivalents received must be applied in accordance with Section 4.12.

 “Permitted Fiscal Unity Liability” shall mean any joint and several liability arising as a result of a Guarantor
being a member of a fiscal unity. 
 “Permitted Holder” means Hindalco Industries Ltd. and any Affiliate and Related
Person thereof. Any person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture (or would result in a Change of
Control Offer in the absence of the waiver of such requirement by holders in accordance with this Indenture) will thereafter, together with any of its Affiliates and Related Persons, constitute additional Permitted Holders. 

“Permitted Intercompany Activities” means any transactions between or among the Company and its Restricted
Subsidiaries that are entered into in the ordinary course of business of the Company and its Restricted Subsidiaries and, in the good faith judgment of the Company are necessary or advisable in connection with the ownership or operation of the
business of the Company and its Restricted Subsidiaries, including, but not limited to, (i) payroll, cash management, purchasing, insurance and hedging arrangements; (ii) management, technology and licensing arrangements; and
(iii) customer loyalty and rewards programs. 
 “Permitted Investment” means any Investment: 

(a) in the Company or any Restricted Subsidiary; 

(b) in any Person that will, upon the making of such Investment, become a Restricted Subsidiary and any Investment held by such Person at such
time and not in contemplation of the original Investment by the Company or a Restricted Subsidiary; 
 (c) in any Person if as a result of
such Investment such Person is merged or consolidated with or into, or transfers or conveys all or substantially all its Property to, the Company or a Restricted Subsidiary and any Investment held by such Person at such time and not in contemplation
of the original Investment by the Company or a Restricted Subsidiary; 
 (d) in Cash Equivalents or Investment Grade Securities; 

(e) in receivables owing to the Company or a Restricted Subsidiary, if created or acquired in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms; provided, that such trade terms may include such concessionary trade terms as the Company or such Restricted Subsidiary deems reasonable under the circumstances; 

  
 29 

 (f) consisting of payroll advances, business related travel related expenses (including
entertainment expenses), moving and relocation expenses, tax advances and similar bona fide business related advances, expenses or loans to cover matters that are expected at the time of such advances, expenses or loans ultimately to be treated as
expenses for accounting purposes and that are made in the ordinary course of business or consistent with past practices; 
 (g) consisting of
loans and advances to employees made in the ordinary course of business consistent with past practices of the Company or such Restricted Subsidiary, as the case may be, provided, that such loans and advances do not exceed the greater of (x)
$30.0 million and (y) 1.0% of Consolidated Net Tangible Assets in the aggregate at any one time outstanding; 
 (h) in stock,
obligations or other securities received in settlement of debts created in the ordinary course of business and owing to the Company or a Restricted Subsidiary or in satisfaction of disputes or judgments; 

(i) in any Person to the extent such Investment represents the non-cash portion of the consideration
received in connection with (A) an Asset Sale consummated in compliance with Section 4.12 or (B) any disposition of Property not constituting an Asset Sale; 

(j) in any Persons made for Fair Market Value that do not exceed the greater of (x) $1,600.0 million and (y) 20.0% of Consolidated Net
Tangible Assets in the aggregate outstanding at any one time; 
 (k) (i) Standard Receivables Undertakings of the Company or a Restricted
Subsidiary in connection with a Qualified Receivables Transaction and (ii) other Investments in a Securitization Entity or any Investment by a Securitization Entity in any other Person in connection with a Qualified Receivables Transaction
provided, in the case of subclause (ii) of this clause (k), that any Investment in a Securitization Entity is in the form of a Purchase Money Note, contribution of additional receivables and related assets or any equity interests; 

(l) existing on the Issue Date; 

(m) in prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other
similar deposits; 
 (n) consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with
another Person; 
 (o) the Company may make additional Investments in such amounts and at such times as the Company may determine if, after
giving effect thereto (including the Incurrence of any Debt to finance such Investment), the Net Total Leverage Ratio of the Company would not exceed 4.50 to 1.00; 

(p) Investments in joint ventures, in Related Businesses or in a Restricted Subsidiary to enable such Restricted Subsidiary to make
substantially concurrent Investments in joint ventures and/or Related Businesses, in each case having an aggregate fair market value taken together with all other Investments made pursuant to this clause (p) that are at that time outstanding
not to exceed the greater of (x) $800.0 million and (y) 10.0% of Consolidated Net 

  
 30 

 Tangible Assets (in each case, determined on the date such Investment is made, with the fair market value of
each Investment being measured at the time made and without giving effect to subsequent changes in value), plus the amount of any returns (including dividends, payments, interest, distributions, returns of principal, profits on sale,
repayments, income and similar amounts) in respect of such Investments (to the extent such returns are not also included in the calculation set forth in clause (c) of the first paragraph of Section 4.10); provided, however,
that if any Investment pursuant to this clause (p) is made in any Person that is not a Restricted Subsidiary of the Company at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such
Investment shall thereafter be deemed to have been made pursuant to clause (a) above and shall cease to have been made pursuant to this clause (p) until such time that such Person is no longer a Restricted Subsidiary; 

(q) Investments in Aluminium Norf GmbH in an aggregate amount not to exceed €100,000,000 at any time outstanding; 

(r) Investments by the Company or any Guarantor in any Restricted Subsidiary organized under the laws of the People’s Republic of China
that is not a Guarantor in an aggregate amount not to exceed $290.0 million at any time outstanding; 
 (s) to the extent constituting
an Investment, any Permitted Reorganization; 
 (t) Permitted Fiscal Unity Liability; and 

(u) any Investment in an Unrestricted Subsidiary not to exceed the greater of (x) $280.0 million and (y) 3.5% of Consolidated Net Tangible
Assets at any time outstanding. 
 “Permitted Liens” means: 

(a) Liens to secure Debt not in excess of the greater of (1) Debt permitted to be Incurred under clause (b) of the second paragraph
of Section 4.09 and (2) Debt Incurred pursuant to Section 4.09; provided, that, with respect to Liens securing Debt permitted under this subclause (2), (x) no Default or Event of Default shall have occurred and be continuing at
the time of the Incurrence of such Debt or after giving effect thereto and (y) the Net Senior Secured Leverage Ratio, calculated on a pro forma basis after giving effect to the incurrence of such Liens, the related Debt and the
application of net proceeds therefrom, would be no greater than 3.75 to 1.0; and provided further that for purposes of calculating the Net Senior Secured Leverage Ratio under this subclause (y) at the time of Incurrence of such Debt,
other Debt substantially concurrently Incurred (and in any event on the same date) under clause (b)(x) of the second paragraph of Section 4.09 shall be, unless the Company elects otherwise, disregarded (but shall, for the avoidance of doubt, be
included in any and all subsequent calculations of the Net Senior Secured Leverage Ratio to the extent then outstanding and secured by Liens), including the application of proceeds therefrom. 

(b) Liens to secure Debt permitted to be Incurred under clause (c) of the second paragraph of Section 4.09; provided, that any
such Lien may not extend to any Property of the Company or any Restricted Subsidiary, other than the Property acquired, constructed or leased with the proceeds of such Debt, any improvements or accessions to such Property, and any proceeds thereof
other than pursuant to customary cross-collateralization provisions with respect to other Property acquired, constructed or leased with the proceeds of similar financings; 

  
 31 

 (c) Liens for Taxes, assessments or governmental charges or levies on the Property of the
Company or any Restricted Subsidiary 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 timely instituted and diligently pursued,
provided, in each case, that any reserve or other appropriate provision that shall be required in accordance with GAAP shall have been established with respect thereto; 

(d) deposit account banks’ rights of set-off, Liens of landlords arising by statute, Liens imposed
by law, such as carriers’, warehousemen’s and mechanics’ Liens and other similar Liens, on the Property of the Company or any Restricted Subsidiary arising in the ordinary course of business and securing payment of obligations that
are not more than 60 days past due or are being contested in good faith and by appropriate proceedings; 
 (e) Liens on the Property of the
Company or any Restricted Subsidiary Incurred in the ordinary course of business to secure performance of obligations with respect to statutory or regulatory requirements, performance or return-of-money bonds, surety bonds or other obligations of a like nature and Incurred in a manner consistent with industry practice, in each case which are not Incurred in connection with the borrowing of
money, the obtaining of advances or credit or the payment of the deferred purchase price of Property and which do not in the aggregate impair in any material respect the use of Property in the operation of the business of the Company and the
Restricted Subsidiaries taken as a whole; 
 (f) Liens on Property at the time the Company or any Restricted Subsidiary acquired such
Property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or any Restricted Subsidiary; provided, that any such Lien may not extend to any other Property of the Company or any Restricted
Subsidiary; provided further, that such Liens shall not have been Incurred in anticipation of or in connection with the transaction or series of transactions pursuant to which such Property was acquired by the Company or any Restricted
Subsidiary; 
 (g) Liens on the Property of a Person at the time such Person becomes a Restricted Subsidiary; provided, that any such
Lien may not extend to any other Property of the Company or any other Restricted Subsidiary that is not a direct Subsidiary of such Person; provided further, that any such Lien was not Incurred in anticipation of or in connection with
the transaction or series of transactions pursuant to which such Person became a Restricted Subsidiary; 
 (h) pledges or deposits by
the Company or any Restricted Subsidiary under workers’ compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases to
which the Company or any Restricted Subsidiary is party, or deposits to secure public or statutory obligations of the Company, or deposits for the payment of rent or to secure liability to insurance carriers, in each case Incurred in the ordinary
course of business; 

  
 32 

 (i) utility easements, building 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; 
 (j) Liens existing on the Issue
Date not otherwise described in clauses (a) through (i) above and Liens securing any Debt Incurred under clause (bb) (so long as such Liens do not extend to any assets of any Person other than the assets of one or more Restricted Subsidiaries
organized under the laws of the People’s Republic of China that is not a Guarantor) of the second paragraph of Section 4.09; 
 (k)
Liens not otherwise described in clauses (a) through (j) above on the Property of any Restricted Subsidiary that is not a Subsidiary Guarantor to secure any Debt permitted to be Incurred by such Restricted Subsidiary pursuant to
Section 4.09; 
 (l) Liens on the Property of the Company or any Restricted Subsidiary to secure any Refinancing, in whole or in part,
of any Debt secured by Liens referred to in clauses (a)(2), (b), (f), (g), (j) or (ff) of this definition; provided, that any such Lien shall be limited to all or part of the same Property that secured the original Lien (together with
improvements and accessions to such Property), and the aggregate principal amount of Debt that is secured by such Lien shall not be increased to an amount greater than the sum of: 

(1) the outstanding principal amount, or, if greater, the committed amount, of the Debt secured by Liens described under clause
(a)(2), (b), (f), (g), (j) or (ff) of this definition, as the case may be, at the time the original Lien became a Permitted Lien under this Indenture, and 

(2) an amount necessary to pay any fees and expenses, including premiums and defeasance costs, incurred by the Company or such
Restricted Subsidiary in connection with such Refinancing; 
 (m) Liens on accounts receivable and related assets of the type specified in
the definition of “Qualified Receivables Transaction” transferred to or granted to a Securitization Entity or a Receivables Purchaser in a Qualified Receivables Transaction; 

(n) encumbrances arising by reason of zoning restrictions, easements, licenses, reservations, covenants, rights-of-way, utility easements, building restrictions and other similar encumbrances on the use of real property not materially detracting from the value of such real property or not materially interfering
with the ordinary conduct of the business conducted and proposed to be conducted at such real property; 
 (o) encumbrances arising under
leases or subleases of real property that do not, in the aggregate, materially detract from the value of such real property or interfere with the ordinary conduct of the business conducted and proposed to be conducted at such real property; 

(p) financing statements or similar registrations with respect to a lessor’s rights in and to personal property leased to such Person in
the ordinary course of such Person’s business other than through a capital lease that resulted in Capital Lease Obligations; 

  
 33 

 (q) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (r) licenses of patents,
trademarks and other intellectual property rights granted in the ordinary course of business and not interfering in any material respect with the ordinary conduct of such Person’s business; 

(s) Liens arising out of conditional sale, retention, consignment or similar arrangement, incurred in the ordinary course of business, for the
sale of goods; 
 (t) Liens securing Hedging Obligations so long as the related Debt is, and is permitted to be, Incurred under this
Indenture; 
 (u) Liens in favor of the Company or any Restricted Subsidiary; 

(v) options, put and call arrangements, rights of first refusal and similar rights relating to Investments in joint ventures, partnerships and
the like permitted to be made under this Indenture; 
 (w) Liens securing judgments for the payment of money not constituting an Event of
Default under Section 6.01(f) so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such
proceedings may be initiated has not expired; 
 (x) (i) Liens that are contractual rights of set-off
(A) relating to the establishment of depository relations with banks, (B) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations and
other cash management activities incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries or (C) relating to purchase orders and other agreements entered into with customers of the Company or any of its
Restricted Subsidiaries in the ordinary course of business and (ii) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection
(Y) encumbering reasonable customary initial deposits and margin deposits and attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and (Z) in favor of banking institutions arising
as a matter of law or pursuant to customary account agreements encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry and not
granted in connection with the Incurrence of Debt; 
 (y) Liens securing obligations of the Company or any of its Restricted Subsidiaries in
respect of commercial credit card and merchant card services and other banking products or services provided from time to time to the Company or any of its Restricted Subsidiaries in connection with operating, collections, payroll, trust, or other
depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox and
stop payment services; 

  
 34 

 (z) Liens in favor of any underwriters, depository or stock exchange on the equity interests
in NKL or its direct parents, 4260848 Canada Inc. and 4260856 Canada Inc., and any securities accounts in which such equity interests are held in connection with any listing or offering of equity interests in NKL; 

(aa) (i) any amounts held by a trustee in the funds and accounts under an indenture in connection with any industrial revenue bond or similar
program and (ii) any other Liens with respect to any industrial revenue bond or similar program; provided that any such Liens attach only to the Property being financed pursuant thereto and any proceeds of such Property and do not
encumber any other Property of the Company or any Restricted Subsidiary other than pursuant to customary cross-collateralization provisions with respect to other Property acquired, constructed or leased with proceeds of similar financings; 

(bb) the pledge of Qualified Equity Interests of any Unrestricted Subsidiary; 

(cc) to the extent constituting a Lien, the existence of an “equal and ratable” clause in any debt securities that are permitted to
be issued under Section 4.09 (but, in each case, not any security interests granted pursuant thereto); 
 (dd) Liens (i) on cash or
Cash Equivalents or escrow deposits (A) in connection with any letter of intent or purchase agreement with respect to any Investment or other acquisition not prohibited hereunder (or to secure letters of credit posted in respect thereof), (B)
in favor of any seller of property pursuant to a transaction not prohibited hereunder, to be applied against the purchase price for such transaction or (C) otherwise in connection with any escrow arrangements (or similar arrangements) with
respect to any Investment or other acquisition of assets, Asset Sale or Incurrence of Debt, in each case not prohibited under this Indenture (including any letter of intent or purchase or other agreement with respect to any such Investment or other
acquisition of assets, Asset Sale or Incurrence of Debt) or (ii) consisting of an agreement to dispose of any property in an Asset Sale; 

(ee) Cash collateral securing obligations under the Specified Aleris Hedging Agreements; and 

(ff) Liens not otherwise permitted by clauses (a) through (ee) above encumbering Property to secure Debt not in excess of the greater of
(x) $1,600.0 million and (y) 20.0% of Consolidated Net Tangible Assets at any time outstanding, reduced by the outstanding amount of Liens securing Debt incurred pursuant to clause (l) of this definition to Refinance Liens securing Debt
originally incurred under this clause (ff). 
 “Permitted Refinancing Debt” means any Debt that Refinances any other
Debt, including any successive Refinancings, so long as: 
 (a) such Debt is in an aggregate principal amount (or if Incurred with original
issue discount, an aggregate issue price) not in excess of the sum of: 
 (1) the aggregate principal amount (or if Incurred
with original issue discount, the aggregate accreted value) then outstanding of the Debt being Refinanced; and 

  
 35 

 (2) an amount necessary to pay any fees and expenses, including premiums and
defeasance costs, related to such Refinancing; 
 (it being understood that the aggregate principal amount (or accreted value, if applicable) of the Debt
being Incurred may be in excess of the amount permitted under this clause (a) to the extent such excess does not constitute Permitted Refinancing Debt and is otherwise permitted under Section 4.09). 

(b) the Average Life of such Debt is equal to or greater than the Average Life of the Debt being Refinanced; 

(c) the Stated Maturity of such Debt is no earlier than the Stated Maturity of the Debt being Refinanced; and 

(d) the new Debt shall not be senior in right of payment to the Debt that is being 

Refinanced; 
 provided,
that Permitted Refinancing Debt shall not include: 
 (x) Debt of a Subsidiary that is not a Subsidiary Guarantor that Refinances Debt of the
Company, the Issuer or a Subsidiary Guarantor; or 
 (y) Debt of the Company or a Restricted Subsidiary that Refinances Debt of an
Unrestricted Subsidiary. 
 “Permitted Reorganization” means, to the extent not otherwise permitted under this
Indenture, any corporate reorganization (or similar transaction or event) undertaken (each, a “Reorganization”), and each step reasonably undertaken to effect such Reorganization; provided that, in connection
therewith, no Event of Default is continuing immediately prior to such Reorganization and immediately after giving effect thereto and such Reorganization (or such steps) does not materially impair the rights of the holders of the Notes. 

“Person” means any individual, corporation, company (including any limited liability company), association,
partnership, joint venture, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same Debt as
that evidenced by such particular Note; and any Note authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Note shall be deemed to evidence the same Debt as the lost, destroyed or stolen Note. 

“Preferred Stock” means any Capital Stock of a Person, however designated, which entitles the holder thereof to a
preference with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of any other class of Capital Stock issued by such Person. 

  
 36 

 “Principal Property” means any manufacturing plant or facility owned
by the Company and/or one or more Restricted Subsidiaries having a gross book value in excess of 1.5% of the Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries. 

“Prior Issue Date” means December 17, 2010. 

“Private Placement Legend” means the legend set forth in Section 2.06(f)(i) to be placed on all Notes issued
under this Indenture except as otherwise permitted by the provisions of this Indenture. 
 “Property” means, with
respect to any Person, any interest of such Person in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including Capital Stock in, and other securities of, any other Person. For purposes of any calculation
required pursuant to this Indenture, the value of any Property shall be its Fair Market Value. 
 “Purchase Money
Debt” means Debt: 
 (a) consisting of the deferred purchase price of Property, conditional sale obligations, obligations under
any title retention agreement, other purchase money obligations and obligations in respect of industrial revenue bonds, in each case where the maturity of such Debt does not exceed the anticipated useful life of the Property being financed; and 

(b) Incurred to finance the acquisition, construction or lease by the Company or a Restricted Subsidiary of such Property, including additions
and improvements thereto; 
 provided, that such Debt is Incurred within 365 days after the acquisition, construction or lease
of such Property by the Company or such Restricted Subsidiary. 
 “Purchase Money Note” means a promissory note
evidencing a line of credit, or evidencing other Debt owed to the Company or any Restricted Subsidiary by a Securitization Entity in connection with a Qualified Receivables Transaction, which note shall be repaid from cash available to the maker of
such note, other than amounts required to be established as reserves, amounts paid to investors in respect of interest, principal and other amounts owing to such investors and amounts paid in connection with the purchase of newly generated accounts
receivable. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A under the Securities
Act. 
 “Qualified Equity Interests” of a Person means equity interests of such Person other 

than: 
 (1) any Disqualified
Stock; 
 (2) any equity interests sold to a Subsidiary of such Person or a Company Equity Plan; or 

  
 37 

 (3) any equity interests financed, directly or indirectly, using funds
borrowed from such Person, a Subsidiary of such Person or any Company Equity Plan or contributed, extended, advanced or guaranteed by such Person, a Subsidiary of such Person or any Company Equity Plan. 

Unless otherwise specified, Qualified Equity Interests refer to Qualified Equity Interests of the Company. 

“Qualified Equity Offering” means any public or private sale of common stock of the Company or any direct or indirect
parent company of the Company (to the extent the net cash proceeds thereof are contributed to the Company), other than: 

(1) public offerings with respect to the Company’s or any direct or indirect parent company’s common stock registered
on Form S-8; and 
 (2) issuances to any Subsidiary of the Company (to the extent
contributed to the Company). 
 “Qualified Receivables Transaction” means any transaction or series of transactions
that may be entered into by the Company or any Restricted Subsidiary pursuant to which the Company or any Restricted Subsidiary may sell, convey or otherwise transfer to a Securitization Entity or one or more Receivables Purchasers or may grant a
security interest in any accounts receivable (whether now existing or arising or acquired in the future) of the Company or any Restricted Subsidiary, and any assets related thereto including all collateral securing such accounts receivable, all
contracts and contract rights, letters of credit, letter-of-credit rights, supporting obligations, insurance, and all guarantees or other obligations in respect of such
accounts receivable, proceeds of such accounts receivable, lockboxes, bank accounts established in connection with such transaction or series of transactions, all of the Company’s or applicable Restricted Subsidiary’s interest in the
inventory and goods (including returned or repossessed inventory or goods), the sale of which gave rise to such accounts receivable, all records related to such accounts receivable, and all of the Company’s or the applicable Restricted
Subsidiary’s right, title and interest in, to and under the applicable documentation related to the sale of such accounts receivable and other assets (including contract rights) which are customarily transferred or in respect of which security
interests are customarily granted in connection with receivables sale transaction or asset securitization transactions involving accounts receivable, as applicable, including cash reserves comprising credit enhancement. 

“Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating on the
Notes publicly available, one or more “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Issuer as a replacement agency. 

“Ratings Decline Period” means, with respect to any Change of Control, the period that (a) begins on the earlier of
(1) the date of the first public announcement of such Change of Control or of the intention by Company to effect such Change of Control or (2) the occurrence of such Change of Control and (b) ends on the 90th calendar day following
consummation of such Change of Control; provided, however, that such period shall be extended for so long as any Rating Agency rating the Notes as of the beginning of the Ratings Decline Period has publicly announced during the Ratings
Decline Period that the rating of the Notes is under consideration for downgrade by such Rating Agency. 

  
 38 

 “Receivables Purchaser” means any Person, other than the Company or
any Restricted Subsidiary, that (individually or with other purchasers) purchases receivables on a discounted basis under a Qualified Receivables Transaction for cash and fair market value. 

“Record Date” means the date for purposes of determining the identity of holders of Notes entitled to vote or consent
to any action by vote or consent or permitted under this Indenture, as specified by the Issuer, or, if not specified by the Issuer prior to the first solicitation of a holder made by any Person in respect of any such action, or in the case of any
such vote, prior to such vote, any such record date shall be the later of 10 days prior to the first solicitation of such consent or the date of the most recent list of holders furnished to the Trustee prior to such solicitation. 

“Refinance” means, in respect of any Debt, to refinance, extend, renew, refund or Repay, or to issue other Debt, in
exchange or replacement for, such Debt. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Regular Record Date” for the interest payable on any Interest Payment Date means the applicable date specified as a
“Record Date” on the face of the Note. 
 “Regulation S” means Regulation S promulgated under the
Securities Act as Regulation S. 
 “Regulation S Global Note” means one or more Global Notes in the form of Exhibit
A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with and registered in the name of the Common Depositary (or its nominee) as nominee for Euroclear and Clearstream that will be issued in an aggregate
denominational amount equal to the outstanding principal amount of the Notes sold in reliance on Regulation S. 
 “Related
Business” means any business that is related, ancillary or complementary to the businesses of the Company and the Restricted Subsidiaries on the Issue Date. 

“Related Person” with respect to any Permitted Holder means: 

(a) any controlling stockholder or a majority (or more) owned Subsidiary of such Permitted Holder or, in the case of an individual, any spouse
or immediate family member of such Permitted Holder, such individual’s or immediate family member’s or any trust created for the benefit of such individual, immediate family member, estate, executor, administrator, committee or
beneficiaries; or 
 (b) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons
beneficially holding a majority (or more) controlling interest of which consist of such Permitted Holder and/or such other Persons referred to in the immediately preceding clause (a). 

  
 39 

 “Related Taxes” means: 

(a) any Taxes required to be paid (provided such Taxes are in fact paid) by any Parent Holdco by virtue of its: 

(1) being organized or having Capital Stock outstanding (but not by virtue of owning stock or other equity interests of any
corporation or other entity other than, directly or indirectly, the Company or any of the Company’s Subsidiaries); 

(2) issuing or holding Debt described in clause (d) of the definition of “Permitted Debt”; or 

(3) being a holding company, directly or indirectly, of the Company or any of the Company’s Subsidiaries; and 

(b) if and for so long as the Company is a member of a group filing a consolidated or combined tax return with any Parent Holdco, any
consolidated or combined Taxes measured by income for which such Parent Holdco is liable up to an amount not to exceed the lesser of the amount of any such Taxes that the Company and its Subsidiaries would have been required to pay on (i) a
separate company basis or (ii) on a consolidated basis if the Company and its Subsidiaries had paid tax on a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group consisting only of the Company and its
Subsidiaries; provided that distributions shall be permitted in respect of the income of an Unrestricted Subsidiary only to the extent such Unrestricted Subsidiary distributed cash for such purpose to the Company or its Restricted Subsidiaries. 

“Repay” means, in respect of any Debt, to repay, prepay, repurchase, redeem, legally defease or otherwise retire such
Debt. “Repayment” and “Repaid” shall have correlative meanings. For purposes of Section 4.12 and the definition of “Consolidated Interest Coverage Ratio,” Debt shall be considered to have been Repaid only to the
extent the related loan commitment, if any, shall have been permanently reduced in connection therewith. 
 “Restricted
Definitive Note” means one or more Definitive Notes bearing the Private Placement Legend. 
 “Restricted Global
Notes” means 144A Global Notes and Regulation S Global Notes. 
 “Restricted Payment” means: 

(a) any dividend or distribution (whether made in cash, securities or other Property) declared or paid on or with respect to any shares of
Capital Stock of the Company or any Restricted Subsidiary (including any payment in connection with any merger, amalgamation or consolidation with or into the Company or any Restricted Subsidiary), except for (i) any dividend or distribution
that is made to the Company or a Restricted Subsidiary (and, if such Restricted Subsidiary is not a Wholly Owned Restricted Subsidiary, to the other shareholders of such Restricted Subsidiary on a pro rata basis or on a basis that results in
the receipt by the Company or a Restricted Subsidiary of dividends or distributions of greater value than it would receive on a pro rata basis), or (ii) any dividend or distribution payable solely in Qualified Equity Interests of the
Company; 

  
 40 

 (b) the purchase, repurchase, redemption, acquisition or retirement for value of any Capital
Stock of the Company or any Restricted Subsidiary (other than from the Company or a Restricted Subsidiary) or any securities exchangeable for or convertible into any such Capital Stock, including the exercise of any option to exchange any Capital
Stock (other than for or into Qualified Equity Interests of the Company); 
 (c) the purchase, repurchase, redemption, acquisition or
retirement for value, prior to the date for any scheduled maturity, sinking fund or amortization or other installment payment, of any Subordinated Obligation (other than the purchase, repurchase or other acquisition of any Subordinated Obligation
purchased in anticipation of satisfying a scheduled maturity, sinking fund or amortization or other installment obligation, in each case due within one year of the date of scheduled maturity or similar payment date); or 

(d) any Investment (other than Permitted Investments) in any Person. 

“Restricted Subsidiary” means (a) the Issuer and (b) any Subsidiary of the Company other than an
Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business, or any successor to the rating agency business thereof. 
 “Sale and Leaseback Transaction” means any
direct or indirect arrangement relating to Property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary transfers such Property to another Person and the Company or a Restricted Subsidiary leases it from such Person. 

“Screened Affiliate” means any Affiliate of a holder (i) that makes investment decisions independently from such
holder and any other Affiliate of such holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such holder and any other Affiliate of such holder that is not a Screened Affiliate and such
screens prohibit the sharing of information with respect to the Company or its Subsidiaries, (iii) whose investment policies are not directed by such holder or any other Affiliate of such holder that is acting in concert with such holder in
connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such holder or any other Affiliate of such holder that is acting in concert with such holders in connection with
its investment in the Notes. 
 “Securities Act” means the Securities Act of 1933, as amended. 

  
 41 

 “Securitization Entity” means any corporation, company (including
any limited liability company), association, partnership, joint venture, trust, mutual fund or other business entity to which the Company or any Restricted Subsidiary or any other Securitization Entity transfers accounts receivable, collections
thereon and related assets (a) which engages in no activities other than in connection with the financing of accounts receivable or related assets, (b) which is designated by the Board of Directors (as provided below) as a Securitization
Entity, (c) no portion of the Debt or any other Obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any Restricted Subsidiary (excluding guarantees of Obligations (other than the principal of, and interest
on, Debt) pursuant to Standard Receivables Undertakings and guarantees by the Securitization Entity), (ii) is recourse to or obligates the Company or any Restricted Subsidiary (other than the Securitization Entity) in any way other than pursuant to
Standard Receivables Undertakings or (iii) subjects any property or asset of the Company or any Restricted Subsidiary (other than the Securitization Entity), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other
than pursuant to Standard Receivables Undertakings and other than any interest in the accounts receivable and related assets being financed (whether in the form of any equity interest in such assets or subordinated indebtedness payable primarily
from such financed assets) retained or acquired by the Company or any Restricted Subsidiary, (d) with which none of the Company nor any Restricted Subsidiary has any material contract, agreement, arrangement or understanding other than those
reasonably customary for a Qualified Receivables Transaction and, in any event, on terms no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company
or such Restricted Subsidiary, and (e) to which none of the Company nor any Restricted Subsidiary has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating
results. Any such designation by the Board of Directors shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing conditions. 
 “Senior Debt” of the Company means: 

(a) all obligations consisting of the principal, premium, if any, and accrued and unpaid interest (including interest accruing on or after the
filing of any petition in bankruptcy or for reorganization relating to the Company to the extent post-filing interest is allowed in such proceeding) in respect of: 

(1) Debt of the Company for borrowed money; and 

(2) Debt of the Company evidenced by notes, debentures, bonds or other similar instruments permitted under this Indenture for
the payment of which the Company is responsible or liable; 
 (b) all Capital Lease Obligations of the Company; 

(c) all obligations of the Company; 

(1) for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction; 

  
 42 

 (2) under Hedging Obligations; or 

(3) issued or assumed as the deferred purchase price of Property and all conditional sale obligations of the Company and all
obligations under any title retention agreement permitted under this Indenture; and 
 (d) all obligations of other Persons of the type
referred to in clauses (a), (b) and (c) above for the payment of which the Company is responsible or liable as guarantor; 

provided, that Senior Debt shall not include: 

(A) Debt of the Company that is by its terms subordinate in right of payment to the Notes including any Subordinated Debt; 

(B) any Debt Incurred in violation of the provisions of this Indenture; 

(C) accounts payable or any other obligations of the Company to trade creditors created or assumed by the Company in the
ordinary course of business in connection with the obtaining of materials or services (including Guarantees thereof or instruments evidencing such liabilities); 

(D) any liability for federal, state, local or other taxes owed or owing by the Company; 

(E) any obligation of the Company to any Subsidiary; or 

(F) any obligations with respect to any Capital Stock of the Company. 

To the extent that any payment of Senior Debt (whether by or on behalf of the Company as proceeds of security or enforcement or any right of setoff or
otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to a trustee, receiver or other similar party under any bankruptcy, insolvency, receivership or similar law, then if such payment is recovered by, or paid over
to, such trustee, receiver or other similar party, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred. 

“Senior Debt” of the Issuer or any Subsidiary Guarantor has a correlative meaning to Senior Debt of the Company. 

“Senior Secured Credit Facilities” means (a) the ABL Facility, and (b) the Term Loan Facility, as such
agreements may be in effect from time to time, in each case, as any or all of such agreements (or any other agreement that Refinances any or all of such agreements) may be amended, restated, modified or supplemented from time to time, or renewed,
refunded, refinanced, restructured, replaced, repaid or extended from time to time, whether with the original agents and lenders or other agents and lenders or otherwise, and whether provided under the original credit agreement or one or more other
credit agreements, indentures or otherwise. 

  
 43 

 “Short Derivative Instrument” means a Derivative Instrument
(i) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the
payment or delivery obligations under which generally decrease, with negative changes to the Performance References. 

“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” of the Company within
the meaning of Rule 1-02 under Regulation S-X promulgated pursuant to the Exchange Act. 

“Specified Aleris Hedging Agreements” shall mean Hedging Obligations with Aleris or any of its Subsidiaries that are
required to be secured by a Lien on any assets of Aleris or any of its Subsidiaries. 
 “Specified Debt” means Debt
for borrowed money, Obligations in respect of Capital Lease Obligations, Debt obligations evidenced by promissory notes and similar instruments and Guarantees of any of the foregoing. 

“Standard Receivables Undertakings” means representations, warranties, covenants and indemnities entered into by the
Company or any Restricted Subsidiary that are reasonably customary in an accounts receivable securitization transaction or other factoring or sale of receivables transaction so long as none of the same constitute Debt, a Guarantee (other than in
connection with an obligation to repurchase receivables that do not satisfy related representations and warranties) or otherwise require the provision of credit support in excess of credit enhancement established upon entering into such accounts
receivable securitization transaction negotiated in good faith at arm’s length. 
 “Stated Maturity” means,
with respect to any security, the date specified in such security as the fixed date on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision
providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

“Subordinated Debt” means any Debt of the Issuer or any Guarantor (whether outstanding on the Issue Date or thereafter
Incurred) that is subordinate or junior in right of payment to the Notes or the applicable Guaranty pursuant to a written agreement to that effect. 

“Subsidiary” means, in respect of any Person, any corporation, company (including any limited liability company),
association, partnership, joint venture or other business entity of which an aggregate of more than 50.0% of the total voting power of the Voting Stock is at the time owned or controlled, directly or indirectly, by: 

(a) such Person; 
 (b) such Person
and one or more Subsidiaries of such Person; or 
 (c) one or more Subsidiaries of such Person. 

  
 44 

 “Subsidiary Guarantor” means (a) each existing U.S. Restricted
Subsidiary; (b) each of the Canadian Subsidiary Guarantors; (c) each of Novelis do Brasil Ltda, Novelis UK Ltd., Novelis Europe Holdings Limited, Novelis Services Limited, Novelis Aluminium Holding Unlimited Company, Novelis Deutschland
GmbH, Aleris Deutschland Holding GmbH, Aleris Rolled Products Germany GmbH, Aleris Casthouse Germany GmbH, Novelis AG, Novelis Switzerland SA, Novelis PAE S.A.S. and Novelis MEA LTD; and (d) any other Person that becomes a Subsidiary Guarantor
pursuant to Section 4.19 or who otherwise executes and delivers a supplemental indenture to the Trustee providing for a Subsidiary Guaranty. 

“Subsidiary Guaranty” means a Guarantee on the terms set forth in this Indenture by a Subsidiary Guarantor of the
Issuer’s obligations with respect to this Indenture and the Notes. 
 “Subsidiary Obligors” means (a) the
Issuer and (b) each Subsidiary Guarantor. 
 “Surviving Aleris Debt” shall mean, to the extent outstanding on
the closing date of the Aleris Acquisition after giving effect to the Aleris Acquisition, Debt Incurred by any Restricted Subsidiary organized under the laws of the People’s Republic of China that is not a Guarantor pursuant to the terms of the
non-recourse multi-currency secured term loan facilities and the revolving facilities of Aleris Aluminum (Zhenjiang) Co., Ltd., in each case, as in effect on the closing date of the Aleris Acquisition. 

“Surviving Person” means the surviving or successor Person formed by a merger, consolidation or amalgamation and, for
purposes of Section 5.01, a Person to whom all or substantially all of the Property of the Issuer or a Guarantor is sold, transferred, assigned, leased, conveyed or otherwise disposed. 

“Taxes” means any present or future tax, duty, levy, interest, assessment or other governmental charge imposed or
levied by or on behalf of any government or any political subdivision or territory or possession of any government or any authority or agency therein or thereof having power to tax including any applicable penalties or additional liabilities related
thereto. 
 “Tax Restructuring” means any reorganization and other activity related to tax planning and tax
reorganization (as determined by the Company in good faith) entered into after the Issue Date so long as such reorganization or other activity does not materially impair the rights of the holders of the Notes. 

“Tax Sharing Agreement” means any tax sharing or profit and loss pooling or similar agreement with customary or
arm’s length terms entered into with any Parent Holdco of the Company or Unrestricted Subsidiary, as the same may be amended, supplemented, waived or otherwise modified from time to time in accordance with the terms thereof and of this
Indenture. 
 “Term Loan Facility” means that certain Credit Agreement dated as of January 10, 2017, by and
among the Company, certain of its Affiliates, Standard Chartered Bank, as administrative agent and as collateral agent, and the several banks and other financial institutions or entities from time to time parties thereto, including any notes,
collateral documents, letters of credit and documentation and guarantees and any appendices, exhibits or schedules to any of the preceding, as such agreements may be in effect from time to time. 

  
 45 

 “TIA” means the Trust Indenture Act of 1939, as amended, and the
rules and regulations thereunder. 
 “Transaction Costs” means any fees, costs, accruals, expenses and other
transaction costs incurred or paid by the Company, the Issuer or any of its Subsidiaries in connection with the Aleris Transactions, the Note Transactions, this Indenture and the other financing-related documents and the transactions contemplated
thereby. 
 “Trustee” means the Person named as the “Trustee” in the preamble hereto until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“Unrestricted Cash” means, as of any date of determination, an amount equal to the aggregate amount of all cash and
Cash Equivalents of the Company and its Restricted Subsidiaries on the Company’s consolidated balance sheet that would not appear as “restricted” on the Company’s consolidated balance sheet, as determined in accordance with GAAP.

 “Unrestricted Definitive Notes” means one or more Definitive Notes that do not and are not required to bear the
Private Placement Legend. 
 “Unrestricted Global Notes” means one or more Global Notes that do not and are not
required to bear the Private Placement Legend and are deposited with and registered in the name of the Depositary or its nominee. 

“Unrestricted Subsidiary” means: 

(a) Novelis Services (North America) Inc., Novelis Services (Europe) Inc. and Novelis (India) Infotech Ltd.; 

(b) any Subsidiary of the Company that is designated after the Issue Date as an Unrestricted Subsidiary as permitted or required pursuant to
Section 4.16 and is not thereafter redesignated as a Restricted Subsidiary as permitted pursuant thereto; and 
 (c) any Subsidiary of
an Unrestricted Subsidiary. 
 “U.S. Restricted Subsidiary” means any Restricted Subsidiary that is organized under
the laws of the United States of America or any State thereof or the District of Columbia. 
 “Voting Stock” of any
Person means all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof. 
 “Wholly Owned Restricted Subsidiary” means, at any time, a Restricted Subsidiary all the
Voting Stock of which (other than directors’ qualifying shares) is at such time owned, directly or indirectly, by the Company and its other Wholly Owned Restricted Subsidiaries. 

  
 46 

					
	 Section 1.02 Other Definitions.
  
	  			
	 Term
	  	Defined in Section	 
	Acceleration Notice	  	 	6.02	 
	Acceptable Commitment	  	 	4.12(b)	 
	Additional Amounts	  	 	4.20	 
	Advance Offer	  	 	4.12(d)	 
	Advance Portion	  	 	4.12(d)	 
	Affiliate Transaction	  	 	4.14(a)	 
	Alternate Offer	  	 	4.18(b)	 
	Applicable Premium	  	 	3.07	 
	Applicable Premium Deficit	  	 	8.04(a)	 
	Asset Sale Offer	  	 	4.12(d)	 
	Authentication Order	  	 	2.02(d)	 
	Benefited Party	  	 	10.01	 
	Change in Tax Law	  	 	3.09(a)(ii)	 
	Change of Control Amount	  	 	4.18(a)	 
	Change of Control Offer	  	 	4.18(a)	 
	Covenant Defeasance	  	 	8.03	 
	cross acceleration provisions	  	 	6.01(e)	 
	Designated Commitment	  	 	4.09	 
	Directing Holder	  	 	6.02	 
	Event of Default	  	 	6.01	 
	Excess Proceeds	  	 	4.12(d)	 
	Excess Proceeds Threshold	  	 	4.12(d)	 
	Foreign Disposition	  	 	4.12(c)	 
	Guaranteed Obligations	  	 	10.01	 
	Judgment Currency	  	 	12.14	 
	judgment default provisions	  	 	6.01(f)	 
	LCT Election	  	 	1.04(b)	 
	LCT Test Date	  	 	1.04(b)	 
	Legal Defeasance	  	 	8.02	 
	losses	  	 	7.07	 
	New Holding Parent	  	 	4.17	 
	New Holding Parent Guaranty	  	 	4.17	 
	NKL	  	 	4.13(i)(K)	 
	Noteholder Direction	  	 	6.02	 
	Notes	  	 	Preamble	 
	Offer Amount	  	 	3.10(c)(ii)	 
	Offer Period	  	 	3.10(d)	 
	Offer to Purchase	  	 	3.10(a)	 
	Parent Guarantor Replacement Events	  	 	4.17	 
	Pari Passu Indebtedness	  	 	4.12(d)	 
	Paying Agent	  	 	2.03(a)	 
	Principal Paying Agent	  	 	2.03(a)	 
	Payor	  	 	4.20	 
	Permitted Debt	  	 	4.09	 

  
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	Position Representation	  	 	6.02	 
	Principal Paying Agent	  	 	2.03(a)	 
	Purchase Date	  	 	3.10(d)	 
	Purchase Price	  	 	3.10(c)(ii)	 
	Relevant Tax Jurisdiction	  	 	4.20	 
	Relevant Tax Jurisdiction Date	  	 	3.09(a)(i)	 
	Register	  	 	2.03(d)	 
	Registrar	  	 	2.03(c)	 
	Reinstatement Date	  	 	4.21(a)	 
	Second Commitment	  	 	4.12(b)	 
	Suspended Covenants	  	 	4.21(a)	 
	Suspension Period	  	 	4.21(a)	 
	Verification Covenant	  	 	6.02	 
	Tax Redemption Date	  	 	3.09(a)	 
	Transfer Agent	  	 	2.03(c)	 
	Trustee	  	 	Preamble	 

 Section 1.03 Inapplicability of the TIA. 

No provisions of the TIA are incorporated by reference in or made a part of this Indenture unless explicitly incorporated by reference. Unless
specifically provided in this Indenture, no terms that are defined under the TIA have such meanings for purposes of this Indenture. 

Section 1.04 Rules of Construction; Limited Condition Transactions; Certain Compliance Calculations. 

(a) Unless the context otherwise requires: 

(i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP; provided
that for clarity purposes, determination of whether an action is for speculative purposes is not an accounting term; 
 (iii)
“or” is not exclusive, unless the context otherwise provides; 
 (iv) words in the singular include the plural, and
in the plural include the singular; 
 (v) all references in this instrument to “Articles,” “Sections,”
subdivisions and “Exhibits” are to the designated Articles, Sections, subdivisions and Exhibits of this instrument as originally executed; 

(vi) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (vii) “including” means
“including without limitation;” 

  
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 (viii) references to sections of or rules under the Securities Act or the
Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the Commission from time to time thereunder; 

(ix) the phrase “in writing” as used herein shall be deemed to include.pdf attachments and other electronic means of
transmission, unless otherwise indicated; and 
 (x) unless the context requires otherwise, any reference to delivery by
“mail” shall be deemed to include delivery by electronic mail, facsimile or other means of electronic delivery. 
 (b) When
calculating the availability under any basket or ratio under this Indenture or compliance with any provision of this Indenture in connection with any Limited Condition Transaction and any actions or transactions related thereto (including
acquisitions, Investments, the Incurrence or issuance of Debt, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments, Restricted Payments and Asset Sales), in each case, at the option of the
Issuer (the Issuer’s election to exercise such option, an “LCT Election”), the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or any
requirement or condition therefor is complied with or satisfied (including as to the absence of any continuing Default or Event of Default)) under this Indenture shall be deemed to be the date (the “LCT Test Date”) either
(a) the definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice, declaration of a Restricted Payment or similar event), or (b) solely in connection
with an acquisition to which the United Kingdom City Code on Takeovers and Mergers applies, the date on which a “Rule 2.7 announcement” of a firm intention to make an offer or similar announcement or determination in another jurisdiction
subject to laws similar to the City Code in respect of a target of a Limited Condition Transaction made in compliance with the City Code or similar laws or practices in other jurisdictions, and, in each case, if, after giving pro forma effect
to the Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Debt, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence of
Liens, repayments, Restricted Payments and Asset Sales) and any related pro forma adjustments and, at the election of the Issuer, any other acquisition or similar Investment, Restricted Payment or Asset Sale that has not been consummated but
with respect to which the Issuer has elected to test any applicable condition prior to the date of consummation in accordance with this paragraph, as if they had occurred at the beginning of the most recently completed four fiscal quarter period,
the Issuer or any of its Restricted Subsidiaries could have taken such actions or consummated such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio,
test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes (in the case of Debt, for example, whether such Debt is committed, issued or Incurred at the LCT Test Date or at
any time thereafter); provided that (a) if financial statements for one or more subsequent fiscal quarters shall have been delivered, the Issuer may elect, in its sole discretion, to re-determine
all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests or baskets, (b) except as

  
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 contemplated in the foregoing clause (a) of this proviso, compliance with such ratios, tests or baskets
(and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited Condition Transaction and any such actions or transactions related thereto (including acquisitions,
Investments, the Incurrence or issuance of Debt, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments, Restricted Payments and Asset Sales), and (c) Consolidated Interest Expense for
purposes of the Consolidated Interest Coverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such Debt or, if no such indicative
interest margin exists, as reasonably determined by the Issuer in good faith. 
 (c) For the avoidance of doubt, if the Issuer has made an
LCT Election, (1) if any of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a
result of fluctuations in any such ratio, test or basket, including due to fluctuations in EBITDA or total assets of the Issuer or the Person subject to such Limited Condition Transaction, such baskets, tests or ratios will not be deemed to have
been exceeded or failed to have been complied with as a result of such fluctuations (provided, for the avoidance of doubt, that the Issuer or any Restricted Subsidiary may rely upon any improvement in any such ratio, test or basket availability);
(2) if any related requirements and conditions (including as to the absence of any continuing Default or Event of Default) for which compliance or satisfaction was determined or tested as of the LCT Test Date would at any time after the LCT Test
Date not have been complied with or satisfied (including due to the occurrence or continuation of an Default or Event of Default), such requirements and conditions will not be deemed to have been failed to be complied with or satisfied (and such
Default or Event of Default shall be deemed not to have occurred or be continuing for purposes of the determination of such compliance or satisfaction); and (3) in calculating the availability under any ratio, test or basket in connection with
any action or transaction unrelated to such Limited Condition Transaction following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement
or date for redemption, purchase or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test
or basket shall be determined or tested giving pro forma effect to such Limited Condition Transaction and other actions or transactions in connection therewith (including any Incurrence of Debt and the use of proceeds thereof (but without
netting the cash proceeds thereof)) as if such Limited Condition Transaction had been consummated. 
 (d) Notwithstanding anything to the
contrary herein, in the event an item of Debt, Disqualified Stock or Preferred Stock (or any portion thereof) is Incurred or issued, any Lien is incurred or other transaction is undertaken in reliance on a ratio basket based on the Consolidated
Interest Coverage Ratio, Net Senior Secured Leverage Ratio or Net Total Leverage Ratio, such ratio(s) shall be calculated with respect to such Incurrence, issuance or other transaction without giving effect to amounts being utilized under any other
basket (other than another ratio basket based on the Consolidated Interest Coverage Ratio, Net Senior Secured Leverage Ratio or Net Total Leverage Ratio) on the same date. Each item of Debt, Disqualified Stock or Preferred Stock that is Incurred or
issued, each Lien incurred and each other transaction undertaken will be deemed to have been incurred, issued or taken first, to the extent available, pursuant to the relevant Consolidated Interest Coverage Ratio, Net Senior Secured Leverage Ratio
or Net Total Leverage Ratio. 

  
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 ARTICLE 2 

THE NOTES 

Section 2.01 Form and Dating. 

(a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form
included in Exhibit A hereto, which is hereby incorporated in and expressly made part of this Indenture. The Notes may have notations, legends or endorsements required by law, trading market or depository rule or usage in addition to those set forth
on Exhibit A. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of €100,000 and integral multiples of €1,000 in excess thereof. The terms and provisions contained in the Notes shall constitute a
part of this Indenture and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. To the extent any provision of any Note conflicts with
the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Form of
Notes. The Notes shall be issued in global form and shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global
Note” attached thereto). Each Global Note shall represent such aggregate principal amount of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes
from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions and transfers of interests
therein. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Registrar or the Common Depositary or the Principal Paying
Agent at the direction of the Trustee, in accordance with written instructions given by the Holder thereof as required by Section 2.06. 

(c) Book-Entry Provisions. Participants shall have no rights under this Indenture or any Global Note with respect
to any Global Note held on their behalf by the Common Depositary, and the Common Depositary shall be treated by the Company, the Issuer, the Trustee and any agent of the Company, the Issuer or the Trustee as the absolute owner of such Global Note
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Issuer, the Trustee or any agent of the Company, the Issuer or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Common Depositary or impair, as between the Common Depositary and its Participants or Indirect Participants, the Applicable Procedures or the operation of customary practices of the Euroclear or Clearstream governing
the exercise of the rights of a Holder of a Book-Entry Interest in any Global Note. 

  
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 Section 2.02 Execution and Authentication. 

(a) One Officer shall execute the Notes on behalf of the Issuer by manual or facsimile signature. 

(b) If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated by the Trustee, the Note shall
nevertheless be valid. 
 (c) A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature of the
Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 (d) The Trustee shall, upon a written
order of the Issuer signed by an Officer (an “Authentication Order”), authenticate Notes for issuance. 
 (e) The
Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. Unless otherwise provided in such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent shall have the same rights as the Trustee to deal with Holders, the Issuer or an Affiliate of the Issuer. The Trustee hereby appoints Deutsche
Bank Trust Company Americas as Authenticating Agent. Deutsche Bank Trust Company Americas hereby accepts such appointment and the Issuer hereby confirms that such appointment is acceptable to it. 

Section 2.03 Paying Agent, Registrar and Transfer Agent. 

(a) The Issuer will maintain one or more paying agents (each, a “Paying Agent” and, together, the
“Paying Agents”) for the Notes in the city of London (the “Principal Paying Agent”). The initial Paying Agent will be Deutsche Bank AG, London Branch and Deutsche Bank AG, London Branch
hereby accepts such appointment. 
 (b) In addition, the Issuer or any of its Subsidiaries may act as paying agent in connection with the
Notes, provided, however in no event may the Issuer act as Paying Agent or appoint a Paying Agent in any member state of the European Union where the Paying Agent would be obliged to withhold or deduct tax in connection with any payment made by it
in relation to the Notes unless the Paying Agent would be so obliged if it were located in all other member states. 
 (c) The Issuer will
also maintain one or more registrars (each a “Registrar”) and one or more transfer agents (each a “Transfer Agent”). The initial Registrar for the Notes will be Deutsche Bank Trust Company Americas and
Deutsche Bank Trust Company Americas hereby accepts such appointment. The initial Transfer Agent will be Deutsche Bank AG, London Branch and Deutsche Bank AG, London Branch hereby accepts such appointment. 

(d) The Registrar and the Transfer Agent will maintain a register (the “Register”) for the Notes reflecting ownership
of Definitive Notes (as defined herein) outstanding from time to time and will make payments on and facilitate transfer of Definitive Notes on the behalf of the Issuer. The Registrar and/or the Transfer Agent (as the case may be) will promptly
inform the Issuer of any changes to the Register. In the case of discrepancy between the Register and the register kept by, and at the office of, the Issuer, the registrations in the register held by, and at the registered office of, the Issuer
shall prevail. The Transfer Agent shall perform the functions of a transfer agent. 

  
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 (e) Upon written notice to the Trustee, the Issuer may change the Paying Agents, the
Registrar or the Transfer Agent without prior notice to the Holders (subject, in the case of a Paying Agent, to the condition described in clause (b) of this Section 2.03). For so long as the Notes are listed on the Official List of the
Exchange and the rules of the Exchange so require, the Issuer will notify the Exchange of any change of the Paying Agent, the Registrar or the Transfer Agent. 

Section 2.04 Paying Agent to Hold Money in Trust. 

The Issuer will require each Paying Agent (other than the Trustee or an Affiliate of the Trustee) that is not a party to this Indenture to
agree in writing that each Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of, premium or Additional Amounts, if any, or interest on the Notes, and will
notify the Trustee of any Default by the Issuer in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) will have no further liability for the money. If any of the Issuer or any of the Issuer’s
Subsidiaries acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any insolvency, bankruptcy or reorganization proceedings relating to the Issuer
(including, without limitation, its bankruptcy, voluntary or judicial liquidation, composition with creditors, reprieve from payment, controlled management, fraudulent conveyance, general settlement with creditors, reorganization or similar laws
affecting the rights of creditors generally), the Paying Agent shall serve as an agent of the Trustee for the Notes. The Issuer shall no later than 10:00 a.m. (London time) on the Business Day prior to the day on which the Paying Agent is to receive
payment, procure that the bank effecting payment for it confirms to the Paying Agent the payment instructions relating to such payment. A Paying Agent shall not be obliged to pay the Holders of the Notes (or make any other payment) unless and until
such time as it has confirmed receipt of funds sufficient to make the relevant payment. 
 Section 2.05 Holder Lists. 

The Registrar will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of all Holders. If the Trustee or the Principal Paying Agent is not the Registrar, the Issuer will furnish or cause the Registrar to furnish, to the Trustee and each Paying Agent at least seven Business Days before each interest payment date and at
such other times as the Trustee or the Principal Paying Agent may request in writing, a list of the names and addresses of the Holders of Notes in such form and as of such date as the Trustee or the Principal Paying Agent may reasonably require.

  
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 Neither the Trustee nor any other agent appointed to fulfill the Trustee’s duties will
have any responsibility or be liable for any aspect of the records in relation to, or payments made on account of beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests. 
 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by a Depositary
to a Common Depositary or a nominee of such Common Depositary, by a Common Depositary or a nominee of such Depositary to such Depositary or to another nominee or Common Depositary of such Depositary, or by such Common Depositary or Depositary or any
such nominee to a successor Depositary or Common Depositary or a nominee thereof. All Global Notes will be exchanged by the Issuer for Definitive Notes: 

(i) if Euroclear or Clearstream notifies the Issuer that it is unwilling or unable to continue to act as Depositary and a
successor Depositary is not appointed by the Issuer within 120 days; or 
 (ii) if the owner of a Book-Entry Interest
requests such exchange in writing delivered through either Euroclear or Clearstream following an Event of Default under this Indenture which results in action by the Trustee pursuant to the enforcement provisions under this Indenture. 

Upon the occurrence of any of the preceding events in clauses (1) through (2) above, the Issuer shall issue or cause to be issued
Definitive Notes in such names as the relevant Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a). Book-Entry Interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or Section 2.06(c) hereof. 

(b) Transfer and Exchange of Book-Entry Interests in the Global Notes. The transfer and exchange of Book Entry
Interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Book Entry Interests in the Restricted Global Notes shall be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of Book Entry Interests in Global Notes also shall require compliance with either clause 2.06(b)(i) or 2.06(b)(ii), as applicable, as well as one
or more of the other following clauses, if applicable: 
 (i) Transfer of Book-Entry Interests in the Same Global
Note. Book-Entry Interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a Book-Entry Interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in
the Private Placement Legend and any Applicable Procedures. Book-Entry Interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a Book-Entry Interest in an Unrestricted Global Note. Except as
may be required by any Applicable Procedures or set forth in the Private Placement Legend, no written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

  
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 (ii) All Other Transfers and Exchanges of Book-Entry Interests in Global
Notes. In connection with all transfers and exchanges of Book-Entry Interests that are not subject to Section 2.06(b)(i), the transferor of such Book-Entry Interest must deliver to the Registrar either (A) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a Book-Entry Interest in another Global Note in an amount equal to the Book-Entry
Interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the Book-Entry Interest to be transferred or exchanged
and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (B)(1) above. Upon satisfaction
of all of the requirements for transfer or exchange of Book-Entry Interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant
Global Note(s) pursuant to Section 2.06(g). 
 (iii) Transfer of Book-Entry Interests in a Restricted Global Note to
Another Restricted Global Note. A holder of a Book-Entry Interest in a Restricted Global Note may transfer such Book-Entry Interest to a Person who takes delivery thereof in the form of a Book-Entry Interest in another Restricted Global Note if
the transfer complies with the requirements of Section 2.06(b)(ii) and the Registrar receives the following: 
 (A) if
the transferee will take delivery in the form of a Book-Entry Interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof or, if permitted by
the Applicable Procedures, item (3) thereof; 
 (B) if the transferee will take delivery in the form of a Book-Entry
Interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(iv) Transfer or Exchange of Book-Entry Interests in a Restricted Global Note for Book-Entry Interests in an Unrestricted
Global Note. A holder of a Book-Entry Interest in a Restricted Global Note may exchange such Book-Entry Interest for a Book-Entry Interest in an Unrestricted Global Note or may transfer such Book-Entry Interest to a Person who takes delivery
thereof in the form of a Book-Entry Interest in an Unrestricted Global Note only if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) and: 

  
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 (A) the Registrar receives the following: 

(1) if the holder of such Book-Entry Interest in a Restricted Global Note proposes to exchange such Book-Entry Interest for a
Book-Entry Interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(2) if the holder of such Book-Entry Interest in a Restricted Global Note proposes to transfer such Book-Entry Interest to a
Person who shall take delivery thereof in the form of a Book-Entry Interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this clause (A), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer complies with the Securities Act and that the restrictions on transfer contained herein and in the first two paragraphs of the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act; or 
 (B) such transfer is effected
pursuant to an automatic exchange in accordance with Section 2.06(i) of this Indenture. 
 If any such transfer is
effected pursuant to clauses (b)(iv)(A) or (B) of this Section 2.06 at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall execute and, upon receipt of an Authentication Order in accordance with
Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Book-Entry Interests transferred pursuant to clauses (b)(iv)(A) or (B) of this
Section 2.06. 
 (v) Transfer or Exchange of Book-Entry Interests in an Unrestricted Global Note for Book-Entry
Interests in a Restricted Global Note Prohibited. Book-Entry Interests in an Unrestricted Global Note may not be exchanged for, or transferred to Persons who take delivery thereof in the form of, Book-Entry Interests in a Restricted Global Note.

 (c) Transfer and Exchange of Book-Entry Interests in Global Notes for Definitive Notes. 

(i) Transfer or Exchange of Book-Entry Interests in Restricted Global Notes to Restricted Definitive Notes. If any
holder of a Book-Entry Interest in a Restricted Global Note proposes to exchange such Book-Entry Interest for a Restricted Definitive Note or to transfer such Book-Entry Interest to a Person who takes delivery thereof in the form of a Restricted
Definitive Note, then, upon receipt by the Registrar of the following documentation: 

  
 56 

 (A) if the holder of such Book-Entry Interest in a Restricted Global Note
proposes to exchange such Book-Entry Interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such Book-Entry Interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Book-Entry Interest is
being transferred to a “Non-U.S. Person” in an offshore transaction (as defined in Section 902(k) of Regulation S) in accordance with Rule 903 or Rule 904, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Book-Entry Interest is being
transferred pursuant to another exemption from the registration requirements of the Securities Act in accordance, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3) thereof; or 

(E) if such Book-Entry Interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (3) thereof, 
 the Trustee shall reduce or cause to be reduced in a
corresponding amount pursuant to Section 2.06(g), the aggregate principal amount of the applicable Restricted Global Note, and the Issuer shall execute and, upon receipt of an Authentication Order in accordance with Section 2.02, the
Trustee shall authenticate and deliver a Restricted Definitive Note in the appropriate principal amount to the Person designated by the holder of such Book-Entry Interest in the instructions delivered to the Registrar by the Depositary and the
applicable Participant or Indirect Participant on behalf of such holder. Any Restricted Definitive Note issued in exchange for Book-Entry Interests in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of such Book-Entry Interest shall designate in such instructions. The Trustee shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are so
registered. Any Restricted Definitive Note issued in exchange for a Book-Entry Interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer
contained therein. 
 (ii) Transfer or Exchange of Book-Entry Interests in Restricted Global Notes to Unrestricted
Definitive Notes. A holder of a Book-Entry Interest in a Restricted Global Note may exchange such Book-Entry Interest for an Unrestricted Definitive Note or may transfer such Book-Entry Interest to a Person who takes delivery thereof in the form
of an Unrestricted Definitive Note only if the Registrar receives the following: 

  
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 (A) if the holder of such Book-Entry Interest in a Restricted Global Note
proposes to exchange such Book-Entry Interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B) if the holder of such Book-Entry Interest in a Restricted Global Note proposes to transfer such Book-Entry Interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this Section 2.06(c)(ii), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer complies with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of any of the conditions of this
Section 2.06(c)(ii), the Issuer shall execute and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate and deliver an Unrestricted Definitive Note in the appropriate principal amount to
the Person designated by the holder of such Book-Entry Interest in instructions delivered to the Registrar by the Depositary and the applicable Participant or Indirect Participant on behalf of such holder, and the Trustee shall reduce or cause to be
reduced in a corresponding amount pursuant to Section 2.06(g), the aggregate principal amount of the applicable Restricted Global Note. 

(iii) Transfer or Exchange of Book-Entry Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any
holder of a Book-Entry Interest in an Unrestricted Global Note proposes to exchange such Book-Entry Interest for an Unrestricted Definitive Note or to transfer such Book-Entry Interest to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note, then, upon satisfaction of the applicable conditions set forth in Section 2.06(b)(ii), the Trustee shall reduce or cause to be reduced in a corresponding amount pursuant to Section 2.06(g), the aggregate
principal amount of the applicable Unrestricted Global Note, and the Issuer shall execute, and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate and deliver an Unrestricted Definitive Note
in the appropriate principal amount to the Person designated by the holder of such Book-Entry Interest in instructions delivered to the Registrar by the Depositary and the applicable Participant or Indirect Participant on behalf of such holder. Any
Unrestricted Definitive Note issued in exchange for a Book-Entry Interest pursuant to this Section 2.06(c)(iii) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such Book-Entry
Interest shall designate in such instructions. The Trustee shall deliver such Unrestricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Unrestricted Definitive Note issued in exchange for a Book-Entry Interest
pursuant to this Section 2.06(c)(iii) shall not bear the first two paragraphs of the Private Placement Legend. 

  
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 (d) Transfer and Exchange of Definitive Notes for Book-Entry Interests in
the Global Notes. 
 (i) Transfer or Exchange of Restricted Definitive Notes to Book-Entry Interests in
Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Restricted Definitive Note for a Book-Entry Interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who
takes delivery thereof in the form of a Book-Entry Interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the Holder of such Restricted Definitive Note proposes to exchange such Restricted Definitive Note for a Book-Entry
Interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive
Note is being transferred to a “Non-U.S. Person” in an offshore transaction (as defined in Rule 902(k) of Regulation S) in accordance with Rule 903 or Rule 904, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is
being transferred pursuant to another exemption from the registration requirements of the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3) thereof; or 

(E) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3) thereof, 
 the Trustee shall cancel the Restricted
Definitive Note, increase or cause to be increased in a corresponding amount pursuant to Section 2.06(g), the aggregate principal amount of, in the case of clause (d)(i)(A) of this Section 2.06, the appropriate Restricted Global Note, in
the case of clause (d)(i)(B) of this Section 2.06, a 144A Global Note, and in the case of clause (d)(i)(C) of this Section 2.06, a Regulation S Global Note, and in all other cases, the appropriate Restricted Global Note. 

(ii) Transfer or Exchange of Restricted Definitive Notes to Book-Entry Interests in Unrestricted Global Notes. A Holder
of a Restricted Definitive Note may exchange such Restricted Definitive Note for a Book-Entry Interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a Book-Entry
Interest in an Unrestricted Global Note only if the Registrar receives the following: 

  
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 (A) if the Holder of such Restricted Definitive Note proposes to exchange
such Restricted Definitive Note for a Book-Entry Interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(B) if the Holder of such Restricted Definitive Note proposes to transfer such Restricted Definitive Note to a Person who
shall take delivery thereof in the form of a Book-Entry Interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this Section 2.06(d)(ii), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer shall be effected in compliance with the Securities Act and that the restrictions on transfer contained herein and in the first two
paragraphs of the Private Placement Legend shall no longer be required in order to maintain compliance with the Securities Act. 
 Upon
satisfaction of the conditions of any of the clauses in this Section 2.06(d)(ii), the Trustee shall cancel such Restricted Definitive Note and increase or cause to be increased in a corresponding amount pursuant to Section 2.06(g), the
aggregate principal amount of the Unrestricted Global Note. 
 (iii) Transfer or Exchange of Unrestricted Definitive Notes
to Book-Entry Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a Book-Entry Interest in an Unrestricted Global Note or transfer such Unrestricted Definitive
Note to a Person who takes delivery thereof in the form of a Book-Entry Interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive
Note and increase or cause to be increased in a corresponding amount pursuant to Section 2.06(g) the aggregate principal amount of one of the Unrestricted Global Notes. 

(iv) Transfer or Exchange of Unrestricted Definitive Notes to Book-Entry Interests in Restricted Global Notes
Prohibited. An Unrestricted Definitive Note may not be exchanged for, or transferred to Persons who take delivery thereof in the form of, Book-Entry Interests in a Restricted Global Note. 

(v) Issuance of Unrestricted Global Notes. If any such exchange or transfer of a Definitive Note for a Book-Entry
Interest in an Unrestricted Global Note is effected pursuant to clause (iii) of this Section 2.06(d) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in
accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

  
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 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon
request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder. In addition, the
requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

(i) Transfer of Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, a certificate
in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will be
made pursuant to any other exemption from the registration requirements of the Securities Act, a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if
applicable. 
 (ii) Transfer or Exchange of Restricted Definitive Notes to Unrestricted Definitive Notes. Any
Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the
following: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Restricted Definitive Notes for
an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(B) if the Holder of such Restricted Definitive Notes proposes to transfer such Restricted Definitive Notes to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this Section 2.06(e)(ii), if the Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer complies with the Securities Act and that the restrictions on transfer contained herein and in the first two paragraphs of the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act. 

  
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 Upon satisfaction of the conditions of any of the clauses of this Section 2.06(e)(ii),
the Trustee shall cancel the prior Restricted Definitive Note and the Issuer shall execute, and upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate and deliver an Unrestricted Definitive Note
in the appropriate aggregate principal amount to the Person designated by the holder of such prior Restricted Definitive Note in instructions delivered to the Registrar by such holder. 

(iii) Transfer of Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder of Unrestricted Definitive
Notes may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted
Definitive Notes pursuant to the instructions from the holder thereof. 
 (f) Legends. The following legends shall appear on
the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(i) Private Placement Legend. 

(A) Except as permitted by clause (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS SECURITY (OR ITS PREDECESSOR NOTE)
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. 
 THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED, ONLY (I) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 

  
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 RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (V) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF €100,000, 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 (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES AND IN EACH OF CASES (III), (IV) AND (V) SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

THIS SECURITY HAS NOT BEEN QUALIFIED BY PROSPECTUS OR OTHERWISE PURSUANT TO CANADIAN SECURITIES LAWS. UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY IN CANADA OR TO CANADIAN RESIDENTS BEFORE THE DATE THAT IS FOUR (4) MONTHS AND A DAY AFTER THE LATER OF (I) MARCH 31, 2021 AND (II) THE DATE THE ISSUER BECAME A
REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.” 
 (B) Notwithstanding the foregoing, any Global Note or Definitive
Note issued pursuant to clauses (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (i) to this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the first two paragraphs of the
Private Placement Legend. 
 (C) Notwithstanding the foregoing, any Regulation S Global Note shall bear the legend in
substantially the following form: 

  
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 THIS SECURITY (OR ITS PREDECESSOR NOTE) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY
EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

(ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.” 
 (g) Cancellation and/or Adjustment
of Global Notes. At such time as all Book-Entry Interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part,
each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any Book-Entry Interest in a Global Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a Book-Entry Interest in another Global Note or for Definitive Notes, the aggregate principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made
on such Global Note by the Registrar, the Principal Paying Agent or the Common Depositary at the direction of the Trustee to reflect such reduction; and if the Book-Entry Interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a Book-Entry Interest in another Global Note, the aggregate principal amount of such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Registrar, the
Principal Paying Agent or the Common Depositary at the direction of the Trustee to reflect such increase. 
 (h) General Provisions
Relating to Transfers and Exchanges. 
 (i) To permit registrations of transfers and exchanges, the Issuer will
execute and the Trustee or the Authenticating Agent will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

  
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 (ii) No service charge shall be made to a holder of a Book-Entry Interest in
a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other
than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.12, 4.18 and 9.04). 

(iii) No Transfer Agent or Registrar will be required to register the transfer of or exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Notes and
Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

(v) None of the Issuer, the Registrar or the Transfer Agent shall be required (A) to issue, to register the transfer of or
to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the date of selection, (B) to register the
transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a record date (including a
Regular Record Date) and the next succeeding Interest Payment Date. 
 (vi) Prior to due presentment for the registration of
transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of, premium and Additional Amounts,
if any, and interest on such Note and for all other purposes, in each case regardless of any notice to the contrary. 
 (vii)
All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

(viii) The Trustee is hereby authorized and directed to enter into a letter of representation with the Depositary in the form
provided by the Issuer and to act in accordance with such letter. 
 (i) Automatic Exchange from Restricted Global Note to Unrestricted
Global Note. At the option of the Issuer and upon compliance with the following procedures, Book-Entry Interests in a Restricted Global Note shall be exchanged for Book-Entry Interests in an Unrestricted Global Note. In order to effect such
exchange, the Issuer shall provide written notice to the Trustee instructing the Trustee to (i) direct the Depositary to transfer the specified 

  
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 amount of the outstanding Book-Entry Interests in a particular Restricted Global Note to an Unrestricted
Global Note and provide the Depositary with all such information as is necessary for the Depositary to appropriately credit and debit the relevant Holder accounts and (ii) provide prior written notice to all Holders of such exchange, which
notice must include the date such exchange is proposed to occur, the ISIN number of the relevant Restricted Global Note and the ISIN number of the Unrestricted Global Note into which such Holders’ Book-Entry Interests will be exchanged. As a
condition to any such exchange pursuant to this Section 2.06(i), the Trustee shall be entitled to receive from the Company or the Issuer, and rely upon conclusively without any liability, an Officer’s Certificate and an Opinion of Counsel,
in form and in substance reasonably satisfactory to the Trustee, to the effect that such transfer of Book-Entry Interests to the Unrestricted Global Note shall be effected in compliance with the Securities Act. The Company or the Issuer may request
from Holders such information it reasonably determines is required in order to be able to deliver such Officer’s Certificate and Opinion of Counsel. Upon such exchange of Book-Entry Interests pursuant to this Section 2.06(i), the Registrar
shall reflect on its books and records the date of such transfer and a decrease and increase, respectively, in the principal amount of the applicable Restricted Global Note and the Unrestricted Global Note, respectively, equal to the principal
amount of Book-Entry Interests transferred. Following any such transfer pursuant to this Section 2.06(i) of all of the Book-Entry Interests in a Restricted Global Note, such Restricted Global Note shall be cancelled by the Trustee. 

Section 2.07 Replacement Notes. 

(a) If any mutilated Note is surrendered to the Registrar or the Trustee, or if the Issuer and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Note, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate and deliver in exchange therefor a replacement Note
of like tenor and principal amount, bearing a number not contemporaneously outstanding. If required by the Trustee or the Issuer, the Holder of such Note shall provide indemnity that is sufficient, in the judgment of the Issuer and the Trustee, to
protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer in connection with such replacement. If required by the Trustee or the Issuer, such Holder shall reimburse the Issuer for its
reasonable expenses in connection with such replacement. 
 (b) Every replacement Note issued in accordance with this Section 2.07 shall
be the valid obligation of the Issuer, evidencing the same debt as the destroyed, lost or stolen Note, and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

Section 2.08 Outstanding Notes. 

(a) The Notes outstanding at any time shall be the entire principal amount of Notes represented by all of the Global Notes and Definitive Notes
authenticated by the Trustee or the Authenticating Agent except for those cancelled by it, those delivered to it for cancellation, those subject to reductions in Book-Entry Interests effected by the Trustee in accordance with Section 2.06, and
those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note shall not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note; provided, however, that
Notes held by the Company or a Subsidiary of the Company shall be deemed not to be outstanding for purposes of Section 3.07(c). 

  
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 (b) If a Note is replaced pursuant to Section 2.07, it shall cease to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced note is held by a bona fide purchaser. 
 (c) If the principal amount
of any Note is considered paid under Section 4.01, it shall cease to be outstanding and interest on it shall cease to accrue. 
 (d) If
the Paying Agent (other than the Company, the Issuer or a Subsidiary or Affiliate thereof) holds, on a redemption date, a Purchase Date or a Maturity Date, funds sufficient to pay Notes payable on that date, then on and after that date such Notes
shall be deemed to be no longer outstanding and shall cease to accrue interest. 
 Section 2.09 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Company, the Issuer or by any Affiliate of the Company or the Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that the Trustee knows are so owned shall be so disregarded. 
 Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Issuer may prepare and, upon receipt of an Authentication Order in accordance
with Section 2.02, the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes and as shall be
reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate Global Notes or Definitive Notes in exchange for temporary Notes, as applicable. After preparation of Definitive Notes, the
Temporary Note will be exchangeable for Definitive Notes upon surrender of the Temporary Notes. 
 Holders of temporary Notes shall be
entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

Section 2.11 Cancellation. 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar, Paying Agent and Transfer Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or payment. Upon sole direction of the Issuer, the Trustee, the Registrar or the Paying Agent (other than the Issuer or a Subsidiary of the Issuer) and no one else shall
cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall destroy cancelled Notes (subject to the record retention requirements of the Exchange Act or other applicable laws) customary in
accordance with its process unless by written order, signed by an Officer of the Issuer, the Issuer directs them to be returned to it. 

  
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 Certification of the destruction of all cancelled Notes shall be delivered to the Issuer from time to time
upon request. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. The Issuer undertakes to promptly inform the Authority (as long as the Notes are listed on the Official
List of the Exchange and the rules of the Authority so require) on any such cancellation. 
 Section 2.12 Payment of Interest;
Defaulted Interest. 
 If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. In such event, the
Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment and shall fix or cause to be fixed each such special record date and payment date; provided
that no such special record date shall be less than 10 days prior to the related Interest Payment Date for such defaulted interest. At least 15 days before any such special record date, the Issuer (or, upon the written request of the Issuer, the
Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed to Holders a notice that states the special record date, the related Interest Payment Date and the amount of such interest to be paid. The Issuer undertakes to
promptly inform the Authority (as long as the Notes are listed on the Official List of the Exchange and the rules of the Authority so require) of any such special record date. 

Section 2.13 CUSIP, ISIN or Common Code Numbers. 

The Issuer in issuing the Notes may use “CUSIP”, “ISIN” and/or “Common Code” numbers (if then generally in use),
and, if so, the Trustee shall use “CUSIP”, “ISIN” and/or “Common Code” numbers in notices of redemption or Offers to Purchase as a convenience to Holders; provided, however, that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or notice of an Offer to Purchase and that reliance may be placed only on the other identification
numbers printed on the Notes, and any such redemption or Offer to Purchase shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly notify the Trustee of any change in the “CUSIP”, “ISIN”
and/or “Common Code” numbers. 
 Section 2.14 Issuance of Additional Notes. 

The Issuer shall be entitled, subject to its compliance with Section 4.09, to issue Additional Notes under this Indenture which shall have
identical terms as the Initial Notes issued on the date hereof, other than with respect to the date of issuance and issue price (except that if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, the
Additional Notes will be assigned a different ISIN, CUSIP and/or Common Code number or other identification number so that they are distinguishable from such previously issued notes). The Initial Notes issued on the date hereof and any Additional
Notes shall be treated as a single class for all purposes under this Indenture, including directions, waivers, amendments, consents, redemptions and Offers to Purchase. 

  
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 With respect to any Additional Notes, the Company or the Issuer shall set forth in a Board
Resolution and an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 
 (a)
the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (b) the issue price,
the issue date and the CUSIP and/or ISIN and/or Common Code number of such Additional Notes; provided, however, that if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, the Additional
Notes will be assigned a different ISIN, CUSIP and/or Common Code number or other identification number; and 
 (c) whether such Additional
Notes shall be subject to the restrictions on transfer set forth in Section 2.06 relating to Restricted Global Notes and Restricted Definitive Notes. 

Section 2.15 Pro Rata Payments. 

If on any given day the Issuer makes a payment to the Paying Agent or the Trustee in respect of the Notes and such payment is not sufficient to
pay all amounts due and payable on such date in respect of such Notes, such payment shall be applied to the amounts then due and payable on the subject Notes on a pro rata basis based on the amounts then due and payable on such Notes. 

ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notices to Trustee. 

If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07, it shall furnish to the Trustee and
the Principal Paying Agent, at least five Business Days before the publication of the notice of such redemption (or such shorter period as may be allowed by the Trustee and the Principal Paying Agent), an Officers’ Certificate setting forth
(a) the applicable section of this Indenture pursuant to which the redemption shall occur, (b) the redemption date, (c) the principal amount of Notes to be redeemed, (d) the calculation of the redemption price but need not
include the redemption price itself and (e) any conditions precedents as set forth in the final paragraph of Section 3.03. 

Section 3.02 Selection of Notes to Be Redeemed. 

If fewer than all of the Notes are to be redeemed at any time, Euroclear or Clearstream will credit their respective participants’
accounts on a proportionate basis (with adjustments to prevent fractions) or on such other basis as they deem fair and appropriate; provided, however, that no principal amount of less than €100,000 may be redeemed in part. If the Notes
are not so listed or such exchange prescribes no method of selection and the Notes are not held through Euroclear or Clearstream, or Euroclear or Clearstream prescribes no method of selection, the Notes will be 

  
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 selected on a pro rata basis by use of a pool factor; provided, however, that no Note of
€100,000 in aggregate principal amount or less shall be redeemed in part and only Notes in integral multiples of €1,000 will be redeemed. The Paying Agent or Registrar, as the case may be, shall notify the Issuer and the Trustee promptly
of the Notes or portions of Notes to be redeemed. Neither the Paying Agent nor the Registrar will be liable for any selections made in accordance with this Section 3.02. 

If any Notes of any series are to be redeemed in part only, the notice of redemption shall state the portion of the principal amount to be
redeemed. In the case of a Definitive Note, a new Definitive Note in principal amount equal to the unredeemed portion of any Definitive Registered Note redeemed in part will be issued in the name of the Holder thereof upon cancellation of the
original Definitive Note. In the case of a Global Note, an appropriate notation will be made on such Global Note or in accordance with the procedures of Euroclear or Clearstream (as applicable) to decrease the principal amount thereof to an amount
equal to the unredeemed portion thereof. 
 Section 3.03 Notice of Redemption. 

At least 10 days but not more than 60 days prior to a redemption date, the Issuer shall mail or cause to be mailed, electronically or by
first-class mail, postage prepaid, a notice of redemption to each Holder whose Notes are to be redeemed at such Holder’s registered address appearing in the Register or otherwise in accordance with the procedures of Euroclear or Clearstream for
communication to entitled account holders in substitution for the aforesaid mailing, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or
a satisfaction and discharge. 
 The notice shall identify the Notes to be redeemed and shall state: 

(a) the redemption date and the record date; 

(b) the appropriate method for calculation of the redemption price, but need not include the redemption price itself; the actual redemption
price shall be set forth in an Officers’ Certificate delivered to the Trustee and Paying Agent no later than two (2) Business Days prior to the redemption date; 

(c) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date
upon surrender of such Note, if applicable, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note; 

(d) the name and address of the Paying Agent; 

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after
the redemption date; 

  
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 (g) the applicable section of this Indenture pursuant to which the Notes called for
redemption are being redeemed; 
 (h) that no representation is made as to the correctness of the CUSIP and/or ISIN and/or Common Code
numbers, if any, listed in such notice or printed on the Notes; and 
 (i) any conditions precedent to which the redemption is subject. 

At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at its expense; provided,
however, that the Issuer shall have delivered to the Trustee a least five Business Days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice (in the name and at the expense of the Issuer)
and setting forth the information to be stated in such notice as provided in this Section 3.03. 
 In connection with any redemption of
Notes (including with the proceeds of a Qualified Equity Offering) or any Offer to Purchase (including in connection with a Change of Control, Alternate Offer or Asset Sale Offer), any such redemption or purchase may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including the completion of any related financing or Qualified Equity Offering. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent,
such notice shall state that, in the Issuer’s sole discretion, the redemption or purchase date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption
or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption or purchase date, or by the redemption or purchase date so delayed, and that such redemption or
purchase provisions may be adjusted to comply with the requirements of any Depositary for the Notes; provided that in no case shall the notice have been delivered less than 10 days or more than 60 days prior to the date on which such
redemption (if any) occurs. In addition, the Issuer may provide in such notice that payment of the redemption or purchase price and performance of the Issuer’s other obligations with respect to such redemption or purchase may be performed by a
direct or indirect parent of the Issuer to the extent such parent performs such obligations in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to such redemption or purchase. 

If and for so long as any Notes are listed on the Exchange and if and to the extent the rules of the Exchange so require, the Issuer will
notify the Exchange of any such notice to the holders of the relevant Notes and, in connection with any redemption, the Issuer will notify the Exchange of any change in the principal amount of Notes outstanding. 

Section 3.04 Effect of Notice of Redemption. 

Once a notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption shall become irrevocably due and
payable on the redemption date at the redemption price (except to the extent such redemption is conditional as set forth in final paragraph of Section 3.03). 

  
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 Section 3.05 Deposit of Redemption Price. 

On or prior to 10:00 a.m. London time on the Business Day prior to any redemption date, the Issuer shall deposit with the Paying Agent money
sufficient to pay the redemption price of and, if applicable, accrued and unpaid interest and Additional Amounts on all Notes to be redeemed on that date. The Paying Agent shall promptly, and in any event within two (2) Business Days after the
redemption date, return to the Issuer any money deposited with the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest and Additional Amounts, if any, on, all Notes to be
redeemed. Neither the Trustee nor any Agent shall be required to pay out any money without such money first having been placed in its funds. 

If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption date and in accordance with
Section 2.08(d), interest shall cease to accrue on the Notes or the portions of Notes called for purchase or redemption, whether or not such Notes are presented for payment. If a Note is redeemed on or after a Regular Record Date but on or
prior to the related Interest Payment Date, then any accrued and unpaid interest and Additional Amounts, if any, shall be paid to the Person in whose name such Note was registered at the close of business on such Regular Record Date. If any Note
called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is
paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01. 

Section 3.06 Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.02, the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

Section 3.07 Optional Redemption. 

(a) Except as set forth in clauses (b) and (c) of this Section 3.07, the Notes will not be redeemable at the option of the Issuer
prior to April 15, 2024. Starting on that date, the Issuer may, from time to time, redeem all or any portion of the Notes. The Notes may be redeemed at the redemption prices set forth below, plus accrued and unpaid interest and
Additional Amounts, if any, to but excluding the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). The following prices are for Notes redeemed
during the 12 month period commencing on April 15 of the years set forth below, and are expressed as percentages of principal amount: 
  

					
	 Year
	  	Redemption Price	 
	 2024
	  	 	101.6875	% 
	 2025
	  	 	100.8438	% 
	 2026 and thereafter
	  	 	100.000	% 

  
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 (b) At any time prior to April 15, 2024, the Issuer may, from time to time, redeem all
or any portion of the Notes at a redemption price equal to the greater of: 
 (i) 100.0% of the principal amount of the Notes
to be redeemed; and 
 (ii) the sum of the present values of (A) the redemption price of the Notes at April 15,
2024 (as set forth in the preceding paragraph) and (B) the remaining scheduled payments of interest from the redemption date through April 15, 2024, but excluding accrued and unpaid interest through the redemption date, discounted to the
redemption date (assuming a 360-day year consisting of twelve 30-day months), at the Bund Rate plus 50 basis points, 

plus, in either case, accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the redemption date (subject to the right
of holders of record on the Relevant Record Date to receive interest due on the relevant Interest Payment Date) (the “Applicable Premium”). 

(c) In addition, at any time and from time to time prior to April 15, 2024, the Issuer may redeem up to a maximum of 40.0% of the original
aggregate principal amount of the Notes (including any Additional Notes) with an amount up to the proceeds of one or more Qualified Equity Offerings at a redemption price equal to 103.375% of the principal amount of the Notes to be redeemed,
plus accrued and unpaid interest and Additional Amounts, if any, to but excluding the redemption date (subject to the right of holders of record on the Relevant Record Date to receive interest due on the relevant Interest Payment Date);
provided, however, that after giving effect to any such redemption, at least 50.0% of the original aggregate principal amount of the Notes (including any Additional Notes) remains outstanding (unless all Notes are redeemed
concurrently). Notice of any such redemption shall be made within 90 days of such Qualified Equity Offering. 
 (d) Other than as
specifically provided in this Section 3.07, any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06. 

Section 3.08 Sinking Fund. 

The Issuer shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09 Redemption for Changes in Taxes. 

(a) If (i) any Payor becomes obligated to pay Additional Amounts as set forth under Section 4.20 hereof, (ii) such obligation
cannot be avoided by the taking of reasonable measures available to the Payor and (iii) the requirement arises as a result of: 

(i) any change in or amendment to, the laws or treaties (or any regulations, or rulings promulgated thereunder) of the Relevant
Tax Jurisdiction which change or amendment has not been publicly announced as formally proposed before, and which becomes effective on or after, the Issue Date or, if a Relevant Tax Jurisdiction has changed since the Issue Date, the date on which
such Relevant Tax Jurisdiction became an applicable Relevant Tax Jurisdiction pursuant to this Indenture (the “Relevant Tax Jurisdiction Date”); or 

  
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 (ii) any change in, or amendment to, the existing official position or the
introduction of an official position regarding the application, administration or interpretation of such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction or a change in published
practice), which change, amendment, application or interpretation has not been publicly announced as formally proposed before, and becomes effective on or after, the Relevant Tax Jurisdiction Date (each of the foregoing clauses (i) and (ii), a
“Change in Tax Law”), 
 the Notes may be redeemed, in whole but not in part, at the option of the Issuer, upon not
less than 10 days’ nor more than 60 days’ prior notice of redemption at 100% of the outstanding principal amount thereof together with accrued and unpaid interest, if any, to but excluding the date fixed for redemption (a “Tax
Redemption Date”) and Additional Amounts, if any, then due and that will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date and Additional Amounts, if any, in respect thereof). 
 (b) Prior to giving any notice of
redemption pursuant to this provision, the Issuer shall deliver to the Trustee and Principal Paying Agent (i) an Officers’ Certificate stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the right of the Issuer so to redeem have occurred and (ii) an Opinion of Counsel qualified under the laws of the Relevant Tax Jurisdiction to the effect that the Payor has been or will become obligated
to pay Additional Amounts as a result of a Change in Tax Law. The Trustee shall be entitled to accept such Officers’ Certificate and Opinion of Counsel as sufficient evidence of the satisfaction of such conditions precedent, in which event it
shall be conclusive and binding on the Holders. 
 (c) No notice of redemption pursuant to this Section 3.09 may be given
(i) earlier than 60 days prior to the earliest date on which the Payor would be obligated to pay such Additional Amounts were a payment in respect of the Notes then due, or (ii) if at the time such notice is given, such obligation to pay
such Additional Amounts does not remain in effect. 
 (c) This Section 3.09 will apply mutatis mutandis to any jurisdiction in
which any successor to a Payor is incorporated or organized or any political subdivision or taxing authority or agency thereof or therein. 

Section 3.10 Offer To Purchase Procedures. 

(a) In the event that, pursuant to Section 4.12 or 4.18, the Issuer shall be required to commence an Asset Sale Offer or a Change of
Control Offer (each, an “Offer to Purchase”), it shall follow the procedures specified below. 

  
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 (b) The Issuer shall commence the Offer to Purchase by sending, by first-class mail or
electronic delivery, with a copy to the Trustee, to each Holder, a notice the terms of which shall govern the Offer to Purchase stating: 

(i) that the Offer to Purchase is being made pursuant to this Section 3.10, Section 4.12 or Section 4.18, as the
case may be, and, in the case of a Change of Control Offer Triggering Event, that a Change of Control Triggering Event has occurred, the circumstances regarding the Change of Control Triggering Event, and that a Change of Control Offer is being made
pursuant to Section 4.18; 
 (ii) the principal amount of Notes required to be purchased pursuant to Section 4.12
or Section 4.18, as the case may be (the “Offer Amount”), the purchase price set forth in Section 4.12 or Section 4.18, as the case may be (the “Purchase Price”), the Offer Period and
the Purchase Date (each as defined below); 
 (iii) except as provided in clause (ix) of this Section 3.10(c), that
all Notes timely tendered and not withdrawn shall be accepted for payment; 
 (iv) that any Note not tendered or accepted for
payment shall continue to accrue interest; 
 (v) that, unless the Issuer defaults in making such payment, any Note accepted
for payment pursuant to the Offer to Purchase shall cease to accrue interest after the Purchase Date; 
 (vi) that Holders
electing to have a Note purchased pursuant to an Offer to Purchase may elect to have Notes purchased in denominations of €100,000 or integral multiples of €1,000 in excess thereof only; 

(vii) that Holders electing to have a Note purchased pursuant to any Offer to Purchase shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Issuer, the Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in
the notice before the close of business on the third Business Day before the Purchase Date; 
 (viii) that Holders shall be
entitled to withdraw their election if the Issuer, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, facsimile transmission, electronic mail or letter setting forth the
name of the Holder, the principal amount of the Note (or portions thereof) the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(ix) that, in the case of an Asset Sale Offer, if the aggregate principal amount of Notes surrendered by Holders exceeds the
Offer Amount, the Issuer shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in denominations of €100,000 or integral multiples of €1,000 in
excess thereof shall be purchased, provided that Notes of €100,000 or less may only be redeemed in whole and not in part); 

  
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 (x) that Holders whose Notes were purchased in part shall be issued
replacement Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer); and 

(xi) any other procedures the Holders must follow in order to tender their Notes (or portions thereof) for payment and the
procedures that Holders must follow in order to withdraw an election to tender Notes (or portions thereof) for payment. 
 (c) The Offer to
Purchase shall remain open for a period of at least 30 days but no more than 60 days following its commencement, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five
(5) Business Days (and in any event no later than the 60th day following the Change of Control except to the extent that a longer period is required by applicable law) after the termination of the Offer Period (the “Purchase
Date”), the Issuer shall purchase the Offer Amount or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Offer to Purchase. Payment for any Notes so purchased shall be made in the same manner as
interest payments are made. The Issuer shall publicly announce the results of the Offer to Purchase on the Purchase Date. 
 (d) On or prior
to the Purchase Date, the Issuer shall, to the extent lawful: 
 (i) accept for payment (on a pro rata basis to the
extent necessary in connection with an Asset Sale Offer), the Offer Amount of Notes or portions of Notes properly tendered and not withdrawn pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all Notes tendered;

 (ii) deposit with the Paying Agent funds in an amount equal to the Purchase 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 by the Issuer and that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of
this Section 3.10. 
 (e) The Paying Agent (or the Company or the Issuer, if acting as the Paying Agent) shall promptly (but in the case
of a Change of Control, not later than 60 days from the date of the Change of Control) deliver to each tendering Holder the Purchase Price. In the event that any portion of the Notes surrendered is not purchased by the Issuer, the Issuer shall
promptly execute and issue a new Note in a principal amount equal to such unpurchased portion of the Note surrendered, and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate and deliver (or
cause to be transferred by book-entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered; provided, however, that each such new Note shall be in a principal amount of
€100,000 or integral multiples of €1,000 in excess thereof. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. 

  
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 (f) If the Purchase Date is on or after a Regular Record Date and on or before the related
Interest Payment Date, any accrued and unpaid interest on any Note shall be paid to 
 the Person in whose name such Note is registered at the close of
business on such Regular Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Offer to Purchase. 

(g) The Issuer shall comply, to the extent applicable, 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 Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict
with Section 4.12 or 4.18, as applicable, this Section 3.10 or other provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
Section 4.12 or 4.18, as applicable, this Section 3.10 or such other provision by virtue of such compliance. 
 (h) Other than as
specifically provided in this Section 3.10, any purchase pursuant to this Section 3.10 shall be made in accordance with the provisions of Sections 3.01 through 3.06. 

ARTICLE 4 
 COVENANTS

 Section 4.01 Payment of Notes. 

The Issuer shall pay or cause to be paid the principal of, premium and Additional Amounts, if any, and interest on, the Notes on the dates and
in the manner provided in this Indenture and the Notes. Principal, premium and Additional Amounts, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof (including the
Issuer), holds as of 10:00 a.m. (London time) on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium and Additional Amounts, if any, and interest then due. Such
Paying Agent shall return to the Issuer promptly, and in any event, no later than two (2) Business Days following the date of payment, any money (including accrued interest) that exceeds such amount of principal, premium and Additional Amounts,
if any, and interest paid on the Notes. If a payment date is not a Business Day, payment may be made at that place on the next succeeding day that is not a Business Day, and no interest shall accrue on such payment for the intervening period. 

The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium
and Additional Amounts, if any, from time to time on demand at a rate that is equal to the rate then in effect and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. 
 Interest
shall be computed on the aggregate nominal amount outstanding on the basis of a 360-day year comprised of twelve 30-day months. For purposes of the Interest Act
(Canada), the yearly rate of interest that is equivalent to the rate payable hereunder is the rate payable multiplied by the actual number of days in the year and divided by 360. 

  
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 Section 4.02 Maintenance of Office or Agency. 

(a) The Issuer shall maintain an office or agency (which may be an office or drop facility of the Trustee or an Affiliate of the Trustee) where
Notes may be presented or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

(b) The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Issuer hereby designates the office of the Trustee (the address of which is specified in Section 12.02 hereof) as one such office,
drop facility or agency of the Issuer in accordance with Section 2.03 and Section 4.02(a). 
 Section 4.03 Reports and
Other Information. 
 Whether or not required by the Commission, so long as any Notes are outstanding, the Company will furnish to the
Holders, within the time periods specified in the Commission’s rules and regulations (as in effect on the Issue Date) for non-accelerated filers: 

(a) all quarterly and annual financial information that would be required to be contained in a filing by a
non-accelerated filer with the Commission on Forms 10-Q and 10-K (or any successor or comparable forms) if the Company were
required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the
Company’s certified independent accountants; and 
 (b) all current reports that would be required to be filed with the Commission on
Form 8-K if the Company were required to file such reports. 
 The Company will be deemed to have
furnished to the Holders the reports referred to in Sections 4.03(a) and (b) if the Company has either (i) filed such reports with the Commission (and such reports are publicly available), (ii) posted such reports on the Company Website,
made such reports available to the Trustee and issued a press release in respect thereof or (iii) when not otherwise filing such reports with the Commission, posted such reports on IntraLinks or any comparable password protected online data
system requiring user identification and a 

  
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 confidentiality acknowledgment; provided that in all cases the Company shall make such information
available to securities analysts and prospective investors upon request; and provided further that, solely to the extent that the Company elects to comply with this Section 4.03 as described in clause (iii) above, the
Company shall, not later than 10 Business Days after providing the information required by Sections 4.03(a) and (b), hold a publicly accessible conference call to discuss such information for the relevant fiscal period and issue a press release in
respect thereof no fewer than three (3) Business Days prior to the date of such conference call. 
 For purposes of this
Section 4.03, the term “Company Website” means the collection of web pages that may be accessed on the World Wide Web using the URL address http://www.novelis.com or such other address as the Company may from time to time
designate in writing to the Trustee. In addition, the Company agrees that, for so long as any Notes remain outstanding, it will furnish to Holders and to securities analysts and prospective investors, upon their request, the information required to
be delivered pursuant to Rule 144A(d)(4) under the Securities Act. Notwithstanding the foregoing, the Company will not be required to furnish any information required by Item 3-10 or 3-16 of Regulation S-X under the Securities Act, it being understood that the Company will provide information with respect to its Subsidiaries consistent with such
information included in the Offering Memorandum. In addition, such reports will not be subject to the TIA. 
 If at any subsequent time any
direct or indirect parent company of the Company becomes a Guarantor of the Notes (there being no obligation of such parent to do so), the reports, information and other documents required to be furnished to the Holders pursuant to this
Section 4.03 may, at the option of the Company, be furnished by and be those of such parent rather than the Company; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences
between the information relating to such parent, on the one hand, and the information relating to the Company, as applicable, and its Restricted Subsidiaries on a standalone basis, on the other hand. 

Contemporaneously with the furnishing of each such report set forth in clauses (1) and (2) of the first paragraph of this
Section 4.03, the Issuer will also make available copies of such reports to the Authority (to the extent required by the rules of the Authority). 

Notwithstanding anything herein to the contrary, any failure to comply with this Section 4.03 shall be automatically cured when the
Company or any direct or indirect parent of the Company, as the case may be, furnishes all required reports to the holders of the Notes or files all required reports with the Commission. 

Section 4.04 Statement as to Compliance. 

The Issuer shall deliver to the Trustee no later than the date on which the Company is required to deliver annual reports pursuant to
Section 4.03, an Officers’ Certificate stating that in the course of the performance by the relevant officers of their respective duties as an officer of the Issuer they would normally have knowledge of any Default or Event of Default and
whether or not such officers know of any Default that occurred during such period and, if any, specifying such Default or Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

  
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 Section 4.05 Taxes. 

The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material Taxes, except such as are being
contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders. 

Section 4.06 Stay, Extension and Usury Laws. 

Each of the Company and the Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each of the Company
and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07
Corporate Existence. 
 Subject to Article 5 and Section 10.04, each of the Company and the Issuer shall do or cause to be done
all things necessary to preserve and keep in full force and effect (i) its corporate existence, and the corporate, partnership or other existence of each Restricted Subsidiary, in accordance with the respective organizational documents (as the
same may be amended from time to time) of the Company, the Issuer or any such Restricted Subsidiary and (ii) the material rights (charter and statutory), licenses and franchises of the Company, the Issuer and the other Restricted Subsidiaries;
provided, however, that the Company and the Issuer shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Restricted Subsidiary, if an Officer or the Board of
Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the
Holders, or that such preservation is not necessary in connection with any transaction not prohibited by this Indenture. 

Section 4.08 Maintenance of Listing. 

The Issuer shall use its commercially reasonable efforts to obtain and maintain the listing of the Notes on the Exchange for so long as any
Notes are outstanding; provided that if the Issuer is unable to obtain admission to such listing or if at any time the Issuer determines that it will not maintain such listing, it shall use its commercially reasonable efforts to obtain and
maintain a listing of the Notes on another recognized stock exchange for high yield issuers (which may be another stock exchange that is not regulated by the European Union). 

Section 4.09 Limitation on Debt. 

The Company shall not, and shall not permit any Restricted Subsidiary to, Incur, directly or indirectly, any Debt unless either: 

  
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 (a) such Debt is Debt of the Company or a Restricted Subsidiary and, after giving effect to
the Incurrence of such Debt and the application of the proceeds thereof, (x) the Consolidated Interest Coverage Ratio would be greater than 2.00 to 1.00 and (y) no Default or Event of Default would occur as a consequence of such Incurrence
or be continuing following such Incurrence, provided, that the principal amount of Debt, Disqualified Stock and Preferred Stock that may be Incurred or issued, as applicable, pursuant to the foregoing by Restricted Subsidiaries that are not
Subsidiary Obligors shall not exceed the greater of (x) $400.0 million and (y) 5.0% of Consolidated Net Tangible Assets at any one time outstanding (together with all Permitted Refinancing Debt then outstanding and Incurred to Refinance any of
the foregoing), or 
 (b) such Debt is Permitted Debt. 

The term “Permitted Debt” is defined to include the following: 

(a) (i) Debt of the Issuer evidenced by the Notes (other than Additional Notes), and (ii) Debt of the Company evidenced by the Guaranties
relating to the Notes; 
 (b) Debt of the Company or a Restricted Subsidiary under Credit Facilities, provided, that the aggregate
principal amount of all such Debt under Credit Facilities at any one time outstanding shall not exceed (x) $4,800.0 million (together with all Permitted Refinancing Debt Incurred and then outstanding in respect of Debt previously
Incurred pursuant to this clause (b)(x)), plus (y) an additional amount of Debt secured by Liens to the extent that the Net Senior Secured Leverage Ratio, calculated on a pro forma basis after giving effect to the Incurrence of
such Debt and the application of net proceeds therefrom, would not be greater than 3.75 to 1.0, and which amount in subclause (x) shall be increased by the amount by which the amount committed under any ABL Facility increases after the Issue
Date; provided further, that Debt Incurred under this clause (b) will be deemed Incurred first under subclause (x) and then under subclause (y); 

(c) Debt of the Company or a Restricted Subsidiary in respect of Capital Lease Obligations and Purchase Money Debt, provided, that the
aggregate principal amount of all Debt Incurred and then outstanding pursuant to this clause (c) (together with all Permitted Refinancing Debt Incurred and then outstanding in respect of Debt previously Incurred pursuant to this clause (c)) does not
exceed the greater of (x) $1,200.0 million and (y) 15.0% of Consolidated Net Tangible Assets; 
 (d) Debt of the Company owing to and
held by any Restricted Subsidiary and Debt of a Restricted Subsidiary owing to and held by the Company or any Restricted Subsidiary; provided, that any subsequent issue or transfer of Capital Stock or other event that results in any
such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Debt (except to the Company or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Debt by the
issuer thereof; 

  
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 (e) (i) Debt of the Company or a Restricted Subsidiary Incurred or issued to finance an
acquisition or Investment (or other purchase of assets) or that is assumed by the Company or any Restricted Subsidiary in connection with such acquisition or Investment (or other purchase of assets); and (ii) Debt of Persons that are acquired
by the Company or any Restricted Subsidiary or merged into, amalgamated or consolidated with the Company or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that in the case of the preceding subclauses (i) and
(ii), in an aggregate principal amount or liquidation preference not to exceed (A) the greater of (x) $1,200.0 million and (y) 15.0% of Consolidated Net Tangible Assets (together with any Permitted Refinancing Debt Incurred and then
outstanding in respect of Debt previously Incurred pursuant to this clause (e)) plus (B) an unlimited amount so long as in the case of this subclause (B), (x) the Company would have been able to Incur $1.00 of additional Debt pursuant to
clause (a) of the first paragraph of this Section 4.09 or (y) the Consolidated Interest Coverage Ratio for the Company would be equal to or greater than the Consolidated Interest Coverage Ratio for the Company immediately prior to
such transaction or series of transactions; 
 (f) Debt under Interest Rate Agreements entered into by the Company or a Restricted Subsidiary
for the purpose of limiting interest rate risk in the ordinary course of the financial management of the Company or such Restricted Subsidiary and not for speculative purposes; 

(g) Debt under Currency Exchange Protection Agreements entered into by the Company or a Restricted Subsidiary for the purpose of limiting
currency exchange rate risks directly related to transactions entered into by the Company or such Restricted Subsidiary in the ordinary course of business and not for speculative purposes; 

(h) Debt under Commodity Price Protection Agreements entered into by the Company or a Restricted Subsidiary in the ordinary course of the
financial management of the Company or such Restricted Subsidiary and not for speculative purposes; 
 (i) Debt in connection with one or
more standby letters of credit or performance bonds issued by the Company or a Restricted Subsidiary in the ordinary course of business or pursuant to self-insurance obligations and not in connection with the borrowing of money or the obtaining of
advances or credit; 
 (j) (x) Debt Incurred by a Securitization Entity in a Qualified Receivables Transaction that is not recourse to the
Company or any Restricted Subsidiary (except for Standard Receivables Undertakings) and (y) to the extent constituting Debt, Standard Receivables Undertakings of the Company or a Restricted Subsidiary in connection with a Qualified Receivables
Transaction; 
 (k) Debt of the Company or a Restricted Subsidiary outstanding on the Issue Date, including, without limitation, the Existing
Notes and the Guarantees related thereto (not otherwise described in clauses (a) and (b) of this definition of “Permitted Debt”); 

(l) Debt of the Company or a Restricted Subsidiary in an aggregate principal amount outstanding pursuant to this clause (l) (together with all
Permitted Refinancing Debt Incurred and then outstanding in respect of Debt previously Incurred pursuant to this clause (l)) at any one time not to exceed the greater of (x) $1,200.0 million and (y) 15.0% of Consolidated Net Tangible Assets;

  
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 (m) Permitted Refinancing Debt Incurred in respect of Debt Incurred pursuant to clause
(a) of the first paragraph of this Section 4.09 and clauses (a), (b), (c), (e), (k), (l), (m), (n), (x) and (cc) of this definition of “Permitted Debt”; 

(n) Debt of Restricted Subsidiaries of the Company that are not Subsidiary Guarantors in an aggregate principal amount which, when taken
together with all other Debt Incurred pursuant to this clause (n) (together with all Permitted Refinancing Debt Incurred and then outstanding in respect of Debt previously Incurred pursuant to this clause (n)) and outstanding on the date of such
Incurrence, does not exceed the greater of (x) $800.0 million and (y) 10.0% of Consolidated Net Tangible Assets; 
 (o) customer
deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course of business; 

(p) Debt of a Foreign Subsidiary that is not a Subsidiary Obligor in an aggregate principal amount which, when taken together with all other
Debt Incurred pursuant to this clause (p) (together with all Permitted Refinancing Debt Incurred and then outstanding in respect of Debt previously Incurred pursuant to this clause (p)) and outstanding on the date of such Incurrence, does not exceed
the greater of (x) $800.0 million and (y) 10.0% of Consolidated Net Tangible Assets; 
 (q) Debt owed on a short-term basis of no longer
than 30 days to banks and other financial institutions Incurred in the ordinary course of business of the Company and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements
to manage cash balances of the Company and its Restricted Subsidiaries; 
 (r) Debt of the Company or any Restricted Subsidiary consisting of
(i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, Incurred in the ordinary course of
business; 
 (s) Debt representing deferred compensation to employees of the Company (or any direct or indirect parent of the Company) and
the Restricted Subsidiaries Incurred in the ordinary course of business; 
 (t) Debt in respect of any bankers’ acceptance, bank
guarantees, letter of credit, warehouse receipt or similar facilities, and reinvestment obligations related thereto, Incurred in the ordinary course of business; 

(u) Guarantees (a) incurred in the ordinary course of business in respect of obligations of (or to) suppliers, customers, franchisees,
lessors and licensees that, in each case, are non-Affiliates of the Company or any of its Restricted Subsidiaries or (b) otherwise constituting Permitted Investments; 

(v) obligations of the Company or any of its Restricted Subsidiaries in respect of commercial credit card and merchant card services and other
banking products or services provided from time to time to the Company or any of its Restricted Subsidiaries in connection with operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox and stop payment services; 

  
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 (w) Debt issued by the Company or any of its Restricted Subsidiaries to any current or
former officer, director or employee of the Company, the direct or indirect parent of the Company or any Restricted Subsidiary (or permitted transferees of such current or former officers, directors or employees) to finance the purchase of shares
of, or options to purchase shares of, common stock of the Company or any of its Subsidiaries or any direct or indirect parent entity to the extent permitted by clause (d) of the second paragraph of Section 4.10; 

(x) Contribution Indebtedness; 

(y) Debt of the Company or a Restricted Subsidiary Incurred pursuant to industrial revenue bond, direct government loan or similar programs in
an aggregate principal amount outstanding at any one time not to exceed the greater of (x) $400.0 million and (y) 5.0% of Consolidated Net Tangible Assets; 

(z) Debt Incurred by the Company or any of its Restricted Subsidiaries to the extent that the net proceeds thereof are deposited with the
Trustee at or promptly after the funding of such Debt to satisfy and discharge the Notes or exercise the Issuer’s Legal Defeasance or Covenant Defeasance option as set forth in Article 8, in each case, in accordance with this Indenture; 

(aa) (i) to the extent constituting Debt, obligations under the Aleris Acquisition Agreement, (ii) Debt in connection with the exercise of
appraisal rights or the settlement of any claims or actions (whether actual, contingent or potential) with respect to the Aleris Transactions or any other acquisition (by merger, amalgamation or consolidation or otherwise) and (iii) Debt
consisting of obligations under deferred compensation or other similar arrangements incurred (I) pursuant to the Aleris Acquisition Agreement (and documents related thereto) or otherwise contemplated thereby, in each case in connection with the
Aleris Transactions, or (II) in connection with any permitted acquisition or other Investment not prohibited under this Indenture; 

(bb) Surviving Aleris Debt and Debt of any Restricted Subsidiary organized under the laws or the People’s Republic of China and, in each
case, any Permitted Refinancing Debt in respect thereof; provided that (i) the obligations in respect of the foregoing shall not be secured by any assets of, and shall not be guaranteed by, any Person, other than the assets of, and guarantees
by, any Restricted Subsidiary organized under the laws of the People’s Republic of China that is not a Guarantor, and (ii) the aggregate principal amount of Debt and undrawn commitments thereunder shall not exceed $300.0 million at
any time outstanding; 
 (cc) Debt of the Company or any Restricted Subsidiary in an aggregate principal amount or liquidation preference,
which, when aggregated with the principal amount and liquidation preference of all other Debt then outstanding and Incurred pursuant to this clause (cc) (together with all Permitted Refinancing Debt Incurred and then outstanding in respect of Debt
previously Incurred pursuant to this clause (cc)), does not at any time outstanding exceed the Available RP Capacity Amount (determined on the date of such Incurrence); and 

  
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 (dd) (i) any Guarantee by the Company or a Restricted Subsidiary of Debt or other
obligations of any Restricted Subsidiary so long as the incurrence of such Debt incurred by such Restricted Subsidiary is permitted under the terms of this Indenture and (ii) any Guarantee by a Restricted Subsidiary of Debt or other obligations
of the Company so long as the incurrence of such Debt incurred by the Company is permitted under the terms of this Indenture. 

Notwithstanding anything to the contrary contained in this covenant, accrual of interest, accretion or amortization of original issue discount
and the payment of interest or dividends in the form of additional Debt, will be deemed not to be an Incurrence of Debt for purposes of this covenant. 

For purposes of determining compliance with this Section 4.09, 

(i) in the event that an item of Debt meets the criteria of more than one of the categories of Permitted Debt described in
clauses (a) through (dd) of the second paragraph of this Section 4.09 or is entitled to be Incurred pursuant to clause (a) of the first paragraph of this Section 4.09, the Company shall, in its sole discretion, divide, classify
(and may later reclassify in whole or in part, in its sole discretion) such item of Debt in any manner that complies with this covenant; provided that any Debt outstanding under the Senior Secured Credit Facilities on the Issue Date shall be
treated as having been Incurred under clause (b) of the definition of “Permitted Debt” and such Debt shall not thereafter be permitted to be reclassified in whole or in part; and provided further, that subject to the
preceding proviso, at any time the Company could be deemed to have Incurred any Debt pursuant to clause (a) of the first paragraph of this Section 4.09, all Debt shall be automatically reclassified into Debt Incurred pursuant to
clause (a) of the first paragraph of this Section 4.09; and 
 (ii) in connection with obtaining any commitment
with respect to any Debt under a revolving credit facility or delayed draw term loan facility, the Company may, by internal documentation at any time prior to the actual Incurrence of such Debt, designate such commitment (any such commitment so
designated, a “Designated Commitment”) as being Debt Incurred on the date of such commitment in an amount equal to such Designated Commitment (or, at the Company’s option, if such Designated
Commitment has been permanently reduced other than as a result of the Incurrence of funded Debt thereunder, such reduced amount), in which case Debt in such amount shall be deemed to have been Incurred on the date of such commitment and shall
thereafter be deemed to be outstanding Senior Debt secured by Liens for purposes of this Section 4.09 and any subsequent calculation of any ratio under this Section 4.09, and subsequent borrowings and prepayments under such Designated
Commitment shall be disregarded for all purposes of Section 4.09 and Section 4.11 until the date such Designated Commitment is terminated. 

Section 4.10 Limitation on Restricted Payments. 

The Company shall not make, and shall not permit any Restricted Subsidiary to make, directly or indirectly, any Restricted Payment if at the
time of, and after giving effect to, such proposed Restricted Payment, 

  
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 (a) a Default or Event of Default shall have occurred and be continuing; 

(b) the Company could not Incur at least $1.00 of additional Debt pursuant to clause (a) of the first paragraph of Section 4.09; or

 (c) the sum of the aggregate amount of such Restricted Payment and all other Restricted Payments declared or made under this paragraph,
together with Restricted Payments made pursuant to clauses (a) and (e) of the second paragraph of this Section 4.10 since the Issue Date (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value
at the time of such Restricted Payment) would exceed an amount equal to the sum of: 
 (i) if positive, 50.0% of the
aggregate amount of Consolidated Net Income accrued during the period (treated as one accounting period) from October 1, 2010 to the end of the most recent fiscal quarter for which financial statements have been delivered (or if the aggregate
amount of Consolidated Net Income for such period shall be a deficit, minus 100.0% of such deficit); plus 

(ii)100.0% of the aggregate amount of cash contributed to the capital of the Company following the Prior Issue Date (other than
(A) contributions from a Restricted Subsidiary and (B) any Excluded Contributions); plus 
 (iii) 100.0% of
the Capital Stock Sale Proceeds; plus 
 (iv) the sum of: 

(A) the aggregate net cash proceeds received by the Company or any Restricted Subsidiary from the issuance or sale after the
Prior Issue Date of convertible or exchangeable Debt that has been converted into or exchanged for Qualified Equity Interests of the Company; and 

(B) the aggregate amount by which Debt (other than Subordinated Debt) of the Company or any Restricted Subsidiary is reduced
on the Company’s consolidated balance sheet on or after the Prior Issue Date upon the conversion or exchange for Qualified Equity Interests of any Debt issued or sold on or prior to the Prior Issue Date, 

excluding, in the case of clause (A) or (B): 

(1) any such Debt issued or sold to the Company or a Subsidiary of the Company or a Company Equity Plan; and 

(2) the aggregate amount of any cash or other Property distributed by the Company or any Restricted Subsidiary upon any such
conversion or exchange; plus 
 (v) an amount equal to the sum of: 

  
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 (A) dividends, repayments of loans or advances or other transfers of
Property, in each case to the Company or any Restricted Subsidiary, resulting from Investments in any Person other than the Company or any Restricted Subsidiary; and 

(B) the portion (proportionate to the Company’s equity interest in such Unrestricted Subsidiary) of the Fair Market Value
of the net assets of an Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary, 

provided, that the foregoing sum shall not exceed, in the case of any Person, the amount of Investments previously made (and
treated as a Restricted Payment) by the Company or any Restricted Subsidiary in such Person, minus the sum of, 
 (vi)
$250.0 million; and 
 (vii) the amount of outstanding Debt Incurred pursuant to clause (cc) of the definition of
“Permitted Debt” and any outstanding Permitted Refinancing Debt thereof as of the date of determination. 
 Notwithstanding the
foregoing limitation, the Company may: 
 (a) pay dividends or other distributions on its Capital Stock or consummate any irrevocable
redemption within 60 days of the declaration of such dividend or distribution or the giving of the redemption notice, as the case may be, if, on the date of such declaration or notice, such dividends or other distributions or redemption payment
could have been paid in compliance with this Indenture; 
 (b) purchase, repurchase, redeem, legally defease, acquire or retire for value
Capital Stock of the Company or Subordinated Debt in exchange for, or out of, or in an amount equal to, the proceeds of the substantially concurrent sale of, Qualified Equity Interests of the Company or from, or in an amount equal to, substantially
concurrent cash contributions to the equity capital of the Company; provided, that the Capital Stock Sale Proceeds from such exchange or sale and such contribution shall be excluded from the calculation pursuant to clauses (c)(ii) and
(c)(iii) of the first paragraph of this Section 4.10; 
 (c) purchase, repurchase, redeem, legally defease, acquire or retire for value
any Subordinated Debt in exchange for, or out of the proceeds of, or in an amount equal to, the substantially concurrent sale of, Permitted Refinancing Debt; 

(d) repurchase shares of, or options to purchase shares of, common stock of the Company or any of its Subsidiaries or any direct or indirect
parent entity from current or former officers, directors or employees of the Company or any of its Subsidiaries or any direct or indirect parent entity (or permitted transferees of such current or former officers, directors or employees);
provided, that the aggregate amount of such repurchases shall not exceed (i) $30.0 million in any calendar year prior to completion of an underwritten initial public offering of the Company’s (or any direct or indirect parent
entity’s) common stock (other than a public offering registered on Form S-8) or (ii) $40.0 million in any calendar year following completion of such 

  
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 an initial public offering of the Company’s (or any direct or indirect parent entity’s) common
stock (in each case, with unused amounts in any calendar year being permitted to be carried over into succeeding calendar years); provided further, that in each case such amount in any calendar year may be increased by an amount not to exceed
(x) the cash proceeds received by the Company or any of its Restricted Subsidiaries from the sale of Qualified Equity Interests of the Company to officers, directors or employees in such calendar year (but such cash proceeds will then be
excluded from the calculation pursuant to clause (c)(iii) of the first paragraph of this Section 4.10) plus (y) the cash proceeds of key man life insurance policies in such calendar year; 

(e) declare and pay dividends or other distributions on the Company’s common stock (or pay dividends or other distributions or make loans
to any direct or indirect parent entity to fund a payment of dividends or other distributions on such entity’s common stock), following the consummation of an underwritten public offering of the Company’s common stock or the common stock
of any of its direct or indirect parent companies after the Issue Date, of up to 10.0% per annum of the net cash proceeds received by or contributed to the Company in or from any such public offering, other than public offerings with respect
common stock registered on Form S-8; 
 (f) make Restricted Payments in an amount equal to the amount
of Excluded Contributions; 
 (g) declare and pay dividends or distributions, or make loans to, any direct or indirect parent in amounts
required for any direct or indirect parent companies to pay, in each case without duplication: 
 (i) franchise and excise
taxes and other fees, taxes and expenses required to maintain their existence; 
 (ii) customary salary, bonus and other
benefits payable to officers and employees of any direct or indirect parent company of the Company, and any payroll, social security, or similar taxes with respect thereto, to the extent such salaries, bonuses and other benefits are attributable to
the ownership or operation of the Company and its Restricted Subsidiaries; 
 (iii) general corporate operating and overhead
costs and expenses of any direct or indirect parent company of the Company to the extent such costs and expenses are attributable to the ownership or operation of the Company and its Restricted Subsidiaries; 

(iv) fees and expenses, other than to Affiliates of the Company, related to any unsuccessful equity or debt offering of such
parent entity; 
 (v) Management Fees; and 

(vi) Related Taxes; 

  
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 (h) distribute, by dividend or otherwise, shares of Capital Stock of, or Debt owed to the
Company or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents); 

(i) make any Restricted Payment if, at the time of the making of such Restricted Payment, and after giving effect thereto (including the
Incurrence of any Debt to finance such payment), the Net Total Leverage Ratio of the Company would not exceed 4.00 to 1.00; 
 (j) declare
and pay dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary or any class or series of Preferred Stock of any Restricted Subsidiary issued in accordance with Section 4.09
to the extent such dividends or distributions are included in the definition of “Consolidated Interest Expense”; 
 (k) make cash
payments in lieu of issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for the Capital Stock of the Company or a Restricted Subsidiary; 

(l) purchase, repurchase, redeem, legally defease, acquire or retire for value any Subordinated Debt (i) at a purchase price not greater
than 101.0% of the principal amount of such Subordinated Debt in the event of a Change of Control in accordance with provisions similar to Section 4.18 or (ii) at a purchase price not greater than 100.0% of the principal amount thereof in
accordance with provisions similar to Section 4.12; provided, that prior to or simultaneously with such purchase, repurchase, redemption, defeasance, acquisition or retirement, the Issuer has made the Change of Control Offer or Asset
Sale Offer, as applicable, as provided in such covenant with respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer or Asset Sale Offer; 

(m) make other Restricted Payments in an aggregate amount not to exceed (x) $150.0 million for each fiscal year of the Company beginning
with the fiscal year commencing April 1, 2011 and ending with (and including) the fiscal year commencing on April 1, 2014 plus (y) $250.0 million for each fiscal year of the Company commencing April 1, 2015 (in each case,
with any unused amounts in respect of any given fiscal year, beginning on the fiscal year commencing April 1, 2011, being permitted to be carried forward for use in the following fiscal years); provided, that, at the time of, and after
giving effect to, any such Restricted Payment (including the Incurrence of any Debt to finance such payment), no Default or Event of Default shall have occurred or be continuing; 

(n) payments or distributions to dissenting stockholders pursuant to applicable law (including in connection with, or as a result of, exercise
of appraisal rights and the settlement of any claims or action (whether actual, contingent or potential)), pursuant to or in connection with any Permitted Investment or a consolidation, merger or transfer of assets that is not prohibited by this
Indenture; 

  
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 (o) Restricted Payments constituting or otherwise made in connection with or relating to any
Permitted Reorganization or Tax Restructuring; provided that if immediately after giving pro forma effect to any such Permitted Reorganization or Tax Restructuring and the transactions to be consummated in connection therewith, any
distributed asset ceases to be owned by the Company or any Restricted Subsidiary (or any entity ceases to be a Restricted Subsidiary), the applicable portion of such Restricted Payment must be otherwise permitted under another provision of this
covenant (and constitute utilization of such other Restricted Payment exception or capacity); 
 (p) Restricted Payments made by the Company
the proceeds of which are applied (i) on and after the Issue Date, to satisfy any payment obligations owing, or as otherwise required, under the Aleris Acquisition Agreement or any acquisition or other Investment not prohibited under this
Indenture (including, in each case, payment of working capital and/or purchase price adjustments) and to pay related Transaction Costs and (ii) to satisfy any settlement of claims or actions in connection with the Aleris Transactions or any
acquisition or other Investment not prohibited under this Indenture or to satisfy indemnity or other similar obligations in connection with the Aleris Transactions or any acquisition or other Investment not prohibited under this Indenture; 

(q) the German Reorganization; and 

(r) make other Restricted Payments in an aggregate amount after the Issue Date not to exceed the greater of (x) $480.0 million and (y)
6.0% of Consolidated Net Tangible Assets. 
 In determining whether any Restricted Payment is permitted by this covenant, the Company and
its Restricted Subsidiaries may allocate all or any portion of such Restricted Payment among the categories described in clauses (a) through (r) of the second paragraph of this Section 4.10 or among such categories and the types of
Restricted Payments described in the first paragraph of this Section 4.10 (including categorization in whole or in part as a Permitted Investment); provided that, at the time of such allocation, all such Restricted Payments, or allocated
portions thereof, would be permitted under the various provisions of this Section 4.10 and provided further that the Company and its Restricted Subsidiaries may reclassify all or a portion of such Restricted Payment or Permitted
Investment in any manner that complies with this Section 4.10 (based on circumstances existing at the time of such reclassification), and following such reclassification such Restricted Payment or Permitted Investment shall be treated as having
been made pursuant to only the clause or clauses of this Section 4.10 to which such Restricted Payment or Permitted Investment has been reclassified. 

Section 4.11 Limitation on Liens. 

(a) During any period other than a Suspension Period (and during any period that this paragraph shall apply when there is no election by the
Company pursuant to Section 4.11(b)), the Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, Incur any Lien (other than Permitted Liens) to secure Specified Debt upon any of its Property (including
Capital Stock of a Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired, unless it has made or will make effective provision whereby the Notes or the applicable Guaranty will be secured by such Lien equally and ratably with
(or, if such other Debt constitutes Subordinated Debt, prior to) all other Specified Debt of the Company or any Restricted Subsidiary secured by such Lien for so long as such other Specified Debt is secured by such Lien. 

  
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 Notwithstanding the foregoing, any Lien securing the Notes granted pursuant to this
Section 4.11 shall be automatically and unconditionally released and discharged upon (a) the release by the holders of the Debt described in the first paragraph of this Section 4.11(a) of their Lien on the Property of the Company or
any Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Debt), (b) any sale, exchange or transfer to any Person other than the Company or any of its Restricted Subsidiaries of the Property secured
by such Lien, or of all of the Capital Stock held by the Company or any Restricted Subsidiary in, or all or substantially all the assets of, any Restricted Subsidiary creating such Lien in each case in accordance with the terms of this Indenture as
described under Article 5, (c) a defeasance or discharge of the Notes in accordance with the procedures described under Article 8 or Article 11 or (d) at the election of the Company pursuant to Section 4.19(b). 

(b) During any Suspension Period, the Company may elect by written notice to the Trustee and the Holders to be subject to this clause
(b) in lieu of clause (a) of this Section 4.11. Upon the election to be subject to this Section 4.11(b), the Company will not, and will not permit any Restricted Subsidiary to, create, incur or assume any Lien securing Specified
Debt (other than Permitted Liens pursuant to clauses (c) through (j) and (l) (but disregarding the reference to clause (b) therein) through (t) (each inclusive) of the definition of “Permitted Liens”) upon (i) any Principal
Property of the Company or any Restricted Subsidiary, (ii) any Capital Stock of a Restricted Subsidiary or (iii) any Specified Debt of a Restricted Subsidiary owed to the Company or another Restricted Subsidiary, unless all payments due
under this Indenture and the Notes are secured on an equal and ratable basis with (or prior to) the obligations so secured until such time as such other obligations are no longer secured by such Lien. Notwithstanding the foregoing, during a
Suspension Period, the Company and its Restricted Subsidiaries will be permitted to create, incur and assume Liens, and renew, extend or replace such Liens, in each case without complying with the foregoing; provided, that the aggregate
amount of all Debt of the Company and its Restricted Subsidiaries outstanding at such time that is secured by these Liens (other than (A) Debt secured solely by Permitted Liens pursuant to clauses (c) through (j) and (l) (but disregarding
the reference to clause (b) therein) through (t) (each inclusive) of the definition of “Permitted Liens,” (B) Debt that is secured equally and ratably with (or on a basis subordinated to) the Notes and (C) the Notes), would not
exceed the greater of (x)15.0% of Consolidated Net Tangible Assets and (y) $1,200.0 million. 
 In determining whether any Lien is
permitted by this covenant, the Company and its Restricted Subsidiaries may allocate all or any portion of such Permitted Lien among the categories described in clauses (a) through (ff) of the definition of “Permitted Liens”;
provided that the Company and its Subsidiaries may reclassify all or a portion of such Permitted Liens in any manner that complies with this covenant (based on circumstances existing at the time of such reclassification), and following such
reclassification such Permitted Liens shall be treated as having been made pursuant to only the clause or clauses of such covenant to which such Permitted Liens has been reclassified. 

  
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 Section 4.12 Limitation on Asset Sales. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless: 

(i) the Company or such Restricted Subsidiary receives consideration at the time of such Asset Sale at least equal to the Fair
Market Value of the Property subject to such Asset Sale; and 
 (ii) except in the case of a Permitted Asset Swap, at least
75.0% of the consideration paid to the Company or such Restricted Subsidiary in connection with such Asset Sale, together with all other Asset Sales since the Issue Date (on a cumulative basis) is in the form of any one or a combination of the
following: (A) cash, Cash Equivalents or Additional Assets, (B) the assumption by the purchasers of liabilities of the Company or any Restricted Subsidiary (other than contingent liabilities or liabilities that are by their terms
subordinated to the Notes or the applicable Guaranty) as a result of which the Company and the Restricted Subsidiaries are no longer obligated with respect to such liabilities, (C) securities, notes or other obligations received by the Company
or such Restricted Subsidiary to the extent such securities, notes or other obligations are converted by the Company or such Restricted Subsidiary into cash, Cash Equivalents or Additional Assets within 180 days of such Asset Sale or
(D) Designated Non-Cash Consideration received by the Company or any such Restricted Subsidiary, as the case may be, having an aggregate Fair Market Value (determined as of the closing date of the
applicable Asset Sale for which such Designated Non-Cash Consideration is received), taken together with all other Designated Non-Cash Consideration received pursuant to
this subclause (D) that is at the time outstanding, not in excess of the greater of (x) $400.0 million and (y) 5.0% of the Consolidated Net Tangible Assets of the Company at the time of the receipt of such Designated Non-Cash Consideration. 
 (b) Within 450 days after the later of (x) the date of any Asset Sale and
(y) the receipt of any Net Available Cash (or any portion thereof, if any) of such Asset Sale, the Company or a Restricted Subsidiary may, to the extent the Company or such Restricted Subsidiary elects (or is required by the terms of any Debt)
apply an amount up to the Net Available Cash from such Asset Sale: 
 (i) to Repay Senior Debt (and in the case of a
revolving credit facility, to correspondingly reduce commitments with respect thereto) of the Company or any Subsidiary Obligor that is secured by a Lien, which Lien is permitted by this Indenture, or Debt of any Restricted Subsidiary that is not a
Subsidiary Obligor (excluding, in any such case, any Debt owed to the Company or an Affiliate of the Company); 
 (ii) to
Repay other Senior Debt (and in the case of a revolving credit facility, to correspondingly reduce commitments with respect thereto) of the Company or any Subsidiary Obligor (excluding, in any such case, any Debt owed to the Company or an Affiliate
of the Company); provided, that to the extent the Company or any Subsidiary Obligor Repays Senior Debt other than the Notes pursuant to this clause (b), the Company or any Subsidiary Obligor shall either (x) equally and ratably purchase
Notes 

  
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 through open-market purchases (to the extent such purchases are at or above 100.0% of the
principal amount thereof), or redeem such Notes as provided under Section 3.07 or (y) make an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase their Notes of such series at 100.0% of
the principal amount thereof, plus the amount of accrued but unpaid interest on the amount of such Notes that would otherwise be prepaid; 

(iii) to reinvest in Additional Assets (including by means of an Investment in Additional Assets by a Restricted Subsidiary
with Net Available Cash received by the Company or another Restricted Subsidiary); 
 (iv) with respect to Asset Sales of
assets of a Restricted Subsidiary that is not a Subsidiary Obligor, to permanently reduce Debt (and in the case of a revolving credit facility, to correspondingly reduce commitments with respect thereto) of such Restricted Subsidiary (except that if
the assets sold by such Restricted Subsidiary were contributed to such Restricted Subsidiary after the Issue Date, the proceeds of the sale of such assets may only be used to repay Debt of such Restricted Subsidiary secured by such assets) other
than Debt owed to the Company or another Subsidiary; or 
 (v) any combination of the foregoing; 

provided that a binding commitment or letter of intent entered into not later than such
450th day shall be treated as a permitted application of the Net Available Cash from the date of such commitment or letter of intent so long as the Company or such Restricted Subsidiary enters
into such commitment or letter of intent with the good faith expectation that the Net Available Cash will be applied to satisfy such commitment or letter of intent within the later of such 450th
and 180 days of such commitment or letter of intent (an “Acceptable Commitment”) or, in the event any Acceptable Commitment is later cancelled or terminated for any reason before such Net Available Cash is applied in
connection therewith, the Company or such Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination; provided further that if any Second
Commitment is later cancelled or terminated for any reason before such Net Available Cash is applied, then the Net Available Cash shall constitute Excess Proceeds. 

(c) Notwithstanding any other provisions of this covenant, (i) to the extent that the application of any or all of the Net Available Cash
of any Asset Sale by the Company or a Foreign Subsidiary (a “Foreign Disposition”) is (x) prohibited or delayed by or would violate or conflict with applicable local law, (y) subject to other legal or regulatory
impediments from being repatriated to the United States or (z) would conflict with the fiduciary duties of such Foreign Subsidiary’s directors, or result in, or could reasonably be expected to result in, a material risk of personal or
criminal liability for any Officer of such Foreign Subsidiary, then, in each such case, an amount equal to the portion of such Net Available Cash so affected will not be required to be applied in compliance with this covenant, and such amounts may
be retained by the Company or the applicable Foreign Subsidiary; provided that if at any time within one year following the date on which the respective payment would otherwise have been required, such repatriation of any of such affected Net
Available Cash is permitted under the applicable local 

  
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law, the applicable organizational document or agreement or the applicable other impediment, then an amount equal to such amount of Net Available Cash so permitted to be repatriated will be
promptly applied (net of any taxes, costs or expenses that would be payable or reserved against if such amounts were actually repatriated whether or not they are repatriated) in compliance with this covenant and (ii) to the extent that and for
so long as the Company has determined in good faith that repatriation of any or all of the Net Available Cash of any Foreign Disposition would have a non-de minimis adverse tax or cost consequence to the
Company or any of its Subsidiaries or any Affiliates or direct or indirect equity owners thereof (taking into account any foreign tax credit or benefit actually realized in connection with such repatriation in the year of such repatriation),
including any withholding tax, with respect to such Net Available Cash if such amount were repatriated as a dividend, the Net Available Cash so affected will not be required to be applied in compliance with this covenant, and such amounts may be
retained by the applicable Foreign Subsidiary. The non-application of any prepayment amounts as a consequence of the foregoing provisions will not, for the avoidance of doubt, constitute a Default or an Event
of Default. For the avoidance of doubt, nothing in this Indenture shall be construed to require the Company or any Subsidiary to repatriate cash. 

(d) Any Net Available Cash from an Asset Sale (other than any amounts excluded from this covenant as set forth in Section 4.12(c)) that
is not invested or applied as provided and within the time period set forth in Section 4.12(b) will be deemed to constitute “Excess Proceeds”; provided that any amount of Net Available Cash offered to holders of
the Notes pursuant to Section 4.12(b)(ii)(y) shall not be deemed to be Excess Proceeds regardless of whether such offer is accepted by any holders. When the aggregate amount of Excess Proceeds exceeds the greater of (x) $280.0 million and
(y) 3.5% of Consolidated Net Tangible Assets (the “Excess Proceeds Threshold”), the Issuer shall make an offer (an “Asset Sale Offer”) to all holders of the Notes and, if required or permitted by the
terms of any Debt that ranks pari passu in right of payment with the Notes (“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness, to purchase the maximum aggregate principal amount (or accreted value, as
applicable) of the Notes and such Pari Passu Indebtedness that is in an amount equal to €100,000, or an integral multiple of €1,000 in excess thereof that may be purchased out of the Excess Proceeds at an offer price, in the case of the
Notes, in cash in an amount equal to 100.0% of the principal amount thereof (or accreted value thereof, if less), plus accrued and unpaid interest and Additional Amounts, if any, to the date fixed for the closing of such offer, in accordance
with the procedures set forth in this Indenture, and in the case of such Pari Passu Indebtedness, at the offer price required by the terms thereof, in accordance with the procedures set forth in the agreement(s) governing such Pari Passu
Indebtedness. The Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within 20 Business Days after the date that Excess Proceeds exceed the Excess Proceeds Threshold by delivering to the holders the notice required pursuant to
the terms of this Indenture, with a copy to the Trustee. The Issuer may satisfy the foregoing obligations with respect to any Net Available Cash from an Asset Sale by making an Asset Sale Offer with respect to such Net Available Cash prior to the
time period that may be required by this Indenture with respect to all or a part of the available Net Available Cash (the “Advance Portion”) in advance of being required to do so by this Indenture (an
“Advance Offer”). 

  
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 (e) To the extent that the aggregate amount (or accreted value, if applicable) of Notes and
Pari Passu Indebtedness, as the case may be, tendered pursuant to an Asset Sale Offer is less than the amount offered in the Asset Sale Offer (or in the case of an Advance Offer, the Advance Portion), the Issuer may use any remaining Excess Proceeds
(or in the case of an Advance Offer, the Advance Portion) for any purposes not otherwise prohibited under this Indenture. If the aggregate principal amount (or accreted value, if applicable) of Notes or the Pari Passu Indebtedness, as the case may
be, surrendered by such holders thereof exceeds the amount offered in the Asset Sale Offer (or in the case of an Advance Offer, the Advance Portion), the Issuer shall purchase the Notes (subject to applicable Euroclear and/or Clearstream procedures
as to Global Notes) and such Pari Passu Indebtedness, as the case may be, on a pro rata basis based on the aggregate principal amount (or accreted value, if applicable) of the Notes or such Pari Passu Indebtedness, as the case may be, tendered with
adjustments as necessary so that no Notes or Pari Passu Indebtedness, as the case may be, will be repurchased in part in an unauthorized denomination. Upon completion of any such Asset Sale Offer (or Advance Offer), the amount of Excess Proceeds
that resulted in the requirement to make an Asset Sale Offer shall be reset to zero (regardless of whether there are any remaining Excess Proceeds upon such completion). Upon consummation or expiration of any Asset Sale Offer, any remaining net
proceeds shall not be deemed Excess Proceeds and the Issuer may use such net proceeds for any purpose not otherwise prohibited under this Indenture. 

(f) Within five (5) Business Days after the Issuer is obligated to make an Asset Sale Offer as described in the preceding paragraph, the
Issuer shall send a written notice, by first-class mail or electronic delivery, to the Holders, with a copy to the Trustee, accompanied by such information regarding the Company and its Subsidiaries as the Issuer in good faith believes will enable
such holders to make an informed decision with respect to such Asset Sale Offer. Such notice shall state, among other things, the purchase price and the repurchase date, which shall be, subject to any contrary requirements of applicable law, a
Business Day no earlier than 10 days nor later than 60 days from the date such notice is mailed or delivered electronically. 
 (g) The
Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this covenant. To the extent that the
provisions of any securities laws or regulations conflict with provisions of this covenant, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this covenant by
virtue thereof. 
 Section 4.13 Limitation on Restrictions on Distributions from Restricted Subsidiaries. 

The Company shall not, and shall not permit any Restricted Subsidiary that is not a Subsidiary Guarantor to, directly or indirectly, create or
otherwise cause any consensual restriction on the right of any Restricted Subsidiary that is not a Subsidiary Guarantor to: 
 (a) pay
dividends, in cash or otherwise, or make any other distributions on or in respect of its Capital Stock, or pay any Debt or other obligation owed, to the Company or any other Restricted Subsidiary; 

(b) make any loans or advances to the Company; or 

  
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 (c) transfer any of its Property to the Company. 

The foregoing limitations will not apply: 

(i) to restrictions or encumbrances existing under or by reason of: 

(A) agreements in effect on the Issue Date (including, without limitation, restrictions pursuant to the Notes, this Indenture,
the Subsidiary Guaranties and the Senior Secured Credit Facilities and the Existing Notes), and any amendments, modifications, restatements, renewals, replacements, refundings, refinancings, increases or supplements of those agreements,
provided, that the encumbrances or restrictions contained in any such amendments, modifications, restatements, renewals, replacements, refundings, refinancings, increases or supplements (1) taken as a whole, are not materially more
restrictive than the encumbrances or restrictions contained in agreements to which they relate as in place on the Issue Date, (2) are not materially more disadvantageous, taken as a whole, with respect to the Company or any Restricted
Subsidiary than is customary at the time and under the circumstances for financings of similarly situated borrowers or issuers or available to the Company and its Subsidiaries (as determined by the Company in good faith) or (3) will not
materially impair the Issuer’s ability to make anticipated principal or interest payments on the Notes when due or the Company’s ability to satisfy its obligations under the Parent Guaranty, each as determined in good faith by the Company,

 (B) (1) in the case of the designation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger,
amalgamation or consolidation of an Unrestricted Subsidiary into the Company or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Company or a Restricted Subsidiary, any agreement
or other instrument of such Unrestricted Subsidiary (but, in any such case, not created in contemplation thereof) and (2) any agreement or other instrument of a Restricted Subsidiary existing at the time it became a Restricted Subsidiary or at
the time it merges with or into the Company or a Restricted Subsidiary if such restriction was not created in connection with or in anticipation of the transaction or series of transactions pursuant to which such Restricted Subsidiary became a
Restricted Subsidiary or was acquired by the Company, and, in each case, any amendments, modifications, restatements, renewals, replacements, refundings, refinancings, increases or supplements of those agreements and instruments; provided,
that the encumbrances or restrictions contained in any such amendments, modifications, restatements, renewals, replacements, refundings, refinancings, increases or supplements, (1) taken as a whole, are not materially more restrictive than the
encumbrances or restrictions contained in such agreements and instruments in effect on the date of designation or acquisition, (2) are not materially more disadvantageous, taken as a whole, with respect to the Company or any Restricted
Subsidiary than is customary at the time and under the circumstances for financings of similarly situated borrowers or issuers or available to the Company and its Subsidiaries (as determined by the Company in good faith) or (3) will not
materially impair the Issuer’s ability to make anticipated principal or interest payments on the Notes when due or the Company’s ability to satisfy its obligations under the Parent Guaranty, each as determined in good faith by the Company,

  
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 (C) any Credit Facility of the Company or any Restricted Subsidiary
permitted to be Incurred under this Indenture; provided, that the applicable encumbrances and restrictions contained in the agreement or agreements governing such Credit Facility (1) are not materially more restrictive, taken as a whole,
than those contained in the Senior Secured Credit Facilities (with respect to other credit agreements or other secured Debt) or this Indenture (with respect to other indentures or other unsecured Debt), in each case as in effect on the Issue Date,
(2) are not materially more disadvantageous, taken as a whole, with respect to the Company or any Restricted Subsidiary than is customary at the time and under the circumstances for financings of similarly situated borrowers or issuers or
available to the Company and its Subsidiaries (as determined by the Company in good faith) or (3) will not materially impair the Issuer’s ability to make anticipated principal or interest payments on the Notes when due or the
Company’s ability to satisfy its obligations under the Parent Guaranty, each as determined in good faith by the Company, 

(D) the Refinancing of Debt Incurred pursuant to an agreement referred to in clause (i)(A), (B) or (C) above or in clause
(ii)(A) or (B) below, provided such restrictions (1) are not materially less favorable, taken as a whole to the holders of Notes than those under the agreement evidencing the Debt so Refinanced, (2) are not materially
more disadvantageous, taken as a whole, with respect to the Company or any Restricted Subsidiary than is customary at the time and under the circumstances for financings of similarly situated borrowers or issuers or available to the Company and its
Subsidiaries (as determined by the Company in good faith) or (3) will not materially impair the Issuer’s ability to make anticipated principal or interest payments on the Notes when due or the Company’s ability to satisfy its
obligations under the Parent Guaranty, each as determined in good faith by the Company, 
 (E) any applicable law, rule,
regulation or order; 
 (F) any agreement governing Debt, Disqualified Stock or Preferred Stock entered into after the Issue
Date that either contains encumbrances and restrictions that (i) are, in the good faith judgment of the Company, not materially more restrictive, taken as a whole, with respect to the Company or any Restricted Subsidiary than those in effect on
the Issue Date pursuant to agreements in effect on the Issue Date, (ii) are not materially more disadvantageous, taken as a whole, with respect to the Company or any Restricted Subsidiary than is customary at the time and under the
circumstances for financings of similarly situated borrowers or issuers or available to the Company and its Subsidiaries (as determined by the Company in good faith) or (3) will not materially impair the Issuer’s ability to make
anticipated principal or interest payments on the Notes when due or the Company’s ability to satisfy its obligations under the Parent Guaranty, each as determined in good faith by the Company, 

  
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 (G) Liens securing obligations otherwise permitted to be incurred under
Section 4.11 that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (H) provisions in
joint venture agreements, shareholders’ agreements, asset sale agreements, Sale and Leaseback Transactions, stock sale agreements and other similar agreements, which limitation or prohibition is applicable only to the assets or (in the case of
joint venture agreements, shareholders’ agreements and other similar agreements) entity that are the subject of such agreements; 

(I) restrictions on cash or other deposits or net worth imposed by customers or lessors under contracts or leases entered into
in the ordinary course of business; 
 (J) arising under Debt or other contractual requirements of a Securitization Entity
in connection with a Qualified Receivables Transaction; provided that such restrictions apply only to such Securitization Entity; or 

(K) any restrictions on transfer of the equity interests in Novelis Korea Limited (“NKL”) or its
direct parents, 4260848 Canada Inc. and 4260856 Canada Inc., imposed by any lock-up or listing agreement, rule or regulation in connection with any listing or offering of equity interests in NKL. 

(ii) with respect to Section 4.13(c) only, to restrictions or encumbrances: 

(A) relating to Debt that is permitted to be Incurred and secured without also securing the Notes or the applicable Guaranty
pursuant to the provisions of Section 4.09 and Section 4.11 that limit the right of the debtor to dispose of the Property securing such Debt; 

(B) encumbering Property at the time such Property was acquired by the Company or any Restricted Subsidiary, so long as such
restrictions relate solely to the Property so acquired and were not created in connection with or in anticipation of such acquisition, and any amendments, modifications, restatements, renewals, replacements, refundings, refinancings, increases or
supplements of the agreements that encumber such Property; provided, that the encumbrances or restrictions contained in any such amendments, modifications, restatements, renewals, replacements, refundings, refinancings, increases or supplements
(1) are not materially less favorable, taken as a whole, to the holders of Notes than those under the agreement that encumbered such Property, (2) are not materially more disadvantageous, taken as a whole, with respect to the Company or
any Restricted Subsidiary than is 

  
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 customary at the time and under the circumstances for financings of similarly situated
borrowers or issuers or available to the Company and its Subsidiaries (as determined by the Company in good faith) or (3) will not materially impair the Issuer’s ability to make anticipated principal or interest payments on the Notes when
due or the Company’s ability to satisfy its obligations under the Parent Guaranty, each as determined in good faith by the Company, 

(C) resulting from provisions restricting subletting or assignment of leases or customary provisions in other agreements that
restrict assignment of such agreements or rights thereunder; 
 (D) restrictions contained in any asset purchase, stock
purchase, merger or other similar agreement, pending the closing of the transaction contemplated thereby; 
 (E)
restrictions contained in joint venture agreements and shareholders’ agreements entered into in good faith; 
 (F)
arising or agreed to in the ordinary course of business, not relating to any Debt, and that do not, individually or in the aggregate, detract from the value of Property of the Company or any Restricted Subsidiary thereof in any manner material to
the Company or any Restricted Subsidiary thereof; or 
 (G) Standard Receivables Undertakings of the Company or a Restricted
Subsidiary in connection with a Qualified Receivables Transaction relating to accounts receivable which are the subject of such Qualified Receivables Transaction and related assets of the type specified in the definition of Qualified Receivables
Transaction. 
 For purposes of determining compliance with this covenant, (1) the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common equity shall not be deemed a restriction on the ability to make distributions on Capital Stock and (2) the subordination of (including
the application of any standstill requirements to) loans and advances made to the Company or a Restricted Subsidiary to other Debt incurred by the Company or such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans
or advances. 
 Section 4.14 Limitation on Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, conduct any business or enter into any
transaction or series of transactions (including the purchase, sale, transfer, assignment, lease, conveyance or exchange of any Property or the rendering of any service) with, or for the benefit of, any Affiliate of the Company (each of the
foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration, in any one or series of transactions, in excess of $25.0 million, unless: 

(i) the terms of such Affiliate Transaction are not materially less favorable to the Company or such Restricted Subsidiary, as
the case may be, than those that could be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate of the Company; and 

  
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 (ii) if such Affiliate Transaction involves aggregate payments or value in
excess of $100.0 million, the Board of Directors (including at least a majority of the disinterested members of the Board of Directors) approves such Affiliate Transaction and, in its good faith judgment, believes that such Affiliate
Transaction complies with clause (a) of this Section 4.14 as evidenced by a Board Resolution promptly delivered to the Trustee. 

(b) Notwithstanding the foregoing limitation, the Company or any Restricted Subsidiary may enter into the following, which shall not be deemed
to be Affiliate Transactions and therefore will not be subject to the provisions of clauses (a)(i) and (a)(ii) of this Section 4.14: 

(i) any transaction or series of transactions between the Company and one or more Restricted Subsidiaries or between two or
more Restricted Subsidiaries; 
 (ii) any Restricted Payment permitted to be made pursuant to Section 4.10 or any
Permitted Investment; 
 (iii) any employment, compensation, benefit or indemnification agreement or arrangement (and any
payments or other transactions pursuant thereto) entered into by the Company or any Restricted Subsidiary in the ordinary course of business (or that is otherwise reasonable as determined in good faith by the board of directors of the Company or the
Restricted Subsidiary, as the case may be) with an officer, employee, consultant or director including pursuant to stock option plans, stock ownership plans and employee benefit plans or arrangements; 

(iv) loans and advances to employees made in the ordinary course of business; 

(v) any transactions between or among any of the Company, any Restricted Subsidiary and any Securitization Entity in connection
with a Qualified Receivables Transaction, in each case provided that such transactions are not otherwise prohibited by terms of this Indenture; 

(vi) agreements in effect on the Issue Date and any amendments, modifications, extensions or renewals thereto that are no less
favorable, taken as a whole, to the Company or any Restricted Subsidiary than such agreements as in effect on the Issue Date; 

(vii) transactions with a Person that is an Affiliate of the Company solely because the Company or a Restricted Subsidiary,
directly or indirectly, owns Capital Stock of and/or controls, such Person; 
 (viii) payment of fees and expenses to
directors who are not otherwise employees of the Company or a Restricted Subsidiary, for services provided in such capacity, so long as the Board of Directors or a duly authorized committee thereof shall have approved the terms thereof; 

  
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 (ix) the granting and performance of registration rights for shares of
Capital Stock of the Company; 
 (x) transactions with customers, clients, suppliers, joint venture partners or purchasers or
sellers of goods or services (including pursuant to joint venture agreements) in the ordinary course of business on terms not materially less favorable as might reasonably have been obtained at such time from a Person that is not an Affiliate of the
Company, as determined in good faith by the Company; 
 (xi) transactions with Affiliates solely in their capacity as holders
of Debt or Capital Stock of the Company or any of its Subsidiaries, provided that a significant amount of the Debt or Capital Stock of the same class is also held by persons that are not Affiliates of the Company and those Affiliates are
treated no more favorably than holders of the Debt or Capital Stock generally; 
 (xii) transactions in which the Company or
any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or
stating that the terms are not materially less favorable, when taken as a whole, to the Company or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary
with an unrelated Person on an arm’s-length basis; 
 (xiii) the Aleris
Transactions, the Note Transactions and the payment of all fees and expenses related to the Aleris Transactions and the Note Transactions, including Transaction Costs; 

(xiv) the German Reorganization; 

(xv) Permitted Intercompany Activities, any Permitted Reorganization or any Tax Restructuring and related transactions; and

 (xvi) the execution, delivery and performance of any Tax Sharing Agreement or any arrangement pursuant to which the
Company or any of its Restricted Subsidiaries is required or permitted to file a consolidated tax return, or the formation and maintenance of any consolidated group for tax, accounting or cash pooling or management purposes in the ordinary course of
business. 
 Section 4.15 Limitation on Use of Proceeds. 

The net proceeds from each issue of Notes will be applied by the Issuer outside Switzerland unless use in Switzerland is permitted under the
Swiss taxation laws in force from time to time without payments in respect of the Notes becoming subject to withholding or deduction for Swiss withholding tax as a consequence of such use of proceeds in Switzerland. 

  
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 Section 4.16 Designation of Restricted and Unrestricted Subsidiaries. 

The Board of Directors may designate any Subsidiary of the Company to be an Unrestricted Subsidiary if: 

(a) the Subsidiary to be so designated does not own any Capital Stock or Debt of, or own or hold any Lien on any Property of, the Company or
any other Restricted Subsidiary; and 
 (b) either: 

(i) the Subsidiary to be so designated has total assets of $1,000 or less; or 

(ii) such designation is effective immediately upon such entity becoming a Subsidiary of the Company; or 

(iii) the Investment by the Company or another Restricted Subsidiary in such Subsidiary is treated as a Restricted Payment
under Section 4.10 and such Restricted Payment is permitted under such covenant at the time such Investment is deemed to be made upon such designation. 

Except as provided in the preceding paragraph, no Restricted Subsidiary may be designated as an Unrestricted Subsidiary. Upon designation of a
Restricted Subsidiary as an Unrestricted Subsidiary in compliance with this covenant, such Restricted Subsidiary shall, automatically and unconditionally without the need for action by any party, be released from any Subsidiary Guaranty previously
made by such Restricted Subsidiary. 
 Unless so designated as an Unrestricted Subsidiary, any Person that becomes a Subsidiary of the
Company will be classified as a Restricted Subsidiary. 
 The Board of Directors may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary if, immediately after giving pro forma effect to such designation, 
 (x) the Company could
Incur at least $1.00 of additional Debt pursuant to clause (a) of the first paragraph of Section 4.09; and 
 (y)
no Default or Event of Default shall have occurred and be continuing or would result therefrom. 
 Any such designation by the Board of
Directors will be evidenced to the Trustee by filing with the Trustee a Board Resolution giving effect to such designation and an Officers’ Certificate that: 

(A) certifies that such designation complies with the foregoing provisions; and 

(B) gives the effective date of such designation, such filing with the Trustee to occur within 45 days after the end of the
fiscal quarter of the Company in which such designation is made (or, in the case of a designation made during the last fiscal quarter of the Company’s fiscal year, within 90 days after the end of such fiscal year). 

  
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 Section 4.17 New Holding Parent Guaranty. 

In the event that Novelis Inc. becomes a direct, wholly-owned subsidiary of a corporation, company (including a limited liability company) or
partnership newly organized under the laws of a jurisdiction in the United States, any state thereof, the District of Columbia, Canada or any province or territory of Canada or the United Kingdom (“New Holding Parent”), New
Holding Parent may, at its option, provide a Guarantee of the Issuer’s obligations with respect to the Notes (the “New Holding Parent Guaranty”) on substantially the same terms as the Parent Guaranty and as set forth in
this Indenture. Upon the occurrence of the following events (collectively, the “Parent Guarantor Replacement Events”), Novelis Inc. shall be released from its obligations under the Parent Guaranty, without limiting any other
provision in this Indenture that would require Novelis Inc. to become a Guarantor: 
 (a) execution and delivery of the New Holding Parent
Guaranty by the New Holding Parent; 
 (b) immediately after giving effect to such transaction on a pro forma basis, the Consolidated
Interest Coverage Ratio of the Company would be equal to or greater than such ratio for the Company immediately prior to such transaction; 

(c) no Default or Event of Default shall have occurred and be continuing; and 

(d) the Company or the Issuer, as applicable, shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably
satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction or series of transactions and the applicable supplemental indenture, if any, in respect thereto comply with this
Section 4.17 and that all conditions precedent herein provided for relating to such transaction or series of transactions have been satisfied. 

Following the Parent Guarantor Replacement Events, the New Holding Parent shall constitute the “Company” for all purposes under this
Indenture. 
 Section 4.18 Change of Control Offer. 

(a) Upon the occurrence of a Change of Control Triggering Event, the Issuer shall, within 60 days of a Change of Control Triggering Event, make
an offer (the “Change of Control Offer”) pursuant to the procedures set forth in Section 3.10. Each Holder shall have the right to accept such offer and require the Issuer to repurchase all or
any portion (in denominations of €100,000 or any integral multiple of €1,000 in excess thereof) of such Holder’s Notes pursuant to the Change of Control Offer at a purchase price, in cash (the “Change of
Control Amount”), equal to 101.0% of the aggregate principal amount of Notes repurchased, plus in each case accrued and unpaid interest and Additional Amounts, if any, on the Notes repurchased to, but
excluding, the repurchase date (subject to the right of Holders of record on the Relevant Record Date to receive interest due on the relevant Interest Payment Date). 

  
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 (b) The Issuer will not be required to make a Change of Control Offer following a Change of
Control Triggering Event if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer
and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (ii) in connection with or in contemplation of any Change of Control Triggering Event, the Issuer (or any Affiliate of the Issuer) has made an
Offer to Purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Purchase Price and has purchased all Notes validly tendered and not withdrawn under
such Alternate Offer. 
 (c) Notwithstanding anything to the contrary contained herein, a Change of Control Offer or Alternate Offer may be
made in advance of a Change of Control, subject to one or more conditions precedent, including, but not limited to, the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of
Control Offer or Alternate Offer is made, in which case no Change of Control Offer will be required to be made after the related Change of Control Triggering Event. 

(d) For so long as the Notes are listed on the Exchange and the rules of such exchange so require, the Issuer will notify the Exchange of any
Change of Control Offer. 
 Section 4.19 Future Subsidiary Guarantors. 

(a) The Company shall cause each Restricted Subsidiary, other than an Excluded Subsidiary or the Issuer, that is or becomes a borrower or
guarantor under the Senior Secured Credit Facilities or any other Credit Facilities incurred under clause (b) of the definition of “Permitted Debt,” in each case, following the Issue Date, to execute and deliver to the Trustee a
Subsidiary Guaranty within 60 days after the Incurrence or Guarantee of any such Debt. 
 (b) The Company may elect, in its sole discretion,
to cause any Subsidiary that is not otherwise required to be a Subsidiary Guarantor to execute and deliver to the Trustee a Subsidiary Guaranty and become a Guarantor, in which case such Subsidiary shall not be required to comply with the 60-day period described above. In addition, the Company may elect, in its sole discretion, to cause any direct or indirect parent company of the Company to Guarantee the Notes, and, for the avoidance of doubt, any
direct or indirect parent company of the Company that may Guarantee the Notes in the future shall not be subject to any of the covenants or restrictions of this Indenture. Any Guarantee of the Notes provided by any such Subsidiary or direct or
indirect parent company of the Company pursuant to this Section 4.19(b) may be released at any time in the Company’s sole discretion. 

Section 4.20 Additional Amounts. 

(a) All payments by or on behalf of the Issuer or, pursuant to the terms of the relevant Note Guarantee, any present or future Guarantor
(including the Parent Guarantor) or any successor of any of the foregoing (each a “Payor”) under or with respect to the Notes or any Note Guarantee shall be made free and clear of and without withholding or deduction for or
on account of any Taxes, unless the deduction or withholding of such Taxes is required by law. If any withholding 

  
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or deduction for, or on account of, any Taxes imposed by or on behalf of or levied within (i) the Federal Republic of Germany, (ii) any jurisdiction from or through which payment on the
Notes or a Note Guarantee is made for or on behalf of a Payor, (iii) any other jurisdiction in which a Payor is organized or otherwise considered to be resident or has a permanent establishment for tax purposes or any (iv) province,
municipality or other political subdivision or taxing authority in or of any such jurisdiction under foregoing (i) through (iii) (any such jurisdiction under foregoing (i) through (iv) a “Relevant Tax
Jurisdiction”), will at any time be required to be made from any payments made by or on behalf of the Issuer or any Guarantor (including the Parent) under or with respect to the Notes or any Note Guarantee, the relevant Payor shall pay
(together with such payment) such additional amounts as may be necessary in order that the net amounts received by the holders of the Notes after such withholding or deduction (including any deduction or withholding from such additional amounts)
shall equal the respective amounts of principal and interest that would have been receivable in respect of the relevant Notes, in the absence of such deduction or withholding (the aggregate of such additional amounts, “Additional
Amounts”), except that no such Additional Amounts shall be payable with respect to: 
 (1) any Taxes, to the
extent such Taxes are withheld, deducted or imposed by reason of the holder or beneficial owner of a Note (or a fiduciary, settler, beneficiary, partner, member or shareholder of, or possessor of power over the relevant holder or beneficial owner,
if the relevant holder or beneficial owner is an estate, nominee, trust, partnership, limited liability company or corporation) having or having had any present or former connection (pursuant to applicable Tax law of the Relevant Jurisdiction) with
the Relevant Tax Jurisdiction, including, without limitation, having been treated as a resident of the Relevant Jurisdiction, being or having been present or engaged in a trade or business in the Relevant Jurisdiction, or having or having had a
permanent establishment in the Relevant Tax Jurisdiction (other than any connection arising from the mere acquisition, ownership, holding or disposition of such Note, the enforcement of rights under such Note or under a Guaranty, or the receipt of
any payments in respect of such Note or any Guaranty); 
 (2) any Taxes that are payable otherwise than by deduction or
withholding from a payment on or with respect to the Notes or any Guaranty; 
 (3) any estate, inheritance, gift, sales,
personal property, excise, wealth, transfer or similar Taxes; 
 (4) any United States federal backup withholding Taxes; 

(5) any Taxes imposed on a payment on a Note presented for payment (where presentation is required for payment) by or on behalf
of a holder who would have been able to avoid such Taxes by presenting the relevant Note to another Paying Agent in a member state of the European Union or in the United Kingdom; 

(6) any Taxes, to the extent such Taxes are withheld, deducted or imposed by reason of the failure of the holder, following the
written request of the Payor, the Paying Agent, or any other person acting as an agent for any Payor or the Paying Agent addressed to the holder (and made at a time that would enable the holder or beneficial owner acting reasonably to comply with
that request, and in all events, at least 30 days before any such 

  
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 withholding or deduction would be required), to comply with any certification,
identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Tax Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or
withholding of, Taxes imposed by the Relevant Tax Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not resident in the Relevant Tax Jurisdiction), but in each case, only to the extent the holder or
beneficial owner is legally entitled to provide such certification or documentation; 
 (7) any Taxes, to the extent such
Taxes are withheld, deducted or imposed under section 1471 through 1474 of the Code, as of the date of this Indenture (and any amended or successor version of such sections that is substantively comparable and not materially more onerous to comply
with), including any current or future treasury regulations or other official interpretations thereunder or any law, regulation or official guidance implementing an intergovernmental agreement between a non--U.S. government and the United States with respect to the foregoing; 
 (8) any
Taxes, to the extent that such Taxes were imposed as a result of the presentation of the Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the holder (except to the
extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last of day of such 30 day period); 

(9) any Taxes, to the extent such Taxes are withheld, deducted or imposed on or with respect to any payments under, or with
respect to, the Notes or under or with respect to any Guaranty by reason of the holder being, or having been a fiduciary or partnership or any person other than the sole beneficial owner of any such payments to the extent that such Taxes would not
have been imposed or required to be withheld or deducted on such payments had the beneficial owner of the applicable Notes been the holder of such Note; or 

(10) any combination of items (1) through (9) above. 

(b) In cases where the deduction or withholding of Taxes on or with respect to any payments under or with respect to the Notes or with respect
to any Guaranty is required by law to be made by a Payor, the Payor will (i) make any required withholding or deduction and (ii) timely remit the full amount deducted or withheld to the Relevant Tax Jurisdiction in accordance with
applicable law. The Payor will use all reasonable efforts to obtain tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Tax Jurisdiction imposing such Taxes and will furnish to a holder upon written request
within a reasonable time after the date the payment of any Taxes so deducted or withheld is made, certified copies of tax receipts evidencing payment by the Payor, or if, notwithstanding the Payor’s efforts to obtain receipts, receipts are not
obtained, other reasonably satisfactory evidence of payments by the Payor. 
 (c) If the Payor becomes aware that it will be obligated to pay
Additional Amounts with respect to such payment, at least 30 days prior to each date on which any payment under or with respect to the Notes or any Guaranty is due and payable (unless such obligation to pay Additional Amounts arises after the 45th day prior to such date, in which case it must be delivered 

  
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promptly thereafter), the Payor will deliver to the Paying Agent an Officers’ Certificate stating the fact that Additional Amounts will be payable, the amounts estimated to be payable and
such other information necessary to enable the Paying Agent to inform the relevant holders of the notes of the payment of such Additional Amounts on the payment date. 

(d) The Payor will pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar
levies imposed by a Relevant Tax Jurisdiction (including penalties and interest related thereto) which arise from the execution, delivery, performance, issuance or registration of the Notes or any Note Guarantee or any other document or instrument
referred to therein (other than a transfer of the Notes), or the receipt of any payments with respect to, or enforcement of, the Notes or any Note Guarantee (limited, in the case of any such taxes, charges or levies that arise from the receipt of
any payments with respect to the Notes, to any such taxes, charges or levies that are not excluded under clauses (1) and (3) through (9) of Section 4.20(a)). 

(e) Whenever in this Indenture there is mentioned, in any context, the payment or non-payment of
principal, premium or interest, if any, or any other amount payable under or with respect to any Note or Note Guarantee, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof. 
 (f) The obligations in this Section 4.20 will survive any
termination, defeasance or discharge of the Indenture and any transfer by a holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer, the Parent Guarantor or
any Subsidiary Guarantor is organized or otherwise considered to be resident or conducts business for tax purposes or any jurisdiction from or through which any payment on the Notes or any Guaranty is made by or on behalf of the Issuer, or any
Guarantor (or any successor thereto) and any political subdivision or taxing authority or agency thereof or therein. 
 Section 4.21
Covenant Suspension. 
 (a) All of the covenants set forth in Article 4 shall be applicable to the Company and its Restricted
Subsidiaries unless the Notes receive an Investment Grade Rating from one of the Rating Agencies (or both Rating Agencies) and no Default or Event of Default has occurred and is continuing, in which case, beginning on that day and continuing until
the Investment Grade Rating assigned by that Rating Agency (or both Rating Agencies) to the Notes subsequently declines as a result of which the Notes do not carry an Investment Grade Rating from at least one Rating Agency (such period being
referred to as a “Suspension Period”), the covenants set forth in Article 4 shall be suspended (the “Suspended Covenants”) and will not be applicable during that Suspension Period, except for the
following covenants: 
 (i) Sections 4.01 through 4.08; 

(ii) clause (a) of Section 4.11 (until the Company otherwise elects to have clause (b) thereof apply as provided
therein, in which case such clause (b) shall apply); and 
 (iii) Section 4.19 and this Section 4.21. 

  
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 The Company and the Subsidiary Obligors shall also, during that Suspension Period, remain
obligated to comply with Section 5.01 (other than clause (d) of the first and third paragraphs thereunder). 
 In the event that
the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants for any Suspension Period, and, subsequently, the applicable Rating Agency (or both Rating Agencies) withdraws its or their ratings or downgrades the ratings
assigned to the Notes below the required Investment Grade Ratings or a Default or Event of Default occurs and is continuing, then the Company and the Restricted Subsidiaries will from such date (the “Reinstatement Date”) and
thereafter again be subject to the Suspended Covenants, No Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Guaranties with respect to the Suspended Covenants based on, and none of the
Company or its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period, or any actions taken at any time pursuant to any contractual obligation arising prior to the Reinstatement Date, regardless
of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. 

On the Reinstatement Date, all (i) Debt Incurred during the Suspension Period will be deemed to have been outstanding on the date of this
Indenture, so that it is classified as permitted under clause (k) of the second paragraph of Section 4.09 and (ii) all Liens incurred during the Suspension Period will be classified to have been incurred under clause (j) of the
definition of “Permitted Liens.” The amount available to be made as Restricted Payments under the first paragraph of Section 4.10 will be determined as though Section 4.10 had been in effect prior to, but not during, the
Suspension Period. 
 Notwithstanding any of the foregoing, the Board of Directors will not be entitled to designate any Subsidiary as an
Unrestricted Subsidiary during a Suspension Period unless the Board of Directors would have been entitled to designate such Subsidiary as an Unrestricted Subsidiary if the Suspension Period had not been in effect for any period. 

Section 4.22 Tender Offer, Change of Control Offer, Alternate Offer, Asset Sale Offer. 

In connection with any tender offer, Change of Control Offer, Alternate Offer or Asset Sale Offer for the Notes, if holders of not less than
90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such offer and the Issuer, or any third party making such offer as described above, purchases all of the Notes validly tendered and not
withdrawn by such holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice, so long as such notice is given not more than 30 days following such purchase pursuant to a
Change of Control Offer described above, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash equal to the price offered to each other holder in such offer (which, if the offer is not a Change of Control
Offer, Alternate Offer or Asset Sale Offer, may be less than par and may consist of non-cash consideration) plus, to the extent not included in the offer payment, accrued and unpaid interest and
Additional Amounts, if any, to, but excluding, the date of redemption. 

  
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 ARTICLE 5 

SUCCESSORS 

Section 5.01 Merger, Consolidation and Sale of Property. 

The Company and the Issuer shall not merge, consolidate or amalgamate with or into any other Person (other than a merger, consolidation or
amalgamation of a Wholly Owned Restricted Subsidiary into the Company or the Issuer) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its Property in any one transaction or series of transactions unless: 

(a) the Company or the Issuer shall be the Surviving Person in such merger, consolidation or amalgamation, or the Surviving Person (if other
than the Company or the Issuer, as applicable) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation, company (including a limited liability
company) or partnership organized and existing under the laws of (x) in respect of the Issuer, the Federal Republic of Germany, and (y) in respect of the Company, the United States, any State thereof, the District of Columbia, Canada or any
province or territory of Canada and the United Kingdom; 
 (b) the Surviving Person (if other than the Company or the Issuer, as applicable)
expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, (x) in respect of the Issuer, the due and punctual payment of the principal of, and premium and
Additional Amounts, if any, and interest on, all the Notes and (y) in respect of the Company, the due and punctual performance and observance of all the obligations of the Company under its Parent Guaranty, as applicable, in addition to the due
and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by the Company or the Issuer, as applicable; 

(c) immediately before and after giving effect to such transaction or series of transactions on a pro forma basis (and treating, for
purposes of this clause (c) and clause (d) of this paragraph, any Debt that becomes, or is anticipated to become, an obligation of the Surviving Person or any Restricted Subsidiary as a result of such transaction or series of transactions
as having been Incurred by the Surviving Person or such Restricted Subsidiary at the time of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing; 

(d) except in the case of a transaction constituting a Permitted Holdings Amalgamation under the Senior Secured Credit Facilities, immediately
after giving effect to such transaction or series of transactions on a pro forma basis, (x) the Company or the Surviving Person, as the case may be, would be able to Incur at least $1.00 of additional Debt under clause (a) of the first
paragraph of Section 4.09 or (y) the Consolidated Interest Coverage Ratio of the Company or the Surviving Person would be greater than such ratio for the Company or the Surviving Person, as applicable, immediately prior to such
transaction; and 

  
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 (e) the Company or the Issuer, as applicable shall deliver, or cause to be delivered, to the
Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction or series of transactions and the applicable supplemental indenture, if any, in
respect thereto comply with this covenant and that all conditions precedent herein provided for relating to such transaction or series of transactions have been satisfied. 

Neither the Company nor the Issuer shall merge, consolidate or amalgamate with or into the other unless the Surviving Person is a corporation,
company (including a limited liability company) or partnership organized and existing in the United States, any State thereof or the District of Columbia and each Subsidiary Guarantor provides a Guarantee on the terms set forth in this Indenture of
the Issuer’s obligations with respect to the Notes. 
 The Company shall not permit any Subsidiary Guarantor to merge, consolidate or
amalgamate with or into any other Person (other than a merger, consolidation or amalgamation of a Wholly Owned Restricted Subsidiary with or into the Company, the Issuer or such Subsidiary Guarantor) or sell, transfer, assign, lease, convey or
otherwise dispose of all or substantially all its Property in any one transaction or series of transactions unless: 
 (a) the Surviving
Person (if other than such Subsidiary Guarantor) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease, conveyance or disposition is made shall be a corporation, company (including a limited
liability company) or partnership organized and existing under the laws of the United States, any State thereof, the District of Columbia, Canada or any province or territory of Canada and the United Kingdom, or the jurisdiction in which such
Subsidiary Guarantor was organized immediately prior to the consummation of such transaction; 
 (b) the Surviving Person (if other than
such Subsidiary Guarantor) expressly assumes, by supplemental indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual performance and observance of all the obligations of
such Subsidiary Guarantor under its Subsidiary Guaranty; 
 (c) immediately before and after giving effect to such transaction or series of
transactions on a pro forma basis (and treating, for purposes of this clause (c) and clause (d) of this paragraph, any Debt that becomes, or is anticipated to become, an obligation of the Surviving Person, the Company or any
Restricted Subsidiary as a result of such transaction or series of transactions as having been Incurred by the Surviving Person, the Company or such Restricted Subsidiary at the time of such transaction or series of transactions), no Default or
Event of Default shall have occurred and be continuing; 
 (d) immediately after giving effect to such transaction or series of transactions
on a pro forma basis, (x) the Company or the Surviving Person, as the case may be, would be able to Incur at least $1.00 of additional Debt under clause (a) of the first paragraph of Section 4.09 or (y) the Consolidated
Interest Coverage Ratio of the Company is not less than immediately prior to such transaction or series of transactions; and 

  
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 (e) the Company shall deliver, or cause to be delivered, to the Trustee, in form and
substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction or series of transactions and such Subsidiary Guaranty, if any, in respect thereto comply with this
covenant and that all conditions precedent herein provided for relating to such transaction or series of transactions have been satisfied. 

The foregoing provisions of this paragraph (other than clause (c)) shall not apply to any transaction or series of transactions which
constitute an Asset Sale if the Company or the Issuer, as applicable, has complied with Section 4.12. 
 Section 5.02 Successor
Corporation Substituted. 
 The Surviving Person shall succeed to, and be substituted for, and may exercise every right and power of the
Company or the Issuer, as applicable, under this Indenture (or of the Subsidiary Guarantor under its Subsidiary Guaranty, as the case may be), and in the case of a sale, transfer, assignment, conveyance or other disposition of all the assets of the
Company (or the Subsidiary Guarantor, as applicable) as an entirety or virtually as an entirety, the Company or the Issuer (or the Subsidiary Guarantor), as applicable, will automatically be released and discharged from its obligations under this
Indenture and the Notes. 
 If and for so long as the Notes are listed on the Exchange and the rules of the Exchange so require, the Issuer
shall publish notice of the occurrence of any of the events described in Section 5.01 and this Section 5.02 in accordance with the prevailing rules of the Authority. 

ARTICLE 6 
 DEFAULTS
AND REMEDIES 
 Section 6.01 Events of Default. 

Each of the following constitutes an “Event of Default” with respect to the Notes: 

(a) failure to make the payment of any interest on the Notes when the same becomes due and payable, and such failure continues for a period of
30 days; 
 (b) failure to make the payment of any principal of, or premium and Additional Amounts, if any, on, any of the Notes when the
same becomes due and payable at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise; 

(c) failure to comply with the provisions of Section 4.03, and such failure continues for 120 days after written notice is given to the
Issuer as provided below; 
 (d) failure to comply with any other covenant or agreement in the Notes or in this Indenture (other than a
failure that is the subject of the foregoing clause (a), (b), or (c)), and such failure continues for 60 days after written notice is given to the Issuer as provided below; 

  
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 (e) a default under any Debt by the Company or any Restricted Subsidiary that results in
acceleration of the maturity of such Debt, or failure to pay any such Debt at maturity, in an aggregate amount greater than $150.0 million, provided, that such default shall not be considered a Default (and the Notes shall not be
accelerated) to the extent that the lenders, holders or trustee, as applicable, of such Debt have rescinded, nullified or voided the acceleration of the maturity of such Debt prior to an acceleration of the Notes (the “cross
acceleration provisions”); 
 (f) any judgment or judgments for the payment of money in an aggregate amount in
excess of $150.0 million that shall be rendered against the Company or any Restricted Subsidiary and that shall not be waived, satisfied or discharged for any period of 60 consecutive days during which a stay of enforcement shall not be in
effect (the “judgment default provisions”); 
 (g) the Company or any of its Significant Subsidiaries:

 (i) commences a voluntary case or proceeding, or gives notice of intention to make a proposal, under any Bankruptcy Law;

 (ii) consents to the entry of an order for relief against it in an involuntary case or consents to its dissolution or
winding up; 
 (iii) consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, trustee
or custodian of it or for all or substantially all of its property; 
 (iv) makes a general assignment for the benefit of its
creditors; or 
 (v) admits in writing its inability to pay its debts as they become due or otherwise admits its insolvency,
or takes any comparable action under any foreign laws relating to insolvency; 
 (h) a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that: 
 (i) is for relief against the Company or any of its Significant Subsidiaries in an
involuntary case or proceeding; or 
 (ii) appoints a receiver, interim receiver, receiver and manager, liquidator, trustee
or custodian of the Company or any of its Significant Subsidiaries or for all or substantially all of the property of the Company or any of its Significant Subsidiaries; or 

(iii) orders the liquidation of the Company or any of its Significant Subsidiaries, and such order or decree remains unstayed
and in effect for 60 consecutive days; and 

  
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 (i) (i) the Parent Guaranty relating to the Notes ceasing to be in full force and effect
(other than in accordance with the terms of the Parent Guaranty) or the Parent Guarantor denies or disaffirms in writing its obligations under the Parent Guaranty relating to the Notes, or (ii) any Subsidiary Guaranty of a Significant Subsidiary
ceasing to be in full force and effect (other than in accordance with the terms of such Subsidiary Guaranty) or any Subsidiary Guarantor that is a Significant Subsidiary denies or disaffirms in writing its obligations under its Subsidiary Guaranty.

 A Default under Section 6.01(c) or (d) is not an Event of Default until the Trustee or the Holders of not less than 25.0% in
aggregate principal amount of the Notes then outstanding notify the Issuer in writing by registered or certified mail, return receipt requested, of the Default and the Issuer does not cure such Default within the time specified in Sections 6.01(c)
or (d) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 

Upon any Officer becoming aware of any Default or Event of Default, unless the Default or Event of Default has been cured, the Issuer shall
deliver to the Trustee, within 10 days of becoming so aware, written notice in the form of an Officers’ Certificate specifying such Default or Event of Default, its status, and the action the Issuer proposes to take with respect thereto. 

Section 6.02 Acceleration. 

If any Event of Default (other than those of the type described in Section 6.01(g) or (h)) shall have occurred and be continuing, the
Trustee may, and the Trustee upon the written request of Holders of 25.0% in aggregate principal amount of the outstanding Notes shall, or the Holders of not less than 25.0% in aggregate principal amount of outstanding Notes may, declare the
principal amount of all the Notes then outstanding, plus all accrued and unpaid interest and Additional Amounts, if any, to but excluding the date of acceleration, to be immediately due and payable by notice in writing to the Issuer (and to
the Trustee if given by the Holders) specifying the respective Event of Default and that such notice is a notice of acceleration (the “Acceleration Notice”), and the same shall become immediately due and
payable; provided that, a notice of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two (2) years prior to such notice of Default, and
any time period in this Indenture to cure any actual or alleged Default or Event of Default may be extended or stayed by a court of competent jurisdiction. 

In the case of an Event of Default specified in clauses (g) or (h) of Section 6.01, all outstanding Notes shall become due and
payable immediately without any further declaration or other act on the part of the Trustee or the Holders. Holders may not enforce this Indenture or the Notes except as provided in this Indenture. 

After any declaration of acceleration pursuant to this Section 6.02, but before a judgment or decree based on acceleration is obtained by
the Trustee, the Holders of at least a majority in aggregate principal amount of the Notes then outstanding may rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated principal, premium, Additional
Amounts or interest, have been cured or waived as provided herein, if: 

  
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 (a) the rescission would not conflict with any judgment or decree of a court of competent
jurisdiction; 
 (b) to the extent the payment of such interest is lawful, interest (at the same rate specified in the Notes) on overdue
installments of interest and overdue payments of principal which has become due otherwise than by such declaration of acceleration has been paid; 

(c) in the event of the cure or waiver of an Event of Default of the type described in Section 6.01(g) or (h), the Trustee has received an
Officers’ Certificate and, if requested, an Opinion of Counsel, that such Event of Default has been cured or waived; and 
 (d) the
Issuer has paid to the Trustee all fees then due and payable or in arrears and has reimbursed the Trustee for all expenses incurred and reasonable fees paid in connection with such declaration of acceleration. 

Any notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration or take any
other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written representation from each such Holder to the Company and the
Trustee that such Holder is not (or, in the case such Holder is the common depositary for Euroclear and/or Clearstream, or common depositary for Euroclear and/or Clearstream or its nominee, that such Holder is being instructed solely by beneficial
owners that are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to a notice of Default shall be deemed repeated at all times until the resulting Event of
Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, covenant to provide the Company with such other information as the Company may
reasonably request from time to time in order to verify the accuracy of such Noteholder’s Position Representation within five (5) Business Days of request therefor (a “Verification Covenant”). In any case in which
the Holder is its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of its nominee. 

If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company determines in good faith that there
is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee evidence stating that the Company has filed papers with a court of competent jurisdiction seeking a
determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Event
of Default shall be automatically stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to
acceleration of the Notes, the Company provides to the Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to any Event of Default that resulted from the
applicable Noteholder Direction shall be automatically stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction being
disregarded; and, if, without the participation of such Holder, the percentage of Notes held 

  
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by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab
initio, with the effect that such Event of Default shall be deemed never to have occurred and the Trustee shall be deemed to have not received the Noteholder Direction or any notice of such Event of Default. 

For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance with
this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it, or otherwise
make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The Trustee shall have no liability to the Issuer, any Holder or any
other Person in acting in good faith on a Noteholder Direction. 
 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium,
Additional Amounts and interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies shall be cumulative to the extent permitted by law. 

Section 6.04 Waiver of Defaults. 

The Holders of at least a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf
of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture, except a continuing Default or Event of Default (a) in the payment of the principal of, premium and Additional Amounts,
if any, or interest, if any, on the Notes and (b) in respect of a covenant or provision which under this Indenture cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment. In the
event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences of that Event of Default, including without limitation any acceleration or resulting payment Default, shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders, if within 60 days after the Event of Default arose: 

(i) the Debt that is the basis for the Event of Default has been discharged; 

(ii) the holders of such Debt have rescinded or waived the acceleration, notice or action, as the case may be, giving rise to
the Event of Default; or 

  
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 (iii) if the Default that is the basis for such Event of Default has been cured. 

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

Section 6.05 Control by Majority. 

Subject to Section 7.01, in case an Event of Default shall occur and be continuing, the Trustee will be under no obligation to exercise
any of its rights or powers under this Indenture at the request or direction of any of the Holders, unless such Holders shall have offered to the Trustee reasonable indemnity and/or security (including by way of prefunding) satisfactory to the
Trustee. Subject to Section 7.01, 7.02 and 7.07, the Holders of at least a majority in aggregate principal amount of the Notes then outstanding will have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee pursuant to this Indenture or exercising any trust or power conferred on the Trustee pursuant to this Indenture with respect to the Notes. 

Section 6.06 Limitation on Suits. 

No Holder will have any right to institute any proceeding with respect to this Indenture, or for the appointment of a receiver or trustee, or
for any remedy thereunder, unless: 
 (a) such Holder has previously given to the Trustee written notice of a continuing Event of Default;

 (b) Holders of at least 25.0% in aggregate principal amount of the Notes then outstanding have made a written request and offered
reasonable indemnity and/or security (including by way of prefunding) satisfactory to the Trustee to institute such proceeding as trustee; and 

(c) the Trustee shall not have received from the Holders of at least a majority in aggregate principal amount of the Notes then outstanding a
written direction inconsistent with such request and shall have failed to institute such proceeding within 60 days. 
 The preceding
limitations do not apply to a suit instituted by a Holder for enforcement of payment of the principal of, premium and Additional Amounts, if any, or interest, if any, on such Note on or after the respective due dates expressed in such Note. 

A Holder may not use this Indenture to affect, disturb or prejudice the rights of another Holder or to obtain a preference or priority over
another Holder. 

  
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 Section 6.07 Rights of Holders to Receive Payment. 

Notwithstanding any other provision of this Indenture (including Section 6.06), the contractual right expressly set forth in this
Indenture of any Holder to receive payment of principal, premium and Additional Amounts, if any, and interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes (including in connection with an Offer to
Purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be amended without the consent of such Holder. 

Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01 (a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment
in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium and Additional Amounts, if any, and interest then due and owing (together with interest on overdue principal and, to the extent
lawful, interest) and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09 Trustee May File Proofs of Claim. 

The Trustee shall be authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon
the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee and its
agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, moneys, securities and any other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, the Agents and their respective agents and attorneys for amounts due under Section 7.07, including
payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the Agents, as applicable, and the costs and expenses of collection; 

  
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 Second: to Holders for amounts due and unpaid on the Notes for principal, premium
and Additional Amounts, if any, and interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and Additional Amounts, if any, and interest, respectively; and

 Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a Record Date and payment date for any payment to Holders pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 shall not apply to a suit by the Trustee, a suit
by the Company or the Issuer, a suit by a Holder pursuant to Section 6.07, or a suit by Holders of more than 10.0% in principal amount of the then outstanding Notes. 

ARTICLE 7 
 TRUSTEE

 Section 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, and a responsible officer of the Trustee has received a written notice of such an
Event of Default, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent Person would exercise or use under the circumstances in the conduct of
such Person’s own affairs. 
 (b) Except during the continuance of an Event of Default of which written notice from the Issuer is given
to a responsible officer of the Trustee in accordance with the notice provisions of Section 12.02. 
 (i) the duties of
the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are set forth specifically in this Indenture and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and 

  
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 (ii) in the absence of willful misconduct on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall
examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liabilities for its own gross negligence or its own willful misconduct, except that: 

(i) this paragraph does not limit the effect of paragraph (b) of this Section; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith, unless it is proved that the Trustee was
grossly negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

(e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any financial liability if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture
at the request of any Holder, unless such Holder shall have offered to the Trustee security and indemnity (including by way of prefunding) satisfactory to it against any loss, liability or expense. 

(f) The Trustee and the Agents shall not be liable for interest on any money received by it except, and only to the extent, as the Trustee and
the Agents may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee. 

Subject to the provisions of Section 7.01: 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in any such document. 

  
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 (b) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel or other
professional advisers and the written advice of such counsel, professional advisor or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon. 
 (c) The Trustee shall not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (d) Unless otherwise specifically provided
in this Indenture, any demand, request, direction or notice from the Company or the Issuer shall be sufficient if signed by an Officer of the Company or the Issuer. 

(e) The Trustee shall not be deemed to have notice of any Default or Event of Default unless either (1) with respect to any Default or
Event of Default described in Sections 6.01(a) or (b), the Trustee has actual knowledge thereof or (2) unless written notice of such Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee from the
Company, the Issuer or the Holders of 25.0% in aggregate principal amount of the outstanding Notes, and such notice references the specific Default or Event of Default, the Notes and this Indenture. 

(f) The Trustee shall not be required to give any bond or surety in respect of the performance of its power and duties hereunder. 

(g) The Trustee shall have no duty to inquire as to the performance of the Company’s or the Issuer’s covenants herein. 

(h) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(i) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do
so. 
 (j) The Trustee will not be liable to any person if prevented or delayed in performing any of its obligations or discretionary
functions under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances beyond its control. 

(k) The Trustee shall not under any circumstances be liable to the Issuer or any other party to this Indenture in contract, tort (including
negligence) or otherwise for any indirect, special, punitive or consequential loss (being loss of business, goodwill, opportunity or profit of any kind) of the Company, any Restricted Subsidiary of the Company or any other Person (or, in each case,
any successor thereto), even if advised of it in advance and even if foreseeable and regardless of whether the claim for loss is made in negligence, for breach of contract or otherwise. 

  
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 (l) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company
personally or by agent or attorney, at all times during business hours. 
 (m) The Trustee may request that the Company delivers an
Officer’s Certificate setting forth the names of the individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to
sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

(n) No provision of this Indenture shall require the Trustee to do anything which, in its opinion, may be illegal or contrary to applicable law
or regulation. 
 (o) The Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction
would, in its opinion, based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent applicable, the State of New York. 

(p) The Trustee may, in the execution and exercise of all or any of the trusts, powers, authorities and discretions vested in it by this
Indenture, delegate to any person or persons all or any of the trusts, powers, authorities and discretions vested in it by this Indenture and any such delegation may be made upon such terms and conditions and subject to such regulations as the
Trustee may think fit. The Trustee shall not be under any obligation to supervise the activities of such delegates and shall not be responsible for the misconduct or negligence of such delegates, or for any costs, expenses, losses or liabilities of,
or caused by, such delegates, provided that such delegation of such delegates has been made with reasonable care. 
 (q) The Trustee may
retain professional advisors to assist it in performing its duties under this Indenture. The Trustee may consult with such professional advisors or with counsel, and the advice or opinion of such professional advisors or counsel with respect to
legal or other matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel. 
 (r) The Trustee may assume without inquiry in the absence of actual knowledge that the Company is duly
complying with its obligations contained in this Indenture required to be performed and observed by it, and that no Default or Event of Default or other event which would require repayment of the Notes has occurred. 

(s) Unless required by applicable law or the express terms of this Indenture, Holders shall not have the right to compel disclosure of
information made available to the Trustee in under the terms of this Indenture. 

  
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 (t) The Trustee shall have the right to call for and rely on certificates or information
provided by Euroclear and/or Clearstream. 
 (u) The Trustee’s powers shall be additional to any powers under general law or as
Holder of any of the Notes. 
 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes, may engage or be interested in any financial or
other transactions with the Issuer or any other party to this Indenture, may act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or other obligations of the Issuer, and may otherwise deal with the Company or any
Affiliate of the Company (including the Issuer) with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. The Trustee shall also be subject to Section 7.10. 

For the avoidance of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee under this Indenture, including
its right to be indemnified and/or secured (including by way of prefunding), are extended to, and shall be enforceable by each Agent employed to act hereunder. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication. It may not be possible for the Trustee to take certain actions in relation to the Notes and, accordingly, in such circumstances the Trustee will be unable to take action,
not-withstanding the provision of an indemnity to it, and it will be for the holders of the Notes to take action directly. 

Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and is known to a responsible officer of the Trustee, the Trustee shall provide to
Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal on any Note, the Trustee may withhold the notice if and so long as a committee of it in
good faith determines that withholding the notice is in the interests of the Holders. 

  
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 Section 7.06 [reserved]. 

Section 7.07 Compensation and Indemnity. 

The Company or the Issuer or, upon the failure of the Company or the Issuer to pay, each Guarantor, jointly and severally (and subject in all
cases to the guarantee limitations set forth in Section 10.02) shall pay to the Trustee and Agents from time to time compensation for the acceptance of this Indenture and services hereunder as shall be agreed from time to time between them. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company or the Issuer or each Guarantor, jointly and severally (and subject in all cases to the guarantee limitations set forth in
Section 10.02) shall reimburse the Trustee and Agents promptly upon request for all disbursements, advances and expenses properly incurred or made by it, including costs of collection, any additional fees the Trustee and the Agents may incur
acting after a Default or an Event of Default and any fees the Trustee and the Agents may incur in connection with exceptional duties thereto, in addition to the compensation for its services. Such expenses shall include the properly incurred
compensation, disbursements and expenses of the Trustee’s agents and counsel. The fees, commissions and expenses payable to the Trustee and the Agents for services rendered and the performance of their obligations under this Indenture shall not
be abated by any remuneration or other amounts or profits receivable by the Trustee or the Agents (or to their knowledge by any of their associates) in connection with any transaction effected by the Trustee or the Agents with or for the Company or
the Issuer. 
 The Company, the Issuer and the Guarantors, jointly and severally (and subject in all cases to the guarantee limitations set
forth in Section 10.02), shall indemnify the Trustee and Agents, and hold them harmless, against any and all losses, claims, damages, penalties, fines, liabilities or expenses, including incidental and out-of-pocket expenses and attorneys’ fees (for purposes of this Article, “losses”) incurred by it arising out of or in connection with the acceptance or administration of its
duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company, the Issuer and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Company,
the Issuer, the Guarantors or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent such losses may be attributable to gross negligence, willful
misconduct or fraud on the part of the Trustee and Agents. The Trustee and Agents shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee and Agents to so notify the Company shall not relieve the
Company, the Issuer or any Guarantors of their obligations under this Section 7.07. At the Trustee’s and the Agents’ sole discretion, the Company, the Issuer or such Guarantor shall defend the claim, and the Trustee and the Agents
shall cooperate in the defense. The Trustee and the Agents may have separate counsel, and the Company shall pay the properly incurred fees and expenses of such counsel. Neither the Company, the Issuer nor any Guarantor need pay for any settlement
made without its consent, which consent shall not be unreasonably withheld. The Company, the Issuer and the Guarantors shall indemnify the Trustee and the Agents against any losses howsoever incurred, and arising out of or in connection with the
acceptance or administration of their duties under this Indenture, in connection with the Issuer’s, the Company’s or the Guarantors’ obligation to withhold or deduct an amount on account of tax. 

  
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 The obligations of the Company under this Section 7.07 shall survive the satisfaction
and discharge of this Indenture, the resignation or removal of the Trustee and Agents and payment in full of the Notes through the expiration of the applicable statute of limitations. 

To secure the Company’s, the Issuer’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have
a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal, premium and Additional Amounts, if any, and interest on the Notes. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(g) or (h) occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.08 Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 The Trustee may resign in writing at any time upon 30 days’ prior
written notice to the Issuer and the Guarantors and be discharged from the trust hereby created by so notifying the Issuer and the Guarantors. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the
Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 
 (a) the Trustee fails to comply
with, or ceases to be eligible under, Section 7.10; 
 (b) the Trustee is adjudged bankrupt or insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law; 
 (c) a custodian or public officer takes charge of the Trustee or its
property; or 
 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor
Trustee to replace the successor Trustee appointed by the Issuer. 
 If a successor Trustee does not take office within 30 days after the
retiring Trustee resigns or is removed, (i) the retiring Trustee, the Issuer, or the Holders of at least 10.0% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a
successor Trustee or (ii) the retiring Trustee may appoint a successor Trustee at any time prior to the date on which a successor Trustee takes office, provided that such appointment shall be reasonably satisfactory to the Company. 

  
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 If the Trustee, after written request by any Holder who has been a Holder for at least six
(6) months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. Subject to the Lien provided for in Section 7.07, the retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided, however, that all sums owing to the Trustee hereunder
shall have been paid. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

In the case of an appointment hereunder of a separate or successor Trustee with respect to the Notes, the Issuer, the Guarantors, any retiring
Trustee and each successor or separate Trustee with respect to the Notes shall execute and deliver a supplemental indenture hereto (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of any retiring Trustee with respect to the Notes as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustee co-trustees of the same trust and that each such separate, retiring or successor Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any such
other Trustee. 
 Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation or banking association, the successor corporation or banking association without any further act shall, if such successor corporation or banking association is otherwise eligible hereunder, be the successor Trustee. 

Section 7.10 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of England and Wales,
Luxembourg or the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, and which is generally recognized as a corporation which customarily performs such corporate trustee roles and
provides such corporate trustee services in transactions similar in nature to the offering of the Notes as described in the Offering Memorandum. 

Section 7.11 Agents. 

(a) The rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint or joint and several.

  
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 (b) The Issuer and the Agents acknowledge and agree that in the event of a Default or Event
of Default, the Trustee may, by notice in writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from, the Trustee. 

(c) In the event that instructions given to any Agent are not reasonably clear, then such Agent shall be entitled to seek clarification from
the Company or other party entitled to give the Agents instructions under this Indenture by written request within five Business Days of receipt by such Agent of such instructions. If an Agent has sought clarification in accordance with this
Section 7.11, then such Agents shall be entitled to take no action until such clarification is provided, and shall not incur any liability for not taking any action pending receipt of such clarification. 

(c) Moneys held by Agents need not be segregated from other funds except to the extent required by law. The Agents hold all funds as banker
subject to the terms of this Indenture and shall not be liable for any interest earned thereon or other amounts in respect of the money. 

(d) Resignation of Agents. Any Agent may resign, without liability for doing so, and be discharged from its duties under this Indenture at any
time by giving thirty (30) days’ prior written notice of such resignation to the Trustee and the Company. The Trustee or the Company may remove any Agent at any time by giving thirty (30) days’ prior written notice to any Agent.
Upon such notice, a successor Agent shall be appointed by the Company, who shall provide written notice of such to the Trustee. Such successor Agent shall become the Agent hereunder upon the resignation or removal date specified in such notice. If
the Company is unable to replace the resigning Agent within thirty (30) days after such notice, the Agent may, in its sole discretion, deliver any funds then held hereunder in its possession to the Trustee, or to a reputable financial
institution of good standing appointed by the Agent as successor Agent, which the Company shall approve, or may apply to a court of competent jurisdiction for the appointment of a successor Agent or for other appropriate relief. The costs and
expenses (including its counsels’ fees and expenses) incurred by the Agent in connection with such proceeding shall be paid by the Company. Upon receipt of the identity of the successor Agent, the Agent shall deliver any funds then held
hereunder to the successor Agent, less the Agent’s fees, costs and expenses or other obligations owed to the Agent. Upon its resignation and delivery any funds, the Agent shall be discharged of and from any and all further obligations arising
in connection with this Indenture, but shall continue to enjoy the benefit of Section 7.07. 
 (e) Any corporation into which any Agent
may be merged or converted, or any corporation with which any Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which any Agent shall be a party, or any corporation to which any Agent shall sell
or otherwise transfer all or substantially all of its assets shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, become the successor Agent under this
Indenture without the execution or filing of any paper or any further act on the part of the parties to this Indenture, unless otherwise required by the Company, and after the said effective date all references in this Indenture to such Agent shall
be deemed to be references to such successor corporation. The Agent shall provide written notice of any such merger, conversion, consolidation or transfer to the Company. 

  
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 (f) The Issuer shall ensure that, not later than the second Business Day immediately
preceding the date on which any payment is to be made to the Paying Agent, the Paying Agent shall receive a copy of an irrevocable payment instruction to the bank through which the payment is to be made. 

(g) The Issuer shall pay to the Agents such commissions in respect of the services of the Agents under this Indenture as shall be agreed
between the Issuer and the Agents. The Issuer shall also pay to the Agents an amount equal to any value added tax which may be payable in respect of the commissions together with all properly incurred expenses by the Agents in connection with their
services under this Indenture. 
 (h) In acting under this Indenture and in connection with the Notes the Agents shall act solely as agents
of the Issuer and will not assume any obligations towards or relationship of agency or trust for or with any of the owners or holders of the Notes. 

(i) The Agents shall be obliged to perform such duties and only such duties as are set out in this Indenture and the Notes and no implied
duties or obligations shall be read into this Indenture or the Notes against the Agents. 
 (j) Each of the Issuer, the Company and each
Guarantor hereby represents and warrants to each of the Agents that: (i) it is a company duly organized and in good standing in every jurisdiction where it is required so to be, (ii) it has the power and authority to sign and to perform
its obligations under this Indenture, (iii) this Indenture is duly authorized and signed and is its legal, valid and binding obligation, (iv) any consent, authorization or instruction required in connection with the execution and
performance of this Indenture has been provided by any relevant third party, (v) any act required by any relevant governmental or other authority to be done in connection with its execution and performance of this Indenture has been or will be
done (and will be renewed if necessary) and (vi) its performance of this Indenture will not violate or breach any applicable law, regulation, contract or other requirement. 

(k) If the Issuer is, in respect of any payment, compelled to withhold or deduct any amount for or on account of taxes, duties, assessments or
governmental charges, including as contemplated under Clause 4.20 of this Indenture and including any FATCA Withholding, it shall give notice of that fact to the Trustee and each Paying Agent promptly upon becoming aware of the requirement to make
the withholding or deduction and shall give to the Trustee and each Paying Agent such information as it may require to enable it to comply with the requirement. “FATCA Withholding” means any withholding or
deduction of tax required pursuant to an agreement described in Section 1471(b) of the US Internal Revenue Code of 1986 or otherwise imposed pursuant to 1471 to 1474 of the Internal Revenue Code (including any regulations or
agreements thereunder, any official interpretations therefor or any law implementing an intergovernmental approach thereto). 

  
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 Section 7.12 Compliance With Applicable Law 

(a) In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), each of the Trustee and the Agents are required to obtain, verify and record certain information relating to individuals
and entities which maintain a business relationship with each of the Trustee and the Agents, respectively. Accordingly, each of the parties agrees to provide to each of the Trustee and the Agents upon its request from time to time such identifying
information and documentation as may be available for such party in order to enable each of the Trustee and the Agents to comply with Applicable Law. 

(b) If: 
 (i) the
introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Indenture; or 

(ii) any change in the status of the Issuer of the composition of the shareholders of the Issuer after the date of this
Indenture, 
 obliges the Paying Agent or the Registrar to comply with “know your customer” or similar identification procedures
in circumstances where the necessary information is not already available to it, the Issuer shall promptly upon the request of the Paying Agent or the Registrar supply or procure the supply of such documentation and other evidence as is reasonably
requested by the Paying Agent or the Registrar in order for the Paying Agent or Registrar to carry out and be satisfied that it has complied with all necessary “know your customer” or similar checks under all applicable laws and
regulations. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at its option and at any time, elect to have either Section 8.02 or 8.03 be applied to all outstanding Notes upon
compliance with the conditions set forth in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer shall, subject to the
satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”) and each Guarantor shall be released from all of its obligations under its Guaranty. For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and
discharged the entire Debt represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in (a), (b), (c), and
(d) below, and to have satisfied all its other obligations under the Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder: 

  
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 (a) the rights of Holders of outstanding Notes to receive solely from the trust fund
described in Section 8.04, and as more fully set forth in such Section, payments in respect of the principal of or premium on such Notes when such payments are due; 

(b) the Issuer’s obligations with respect to such Notes under Article 2 and Sections 4.01 and 4.02; 

(c) the rights, powers, trusts, duties and immunities of the Trustee and Agents hereunder and the Issuer’s obligations in connection
therewith; and 
 (d) this Article 8. If the Issuer exercises under Section 8.01 the option applicable to this Section 8.02,
subject to the satisfaction of the conditions set forth in Section 8.04, payment of the Notes may not be accelerated because of an Event of Default. 

Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise
of its option under Section 8.03. 
 Section 8.03 Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer shall, subject to the
satisfaction of the conditions set forth in Section 8.04, be released from its obligations under the covenants contained in Sections 4.03, 4.09 through 4.19, and subsection (d) of the first and third paragraphs of Section 5.01 shall
cease to be operative, with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”) and each Guarantor shall be released from all
of its obligations under its Guaranty with respect to such covenants in connection with such outstanding Notes and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or
act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer may omit to comply with and shall have no obligation or liability in respect of any term, condition or limitation set forth in
any such covenant, whether directly or indirectly, by reason of any reference elsewhere in this Indenture (including any certificate deliverable hereunder) to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under this Indenture or the Notes. If the Issuer exercises under Section 8.01 the option applicable to this
Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, payment of the Notes may not be accelerated because of an Event of Default specified in clause (c), (d), (e), (g), (h) (but in the case of (g) and
(h), with respect to Significant Subsidiaries only) or (i) of Section 6.01 or because of the Issuer’s failure to comply with clause (d) under the first paragraph of, or with the third paragraph of, Section 5.01. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes. 

  
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 The Legal Defeasance or Covenant Defeasance may be exercised only if: 

(a) the Issuer irrevocably deposits in trust with the Trustee (or another agent or entity appointed for this purpose) money or in euro or
euro-denominated European Government Obligations for the payment of principal of, premium and Additional Amounts, if any, and interest, if any, on the Notes to maturity or redemption, as the case may be; provided that upon any redemption that
requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee or the relevant entity equal to the Applicable Premium calculated as
of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the Trustee or the relevant entity on or prior to
the redemption date; provided further that any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such
Applicable Premium Deficit shall be applied toward such redemption; 
 (b) the Issuer delivers to the Trustee a certificate from an
Independent Financial Advisor expressing their opinion that the payments of principal, premium and Additional Amounts, if any, and interest, when due and without reinvestment on the deposited European Government Obligations plus any deposited
money without investment, will provide cash at such times and in such amounts as will be sufficient to pay principal, premium and Additional Amounts, if any, and interest when due on all the Notes to be defeased to maturity or redemption, as the
case may be; 
 (c) no Default or Event of Default (other than that resulting from any borrowing of funds to be applied to make such deposit
and any similar and simultaneous deposit relating to other Debt and, in each case, the granting of Liens in connection therewith) has occurred and is continuing on the date of such deposit and after giving effect thereto; 

(d) such deposit does not constitute a default under any other material agreement or instrument related to Debt binding on the Issuer (other
than that resulting from any borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Debt and, in each case, the granting of Liens in connection therewith); 

(e) in the case of the Legal Defeasance option, the Issuer delivers to the Trustee an Opinion of Counsel, subject to customary assumptions and
exclusions, stating that: 
 (i) the Issuer has received from the Internal Revenue Service a ruling, or 

(ii) since the Issue Date there has been a change in the applicable U.S. federal income tax law, to the effect, in either case,
that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would be the case if such defeasance has not occurred; 

  
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 (f) in the case of the Covenant Defeasance option, the Issuer delivers to the Trustee an
Opinion of Counsel, subject to customary assumptions and exclusions, to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S.
federal income tax on the same amounts, in the same manner and at the same times as would be the case if such Covenant Defeasance had not occurred; 

(g) the Issuer delivers to the Trustee an Opinion of Counsel in Canada, subject to customary assumptions and exclusions, to the effect that
Holders will not recognize income, gain or loss for Canadian federal income tax purposes as a result of such deposit and defeasance and will be subject to Canadian federal income taxes (including withholding taxes) on the same amounts, in the same
manner and at the same times as would be the case if such deposit and defeasance had not occurred; and 
 (h) the Issuer delivers to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes have been complied with as required by this Indenture. 

Section 8.05 Deposited Cash and European Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06, all cash in euro or and European Government Obligations (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due
and to become due thereon in respect of principal, premium and Additional Amounts, if any, and interest, if any, but such cash and securities need not be segregated from other funds except to the extent required by law. 

The Company or the Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash in
euro or euro-denominated Government Obligations deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes. 
 Section 8.06 Repayment to Issuer. 

Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the written
request of the Issuer any cash in euro or European Government Obligations held by it as provided in Section 8.04 which, in the opinion of a firm of independent certified public accountants of recognized international standing expressed in a
written certification thereof delivered to the Trustee (which may be the certification delivered under Section 8.04(a)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance. 

  
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 Any cash in euro or European Government Obligations deposited with the Trustee or any Paying
Agent, or then held by the Issuer, in trust for the payment of the principal, premium and Additional Amounts, if any, or interest, if any, on any Note and remaining unclaimed for two (2) years after such principal, premium and Additional
Amounts, if any, or interest, if any, has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to
the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and securities, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be made available to the newswire service of Bloomberg or, if Bloomberg does not operate, any similar agency and, if and so
long as the Notes are listed on the Official List of the Exchange and the rules of the Authority so require, publish a notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the
date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any cash in euro or European Government Obligations in accordance with Section 8.02 or
8.03, as the case may be, by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and Guarantors’ obligations under this Indenture and
the Notes and Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such cash and securities in accordance with
Section 8.02 or 8.03, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium and Additional Amounts, if any, or interest, if any, on any Note following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders to receive such payment from the cash and securities held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02, the Issuer and the Trustee may amend or supplement this Indenture or the Notes without the consent of any
Holder to: 
 (a) cure any ambiguity, omission, defect or inconsistency; 

(b) provide for the assumption by a Surviving Person of the obligations of the Company or the Issuer under this Indenture; 

(c) provide for uncertificated Notes in addition to, or in place of, certificated Notes (provided that the uncertificated Notes are
issued in registered form for purposes of Section 163(f) of the Code); 

  
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 (d) add additional Guarantees with respect to the Notes or release Subsidiary Guarantors
from Subsidiary Guaranties as provided or permitted by the terms of this Indenture; 
 (e) secure the Notes, add to the covenants of the
Company or the Subsidiary Obligors for the benefit of the Holders, or surrender any right or power conferred upon the Company or the Subsidiary Obligors; 

(f) make any change that does not materially adversely affect the rights of any 

Holder; 
 (g) evidence or provide
for a successor Trustee; 
 (h) provide for the issuance of Additional Notes in accordance with this 

Indenture; 
 (i) conform the text
of this Indenture, the Notes or the Guaranties to any provision of the “Description of the Notes” in the Offering Memorandum to the extent that such provision in such “Description of the Notes” is intended to be a verbatim
recitation of a provision of this Indenture, the Notes or the Guaranties; 
 (j) make any amendment to the provisions of this Indenture
relating to the transfer and legending of Notes; provided, that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any other applicable securities law and
(ii) such amendment does not materially and adversely affect the rights of holders to transfer Notes; or 
 (k) add customary provisions
or make any amendments to allow for the issuance of Additional Notes into escrow. 
 For the avoidance of doubt, no amendment to, or
deletion of any of the covenants described under, Article 3 or Article 4, or action taken in compliance with the covenants in effect at the time of such action, shall be deemed to impair or affect any legal rights of any holders of the Notes to
receive payment of principal of or premium and Additional Amounts, if any, or interest on the Notes or to institute suit for the enforcement of any payment on, or with respect to, such holder’s Notes. 

Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Issuer and the Trustee may amend or supplement this Indenture and the Notes with the
consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes), and,
subject to Sections 6.04 and 6.07, any existing Default or Event of Default (except a continuing Default or Event of Default in (x) the payment of principal, premium and Additional Amounts, if any, or interest, if any, on the Notes and
(y) respect of a covenant or provision, which under this Indenture, cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment) or compliance with any provision of this Indenture or
the Notes may be waived with the consent of the Holders of at least a majority in aggregate principal amount of the Notes, then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender offer or
exchange offer for the Notes). 

  
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 Without the consent of each Holder affected, an amendment or waiver under this
Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

(i) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(ii) reduce the rate of, or extend the time for payment of, interest on, any Note; 

(iii) reduce the principal of, or extend the Stated Maturity of, any Note; 

(iv) make any Note payable in currency other than that stated in such Note; 

(v) waive a Default or Event of Default in the payment of principal of premium and Additional Amounts, if any, and interest, if
any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment Default that resulted from such acceleration); 

(vi) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of such
Notes to receive payments of principal of, or interest, premium or Additional Amounts, if any, as described in Section 6.07, on such Notes; 

(vii) subordinate the Notes, the Parent Guaranty or any Subsidiary Guaranty to any other obligation of the Issuer, the Parent
Guarantor or the applicable Subsidiary Guarantor, as applicable; 
 (viii) reduce the premium payable upon the redemption of
any Note or change the time at which any Note may be redeemed, as described under Section 3.07 (excluding any amendment to shorten the minimum notice period required for any redemption, which shall require the consent of holders of at least a
majority in aggregate principal amount of the Notes outstanding); 
 (ix) except as expressly permitted by this Indenture,
make any change in any Guaranty of the Company or of any Subsidiary Guarantor in any manner that would materially adversely affect the Holders; 

(x) make any change in the preceding amendment and waiver provisions; or 

  
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 (xi) amend the contractual right expressly set forth in this Indenture of
any Holder of the Notes to receive payment of principal of, premium and Additional Amounts, if any, and interest on, such Holder’s Notes on or after the respective Stated Maturity for such principal or Interest Payment Date for such interest
expressed in the Notes, or to institute suit for the enforcement of any such payment on or after such respective Stated Maturity or Interest Payment Date. 

The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any
supplemental indenture. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders
after such record date; provided that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 120 days after such record date, any such consent previously given
shall automatically and without further action by any Holder be cancelled and of no further effect. 
 Section 9.03 Revocation and
Effect of Consents. 
 The consent of the Holders is not necessary to approve the particular form of any proposed amendment, waiver or
supplement. It is sufficient if such consent approves the substance of the proposed amendment, waiver or supplement. After an amendment, waiver or supplement under this Section 9.02 becomes effective, the Issuer is required to mail or deliver
electronically to each registered Holder a notice briefly describing such amendment, waiver or supplement. However, the failure to give such notice to all Holders, or any defect therein, will not impair or affect the validity of the amendment,
waiver or supplement. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by
the Holder of a Note and every subsequent Holder of a Note or portion thereof that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder
may revoke the consent as to its Note or portion thereof if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver shall become effective in
accordance with its terms and thereafter shall bind every Holder. 
 Section 9.04 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in
exchange for all Notes may issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

  
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 Section 9.05 Trustee to Sign Amendments, etc. 

The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully protected in relying upon
an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amended or supplemental indenture is the legal, valid and binding
obligations of the Issuer enforceable against it in accordance with its terms, subject to customary exceptions and that such amended or supplemental indenture complies with the provisions hereof. 

ARTICLE 10 

GUARANTIES 

Section 10.01 Guaranties. 

Subject to this Article 10, the Guarantors hereby, jointly and severally, unconditionally Guarantee to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns: (a) the due and punctual payment in full of the principal of, premium and Additional Amounts, if any, and interest on the Notes, subject to any applicable grace period,
whether at Stated Maturity, by acceleration, redemption or otherwise, the due and punctual payment in full of interest on the overdue principal of and premium and Additional Amounts, if any, and, to the extent permitted by law, interest, and the due
and punctual payment in full and complete performance of all other obligations of the Issuer to the Holders or the Trustee under the Notes, this Indenture and any other agreement with or for the benefit of the Holders, in their capacities as such,
or the Trustee relating to the Issuer’s obligations under the Notes, this Indenture, or such other agreements, as applicable, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration pursuant to
Section 6.02, redemption or otherwise (clauses (a) and (b), collectively, the “Guaranteed Obligations”). Failing payment when due of any amount so Guaranteed or any performance so Guaranteed for whatever reason, the
Guarantors shall be jointly and severally obligated to pay or perform the same immediately. Each Guarantor agrees that this is a Guarantee of payment and not a Guarantee of collection. 

Each Guarantor hereby agrees that its obligations with regard to its Guaranty shall be joint and several and unconditional, and such
obligation shall exist irrespective of: (i) the validity or enforceability of the Notes or the obligations of the Issuer under this Indenture or any other agreement with, or for the benefit, of the Holders or the Trustee; (ii) the absence
of any action to enforce the same or the Guaranties; (iii) the recovery of any judgment against the Issuer or any other obligor with respect to this Indenture, the Notes or any other agreement with or for the benefit of the Holders or the
Trustee, or the Obligations of the Issuer under this Indenture, the Notes or any other agreement with, or for the benefit of, the Holders or the Trustee; and (iv) any action to enforce the same or any other circumstances (other than payment in
full and complete performance of the Guaranteed Obligations) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the extent permitted by applicable law, waives and relinquishes all
claims, rights and remedies accorded by applicable law to guarantors and agrees not to assert or take advantage of any such claims, rights or remedies, including, but not limited to: (A) any right to require any of the Trustee, the Holders or
the Issuer (each a “Benefited Party”), as a condition of payment or performance by such 

  
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Guarantor, to (1) proceed against the Issuer, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (2) proceed against or exhaust any
security held from the Issuer, any such other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (3) proceed against or have resort to any balance of any deposit account or securities account or credit
on the books of any Benefited Party or any other Guarantor in favor of the Issuer, any such other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, or (4) pursue any other remedy in the power of any
Benefited Party whatsoever; (B) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of any Benefited Party, including any defense based on or arising out of the lack of validity or the
unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Issuer from any cause other than payment in full and complete performance of the Guaranteed
Obligations; (C) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (D) any defense based upon
any Benefited Party’s errors or omissions in the administration of the Guaranteed Obligations; (E) (1) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of the Guaranties and any
legal or equitable discharge of such Guarantor’s obligations hereunder, (2) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement hereof, (3) any rights to set-offs, recoupments and counterclaims, (4) promptness, diligence and any requirement that any Benefited Party protect, secure, perfect or insure any security interest or lien or any property subject thereto,
and (5) filing of claims with a court in the event of insolvency or bankruptcy of any Benefited Party; (F) notices, demands, presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including
acceptance of the Guaranties, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related to any of the foregoing, and notices of any extension of credit to the Issuer and any right to consent to any
thereof; (G) the benefits of any “One Action” rule; and (H) any defenses or benefits that may be derived from, or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the
terms of the Guaranties. Without limiting the generality of the foregoing, Novelis do Brasil Ltda. and any other Guarantor that is organized under the laws of Brazil expressly waive the benefits set forth in Articles 366, 824, 827, 835, 837, 838 and
839 of Law No. 10.406, of January 10, 2002, as amended, and Article 794 of Law No. 13.105, of March 16, 2015, as amended. Except to the extent expressly provided herein, including Sections 8.02, 8.03 and 10.05, each Guarantor
hereby covenants that its Guaranty shall not be discharged except by payment in full and complete performance of the Guaranteed Obligations and the other obligations contained in its Guaranty and this Indenture. 

If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, any Guarantor, or any custodian, trustee,
liquidator or other similar official acting in relation to the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such Holder, this Guaranty, to the extent theretofore discharged, shall be reinstated in full force and effect.

  
 137 

 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation
to the Holders or the Trustee in respect of any obligations Guaranteed hereby until payment in full and complete performance of all Guaranteed Obligations. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the maturity of the Guaranteed Obligations may be accelerated as provided in Section 6.02 for the purposes of this Guaranty, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the Guaranteed Obligations, and (y) in the event of any declaration of acceleration of such obligations as provided in Section 6.02, such obligations (whether or not due and payable) shall forthwith become
due and payable by the Guarantors for the purpose of this Guaranty. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair
the rights of the Holders under the Guaranty. 
 Section 10.02 Limitation on Subsidiary Guarantor Liability. 

(a) Each Subsidiary Guarantor and, by its acceptance of Notes, each Holder hereby confirms that it is the intention of all such parties that
the Guaranty of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, provincial, state or other law to
the extent applicable to such Guaranty. To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that each Subsidiary Guarantor’s liability shall be that amount from time to time
equal to the aggregate liability of such Subsidiary Guarantor under the Guaranty, but shall be limited to the lesser of (i) the aggregate amount of the Issuer’s obligations under the Notes and this Indenture (including the Guaranteed
Obligations) or (ii) the amount, if any, which would not have (A) rendered the Subsidiary Guarantor “insolvent” (as such term is defined in the Federal Bankruptcy Code and in the Debtor and Creditor Law of the State of New York)
or (B) left it with unreasonably small capital at the time its Subsidiary Guaranty with respect to the Issuer’s obligations under this Indenture and the Notes was entered into, after giving effect to the Incurrence of existing Debt
immediately before such time; provided, however, it shall be a presumption in any lawsuit or proceeding in which a Subsidiary Guarantor is a party that the amount Guaranteed pursuant to the Subsidiary Guaranty with respect to the Notes
and this Indenture is the amount described in clause (a)(i) of this Section 10.02 unless any creditor, or representative of creditors of the Subsidiary Guarantor, or debtor in possession or trustee in bankruptcy of the Subsidiary Guarantor,
otherwise proves in a lawsuit that the aggregate liability of the Subsidiary Guarantor is limited to the amount described in clause (a)(ii) of this Section 10.02. Without limiting the generality of the foregoing, the obligations of each
Restricted Guarantor (as defined in Schedule A) shall be limited as set forth in Schedule A hereto as may be further modified, amended or supplemented. 

(b) In making any determination as to the solvency or sufficiency of capital of a Subsidiary Guarantor in accordance with the proviso of
Section 10.02(a), the right of each Subsidiary Guarantor to contribution from other Guarantors and any other rights such Subsidiary Guarantor may have, contractual or otherwise, shall be taken into account. 

Section 10.03 Execution and Delivery of Guaranty. 

To evidence its Guaranty set forth in Section 10.01, each Guarantor hereby agrees that a notation of such Guaranty in substantially the
form included in Exhibit E attached hereto shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Guarantor by its President or one of its
Vice Presidents (or equivalent senior officer if such titles are not applicable). Such endorsement and execution may be effected pursuant to a valid power of attorney. 

  
 138 

 Each Guarantor hereby agrees that its Guaranty set forth in Section 10.01 shall remain
in full force and effect, notwithstanding any failure to endorse on each Note a notation of such Guaranty. 
 If an Officer whose signature
is on this Indenture or on the Guaranty, as applicable, no longer holds that office at the time the Trustee authenticates the Note on which a Guaranty is endorsed, the Guaranty shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guaranty set forth
in this Indenture on behalf of the Guarantors. 
 The Parent Guarantor hereby agrees that it shall cause each Person that becomes obligated
to provide a Guaranty pursuant to Section 4.17 or Section 4.19 to execute a supplemental indenture in form and substance reasonably satisfactory to the Trustee, pursuant to which such Person provides the Guaranty set forth in this Article
10 and otherwise assumes the obligations and accepts the rights of a Guarantor under this Indenture, in each case with the same effect and to the same extent as if such Person had been named herein as a Guarantor. The Parent Guarantor also hereby
agrees to cause each such new Guarantor to evidence its Guaranty by endorsing a notation of such Guaranty on each Note as provided in this Section 10.03. 

Section 10.04 Subsidiary Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 10.05, no Subsidiary Guarantor may consolidate with or merge with or into (whether or not such
Subsidiary Guarantor is the Surviving Person) another Person whether or not affiliated with such Subsidiary Guarantor unless: 
 (a) subject
to Section 10.05, the Person formed by or surviving any such consolidation or merger (if other than a Guarantor or the Issuer) unconditionally assumes all the obligations of such Subsidiary Guarantor, pursuant to a supplemental indenture in
form and substance reasonably satisfactory to the Trustee, under this Indenture and the applicable Guaranty on the terms set forth herein or therein; and 

(b) the Subsidiary Guarantor complies with the requirements of Article 5. 

In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the applicable Guaranty endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by such
Subsidiary Guarantor, such successor Person shall succeed to and be substituted for such Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor. Such successor Person thereupon may cause to be signed any
or all of the Guaranties to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee. Each Guaranty so issued shall in all respects have the same legal rank and
benefit under this Indenture as the Guaranties theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Guaranties had been issued at the date of the execution hereof. 

  
 139 

 Except as set forth in Articles 4 and 5, and notwithstanding clause (a) of this
Section 10.04, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Subsidiary Guarantor with or into the Issuer, the Parent Guarantor or another Subsidiary Guarantor, or shall prevent any
sale or conveyance of the property of a Subsidiary Guarantor as an entirety or substantially as an entirety to the Issuer, the Parent Guarantor or another Subsidiary Guarantor. 

Section 10.05 Releases Following Merger, Consolidation or Sale of Assets, Etc. 

In the event of a sale or other disposition of all or substantially all of the assets of any Subsidiary Guarantor, by way of merger,
consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of any Subsidiary Guarantor, in each case to a Person that is not (either before or after giving effect to such transactions) the Parent Guarantor or a Subsidiary
of the Parent Guarantor, then such Subsidiary Guarantor shall be released and relieved of any obligations under its Subsidiary Guaranty; provided that (a) such sale or other disposition does not violate the applicable provisions of this
Indenture and (b) the net proceeds of such sale or other disposition shall be applied in accordance with the applicable provisions of this Indenture, including Section 4.12. Upon delivery by the Company or the Issuer to the Trustee of an
Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Parent Guarantor or any Subsidiary thereof in accordance with the provisions of this Indenture, including Section 4.12, the
Trustee shall promptly execute any documents (in form and substance reasonably satisfactory to the Trustee) reasonably required in order to evidence the full release of any Subsidiary Guarantor from its obligations under its Subsidiary Guaranty. If
a Restricted Subsidiary is designated as an Unrestricted Subsidiary in accordance with the provisions of Section 4.16, a Subsidiary Guarantor becomes an Excluded Subsidiary in accordance with the definition of “Excluded Subsidiary”
contained in this Indenture or a Subsidiary Guarantor is released from any and all Guarantees of Debt under the Credit Facilities (other than Guarantees by (i) a Restricted Subsidiary of Debt of a Restricted Subsidiary Incurred pursuant to
clause (n) of the definition of “Permitted Debt” or (ii) a Foreign Subsidiary of Debt of a Foreign Subsidiary Incurred pursuant to clause (p) of the definition of “Permitted Debt”), such Subsidiary shall
automatically and unconditionally, without the need for action by any party, be released and relieved of any obligations under its Subsidiary Guaranty and no further action is needed to document any release. 

The Company may elect, at any time and in its sole discretion and without the need for action by any party, to release any Subsidiary or
direct or indirect parent company of the Company that became a Guarantor pursuant to Section 4.19(b) and relieve such Guarantor of any obligations under its Guaranty and no further action is needed to document any such release. 

Any Subsidiary Guarantor not released from its Subsidiary Guaranty as provided in this Section 10.05, will remain liable for the full
amount of all Guaranteed Obligations, in each case as provided in this Article 10. 

  
 140 

 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge. 

The Issuer may discharge this Indenture such that it will cease to be of further effect, except as to surviving rights of registration of
transfer or exchange of the Notes under this Indenture, as to all outstanding Notes when: 
 (a) either: 

(i) all the Notes previously authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has previously been deposited in trust or segregated and held in trust by the Issuer and is thereafter repaid to the Issuer or discharged from the trust) have been delivered to the Trustee for cancellation; or 

(ii) all Notes not previously delivered to the Trustee for cancellation; 

(A) have become due and payable; 

(B) will become due and payable at their maturity within one year; or 

(C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
a redemption by the Trustee; and 
 in the case of clauses (a)(ii)(A), (B) or (C) of this Section 11.01, the Issuer has irrevocably deposited, or
caused to be deposited, with the Trustee (or another agent or entity appointed for this purpose) as trust funds in trust solely for the benefit of the Holders cash in euros, European Government Obligations, or a combination of such cash and European
Government Obligations, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire Debt on the Notes not previously delivered to the Trustee for cancellation or redemption, for
principal, premium and Additional Amounts, if any, and interest, if any, on the Notes to the date of deposit, in the case of Notes that have become due and payable, or to the Stated Maturity or redemption date, as the case may be; provided
that, upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium
calculated as of the date of the notice of redemption, with any Applicable Premium Deficit only required to be deposited with the Trustee or the relevant entity on or prior to the redemption date; provided further that any Applicable Premium Deficit
shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

(b) the Issuer has paid or caused to be paid all other sums payable by it under this Indenture; and 

  
 141 

 (c) the Issuer delivers to the Trustee an Officers’ Certificate and Opinion of Counsel
stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been satisfied. 

Section 11.02 Deposited Cash and European Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 

All cash in euro and European Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 11.02, the “Trustee”) pursuant to Section 11.01 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or the Issuer 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, premium and Additional Amounts, if any, and interest but such cash and securities need not be segregated from other funds except to the extent required by law. 

If the Trustee or a Paying Agent is unable to apply any money or European Government Obligations in accordance with Section 11.01 hereof
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Issuer has made any payment of principal of, premium on, if any, interest and Additional
Amounts, if any, on, the Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or European Government Obligations held by the Trustee
or Paying Agent. 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01 [reserved]. 

Section 12.02 Notices. 

Any notice or communication by the Issuer and/or a Guarantor or the Trustee to the other is duly given if in writing, in the English language,
and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next-day delivery, to the other’s
address: 
 Novelis Sheet Ingot GmbH 

c/o Novelis Inc. 
 3560 Lenox
Road, Suite 2000 
 Atlanta, Georgia 30326 

Attention: General Counsel 

Facsimile: 404-760-0124 

  
 142 

 with a copy to (which shall not constitute notice under this Indenture): 

Fried, Frank, Harris, Shriver & Jacobsen LLP 

One New York Plaza 
 New York, New
York 10004 
 Attention: Daniel Bursky, Joshua Coleman, Ashar Qureshi and John Satory 

If to the Trustee: 
 Winchester
House 
 1 Great Winchester Street 

London EC2N 2DB 
 Facsimile: +44
20 757 6149 
 Attention: Debt & Agency Services 

If to the Registrar: 
 Deutsche
Bank Trust Company Americas 
 Trust and Agency Services 

60 Wall Street, 24th Floor 
 Mail
Stop: NYC60 - 2405 
 New York, New York 10005 

USA 
 Attn: Corporates Team,
Novelis Sheet Ingot GmbH – SF4441 
 Facsimile: (732) 578-4635 

The Company, the Issuer or the Trustee, by notice to the other, may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to the Trustee or Holders) shall be deemed to have been duly given:
(a) at the time delivered by hand, if personally delivered; (b) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (c) when receipt acknowledged, if sent by facsimile transmission or electronic mail;
and (d) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next-day delivery. All notices and communications to the Trustee or Holders shall be
deemed duly given and effective only upon receipt. 
 Any notice or communication to a Holder shall be mailed by first-class mail, certified
or registered, return receipt requested, or by overnight air courier guaranteeing next-day delivery to its address shown in the records of the Registrar. Failure to mail a notice or communication to a Holder
or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

  
 143 

 If the Company or the Issuer mails a notice or communication to Holders, it shall mail a
copy to the Trustee and each Agent at the same time. 
 Section 12.03 [reserved]. 

Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company or the Issuer to the Trustee to take any action under any provision of this Indenture, the
Company or the Issuer shall: 
 (a) if requested by the Trustee, furnish to the Trustee an Officers’ Certificate in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the
proposed action have been complied with; and 
 (b) if requested by the Trustee, furnish to the Trustee an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 

Section 12.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable such Person to express an opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

With respect to matters of fact, an Opinion of Counsel may rely on one or more Officers’ Certificates, certificates of public officials,
or reports or opinions of experts. 
 Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 

  
 144 

 Section 12.07 No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No director, officer, employee, incorporator, stockholder or member of the Company or any Subsidiary or Affiliate of the
Company (including the Issuer), as such, will have any liability for any obligations under the Notes, this Indenture or the Guaranties, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of
Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 12.08 Governing Law. 

THIS INDENTURE, THE NOTES AND EACH NOTATION OF A SUBSIDIARY GUARANTY DELIVERED PURSUANT TO SECTION 10.03 ARE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK. 
 Section 12.09 [reserved]. 

Section 12.10 Successors. 

All covenants and agreements of each of the Company and the Issuer in this Indenture and the Notes shall bind its successors. All covenants and
agreements of the Trustee in this Indenture shall bind its successors. 
 Section 12.11 Severability. 

In case any provision in this 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 12.12 Consent to Jurisdiction and
Service of Process. 
 (a) The Issuer and each Guarantor irrevocably consents to the jurisdiction of the courts of the State of New York
and the courts of the United States of America located in the Borough of Manhattan, City and State of New York over any suit, action or proceeding with respect to this Indenture or the transactions contemplated hereby. The Issuer and each Guarantor
waives any objection that it may have to the venue of any suit, action or proceeding with respect to this Indenture or the transactions contemplated hereby in the courts of the State of New York or the courts of the United States of America, in each
case, located in the Borough of Manhattan, City and State of New York, or that such suit, action or proceeding brought in the courts of the State of New York or the United States of America, in each case, located in the Borough of Manhattan, City
and State of New York was brought in an inconvenient court and agrees not to plead or claim the same. 
 (b) The Issuer and each Guarantor
irrevocably appoints Corporation Service Company as its authorized agent in the State of New York upon which process may be served in any such suit or proceedings, and agrees that service of process upon such agent, and written notice of said
service to Corporation Service Company, 1180 Avenue of the Americas, Suite 210, New York, NY 10036 (telecopy no: 212-299-5600), by the person serving the same to the
address provided in Section 12.02, shall be deemed in every respect effective service of process upon the Issuer and each Guarantor in any such suit or proceeding. The Issuer and each Guarantor further agrees to take any and all action as may
be necessary to maintain such designation and appointment of such agent in full force and effect for a period of 11 years from the Issue Date. 

  
 145 

 Section 12.13 Foreign Currency Equivalents. 

For purposes of determining compliance with any U.S. dollar-denominated restriction or amount, the U.S. dollar-equivalent principal amount of
any amount denominated in a foreign currency will be the Dollar Equivalent calculated on the date the Debt was Incurred or other transaction was entered into, or first committed, in the case of committed but undrawn debt, provided that if any
Permitted Refinancing Debt is Incurred to refinance Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated on the date of such refinancing, such
U.S. dollar-denominated restriction will be deemed not have been exceeded so long as the principal amount of such Permitted Refinancing Debt does not exceed the principal amount of such Debt being refinanced. Notwithstanding any other provision in
this Indenture, no restriction or amount will be exceeded solely as a result of fluctuations in the exchange rate of currencies. 

Section 12.14 Judgment Currency. 

The euro is the sole currency of account and payment for all sums payable by the Issuer or any Guarantors (including the Parent) under or in
connection with the Notes. Any amount received or recovered in a currency other than euro (the “Required Currency”), which is made to or for the account of any Holder in lawful currency of any other jurisdiction (the
“Judgment Currency”), whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer or a Guarantor (including the Parent), shall constitute a discharge of
the Issuer’s, the Parent’s or the Guarantor’s obligation under this Indenture and the Notes or Note Guarantee, as the case may be, only to the extent of the amount of the Required Currency with such Holder, as the case may be, could
purchase in the London foreign exchange markets with the amount of the Judgment Currency in accordance with normal banking procedures at the rate of exchange prevailing on the first Business Day following receipt of the payment in the Judgment
Currency. 
 If the amount of the Required Currency that could be so purchased is less than the amount of the Required Currency originally
due to such Holder, as the case may be, the Issuer shall indemnify and hold harmless the Holder, as the case may be, from and against all loss or damage arising out of, or as a result of, such deficiency. This indemnity shall constitute an
obligation separate and independent from the other obligations contained in this Indenture and shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by any Holder from time to time and
shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under any judgment or order. 

The Trustee shall have no duty or liability with respect to monitoring or enforcing this Section 12.14. 

  
 146 

 Section 12.15 Documents in English. 

By common accord, this Indenture, the Notes, the Guaranties and all documents related thereto have been, or will be, drafted solely in the
English language. 
 Section 12.16 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. 
 Section 12.17 Table of Contents, Headings, etc. 

The Table of Contents and Headings in this Indenture have been inserted for convenience of reference only, are not to be considered a part of
this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures, including those created or transmitted through a software
platform or application, shall be deemed original signatures for purposes of this Indenture and all other related documents and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal
effect as original signatures. The parties agree that this Indenture or any other related document or any instrument, agreement or document necessary for the consummation of the transactions contemplated by this Indenture or the other related
documents or related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer of funds or other communications)
(“Executed Documentation”) may be accepted, executed or agreed to through the use of an electronic signature in accordance with applicable laws, rules and regulations in effect from time to time applicable to the
effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were
physically executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto or thereto. When the Registrar acts on any Executed Documentation sent
by electronic transmission, the Registrar will not be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed
Documentation (a) may not be an authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent
with, a subsequent written instruction or communication; it being understood and agreed that the Registrar shall conclusively presume that Executed Documentation that purports to have been sent by an authorized officer of a Person has been sent by
an authorized officer of such Person. The party providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods, including, without
limitation, the risk of the Registrar acting on unauthorized instructions and the risk of interception and misuse by third parties. 

  
 147 

 Section 12.18 Patriot Act 

In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the Registrar is required
to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Registrar. Accordingly, each of the parties agree to provide to the Registrar, upon their request from time
to time such identifying information and documentation as may be available for such party in order to enable the Registrar to comply with Applicable Law. 

[Signatures on following page] 

  
 148 

 
			
	Issuer:
	
	NOVELIS SHEET INGOT GMBH
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Person Authorised

 SIGNATURE PAGE TO NOVELIS
INDENTURE 

 
					
	Company:
	
	NOVELIS INC.
		
	By:	 	 /s/ Gregg Murphey

		 	Name:	 	Gregg Murphey
		 	Title:	 	Assistant Treasurer

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	Subsidiary Guarantors:
	
	U.S. Subsidiary Guarantors:
	
	 NOVELIS GLOBAL EMPLOYMENT

ORGANIZATION, INC.

		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Assistant Treasurer
	
	NOVELIS HOLDINGS INC.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory
	
	NOVELIS SOUTH AMERICA HOLDINGS LLC
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory
	
	NOVELIS CORPORATION
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory
	
	ALERIS CORPORATION
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory
	
	ALERIS INTERNATIONAL, INC.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	ALERIS ROLLED PRODUCTS, INC.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory
	
	ALERIS ROLLED PRODUCTS, LLC
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory
	
	ALERIS ROLLED PRODUCTS SALES CORPORATION
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory
	
	UWA ACQUISITION CO.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory
	
	NICHOLS ALUMINUM-ALABAMA LLC
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory
	
	IMCO RECYCLING OF OHIO, LLC
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	NICHOLS ALUMINUM LLC
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	NAME ACQUISITION CO.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory
	
	ALERIS RM, INC.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Authorized Signatory

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	Canadian Subsidiary Guarantors:
	
	4260848 CANADA INC.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory
	
	4260856 CANADA INC.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory
	
	8018227 CANADA INC.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	UK Subsidiary Guarantors:
	
	NOVELIS EUROPE HOLDINGS LIMITED
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Attorney
	
	NOVELIS UK LTD.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Attorney
	
	NOVELIS SERVICES LIMITED
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Attorney

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	Irish Subsidiary Guarantors:
	
	NOVELIS ALUMINIUM HOLDING
	UNLIMITED COMPANY
	
	Signed and Delivered as a Deed for and on behalf of Novelis Aluminium Holding Unlimited Company by its duly authorized attorney:
		
	        	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Attorney
	
	In the presence of:
	
	 /s/ Teresa Murphey

	(Witness’ Signature)
	
	Teresa Murphey
	(Witness’ Name)
	
	3347 Osborne Rd, Brookhaven, GA 30319
	(Witness’ Address)
	
	HR Consultant
	(Witness’ Occupation)

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	Swiss Subsidiary Guarantors: 
	
	NOVELIS AG
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory
	
	NOVELIS SWITZERLAND SA
		
	By:	 	 Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	German Subsidiary Guarantors:
	
	NOVELIS DEUTSCHLAND GMBH
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Person Authorized
	
	ALERIS DEUTSCHLAND HOLDING GMBH
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Person Authorized
	
	ALERIS ROLLED PRODUCTS GERMANY GMBH
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Person Authorized
	
	ALERIS CASTHOUSE GERMANY GMBH
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Person Authorized

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	French Subsidiary Guarantors:
	
	NOVELIS PAE S.A.S
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title: Attorney-in-Fact

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	Brazilian Subsidiary Guarantor:
	
	NOVELIS DO BRASIL LTDA.
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Attorney-in-Fact

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 
			
	UAE Subsidiary Guarantors:
	
	NOVELIS MEA LTD
		
	By:	 	 /s/ Gregg Murphey

		 	Name: Gregg Murphey
		 	Title:   Authorized Signatory

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

 State of Georgia              ) 

                          
              ) ss.: 
 County of Fulton
          ) 
 On 3/16/21 before me, Jennifer Richardson Notary Public,
personally appeared, Gregg Murphey personally known to me or proved to me on the basis of satisfactory evidence to be the individual who executed the foregoing document, and who acknowledged to me that his/her executed the same in his/her authorized
capacity, and that by his/her signature on the foregoing document the person, or the entity upon behalf of which the person acted, executed the foregoing document. 

 

	
	 /s/ Jennifer Richardson

	Notary Public
	Jennifer Richardson
	NOTARY PUBLIC
	Carroll County
	State of Georgia
	My Comm. Expires May 21, 2023

  
 SIGNATURE
PAGE TO NOVELIS INDENTURE 

			
	Trustee
		
	By:	 	DEUTSCHE TRUSTEE COMPANY LIMITED
		
	By:	 	 /s/ David Contino

		 	Name: David Contino
		 	Title:   Associate Director
		
	By:	 	 /s/ Ranjit Mather

		 	Name: Ranjit Mather
		 	Title:   Associate Director
	
	Principal Paying Agent and Transfer Agent
	
	DEUTSCHE BANK AG, LONDON BRANCH
		
	By:	 	 /s/ David Contino

		 	Name: David Contino
		 	Title:   Director
		
	By:	 	 /s/ Ranjit Mather

		 	Name: Ranjit Mather
		 	Title:   Director
	
	Registrar
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS

  
 

 
 SIGNATURE PAGE TO NOVELIS SHEET
INGOT GMBH SENIOR NOTES INDENTURE 

 EXHIBIT A 
  

 
 (Face of Note) 

[Insert the Global Note Legend, if applicable pursuant to Section 2.06(f)(i) of the Indenture] 

[Insert the Private Placement Legend, if applicable pursuant to Section 2.06(f)(ii) of the Indenture] 

 
  

3.375% SENIOR NOTES DUE APRIL 2029 

COMMON CODE ___________ 
 ISIN
___________ 
 €___________ 
 No. ________

 NOVELIS SHEET INGOT GMBH 
 promises
to pay to _____________ or registered assigns, the principal sum of ___________ euro on April 15, 2029. 
 Interest Payment Dates: April 15 and
October 15, commencing on October 15, 2021. 
 Record Dates: April 1 and October 1. 

Dated: ______________. 

  
 A-1 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by
its duly authorized officer. 
  

			
	NOVELIS SHEET INGOT GMBH
		
	By:	 	              

		 	Name:
		 	Title:

  
 A-2 

 This is one of the Global Notes referred to 

in the within-mentioned Indenture: 
 DEUTSCHE BANK TRUST COMPANY
AMERICAS, not in its personal capacity but in its capacity as Authenticating Agent appointed by the Trustee 
  

			
	By:	 	              

		 	Authorized Signatory
		
	By:	 	              

		 	Authorized Signatory

  
 A-3 

 (Back of Note) 

3.375% SENIOR NOTES DUE APRIL 2029 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. Interest. Novelis Sheet Ingot GmbH, a limited liability company (Gesellschaft mit beschränkter
Haftung) under the laws of the Federal Republic of Germany (the “Issuer”), promises to pay interest (as defined in the Indenture) on the principal amount of this Note at 3.375% per annum until the Maturity
Date. The Issuer shall pay interest semi-annually in arrears in cash on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment
Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from March 31, 2021; provided, however, that if there is no existing Default in
the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided,
further, that the first Interest Payment Date shall be October 15, 2021. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium and Additional Amounts,
if any, from time to time on demand at a rate that is equal to the rate then in effect and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace periods), from time to time on demand at the same rate to the extent lawful. On the Maturity Date, the Issuer shall pay any accrued and unpaid interest to but excluding the Maturity Date. 

Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months on the aggregate principal amount outstanding. 
 2. Method of Payment. The
Issuer shall pay interest on this Note (except defaulted interest) to the Persons in whose name this Note is registered at the close of business on April 1 or October 1 next preceding the Interest Payment Date, even if such
Note is cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. This Note shall be payable as to principal, premium and Additional
Amounts, if any, and interest, if any, at the office or agency of the Issuer maintained for such purpose, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders; provided, however, that payment
by wire transfer of immediately available funds shall be required with respect to principal of and interest, if any, and premium and Additional Amounts, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to the Issuer or the Paying Agent. Such payment shall be in euro as at the time of payment is legal tender for payment of public and private debts. 

3. Paying Agent and Registrar. Initially, Deutsche Bank AG, London Branch will act as Paying Agent and Transfer
Agent and Deutsche Bank Trust Company Americas will act as Registrar. Upon notice to the Trustee, the Issuer may change any Paying Agent, Registrar or Transfer Agent. 

  
 A-4 

 4. Indenture. The Issuer issued the Notes under an Indenture dated as of
March 31, 2021 (“Indenture”) among the Issuer, the guarantors party thereto (the “Guarantors”), Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as
principal paying agent and transfer agent and Deutsche Bank Trust Company Americas, as registrar. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 5.
Optional Redemption. 
 (a) Except as set forth in clauses (b) and (c) of this paragraph 5, the Notes will not be
redeemable at the option of the Issuer prior to April 15, 2024. Starting on that date, the Issuer may, from time to time, redeem all or any portion of the Notes. The Notes may be redeemed at the redemption prices set forth below, plus
accrued and unpaid interest and Additional Amounts, if any, to but excluding the redemption date (subject to the right of holders of record on the Relevant Record Date to receive interest due on the relevant Interest Payment Date). The following
prices are for Notes redeemed during the 12-month period commencing on April 15 of the years set forth below, and are expressed as percentages of principal amount: 

 

					
	 Year
	  	Redemption Price	 
	 2024
	  	 	101.6875	% 
	 2025
	  	 	100.8438	% 
	 2026 and thereafter
	  	 	100.000	% 

 (b) At any time prior to April 15, 2024, the Issuer may, from time to time, redeem all or any portion of
the Notes at a redemption price equal to the greater of: 
 (i) 100.0% of the principal amount of the Notes to be redeemed;
and 
 (ii) the sum of the present values of (A) the redemption price of the Notes at April 15, 2024 (as set forth
in the preceding paragraph) and (B) the remaining scheduled payments of interest from the redemption date through April 15, 2024, but excluding accrued and unpaid interest through the redemption date, discounted to the redemption date
(assuming a 360 day year consisting of twelve 30 day months), at the Bund Rate plus 50 basis points, 
 plus, in either case, accrued and unpaid
interest and Additional Amounts, if any, to but excluding the redemption date (subject to the right of holders of record on the Relevant Record Date to receive interest due on the relevant Interest Payment Date). 

(c) At any time and from time to time prior to April 15, 2024, the Issuer may redeem up to a maximum of 40.0% of the original aggregate
principal amount of the Notes (including any Additional Notes) with an amount up to the proceeds of one or more Qualified Equity Offerings at a redemption price equal to 103.375% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest and Additional Amounts, if any, to but excluding the redemption date (subject to the right of holders of record on the Relevant Record Date to receive interest due on the relevant Interest Payment Date); provided,
however, that after giving effect to any such redemption, at least 50.0% of the original aggregate principal amount of the Notes (including any Additional Notes) remains outstanding (unless all Notes are redeemed concurrently). Notice of any
such redemption shall be made within 90 days of such Qualified Equity Offering. 

  
 A-5 

 (d) In connection with any tender offer, Change of Control Offer, Alternate Offer or Asset
Sale Offer for the Notes, if Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such offer and the Issuer, or any third party making such offer, purchases all of the
Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days
following such purchase pursuant to a Change of Control Offer, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash equal to the price offered to each other Holder in such offer plus, to the extent
not included in the offer payment, accrued and unpaid interest and Additional Amounts, if any, on the Notes redeemed to, but excluding, the date of redemption. 

(e) In connection with any redemption of Notes (including with the proceeds of a Qualified Equity Offering) or any Offer to Purchase (including
in connection with a Change of Control, Alternate Offer or Asset Sale Offer), any such redemption or purchase may, at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of any related financing or
Qualified Equity Offering. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s sole discretion, the redemption or purchase date may be delayed
until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not
have been satisfied by the redemption or purchase date, or by the redemption or purchase date so delayed, and that such redemption or purchase provisions may be adjusted to comply with the requirements of any Depositary for the Notes. In addition,
the Issuer may provide in such notice that payment of the redemption or purchase price and performance of the Issuer’s other obligations with respect to such redemption or purchase may be performed by a direct or indirect parent of the Issuer
to the extent such parent performs such obligations in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to such redemption or purchase. 

(f) If (i) any Payor becomes obligated to pay Additional Amounts as set forth under Section 4.20 of the Indenture, (ii) such
obligation cannot be avoided by the taking of reasonable measures available to the Payor and (iii) the requirement arises as a result of (x) any change in or amendment to, the laws or treaties (or any regulations, or rulings promulgated
thereunder) of the Relevant Tax Jurisdiction which change or amendment has not been publicly announced as formally proposed before, and which becomes effective on or after, the Issue Date or, if a Relevant Tax Jurisdiction has changed since the
Issue Date, the date on which such Relevant Tax Jurisdiction became an applicable Relevant Tax Jurisdiction pursuant to this Indenture (the “Relevant Tax Jurisdiction Date”); or (y) any change in, or amendment to, the
existing official position or the introduction of an official position regarding the application, administration or interpretation of such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent
jurisdiction or a change in published practice), which 

  
 A-6 

 
change, amendment, application or interpretation has not been publicly announced as formally proposed before, and becomes effective on or after, the Relevant Tax Jurisdiction Date (each of the
foregoing clauses (i) and (ii), a “Change in Tax Law”), the Notes may be redeemed, in whole but not in part, at the option of the Issuer, upon not less than 10 days’ nor more than 60 days’ prior notice of
redemption at 100% of the outstanding principal amount thereof together with accrued and unpaid interest, if any, to but excluding the date fixed for redemption (a “Tax Redemption Date”) and Additional Amounts,
if any, then due and that will become due on the Tax Redemption Date as a result of the redemption or otherwise (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date and Additional Amounts, if any, in respect thereof). 
 6. Sinking Fund. 

The Issuer shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

7. Repurchase at Option of Holder. 

(a) Upon the occurrence of a Change of Control Triggering Event, the Issuer shall, within 60 days of a Change of Control Trigger Event, make an
offer (the “Change of Control Offer”) pursuant to the procedures set forth in Section 3.10 of the Indenture. Each Holder shall have the right to accept such offer and require the Issuer to
repurchase all or any portion (in denominations of €100,000 or any integral multiple of €1,000 in excess thereof) of such Holder’s Notes pursuant to the Change of Control Offer at a purchase price, in cash, equal to 101.0% of the
aggregate principal amount of Notes repurchased, plus in each case accrued and unpaid interest and Additional Amounts, if any, on the Notes repurchased to but excluding the repurchase date (subject to the right of Holders of record on the
Relevant Record Date to receive interest due on the relevant Interest Payment Date). 
 (b) Any Net Available Cash from an Asset Sale (other
than any amounts excluded from this covenant as set forth in Section 4.12(c) of the Indenture) that is not invested or applied as provided and within the time period set forth in Section 4.12(b) of the Indenture will be deemed to
constitute “Excess Proceeds”; provided that any amount of Net Available Cash offered to holders of the Notes pursuant to clause (ii)(y) in Section 4.12(b) of the Indenture shall not be deemed to be Excess Proceeds
without regard to whether such offer is accepted by any holders. When the aggregate amount of Excess Proceeds exceeds the greater of (x) $280.0 million and (y) 3.5% of Consolidated Net Tangible Assets (the “Excess Proceeds
Threshold”), the Issuer shall make an offer (an “Asset Sale Offer”) to all holders of the Notes and, if required or permitted by the terms of any Debt that ranks pari passu in right of payment with the Notes
(“Pari Passu Indebtedness”), to the holders of such Pari Passu Indebtedness, to purchase the maximum aggregate principal amount (or accreted value, as applicable) of the Notes and such Pari Passu Indebtedness that is in an
amount equal to €100,000, or an integral multiple of €1,000 in excess thereof that may be purchased out of the Excess Proceeds at an offer price, in the case of the Notes, in cash in an amount equal to 100.0% of the principal amount
thereof (or accreted value thereof, if less), plus accrued and unpaid interest and Additional Amounts, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture, and in the case of
such Pari Passu Indebtedness, at the offer price required by the 

  
 A-7 

 
terms thereof, in accordance with the procedures set forth in the agreement(s) governing such Pari Passu Indebtedness. To the extent that the aggregate amount of Notes and Pari Passu
Indebtedness, as the case may be, tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds after compliance with the previous sentence and provided that all Holders have been given the opportunity to tender their Notes for
repurchase in accordance with the Indenture, the Issuer may use any remaining Excess Proceeds for any purposes not otherwise prohibited by the Indenture and the amount of Excess Proceeds will be reset to zero. If the aggregate principal amount of
Notes and Pari Passu Indebtedness, as the case may be, surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased on a pro rata basis. Holders of Notes that are the subject of an
Offer to Purchase will receive an Asset Sale Offer from the Issuer prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of
the Notes. 
 8. Notice of Redemption. Notice of redemption shall be mailed, electronically or by first-class
mail, postage prepaid, at least 10 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address or otherwise in accordance with the procedures of Euroclear or Clearstream. Notes in
denominations larger than €100,000 may be redeemed in part but only in whole multiples of €1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on
Notes or portions thereof called for redemption. 
 9. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of €100,000 and integral multiples of €1,000 in excess thereof. This Note shall represent the aggregate principal amount of outstanding Notes from time to time endorsed hereon and the
aggregate principal amount of Notes represented hereby may, from time to time, be reduced or increased, as appropriate, to reflect exchanges and redemptions. The transfer of Notes may be registered and Notes may be exchanged as provided in the
Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the
Indenture. The Issuer need not exchange or register the transfer of any Note or portion of any Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

10. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

11. Amendment, Supplement and Waiver. The Indenture, the Guaranties and the Notes may be amended or supplemented as
provided in the Indenture. 

  
 A-8 

 12. Defaults and Remedies. The Events of Default relating to the Notes are
defined in Section 6.01 of the Indenture and subject to the exceptions set forth therein. If an Event of Default with respect to the Notes (other than an Event of Default resulting from certain events involving bankruptcy,
arrangement, insolvency or reorganization with respect to the Company or the Issuer) shall have occurred and be continuing, the Trustee or the registered holders of not less than 25.0% in aggregate principal amount of the Notes then outstanding may
declare to be immediately due and payable the principal amount of the Notes then outstanding, plus accrued and unpaid interest and Additional Amounts, if any, to but excluding the date of acceleration. In the case of an Event of Default
resulting from certain events of bankruptcy, arrangement, insolvency or reorganization with respect to the Issuer shall occur, such amount with respect to all the Notes shall be due and payable immediately without any declaration or other act on the
part of the Trustee or the Holders of the Notes. After any such acceleration, but before a judgment or decree based on acceleration is obtained by the Trustee, the registered holders of at least a majority in aggregate principal amount of the Notes
then outstanding may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated principal, premium, Additional Amounts or interest, have been cured or waived as provided in
the Indenture. 
 13. Trustee Dealings with Company. Subject to certain limitations, the Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. 

14. No Personal Liability. No director, officer, employee, incorporator, stockholder or member of the Company or
any Subsidiary or Affiliate of the Company (including the Issuer), as such, will have any liability for any obligations under the Notes, the Indenture or the Guaranties, or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such liability. 
 15. Authentication. This Note shall
not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 16.
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 
 17. ISIN and Common Code
Numbers. The Issuer has caused Common Code numbers to be printed on the Notes and the Trustee may use Common Code numbers in notices of redemption as a convenience to Holders. In addition, the Issuer has caused ISIN numbers to
be printed on the Notes and the Trustee may use ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of any such numbers either as printed on the Notes or as contained in any notice of
redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Issuer shall furnish to any Holder
upon written request and without charge a copy of the Indenture. Requests may be made to: 

  
 A-9 

 Novelis Sheet Ingot GmbH 

c/o Novelis Inc. 
 3560 Lenox
Road, Suite 2000 
 Atlanta, Georgia 30326 

Attention: General Counsel 

Facsimile: 404-760-0124 

18. Governing Law. The laws of the State of New York shall govern and be used to construe this Note. 

  
 A-10 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuer pursuant to Sections 4.12 or 4.18 of the Indenture, check the box below: 

 

	☐	 Section 4.12 

  

	☐	 Section 4.18 

If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.12 or Section 4.18 of the Indenture, state the
amount you elect to have purchased: €____________________ 
  

							
	Date:                         	 		 	Your Signature:	 	              

		 		 	(Sign exactly as your name appears on the Note)
		
		 	Tax Identification No.:
		
		 	              

		
		 	SIGNATURE GUARANTEE:
		
		 	              

		
		 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

  
 A-11 

 Assignment Form 

To assign this Note, fill in the form below: 
 (I) or (we)
assign and transfer this Note to 
  
  

(Insert assignee’s social security or other tax I.D. no.) 
  

 
  

 
  

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

							
	Date:	 		 		 	Your Signature: __________________________
		 		 		 	(Sign exactly as your name appears on this Note)
		 		 		 	Signature Subsidiary Guaranty: ______________

  

	
	SIGNATURE GUARANTEE:
	
	              

	
	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  
 A-12 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease

in Principal Amount
 of this
Global Note
	 	 Amount of increase

in Principal Amount
 of this
Global Note
	 	 Principal Amount of

this Global Note
 following
such
 decrease (or

increase)
	 	 Signature of

authorized signatory
 of
Principal Paying
 Agent, Trustee or

Common Depositary

  
 A-13 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Novelis
Sheet Ingot GmbH 
 c/o Novelis Inc. 
 3560 Lenox Road, Suite
2000 
 Atlanta, Georgia 30326 
 Attention: General Counsel 

Facsimile: 404-760-0124 

Deutsche Trustee Company Limited 
 Winchester House 

1 Great Winchester Street 
 London EC2N 2DB 

Facsimile: +44 20 757 6149 
 Attention: Debt & Agency
Services 
  

	 	Re:	 3.375% SENIOR NOTES DUE APRIL 2029 

Reference is hereby made to the Indenture, dated as of March 31, 2021 (the “Indenture”), among Novelis Sheet
Ingot GmbH, as issuer, the Guarantors party thereto and Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as principal paying agent and transfer agent and Deutsche Bank Trust Company Americas, as registrar. Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture. 
 ___________________ (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of €___________________ in such Note[s] or interests (the
“Transfer”), to ___________________ (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 

1. ☐ Check if Transferee will take delivery of a Book-Entry Interest in the 144A Global Note or a
Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to, and in accordance with, Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the Book-Entry Interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the Book-Entry Interest or Definitive Note for
its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a
transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred Book-Entry Interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the
Securities Act. 

  
 B-1 

 2. ☐ Check if Transferee will take delivery of a Book-Entry Interest
in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to, and in accordance with, Rule 903 or Rule 904 under the 

Securities Act and, accordingly, the Transferor hereby further certifies that (a) the Transfer is not being made to a Person in the United
States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or
(y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United
States, (b) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(a) of Regulation S under the Securities Act, (c) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act and (d) if the proposed transfer is being made prior to the expiration of the Distribution Compliance Period, the transfer is not being made to a U.S. Person or for the account or benefit of a
U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred Book-Entry Interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 

3.. ☐ Check and complete if Transferee will take delivery of a Book- Entry Interest in a Global Note or a
Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to Book-Entry Interests in Restricted Global
Notes and Restricted Definitive Notes and pursuant to, and in accordance with, the Securities Act and any applicable blue sky securities laws of any state of the United States. 

4. ☐ Check if Transferee will take delivery of a Book-Entry Interest in an Unrestricted Global Note or
of an Unrestricted Definitive Note. 
 (a) ☐ Check if Transfer is pursuant to Rule 144. (i) The Transfer
is being effected pursuant to, and in accordance with, Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred Book-Entry Interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and
in the Indenture. 

  
 B-2 

 (b) ☐ Check if Transfer is Pursuant to Regulation S.
(i) The Transfer is being effected pursuant to, and in accordance with, Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws
of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred Book-Entry Interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture. 
 (c) ☐ Check if Transfer is Pursuant to Other
Exemption. (i) The Transfer is being effected pursuant to, and in compliance with, an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred Book-Entry Interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
 5.
☐ Check if Transferor is an Affiliate of the Company or the Issuer. 
 6. ☐ Check if Transferee
is an Affiliate of the Company or the Issuer. 
 The Transferor further certifies, in connection with each of the foregoing
certifications, that if the transfer is being made within four (4) months and a day after the original issuance of the Notes, the Transferee is not a person resident in any province or territory of Canada unless the Transferee is eligible to
acquire the Notes under an exemption from the applicable Canadian securities laws and such transfer is in compliance with, or pursuant to, such exemption. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

 

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Dated:	 	  

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	 The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 
  

	 	(a)	 ☐ a Book-Entry Interest in the: 

 

	 	(i)	 ☐ 144A Global Note (ISIN XS2326533614); or 

 

	 	(ii)	 ☐ Regulation S Global Note (ISIN XS2326493728); or 

 

	 	(b)	 ☐ a Restricted Definitive Note. 

2. After the Transfer the Transferee will hold: 

[CHECK ONE OF (a), (b) OR (c)] 
  

	 	(a)	 ☐ a Book-Entry Interest in the: 

 

	 	(i)	 ☐ 144A Global Note (ISIN XS2326533614); or 

 

	 	(ii)	 ☐ Regulation S Global Note (ISIN XS2326493728); or 

 

	 	(iii)	 ☐ Unrestricted Global Note (ISIN ________); or 

 

	 	(b)	 ☐ a Restricted Definitive Note; or 

 

	 	(c)	 ☐ an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture. 
  

  
 B-1 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Novelis
Sheet Ingot GmbH 
 c/o Novelis Inc. 
 3560 Lenox Road, Suite
2000 
 Atlanta, Georgia 30326 
 Attention: General Counsel 

Facsimile: 404-760-0124 

Deutsche Trustee Company Limited 
 Winchester House 

1 Great Winchester Street 
 London EC2N 2DB 

Facsimile: +44 20 757 6149 
 Attention: Debt & Agency
Services 
  

	 	Re:	 3.375% SENIOR NOTES DUE APRIL 2029 

Reference is hereby made to the Indenture, dated as of March 31, 2021 (the “Indenture”), among Novelis Sheet Ingot
GmbH, as issuer, the Guarantors party thereto and Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as principal paying agent and transfer agent and Deutsche Bank Trust Company Americas, as registrar. Capitalized terms
used but not defined herein shall have the meanings given to them in the Indenture. 
 _____________________ (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of €______________ in such Note[s] or interests (the “Exchange”). In
connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of Restricted Definitive Notes or Book-Entry Interests
in a Restricted Global Note for Unrestricted Definitive Notes or Book-Entry Interests in an Unrestricted Global Note 
 (a)
☐ Check if Exchange is from Book-Entry Interest in a Restricted Global Note to Book-Entry Interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s Book-Entry Interest in a Restricted Global
Note for a Book-Entry Interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the Book-Entry Interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Note and pursuant to, and in accordance with, the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Book-Entry Interest in an Unrestricted Global Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 

  
 C-1 

 (b) ☐ Check if Exchange is from Book-Entry Interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s Book-Entry Interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Note and pursuant to, and in accordance with, the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
 (c) ☐ Check if Exchange is from
Restricted Definitive Note to Book-Entry Interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a Book-Entry Interest in an Unrestricted Global Note, the Owner hereby
certifies (i) the Book-Entry Interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to, and in accordance with, the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
Book-Entry Interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (d)
☐ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies
(i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to, and in accordance with, the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

2. Exchange of Restricted Definitive Notes or Book-Entry Interests in Restricted Global Notes for Restricted Definitive Notes or Book-Entry
Interests in Restricted Global Notes 
 (a) ☐ Check if Exchange is from Book-Entry Interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s Book-Entry Interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the
Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

  
 C-2 

 (b) ☐ Check if Exchange is from Restricted Definitive Note to Book-Entry Interest
in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a Book-Entry Interest in the [CIRCLE ONE] 144A Global Note or Regulation S Global Note with an equal principal amount, the
Owner hereby certifies (i) the Book-Entry Interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted
Definitive Note and pursuant to, and in accordance with, the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of
the Indenture, the Book-Entry Interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

3. ☐ Check if owner is an Affiliate of the Company or the Issuer. 

4. ☐ Check if owner is exchanging the Note in connection with an expected transfer to an Affiliate of
the Company or the Issuer. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the
Issuer. 
  

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Dated:	 	  

  
 C-3 

 EXHIBIT D 

FORM OF NOTATION OF GUARANTEE 

For value received, each Guarantor (which term includes any successor Person 

under the Indenture), jointly and severally, unconditionally guarantees, to the extent set forth in the Indenture and subject to the provisions in the
Indenture, dated as of March 31, 2021 (the “Indenture”), among Novelis Sheet Ingot GmbH, as issuer (the “Issuer”), the Guarantors listed on the signature pages thereto, and Deutsche Trustee
Company Limited, as trustee (the “Trustee”), Deutsche Bank AG, London Branch, as principal paying agent and transfer agent and Deutsche Bank Trust Company Americas, as registrar, (a) the due and punctual payment in full
of the principal of, premium and Additional Amounts, if any, and interest, if any, on the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment in full of interest on overdue principal and premium and
Additional Amounts, if any, and, to the extent permitted by law, interest, and the due and punctual payment in full and complete performance of all other obligations of the Issuer to the Holders or the Trustee all in accordance with the terms of the
Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantor to the Holders, in their capacities as such, of Notes and to the Trustee pursuant to the Guaranty and the Indenture are expressly set forth in the Indenture,
including Article 10 thereto and Schedule A thereto, and reference is hereby made to the Indenture for the precise terms and any limitations of the Guaranty. Each Holder of a Note, by accepting the same, agrees to and shall be bound by such
provisions and appoints the Trustee attorney-in-fact of such Holder for such purpose. This Guaranty is subject to release as and to the extent set forth in Sections
8.02, 8.03 and 10.05 of the Indenture. Capitalized terms used herein and not defined are used herein as so defined in the Indenture. 

  
 D-1 

 
			
	Issuer
	
	NOVELIS SHEET INGOT GMBH
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	Parent Guarantor
	
	NOVELIS INC.
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	U.S. Subsidiary Guarantors
	
	NOVELIS GLOBAL EMPLOYMENT ORGANIZATION, INC.
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	NOVELIS HOLDINGS INC.
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	NOVELIS SOUTH AMERICA HOLDINGS LLC
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 D-2 

			
	
	NOVELIS CORPORATION
		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 ALERIS CORPORATION

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 ALERIS INTERNATIONAL, INC.

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 ALERIS ROLLED PRODUCTS, INC.

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 ALERIS ROLLED PRODUCTS, LLC

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 ALERIS ROLLED PRODUCTS SALES CORPORATION

		
	By:	 	
                     

		 	 Name:

		 	 Title:

  
 D-3 

			
	 UWA ACQUISITION CO.

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 NICHOLS ALUMINUM-ALABAMA LLC

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 IMCO RECYCLING OF OHIO, LLC

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 NICHOLS ALUMINUM LLC

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 NAME ACQUISITION CO.

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 ALERIS RM, INC.

		
	By:	 	
                     

		 	 Name:

		 	 Title:

  
 D-4 

			
	
	 Canadian Guarantors

	
	 4260848 CANADA INC.

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 4260856 CANADA INC.

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 8018227 CANADA INC.

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 UK Subsidiary Guarantors

	
	 NOVELIS EUROPE HOLDINGS LIMITED

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 NOVELIS UK LTD

		
	By:	 	
                     

		 	 Name:

		 	 Title:

	
	 NOVELIS SERVICES LIMITED

		
	By:	 	
                     

		 	 Name:

		 	 Title:

  
 D-5 

			
	 Brazilian Subsidiary Guarantors

	
	 NOVELIS DO BRASIL LTDA.

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

	
	 Swiss Subsidiary Guarantors

	
	 NOVELIS AG

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

	
	 NOVELIS SWITZERLAND SA

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

	
	 Irish Subsidiary Guarantors

	
	 NOVELIS ALUMINIUM HOLDING UNLIMITED COMPANY

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

	
	 German Subsidiary Guarantors

	
	 NOVELIS DEUTSCHLAND GMBH

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

	
	 ALERIS DEUTSCHLAND HOLDING GMBH

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

  
 D-6 

 
			
	 ALERIS ROLLED PRODUCTS GERMANY GMBH

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

	
	 ALERIS CASTHOUSE GERMANY GMBH

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

	
	 French Subsidiary Guarantors

	
	 NOVELIS PAE S.A.S.

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

	
	 UAE Subsidiary Guarantors 

	
	 NOVELIS MEA LTD

		
	By:	 	
                  
   

		 	 Name:

		 	 Title:

  
 D-7 

 EXHIBIT E 

FORM OF INDENTURE SUPPLEMENT TO ADD SUBSIDIARY GUARANTORS 

This Supplemental Indenture, dated as of [_______], 20___ (this “Supplemental Indenture” or
“Guarantee”), among [name of future Subsidiary Guarantor] (the “Subsidiary Guarantor”), Novelis Sheet Ingot GmbH (together with its successors and assigns, the
“Company” or the “Issuer”) and Deutsche Trustee Company Limited, as Trustee, Deutsche Bank AG, London Branch, as Principal Paying Agent and Transfer Agent, and Deutsche Bank Trust Company Americas, as
Registrar under the Indenture referred to below. 
 WITNESSETH: 

WHEREAS, the Issuer, the Guarantors, the Trustee, the Principal Paying Agent, the Register and the Transfer Agent have heretofore executed and
delivered an Indenture, dated as of March 31, 2021 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of Notes of the Issuer (the “Notes”); 

WHEREAS, Section 4.19 of the Indenture provides that the Issuer is required to cause each Subsidiary Guarantor to
execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor will unconditionally Guarantee, on a joint and several basis with the other Subsidiary Guarantors, the full and prompt payment of the principal
of, premium and Additional Amounts, if any, and interest on the Notes on a senior basis; and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee and the Issuer are authorized to execute and deliver this Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder or any other Subsidiary
Guarantor. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Subsidiary Guarantor, the Issuer, the other Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or
recital hereto are used herein as therein defined, except that the term “Holders” in this Guarantee shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf or for
the benefit of such Holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular
section hereof. 

  
 E-1 

 ARTICLE II 

AGREEMENT TO BE BOUND; GUARANTEE 

SECTION 2.1 Agreement to be Bound. The Subsidiary Guarantor hereby becomes a party to the Indenture as a Subsidiary Guarantor and as
such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. The Subsidiary Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor
and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. 
 SECTION 2.2 Guarantee. The
Subsidiary Guarantor agrees, on a joint and several basis with all the existing Subsidiary Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder and the Trustee the Obligations on a senior basis as provided in Article 10 of
the Indenture. 
 ARTICLE III 

MISCELLANEOUS 
 SECTION
3.1 Notices. All notices and other communications to the Subsidiary Guarantor shall be given as provided in the Indenture to the Subsidiary Guarantor, at its address set forth below, with a copy to the Issuer as provided in the Indenture for
notices to the Issuer. 
 SECTION 3.2 Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any
Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained. 

SECTION 3.3 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. 
 SECTION 3.4 Severability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions; and the
invalidity of a particular provision in a particular jurisdictions shall not invalidate such provision in any other jurisdiction. 
 SECTION
3.5 Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full
force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the
validity or sufficiency of this Supplemental Indenture. 

  
 E-2 

 SECTION 3.6 Counterparts. The parties hereto may sign one or more copies of this
Supplemental Indenture in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute one and the same agreement. 

SECTION 3.7 Headings. The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference
only, are not part of this Supplemental Indenture and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

  
 E-3 

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

			
	Issuer:
	
	NOVELIS SHEET INGOT GMBH
		
	By:	 	  

		 	Name:
		 	Title:
	
	Subsidiary Guarantors:
	
	[FUTURE GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 E-4 

 SCHEDULE A 

LIMITATION OF GUARANTY 

Germany 
 Limitation on
Liability 
 (a) The Holders and the Trustee agree not to enforce against a guarantor incorporated in Germany and constituted in the form
of a GmbH (a “German GmbH Guarantor”), including but not limited to Novelis Deutschland GmbH, Aleris Deutschland Holding GmbH, Aleris Rolled Products Germany GmbH and Aleris Casthouse Germany GmbH, or a GmbH & Co. KG
(a “German GmbH & Co. KG Guarantor” and together with any German GmbH Guarantor hereinafter referred to as a “German Guarantor”) any payment obligation arising out
of the Guaranty, (the “Payment Obligation”) if and to the extent such guaranty secures obligations of an affiliated company (verbundenes Unternehmen) of such German Guarantor within the meaning of Section 15 of
the German Stock Corporation Act (Aktiengesetz) (other than any of the German Guarantor’s Subsidiaries) and the enforcement of such Payment Obligation would cause the German Guarantor’s, or in the case of a German GmbH &
Co. KG Guarantor its general partner’s net assets (Reinvermögen), i.e., assets (the calculation of which shall include all items set forth in Section 266(2) A., B. and C. of the German Commercial Code
(Handelsgesetzbuch)) minus liabilities (the calculation of which shall include all items set forth in Section 266(3) B., C. and D. of the German Commercial Code (Handelsgesetzbuch)) and accruals (Rückstellungen)
to fall below its stated share capital (Stammkapital) (Begründung einer Unterbilanz) or, if such net assets are already less than its stated share capital (Stammkapital), would cause such amount to be further
reduced (Vertiefung einer Unterbilanz) (such event a “Capital Impairment”) provided that for the purposes of calculating the amount not to be enforced (if any) the following balance sheet items shall be adjusted
as follows: 
 (i) the amount of any increase of stated share capital (Stammkapital) of the German Guarantor or, in the case of a
German GmbH & Co. KG Guarantor of its general partner, after the date hereof that has been effected out of retained earnings (Kapitalerhöhung aus Gesellschaftsmitteln) without the prior written consent of the Holders and
the Trustee shall be deducted from the stated share capital (Stammkapital); 
 (ii) any loans provided to the German Guarantor
by a direct or indirect shareholder or an affiliate thereof (other than a Subsidiary of such German Guarantor) shall be disregarded and not accounted for as a liability to the extent that such loans are subordinated to any claims pursuant to
Section 39(1) Nr. 1 through Nr. 5 of the German Insolvency Code (Insolvenzordnung) or subordinated in any other way by law or contract; and 

(iii) any loans and other contractual liabilities incurred by the German Guarantor in violation of the provisions of the Indenture shall be
disregarded. 
 (b) Upon delivery of an enforcement notice and upon request of the Holders and the Trustee each German Guarantor shall
realize by way of sale or auction any asset that is shown in the balance sheet with a book value (Buchwert) that is significantly lower than the market value of such asset, which is not necessary for the German Guarantor’s business
(betriebsnotwendig) and that can be realized (if this is not unreasonably in respect of the German Guarantor’s business and to the extent legally possible). 

 (c) The limitations set out in paragraph (a) above shall not apply: 

(i) in relation and to the extent the proceeds of any borrowings under the Notes have been on-lent, or
otherwise passed on, to such German Guarantor or any of its Subsidiaries; or 
 (ii) where (x) the relevant German Guarantor has a fully
valuable (vollwertig) recourse claim (Gegenleistungs- oder Rückgewähranspruch) vis-à-vis the relevant shareholder or (y) a domination
agreement (Beherrschungsvertrag) or a profit and loss pooling agreement 
 (Ergebnisabführungsvertrag) is or will be in existence with the
relevant German Guarantor (or the relevant general partner) and the relevant German Guarantor has a fully valuable (vollwertig) compensation claim (Ausgleichsanspruch). 

(d) The limitation pursuant to these paragraphs shall apply, subject to the following requirements, if following the call of guaranty or other
obligations by the Trustee, the relevant German Guarantor notifies the Trustee in writing that a Capital Impairment would occur (a “Management Notification”) within 10 Business Days upon receipt of the relevant demand. If the
Trustee raises any objection against the Management Notification and any such objection is delivered to the relevant German Guarantor within five (5) Business Days after the date of the Management Notification, the relevant German Guarantor
undertakes (at its own cost and expense) to arrange for the preparation of a balance sheet by auditors of international standard and reputation in order to have such auditors determine whether (and if so, to what extent) any payment under the
Guaranty would cause a Capital Impairment (the “Auditor’s Determination”). The Auditor’s Determination shall be prepared, taking into account the adjustments set out in sub-paragraph (a)(i) to (iii) above, by applying the generally accepted accounting principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger
Buchführung) based on the same principles and evaluation methods as constantly applied by the relevant German Guarantor in the preparation of its financial statements, in particular in the preparation of its most recent annual
balance sheet, and taking into consideration applicable court rulings of German courts. The relevant German Guarantor shall provide the Auditor’s Determination to the Trustee within 20 Business Days from the date on which it receives the
Trustee’s objection against the Management Notification in writing. The Auditor’s Determination shall be binding on the relevant German Guarantor and the Holders and the Trustee except for manifest error. 

(e) Regardless of the provisions set out in paragraphs (a) through (d) above, the enforcement of a Payment Obligation shall, at the date
hereof and at any time hereafter, be limited to the extent that such enforcement would result in a violation of the prohibition of an intervention threatening the corporate existence of the German Guarantor or, in the case of a German
GmbH & Co. KG Guarantor, of its general partner (existenzvernichtender Eingriff) as a result of a Liquidity Impairment. 

 “Liquidity Impairment” means that, if the Payment Obligation was
enforced, the German Guarantor, or in the case of a German GmbH & Co. KG Guarantor, its general partner, would not be able to fulfil its financial obligations which such German Guarantor, or in the case of a 

German GmbH & Co. KG Guarantor, its general partner, owes to its creditors and which (i) are due at the time the enforcement notice is received
by the German Guarantor or (ii) will become due within a period of 30 calendar days following receipt of such enforcement notice (the “Test Period”). For the purposes of determining whether a Liquidity
Impairment occurs all liquid assets, i.e., cash, amounts standing to the credit of bank accounts and securities standing to the credit of securities accounts, of the German Guarantor, or in the case of a German GmbH & Co. KG
Guarantor of its general partner, shall be taken into account (including liquid assets the German Guarantor, or in the case of a German GmbH & Co. KG Guarantor its general partner, is due to receive within the Test Period as well as any of
its assets that can be realized within the Test Period, provided that such realization is legally permitted and such asset is not necessary (nicht betriebsnotwendig) for the operation of its business). 

(f) Regardless of the provisions set out in paragraphs (a) through (d) above, the enforcement of a Payment Obligation shall, at the date
hereof and at any time hereafter, be limited to the extent that such enforcement would result in a personal liability (criminal or civil) of any officer of the respective German Guarantor, or in the case of a German GmbH & Co. KG Guarantor,
its general partner, or any officer of its respective shareholder. 
 (g) Any amount received by the Holders and the Trustee from the
relevant German Guarantor under the Guaranty which would be necessary for such German Guarantor to be able to cure any Capital Impairment shall immediately upon demand be returned to such German Guarantor. 

Switzerland 

Notwithstanding any term or provision of Article 10 of the Indenture or the Notation of Guaranty (all the aforesaid together the
“Agreements”), if and to the extent that any Guarantor incorporated or established under the laws of, or for tax purposes resident in, Switzerland or for tax purposes having a permanent establishment in Switzerland with which
the Agreements are effectively connected (each, a “Swiss Guarantor,” and collectively, together with all German Guarantors and French Guarantors, the “Restricted Guarantors”) is liable pursuant to the
Agreements for, or with respect to, obligations of the Issuer, any other Guarantors or any other affiliates (other than its own subsidiaries) (the “Restricted Obligations”), such Swiss Guarantor shall (to the extent that such
is a requirement of the applicable law in force at the relevant time) only be liable for a sum equal to the maximum amount of its profits available for distribution as dividend at any given time (being the balance sheet profits and any reserves made
for this purpose, in each case in accordance with the applicable provisions of the Swiss Code of Obligations), which amount shall be, if and to the extent required by Swiss law and practice at the relevant time, (a) determined on the basis of
an audited annual or interim balance sheet of such Swiss Guarantor, (b) approved by the auditors of such Swiss Guarantor as distributable amount, and (c) approved as distribution by a duly convened meeting of the shareholders of such Swiss
Guarantor, always provided that such limitation shall not free the relevant Swiss Guarantor from its payment obligations under the Agreements in excess of its distributable profits, but merely postpone the payment date therefore until such times as
payment is permitted notwithstanding such limitation. 

 To the extent required by applicable law and any applicable double taxation treaty in force
at the relevant time, in respect of the Restricted Obligations, each Swiss Guarantor shall (A) (a) deduct Swiss withholding tax at the rate of 35.0% (or such other rate as is applicable) from any payment made by it in respect of the Restricted
Obligations, (b) pay any such deduction to the Swiss Federal Tax Administration, and (c) promptly notify (or procure that the Issuer notifies) the Trustee that such a deduction has been made and provide the Trustee with evidence that such
a deduction has been paid to the Swiss Federal Tax Administration; and (B) to the extent such a deduction is made, not be obliged to gross-up or indemnify (or otherwise hold harmless) any Person in
relation to any such deduction and payment made by it to the Swiss Federal Tax Administration if such gross-up or indemnification is illegal or the amount paid to the Swiss Federal Tax Administration
plus the amount of the gross-up or indemnification exceeds the maximum amount of such Swiss Guarantor’s profits available for distribution as dividend as determined pursuant to the above sub-paragraph. Each Swiss Guarantor shall use its best efforts to ensure that any Holder or the Trustee which is, as a result of a payment under the Agreements, entitled to a full or partial refund of the
Swiss withholding tax, shall as soon as possible after the deduction of the Swiss withholding tax (i) request a refund of the Swiss withholding tax under any applicable law (including double tax treaties) and (ii) pay to such Holder or the
Trustee, as applicable, upon receipt any amount so refunded. The Swiss Guarantors will only be considered as discharged from their respective payment obligations under the Agreements to the extent of the effective payment received by such Holder or
the Trustee, as applicable. 
 Subject only to the limitation of the amount to be paid in respect of the Restricted Obligations, each Swiss
Guarantor and the Issuer undertake to take and/or cause all measures necessary or useful to (a) make such payment valid and non-refundable under Swiss corporate law; and (b) implement the forgoing
documents and other acts. 
 France 

(a) The obligations and liabilities of any Guarantor incorporated in France (a “French Guarantor”) under the Indenture
and the Notes, and in particular under Article 10 of the Indenture, shall not include any obligation or liability which, if incurred, would constitute the provision of financial assistance within the meaning of Article L. 225-216 of the French Code de commerce and/or would constitute a misuse of corporate assets within the meaning of Article L. 241-3, L. 242-6 or L. 244-1 of the French Code de commerce or any other laws or regulations having the same effect, as interpreted by French courts. 

(b) The obligations and liabilities of each French Guarantor under Article 10 of the Indenture for the Guaranteed Obligations shall be limited,
at any time, to an amount equal to the aggregate of all amounts made available under the Notes and the Indenture to the Company to the extent directly or indirectly on-lent to such French Guarantor and/or its
direct and indirect Subsidiaries under intercompany loan arrangements and outstanding at the date a payment is to be made by such French Guarantor under Article 10 of the Indenture, it being specified that any payment made by a French Guarantor
under Article 10 of the Indenture in respect of the Guaranteed Obligations shall reduce pro tanto the outstanding amount of the intercompany loans due by such French Guarantor or its relevant direct or indirect Subsidiary under the
intercompany loan arrangements referred to above and that any repayment of the intercompany loans by such French Guarantor or its relevant direct or indirect Subsidiary shall reduce pro tanto the amount payable by such French Guarantor under
Article 10 of the Indenture. 

 (c) It is acknowledged that no French Guarantor is acting jointly and severally with the
other Guarantors and no French Guarantor shall therefore be considered as “co-débiteur solidaire” as to its obligations pursuant to the Guaranty. 

Dubai International Financial Centre 

The obligations and liabilities under the Indenture and the Notes of the Guarantor incorporated in the Dubai International Financial Centre
(“DIFC Guarantor”) does not result in this Guaranty constituting an unlawful distribution in respect of the DIFC Guarantor within the meaning of Section 64 of the DIFC Companies Law (Law No. 5 of 2018)
(“Restricted Obligations”). To the extent any obligations or liabilities under the Indenture and the Notes of the DIFC Guarantor would be construed as Restricted Obligations or a limitation of the
amount to be paid in respect of a Restricted Obligation, the DIFC Guarantor and the Issuer undertake to use commercially reasonable measures to make such payment valid and nonrefundable in a manner consistent with the laws of the Dubai International
Financial Centre. 
 Ireland 

Limitation on Liability 

Notwithstanding anything to the contrary in a guarantee provided by Novelis Aluminium Holding Unlimited Company (the “Irish
Guarantor”), such guarantee will be subject to the following limitations: 
 (a) the obligations and liabilities of the Irish
Guarantor under any guarantee or any security interest granted by it shall not include any obligations or liability which, if incurred, would constitute unlawful financial assistance within the meaning of Section 82 of the Companies Act 2014.

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