Document:

EX-4.2

 Exhibit 4.2 

DEPOSIT AGREEMENT 

Dated January 30, 2014 

JPMORGAN CHASE & CO., 

ISSUER, 
 COMPUTERSHARE
INC, 
 AS DEPOSITARY, REGISTRAR AND TRANSFER AGENT 

And 
 ALL HOLDERS FROM
TIME TO TIME OF RECEIPTS ISSUED HEREUNDER 
 RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED 

6.70% NON-CUMULATIVE PREFERRED STOCK, SERIES T 

 Table of Contents 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	  
	 ARTICLE II Form of Receipts, Deposit of Preferred Stock, Execution and Delivery, Transfer, Surrender and Redemption of
Receipts
	  	 	3	  
	 SECTION 2.01
	  	 Form and Transferability of Receipts
	  	 	3	  
	 SECTION 2.02
	  	 Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	5	  
	 SECTION 2.03
	  	 Optional Redemption of Preferred Stock for Cash
	  	 	6	  
	 SECTION 2.04
	  	 Registration of Transfers of Receipts
	  	 	7	  
	 SECTION 2.05
	  	 Combinations and Split-ups of Receipts
	  	 	7	  
	 SECTION 2.06
	  	 Surrender of Receipts and Withdrawal of Preferred Stock
	  	 	8	  
	 SECTION 2.07
	  	 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange of Receipts
	  	 	9	  
	 SECTION 2.08
	  	 Lost Receipts, etc.
	  	 	9	  
	 SECTION 2.09
	  	 Cancellation and Destruction of Surrendered Receipts
	  	 	9	  
	 SECTION 2.10
	  	 No Pre-Release
	  	 	9	  
	 ARTICLE III Certain Obligations of Holders of Receipts and the Company
	  	 	10	  
	 SECTION 3.01
	  	 Filing Proofs, Certificates and Other Information
	  	 	10	  
	 SECTION 3.02
	  	 Payment of Fees and Expenses
	  	 	10	  
	 SECTION 3.03
	  	 Representations and Warranties as to Preferred Stock
	  	 	10	  
	 SECTION 3.04
	  	 Representation and Warranty as to Receipts and Depositary Shares
	  	 	10	  
	 ARTICLE IV The Preferred Stock; Notices
	  	 	10	  
	 SECTION 4.01
	  	 Cash Distributions
	  	 	10	  
	 SECTION 4.02
	  	 Distributions Other Than Cash
	  	 	11	  
	 SECTION 4.03
	  	 Subscription Rights, Preferences or Privileges
	  	 	11	  
	 SECTION 4.04
	  	 Notice of Dividends; Fixing of Record Date for Holders of Receipts
	  	 	12	  
	 SECTION 4.05
	  	 Voting Rights
	  	 	13	  
	 SECTION 4.06
	  	 Changes Affecting Preferred Stock and Reorganization Events
	  	 	13	  
	 SECTION 4.07
	  	 Inspection of Reports
	  	 	14	  
	 SECTION 4.08
	  	 Lists of Receipt Holders
	  	 	14	  
	 ARTICLE V The Depositary and the Company
	  	 	14	  
	 SECTION 5.01
	  	 Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar
	  	 	14	  

  
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	 SECTION 5.02
	  	 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company
	  	 	15	  
	 SECTION 5.03
	  	 Obligations of the Depositary, the Depositary’s Agents. the Registrar and the Company
	  	 	15	  
	 SECTION 5.04
	  	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	19	  
	 SECTION 5.05
	  	 Indemnification by the Company
	  	 	20	  
	 SECTION 5.06
	  	 Fees, Charges and Expenses
	  	 	20	  
	 ARTICLE VI Amendment and Termination
	  	 	20	  
	 SECTION 6.01
	  	 Amendment
	  	 	20	  
	 SECTION 6.02
	  	 Termination
	  	 	21	  
	 ARTICLE VII Miscellaneous
	  	 	21	  
	 SECTION 7.01
	  	 Counterparts
	  	 	21	  
	 SECTION 7.02
	  	 Exclusive Benefits of Parties
	  	 	21	  
	 SECTION 7.03
	  	 Invalidity of Provisions
	  	 	21	  
	 SECTION 7.04
	  	 Notices
	  	 	22	  
	 SECTION 7.05
	  	 Depositary’s Agents
	  	 	22	  
	 SECTION 7.06
	  	 Holders of Receipts Are Parties
	  	 	23	  
	 SECTION 7.07
	  	 Governing Law
	  	 	23	  
	 SECTION 7.08
	  	 Inspection of Deposit Agreement and Certificate of Designations
	  	 	23	  
	 SECTION 7.09
	  	 Headings
	  	 	23	  
		
	 EXHIBIT A – Form of Face of Receipt; Form of Reverse of Receipt
	  			
		
	 EXHIBIT B – Certificate of Designations
	  			

  
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 DEPOSIT AGREEMENT, dated January 30, 2014, among JPMORGAN CHASE & CO., a Delaware
corporation, COMPUTERSHARE INC, a Delaware corporation, as Depositary, and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 

WITNESSETH: 
 WHEREAS, it is
desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock (as hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the
issuance hereunder of Depositary Shares representing a fractional interest in the Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 WHEREAS, the terms and conditions of the Preferred Stock
are substantially set forth in the Certificate of Designations attached hereto as Exhibit B; and 
 NOW, THEREFORE, in consideration of the
promises contained herein, it is agreed by and among the parties hereto as follows: 
 ARTICLE I 

Definitions 
 The
following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 

“Certificate of Designations” shall mean the certificate that amends the Certificate of Incorporation of the Company, adopted
by the Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the powers, preferences and rights of the Preferred Stock, as filed with the Secretary of State of the State of Delaware on
January 29, 2014 and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 

“Certificate of Incorporation” shall mean the certificate of incorporation of the Company, including any certificates of
designations, as restated or amended from time to time. 
 “Company” shall mean JPMorgan Chase & Co., a Delaware
corporation, and its successors. 
 “Deposit Agreement” shall mean this agreement, as the same may be amended, modified or
supplemented from time to time. 

 “Depositary” shall mean Computershare Inc, a Delaware corporation having its
principal executive office in the United States and having a combined capital and surplus of at least $50,000,000, and any successor as depositary hereunder. 

“Depositary Office” shall mean the principal office of the Depositary at which at any particular time its business in respect
of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at Computershare Inc, 480 Washington Blvd. - 29th Floor, Jersey City, New Jersey 07310. 

“Depositary Share” shall mean the security representing a 1/400th fractional interest in a share of Preferred Stock deposited
with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this Deposit Agreement, all as evidenced by the Receipts issued
hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the powers, preferences and rights of the Preferred Stock represented by such Depositary Share (including the dividend,
voting, redemption and liquidation rights contained in the Certificate of Designations). 
 “Depositary’s Agent” shall
mean an agent appointed by the Depositary as provided, and for the purposes specified, in Section 7.05. 
 “Dividend Payment
Date” shall have the meaning set forth in the Certificate of Designations. 
 “DTC” means The Depository Trust
Company. 
 “DTC Receipts” has the meaning set forth in Section 2.01. 

“Preferred Stock Series T” or “Preferred Stock” shall mean shares of the Company’s 6.70% Non-Cumulative
Preferred Stock, Series T (liquidation preference $10,000 per share), $1.00 par value per share, heretofore validly issued, fully paid and nonassessable. 

“Receipt” shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary
form, substantially in the form set forth as Exhibit A hereto. 
 “record date” shall mean the date fixed pursuant to
Section 4.04. 
 “Record holder” or “holder” as applied to a Receipt shall mean the individual,
entity or person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 
 “redemption
date” has the meaning set forth under Section 2.03. 
 “redemption price” has the meaning set forth under
Section 2.03. 

  
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 “Registrar” shall mean Computershare Inc or any bank or trust company appointed
to register ownership and transfers of Receipts and the deposited Preferred Stock, as herein provided. 
 “Reorganization
Event” shall mean: 
 (1) any consolidation or merger of the Company with or into another person (other than a
merger or consolidation in which the Company is the continuing corporation and in which the shares of Common Stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities other property of the Company or
another corporation); 
 (2) any sale, transfer, lease or conveyance to another person of all or substantially all the
property and assets of the Company; or 
 (3) any statutory exchange of securities of the Company with another Person (other
than in connection with a merger or acquisition) or any binding share exchange which reclassifies or changes its outstanding Common Stock. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Transfer Agent” shall mean Computershare Inc or any bank or trust company appointed to transfer the Receipts and the
deposited Preferred Stock, as herein provided. 
 ARTICLE II 

Form of Receipts, Deposit of Preferred Stock, Execution and Delivery, Transfer, 

Surrender and Redemption of Receipts 

SECTION 2.01 Form and Transferability of Receipts. Definitive Receipts shall be substantially in the form set forth in Exhibit A
annexed to this Deposit Agreement, in each case with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon, and pursuant to, the written order of the
Company delivered in compliance with Section 2.02 shall be authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive Receipts in lieu of which they are issued and
in each case with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of
such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for
definitive Receipts upon surrender of the temporary Receipts at the Depositary Office without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and
shall, execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Company’s expense and
without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive Receipts. 

  
 3 

 Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly
authorized signatory of the Depositary; provided, that if a Registrar for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual or facsimile signature of a duly authorized
signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on
its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary
shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 

Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any applicable law or regulation or with the rules and regulations of any
securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject, in each case as
directed by the Company. 
 Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly endorsed, or
accompanied by a properly executed instrument of transfer, or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be
registered on the books of the Depositary as provided in Section 2.04, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the
person entitled to distributions of dividends or other distributions or payments with respect to the Preferred Stock, to exercise any redemption or voting rights or to receive any notice provided for in this Deposit Agreement and for all other
purposes. 
 Notwithstanding the foregoing, upon request by the Company, the Depositary and the Company will make application to DTC for
acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any authorized officer thereof as its attorney-in-fact, with full
power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for
book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded with book-entry settlement through DTC shall be represented by one or more receipts (the “DTC Receipts”),

  
 4 

 
which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The
Depositary or such other entity as is agreed to by DTC may hold the DTC Receipts as custodian for DTC. Ownership of beneficial interests in the DTC Receipts shall be shown on, and the transfer of such ownership shall be effected through, records
maintained by (i) DTC or its nominee for such DTC Receipts, or (ii) institutions that have accounts with DTC. 
 If issued, the
DTC Receipts shall be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is
not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) DTC notifies the Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not
appointed by the Company within 90 days of the date the Company is so informed in writing or (iii) the Company executes and delivers to DTC a notice to the effect that such DTC Receipts shall be so exchangeable. If the beneficial owners of
interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not
later than the earliest date on which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipts, and the Company
shall instruct the Depositary in writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipts definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipts shall
be in such form and shall bear such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the
Receipts are at any time eligible for book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with
its procedures, unless the holder of the relevant Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Company. 

SECTION 2.02 Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. Concurrently with the execution of
this Deposit Agreement, the Company is delivering to the Depositary a certificate or certificates, registered in the name of the Depositary and evidencing 85,000 shares of Preferred Stock, properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit
Agreement and (ii) a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary Shares representing such
deposited Preferred Stock registered in such names specified in such written order. The Depositary acknowledges receipt of the aforementioned 85,000 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred
Stock in an account to be established by the Depositary at the Depositary Office or at such other office as the Depositary shall determine. The Company hereby appoints Computershare Inc as the Registrar and Transfer Agent for the Preferred Stock
deposited hereunder and Computershare Inc hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other
appropriate method. 

  
 5 

 Upon receipt by the Depositary of a certificate or certificates for Preferred Stock deposited
hereunder, together with the other documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to, or
upon the order of, the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02, a Receipt or Receipts for the number of whole Depositary Shares representing the Preferred
Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary Office, except that, at the request, risk and expense of any
person requesting such delivery, such delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations or other reclassifications affecting the Preferred Stock, or in the case of dividends
or other distributions of Preferred Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Certificate of Designations, as such may be amended. To the extent that the
Company issues shares of Preferred Stock in excess of the amount set forth in the Certificate of Designations as of the date hereof (which shares have been validly authorized by the Company), the Company shall notify the Depositary of such issuance
in writing. 
 SECTION 2.03 Optional Redemption of Preferred Stock for Cash. Whenever the Company shall elect to redeem shares
of deposited Preferred Stock for cash in accordance with the provisions of the Certificate of Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 40 nor more than 70 days’ prior
written notice of the date fixed for redemption of such Preferred Stock (the “redemption date”) and of the number of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable redemption price (the
“redemption price”), as set forth in the Certificate of Designations. The Depositary shall mail, first-class, notice of the redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing
the Preferred Stock to be redeemed, not less than 30 and not more than 60 days prior to the redemption date, to the holders of record on the record date fixed for such redemption pursuant to Section 4.04 of the Receipts evidencing the
Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail any such notice to one or more such holder nor any defect in any such notice shall affect the
validity of the proceedings for redemption except as to the holder to whom notice was defective or not given. 
 The Company shall prepare
and provide the Depositary with such notice, and each such notice shall state: (i) the redemption date; (ii) the redemption price (including any declared and unpaid dividends); (iii) the number of shares of deposited Preferred Stock
and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (v) the place or places where the Preferred
Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the redemption price; and (vi) that on the redemption date dividends in respect of the Preferred Stock represented by the Depositary Shares
to be redeemed will cease to accrue. 

  
 6 

 In the event that notice of redemption has been made as described in the immediately preceding
paragraphs and the Company shall then have paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designations) of the Preferred Stock deposited with the Depositary to be redeemed, the Depositary shall redeem
the number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and on the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in
the Company’s notice provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be
outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price (including any declared and unpaid dividends)) shall, to the extent of such Depositary Shares, cease and
terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed by the Depositary
at a redemption price per Depositary Share equal to 1/400th of the redemption price per share paid in respect of the shares of Preferred Stock, plus declared and unpaid dividends thereon to the date fixed for redemption. 

If less than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such
Receipt upon its surrender to the Depositary, together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such
prior Receipt and not called for redemption; provided, however, that such replacement Receipt shall be issued only in denominations of whole Depositary Shares and cash will be payable in respect of fractional interests. 

If less than all of the Preferred Stock is redeemed pursuant to the Company’s exercise of its optional redemption right, the Depositary
will select the Depositary Shares to be redeemed pursuant to this Section 2.03 on a pro rata basis, by lot or in such other manner as the Depositary may determine to be fair and equitable. 

SECTION 2.04 Registration of Transfers of Receipts. The Company hereby appoints Computershare Inc as the Registrar and Transfer
Agent for the Receipts and Computershare Inc hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent
or representative properly endorsed or accompanied by a properly executed instrument of transfer or endorsement, together with evidence of the payment by the applicable party of any transfer taxes as may be required by law. Upon such surrender, the
Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.05 Combinations and Split-ups of Receipts. Upon surrender of a Receipt or Receipts at the Depositary Office or such
other office as the Depositary may designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the
authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

  
 7 

 SECTION 2.06 Surrender of Receipts and Withdrawal of Preferred Stock. Any holder of a
Receipt or Receipts may withdraw any number of whole shares of deposited Preferred Stock represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by
surrendering such Receipt or Receipts to the Depositary or at such other office as the Depositary may designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred Stock (or money and other
property, if any, represented thereby) which has previously been called for redemption. If such holder’s Depositary Shares are being held by DTC or its nominee, DTC shall be deemed the holder hereunder for all purposes. It shall be the duty of
the DTC participant or the beneficial owner to request DTC to withdraw from the book-entry system the number of Depositary Shares specified above. Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the
extent provided in Section 5.06 and payment of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred Stock, and subject to the terms and conditions of this Deposit Agreement, without unreasonable
delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of such Preferred Stock and all such money and other property, if any, represented by the
Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares
therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of
deposited Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to
Section 2.04) upon his order, a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates,
documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 

If the deposited Preferred Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the
record holder of the Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or
Receipts surrendered by such holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement in blank. 

The Depositary shall deliver the deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares
evidenced by Receipts surrendered for withdrawal at the Depositary Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such
other place as may be designated by such holder. 

  
 8 

 SECTION 2.07 Limitations on Execution and Delivery, Transfer, Split-up, Combination,
Surrender and Exchange of Receipts. As a condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any
or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge and stock transfer or registration
fee with respect thereto (including any such tax or charge with respect to the Preferred Stock being deposited or withdrawn); (ii) the production of evidence satisfactory to it as to the identity and genuineness of any signature (or the
authority of any signature); and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement as may be required by any securities exchange on which the
deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed or any applicable self-regulatory body. 

The deposit of Preferred Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer of Receipts may
be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is
deemed reasonably necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
other provision of this Deposit Agreement. 
 SECTION 2.08 Lost Receipts, etc. In case any Receipt shall be mutilated and
surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed,
lost or stolen Receipt; provided, that the holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser
and (ii) an indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
 SECTION
2.09 Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the
Depositary is authorized, but not required, to destroy such Receipts so cancelled. 
 SECTION 2.10 No Pre-Release. The
Depositary shall not deliver any deposited Preferred Stock evidenced by Receipts prior to the receipt and cancellation of such Receipts or other similar method used with respect to Receipts held by DTC. The Depositary shall not issue any Receipts
prior to the receipt by the Depositary of the corresponding Preferred Stock evidenced by such Receipts. At no time will any Receipts be outstanding if such Receipts do not represent Preferred Stock deposited with the Depositary. 

  
 9 

 ARTICLE III 

Certain Obligations of Holders of Receipts and the Company 

SECTION 3.01 Filing Proofs, Certificates and Other Information. Any person presenting Preferred Stock for deposit or any holder of
a Receipt may be required from time to time to file with the Depositary such proof of residence, guarantee of signature or other information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company
may reasonably require by written request to the Depositary. The Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock
represented by the Depositary Shares evidenced by any Receipt, the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof, until such proof or other information is filed, or such certificates are
executed. 
 SECTION 3.02 Payment of Fees and Expenses. Holders of Receipts shall be obligated to make payments to the
Depositary of certain fees and expenses and taxes or other governmental charges to the extent provided in Section 5.06, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental charges have
been paid. Until such payment is made, transfer of any Receipt or any withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other
distribution may be withheld, and any part or all of the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to
notify such holder a reasonable number of days prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable
for any deficiency. 
 SECTION 3.03 Representations and Warranties as to Preferred Stock. In the case of the initial deposit of
the Preferred Stock hereunder, the Company represents and warrants that such Preferred Stock and each certificate therefor are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the
Preferred Stock and the issuance of Receipts. 
 SECTION 3.04 Representation and Warranty as to Receipts and Depositary Shares.
The Company hereby represents and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid 1/400 fractional interest in a share of deposited
Preferred Stock represented by such Depositary Share. Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares. 

ARTICLE IV 
 The Preferred
Stock; Notices 
 SECTION 4.01 Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash
distribution on the deposited Preferred Stock, including any cash 

  
 10 

 
received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall, subject to Sections 3.01 and 3.02, distribute to record holders of Receipts on the
record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however,
that in case the Company or the Depositary shall be required by law to and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount on account of
taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares represented by such Receipts subject to such withholding shall be reduced accordingly. The
Depositary, however, shall distribute or make available for distribution, as the case may be, only such amount as can be distributed without attributing to any holder of Receipts a fraction of one cent. Any such fractional amounts shall be rounded
down to the nearest whole cent and so distributed to registered holders entitled thereto and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of
the next succeeding distribution to record holders of such Receipts. Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN, Form W-8EXP, Form W-8IMY, Form W-8ECI or another applicable Form W-8)
or Form W-9 (which form shall set forth such holder’s certified taxpayer identification number if requested on such form), as may be applicable. Each holder of a Receipt acknowledges that, in the event of non-compliance with the preceding
sentence the Internal Revenue Code of 1986 as amended, may require withholding by the Depositary of a portion of any of the distribution to be made hereunder. 

SECTION 4.02 Distributions Other Than Cash. Whenever the Depositary shall receive any distribution other than cash on the
deposited Preferred Stock, the Depositary shall, subject to Sections 3.01 and 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. The
Depositary shall not make any distribution of securities to the holders of Receipts unless the Company shall have provided to the Depositary an opinion of counsel stating that such securities have been registered under the Securities Act or do not
need to be registered. If in the opinion of the Depositary such distribution cannot be made proportionately among such record holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on
account of taxes) the Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of
effecting such distribution, including the sale (at public or private sale) of the property thus received, or any part thereof, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall be, subject to
Sections 3.01 and 3.02, distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01 in the case of a distribution received in cash. 

SECTION 4.03 Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the
persons in whose names deposited Preferred 

  
 11 

 
Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature,
such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants
representing such rights, preferences or privileges); provided, however, that (a) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is
not lawful or feasible to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders of Receipts who do not desire to exercise such
rights, preferences or privileges, the Depositary shall then, if so directed by the Company and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders at
public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.01 and 3.02, be distributed by the Depositary to the record holders of Receipts entitled
thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or privileges, unless the Company shall have provided to the Depositary an opinion of
counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered. 

If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for
holders of Receipts to be offered or sold the securities to which such powers, preferences or rights relate, the Company agrees that it will promptly notify the Depositary of such requirement, that it will promptly file a registration statement
pursuant to the Securities Act with respect to such powers, preferences or rights and securities and use its commercially reasonable efforts and take all steps available to it to cause such registration statement to become effective sufficiently in
advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or
privilege to subscribe for or to purchase any securities unless and until such a registration statement shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration under the provisions
of the Securities Act. 
 If any other action under the law of any jurisdiction or any governmental or administrative authorization, consent
or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary of such requirement and to use its commercially reasonable efforts
to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

The Depositary will not be deemed to have any knowledge of any item for which it is supposed to receive notification under any Section of this
Deposit Agreement unless and until it has received such notification. 
 SECTION 4.04 Notice of Dividends; Fixing of Record Date for
Holders of Receipts. Whenever any cash dividend or other cash distribution shall become payable, any 

  
 12 

 
distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall
receive notice of (i) any meeting at which holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on the part of the Company to redeem any shares of such
Preferred Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Preferred Stock) for the determination of the holders of Receipts who shall be
entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof; to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or whose
Depositary Shares are to be so redeemed. 
 SECTION 4.05 Voting Rights. Upon receipt of notice of any meeting at which the
holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such
information as is contained in such notice of meeting, (ii) a statement that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision
of law, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may
be given. Upon the written request of a holder of a Receipt on such record date, the Depositary shall insofar as practicable vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in
accordance with the instructions set forth in such request. To the extent any such instructions request the voting of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other
fractional interests resulting from requests with the same voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests. Each share of Preferred Stock is
entitled to one vote and, accordingly, each Depositary Share is entitled to 1/400th of a vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such
Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will not vote Depositary Shares held by it. In the absence of authorization from the holder of a Receipt,
the Depositary will abstain from voting (but, at its discretion, not from appearing at any meeting with respect to the Preferred Stock unless directed to the contrary by the record holders of all the related Receipts) to the extent of the shares of
Preferred Stock (or portion thereof) represented by the applicable Depositary Shares evidenced by such Receipt. 
 SECTION
4.06 Changes Affecting Preferred Stock and Reorganization Events. Upon any change in liquidation preference, par or stated value, split-up, combination or any other reclassification of the Preferred Stock, any Reorganization Event or any
exchange of the Preferred Stock for cash, securities or other property, the Depositary shall, upon the written instructions of the Company setting forth any of the following adjustments, (i) reflect such adjustments in the Depositary’s
books and records in (a) the fraction of an interest represented by one Depositary Share in one share of Preferred Stock and (b) the ratio of the redemption price per Depositary Share to the redemption price of a share of Preferred Stock,
as may be required by or as is consistent with the provisions of the Certificate of Designations to fully reflect the 

  
 13 

 
effects of such change in liquidation preference, par or stated value, split-up, combination or other reclassification of Preferred Stock, of such Reorganization Event or of such exchange and
(ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or in respect of the Preferred Stock as new deposited property under this Deposit Agreement, and Receipts
then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in respect of such Preferred Stock. In any such case the Depositary may, upon the receipt of
written request of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property. Anything to the contrary herein
notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change in liquidation preference, par or stated value, split-up, combination or other reclassification of the Preferred Stock or any such
recapitalization, reorganization, merger, amalgamation or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Preferred Stock represented thereby only into or for, as the case may be,
the kind and amount of shares of stock and other securities and property and cash into which the Preferred Stock represented by such Receipts might have been converted or for which such Preferred Stock might have been exchanged or surrendered
immediately prior to the effective date of such transaction. 
 SECTION 4.07 Inspection of Reports. The Depositary shall make
available for inspection by record holders of Receipts at the Depositary Office and at such other places as it may from time to time deem advisable during normal business hours any reports and communications received from the Company that are both
received by the Depositary as the holder of deposited Preferred Stock and made generally available to the holders of the Preferred Stock. In addition, the Depositary shall transmit, upon written request by the Company, certain notices and reports to
the holders of Receipts as provided in Section 7.04. 
 SECTION 4.08 Lists of Receipt Holders. Promptly upon request from
time to time by the Company, the Registrar shall furnish to the Company a list, as of a recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the
books of the Registrar. 
 ARTICLE V 

The Depositary and the Company 

SECTION 5.01 Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar. The Depositary shall
maintain at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s
Agents, if any, facilities for the delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock, all in accordance with the provisions of this Deposit Agreement. 

The Registrar shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times,
shall be open for inspection by the 

  
 14 

 
record holders of Receipts as provided by applicable law. The Company may cause the Registrar to close such books, at any time or from time to time, when deemed expedient by it in connection with
the performance of its duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by
such Depositary Shares shall be listed on the New York Stock Exchange or any other stock exchange, the Depositary may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such Receipts or
Depositary Shares in accordance with the requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and a substitute registrar appointed by the Registrar upon the
request or with the written approval of the Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Company, arrange such
facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations. 

SECTION 5.02 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company.
None of the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent, or the Company shall incur any liability to any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the
United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar or Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or,
in the case of the Company, the Depositary, the Depositary’s Agent, the Transfer Agent or the Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s
Agent, the Transfer Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any
Depositary’s Agent, the Transfer Agent, any Registrar or the Company incur any liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this
Deposit Agreement provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. 

SECTION 5.03 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. The Company does not
assume any obligation or shall be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting gross negligence or willful misconduct in the
performance of such duties as are specifically set forth in this Deposit Agreement. Neither the Depositary nor any Depositary’s Agent nor any Transfer Agent or Registrar assumes any obligation or shall be subject to any liability under this
Deposit Agreement to holders of Receipts, the Company or any other person or entity other than for its gross negligence or willful misconduct (which gross negligence or willful misconduct must be determined by a final, non-appealable order,
judgment, decree or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall be liable for any special,
indirect, 

  
 15 

 
incidental, consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person or entity alleged to be liable has knowledge of the possibility of such
damages. Any liability of the Depositary and any Registrar or Transfer Agent under this Deposit Agreement will be limited to the amount of annual fees paid by the Company to the Depositary or any Registrar or Transfer Agent. 

None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be under any obligation to appear
in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all
expense and liability be furnished as often as may be required. 
 None of the Depositary, any Depositary’s Agent, any Registrar or
Transfer Agent or the Company shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit or any holder of a
Receipt. The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and
to have been signed or presented by the proper party or parties. 
 In the event the Depositary shall receive conflicting claims, requests
or instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall incur no liability and shall be
entitled to the full indemnification set forth in Section 5.05 in connection with any action so taken. 
 The Depositary shall not be
responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or
willful misconduct of the Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). The Depositary undertakes, and any
Registrar or Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Agreement against the
Depositary or any Registrar or Transfer Agent. 
 The Depositary, its parent, affiliate, or subsidiaries, any Depositary’s Agent, and
any Registrar or Transfer Agent may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates
may be interested or contract with or lend money to or otherwise act as fully or as freely as if it were not the Depositary or the. Depositary’s Agent hereunder. The Depositary may also act as transfer agent or registrar of any of the
securities of the Company and its affiliates or act in any other capacity for the Company or its affiliates. 
 It is intended that neither
the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state 

  
 16 

 
securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the deposited Preferred
Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary. 

Neither the Depositary (or its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any representation
or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its
countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement.

 The Company agrees that it will register the deposited Preferred Stock and the Depositary Shares in accordance with the applicable
federal securities laws. 
 In the event the Depositary, the Depositary’s Agent or any Registrar or Transfer Agent believes any
ambiguity or uncertainty exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent or Registrar
shall promptly notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any action, and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall be fully
protected and shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final,
non-appealable order, judgment, decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally adjudicated by a court of appropriate jurisdiction or (ii) the Depositary,
the Depositary’s Agent, Transfer Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s
Agent, Transfer Agent or Registrar. 
 Whenever in the performance of its duties under this Deposit Agreement, the Depositary, the
Depositary’s Agent, Transfer Agent or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by any one of the Chief Executive Officer, any Vice Chairman, the Chief Financial Officer,
the Chief Operating Officer, any Executive Vice President, the Corporate Treasurer, any Managing Director, any Senior Vice President, any Vice President, the Corporate Secretary, any Deputy or Assistant Corporate Secretary or any Attorney-in-Fact of
the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar; and such certificate shall be full and complete authorization and protection to the Depositary, the Depositary’s Agent, Transfer Agent or
Registrar and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such
certificate. The Depositary, the Depositary’s Agent, Transfer 

  
 17 

 
Agent or Registrar shall not be liable for or by reason of any of the statements of fact or recitals contained in this Deposit Agreement or in the Receipts (except its countersignature thereof)
or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

The Depositary, the Depositary’s Agent, Transfer Agent or Registrar will not be under any duty or responsibility to ensure compliance
with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Preferred Stock or Depositary Shares. 

Notwithstanding anything herein to the contrary, no amendment to the Certificate of Designations shall affect the rights, duties, obligations
or immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder. 
 The Depositary, Transfer Agent and
any Registrar hereunder: 
 (i) shall have no duties or obligations other than those specifically set forth herein (and no
implied duties or obligations), or as may subsequently be agreed to in writing by the parties; 
 (ii) shall have no
obligation to make payment hereunder unless the Company shall have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto; 

(iii) shall not be obligated to take any legal or other action hereunder; if, however, the Depositary determines to take any
legal or other action hereunder, and, where the taking of such action might in the Depositary’s judgment subject or expose it to any expense or liability, the Depositary shall not be required to act unless it shall have been furnished with an
indemnity satisfactory to it; 
 (iv) may rely on and shall be authorized and protected in acting or failing to act upon any
certificate, instrument, opinion, notice, letter, facsimile transmission or other document or security delivered to the Depositary and believed by the Depositary to be genuine and to have been signed by the proper party or parties, and shall have no
responsibility for determining the accuracy thereof; 
 (v) may rely on and shall be authorized and protected in acting or
failing to act upon the written, telephonic, electronic and oral instructions, with respect to any matter relating to the Depositary’s actions as depositary covered by this Deposit Agreement (or supplementing or qualifying any such actions) of
officers of the Company; 
 (vi) may consult counsel satisfactory to it, and the advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel; 

(vii) shall not be called upon at any time to advise any person with respect to the Depositary Shares or Receipts; 

  
 18 

 (viii) shall not be liable or responsible for any recital herein, contained in
any documents relating hereto or the Depositary Shares or Receipts; and 
 (ix) shall not be liable in any respect on account
of the identity, authority or rights of the parties (other than with respect to the Depositary) executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited or called for under this Deposit
Agreement. 
 The obligations of the Company set forth in this Section 5.03 shall survive the replacement, removal or resignation of
any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 
 SECTION
5.04 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by notice of its election to do so delivered to the Company, such resignation to take
effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may
at any time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the
notice of resignation or removal, as the case may be, appoint a successor depositary. If a successor depositary shall not have been appointed and have accepted appointment in 60 days, the resigning Depositary may petition a court of competent
jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without
any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due
it and on the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest
in the deposited Preferred Stock and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any successor Depositary shall promptly mail notice of its
appointment to the record holders of Receipts. 
 Any corporation or other entity into or with which the Depositary may be merged,
consolidated or converted, or any corporation or other entity to which all or a substantial part of the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of any document or any
further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 

  
 19 

 The provisions of this Section 5.04 as they apply to the Depositary apply to the Registrar
and Transfer Agent, as if specifically enumerated herein. 
 SECTION 5.05 Indemnification by the Company. The Company shall
indemnify the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar against, and hold each of them harmless from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself) which may
arise out of (i) acts performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the Depositary, any Transfer Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except
for any liability arising out of gross negligence or willful misconduct (each as determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) on the respective parts of any such person or persons, or
(b) by the Company or any of its agents, or (ii) the offer, sale or registration of the Receipts or shares of Preferred Stock pursuant to the provisions hereof. The obligations of the Company set forth in this Section 5.05 shall
survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. In no event shall the Depositary have any right of set off or counterclaim against the
Depositary Shares or the Preferred Stock. 
 SECTION 5.06 Fees, Charges and Expenses. The Company shall pay all transfer and
other taxes and governmental charges arising solely from the existence of the depositary arrangements. The Company shall pay all charges of the Depositary in connection with the initial deposit of the Preferred Stock and the initial issuance of the
Depositary Shares and any redemption of the Preferred Stock at the option of the Company. All other transfer and other taxes and governmental charges and fees for the withdrawal of Preferred Stock upon surrender of Receipts shall be at the expense
of holders of Depositary Shares. The Depositary may refuse to effect any transfer of a Receipt or any withdrawal of shares of Preferred Stock evidenced thereby until all such taxes and charges with respect to such Receipt or shares of Preferred
Stock are paid by the holder thereof If, at the request of a holder of Receipts, the Depositary incurs charges or expenses for which it is not otherwise liable hereunder, such holder will be liable for such charges and expenses, provided,
however, that the Depositary need not incur such charges or expenses if repayment of such amounts is not reasonably assured to it All other charges and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar
and Transfer Agent (including, in each case, fees and expenses of counsel) incident to the performance of their respective obligations hereunder will be paid upon consultation and agreement between the Depositary and the Company as to the amount and
nature of such charges and expenses. The Depositary shall present its statement for charges and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree. 

ARTICLE VI 
 Amendment and
Termination 
 SECTION 6.01 Amendment. The form of the Receipts and any provision of this Deposit Agreement may at any time
and from time to time be amended by agreement between the Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary may deem necessary or desirable; provided, however that
no 

  
 20 

 
such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the Company) which (i) shall materially and adversely alter the rights of
the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Certificate of Incorporation shall be effective unless such amendment shall have been
approved by the holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject to the provisions of Section 2.06 and Section 2.07 and Article III, of
any holder of any Receipts evidencing such Depositary Shares to surrender any Receipt with instructions to the Depositary to deliver to the holder the deposited Preferred Stock and all money and other property, if any, represented thereby, except in
order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to
be bound by this Deposit Agreement as amended thereby. 
 SECTION 6.02 Termination. This Deposit Agreement may be terminated by
the Company or the Depositary only if (i) all outstanding Depositary Shares shall have been redeemed pursuant to Section 2.03 or (ii) there shall have been made a final distribution in respect of the deposited Preferred Stock in
connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Depositary Shares pursuant to Section 4.01 or 4.02, as applicable. 

Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations
to the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar under Section 5.05 and Section 5.06. 
 ARTICLE
VII 
 Miscellaneous 

SECTION 7.01 Counterparts. This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto
on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Deposit Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

SECTION 7.02 Exclusive Benefits of Parties. This Deposit Agreement is for the exclusive benefit of the parties hereto, and their
respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

SECTION 7.03 Invalidity of Provisions. In case any one or more of the provisions contained in this Deposit Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby;
provided, however, that if such provision affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

  
 21 

 SECTION 7.04 Notices. Any and all notices to be given to the Company hereunder or
under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Company at: 

JPMorgan Chase & Co. 

270 Park Avenue 
 New York, New
York 10017 
 Attention: Office of the Corporate Secretary 

or at any other address of which the Company shall have notified the Depositary in writing. 

Any notices to be given to the Depositary, Transfer Agent or Registrar hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail, or telecopier confirmed by letter, addressed to the Depositary: 

Computershare Inc 
 480 Washington
Blvd. - 29th Floor 
 Jersey City, NJ 07310-900 

Attention: Sean McLoughlin 

Facsimile: 201-680-5359 
 Any
notices given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures or personally
delivered or sent by mail, recognized next-day courier service or telecopier confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary; provided that any record
holder may direct the Depositary to deliver notices to such record holder at an alternate address or in a specific manner that is reasonably requested by such record holder in a written request timely filed with the Depositary and that is reasonably
acceptable to the Depositary. 
 Delivery of a notice sent by mail shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a facsimile message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with such courier, courier fees prepaid. The
Depositary or the Company may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter as aforesaid. 

SECTION 7.05 Depositary’s Agents. The Depositary may from time to time appoint Depositary’s Agents to act in any respect
for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will notify the Company of any such
action. 

  
 22 

 SECTION 7.06 Holders of Receipts Are Parties. The holders of Receipts from time to
time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof to the same extent as though such person executed this Deposit Agreement.

 SECTION 7.07 Governing Law. This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions
hereof and thereof shall be governed by, and construed in accordance with, the law of the State of New York. 
 SECTION
7.08 Inspection of Deposit Agreement and Certificate of Designations. Copies of this Deposit Agreement and the Certificate of Designations shall be filed with the Depositary and the Depositary’s Agents and shall be open to
inspection during business hours at the Depositary Office by any holder of any Receipt. 
 SECTION 7.09 Headings. The headings
of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the
meaning or interpretation of any provision. 

  
 23 

 IN WITNESS WHEREOF, JPMorgan Chase & Co. and Computershare Inc have duly executed this
Deposit Agreement as of the day and year first above set forth and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof 

 

					
	JPMORGAN CHASE & CO.,
		
	By:	 	 /s/ James K. Paterson

		 	Name:	 	James K. Paterson
		 	Title:	 	Managing Director
	
	COMPUTERSHARE INC, as Depositary, Registrar and Transfer Agent,
		
	By:	 	 /s/ Sean McLoughlin

		 	Name:	 	Sean McLoughlin
		 	Title:	 	Vice President, Relationship Manager

  
 24 

 EXHIBIT A 

Form of Face of Receipt; Form of Reverse of Receipt 

 UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

 

					
		  	Aggregate Amount of Depositary Shares:	  	$                    
			
	Certificate Number	  	Number of Depositary Shares:	  	
			
		  	CUSIP NO.:	  	48127A 161

 RECEIPT FOR DEPOSITARY SHARES, 

Each Representing 1/400th Interest in a Share of 

6.70% Non-Cumulative Preferred Stock, Series T 

(par value $1.00 per share) 

(liquidation preference $10,000 per share) 

of 
 JPMORGAN CHASE & CO.

 Computershare Inc, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of
Depositary Shares (“Depositary Shares”), equivalent to $         aggregate amount, each Depositary Share representing 1/400 th of one share of
6.70% Non-Cumulative Preferred Stock, Series T, $1.00 par value per share and liquidation preference of $10,000 per share, of JPMorgan Chase & Co., a corporation duly organized and existing under the laws of the State of Delaware (the
“Company”), on deposit with the Depositary, subject to 

 
the terms and entitled to the benefits of the Deposit Agreement, dated January 30, 2014 (the “Deposit Agreement”), among the Company, the Depositary and the holders from time to
time of Receipts for Depositary Shares. By accepting this Receipt for the Depositary Shares, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not be valid or
obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if a Registrar in respect of the Receipts
(other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar. 
 Dated: 

 

			
	 Computershare Inc,
as Depositary

		 	
	By:	 	  

		 	Authorized Signatory

 The following abbreviations when used in the instructions on the face of this receipt shall be
construed as though they were written out in full according to applicable laws or regulations. 

 

	
	TEN COM - as tenant in common
	
	TEN ENT - as tenants by the entireties
	
	JT TEN - as joint tenants with right of not as tenants in common

 

					
	UNIF GIFT MIN ACT -
	Custodian	  	  
	  	
		  	(Cust)	  	(Minor)            
	
	Under Uniform Gifts to Minors Act
	
	  

	(State)

 
 

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

For value received,                      hereby sell(s),
assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE 

 
 PLEASE PRINT OR TYPEWRITE NAME AND
ADDRESS 
 INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

 

                Depositary Shares, equivalent to
                     aggregate amount, represented by the within Receipt, and do hereby irrevocably constitute and appoint
                     Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in
the premises. 
  

							
	Dated	 	  
	 		  	  

		 		 		  	NOTICE: The signature to the assignment must corresponds with the name as written upon the face of this Receipt in every particular, without alteration or enlargement

 SIGNATURE GUARANTEED 
 NOTICE:
The signature(s) should be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent. Guarantees by a notary public are not acceptable. 

 EXHIBIT B 

Certificate of Designations 

 CERTIFICATE OF DESIGNATIONS, POWERS, 

PREFERENCES AND RIGHTS 

OF THE 
 6.70%
NON-CUMULATIVE PREFERRED STOCK, SERIES T 
 ($10,000.00 liquidation preference per share) 

OF 
 JPMORGAN
CHASE & CO. 
  
  

Pursuant to Section 151 of the 

General Corporation Law of the State of Delaware 
  

 
 JPMORGAN
CHASE & CO., a Delaware corporation (the “Corporation”), HEREBY CERTIFIES that the following resolution was duly adopted by the Stock Committee of the Board of Directors of the Corporation (the “Board of Directors”) in
accordance with Section 151(g) of the General Corporation Law of the State of Delaware pursuant to the authority conferred upon the Board of Directors by the provisions of the Certificate of Incorporation of the Corporation and pursuant to the
authority duly delegated to the Stock Committee by the Board of Directors: 
 RESOLVED, that the Corporation be, and hereby is, authorized
to issue a new series of its preferred stock, par value $1.00 per share, with a liquidation preference, in the aggregate, of up to $977,500,000, on the following terms and with the following designations, powers, preferences and rights: 

1. Designation and Amount. The series of preferred stock, par value $1.00 per share, shall be designated as the “6.70%
Non-Cumulative Preferred Stock, Series T” (the “Series T Preferred Stock”). The Series T Preferred Stock shall be perpetual, subject to the provisions of Section 6 hereof, and the authorized number of shares of the Series
T Preferred Stock shall be 97,750 shares. 
 2. Dividends. 

(a) Holders of the Series T Preferred Stock shall be entitled to receive, when, as, and if declared by the Board of Directors or any duly
authorized committee of the Board of Directors, out of assets legally available for payment, non-cumulative cash dividends based on the liquidation preference of $10,000 per share of the Series T Preferred Stock. 

If declared by the Board of Directors or any duly authorized committee of the Board of Directors, the Corporation shall pay dividends on the
Series T Preferred Stock quarterly in arrears, on March 1 June 1, September 1 and December 1 of each year, beginning on June 1, 2014 (each such day on which dividends are payable a “Dividend Payment
Date”). In the event that any Dividend Payment Date falls on a day that is not a Business Day (as defined below), the dividend payment due on that date shall be postponed to the next day that is a Business Day and no

 
additional dividends shall accrue as a result of that postponement. The period from and including any Dividend Payment Date to but excluding the next Dividend Payment Date is referred to herein
as a “Dividend Period”, provided that the initial Dividend Period shall be the period from and including the original issue date of the Series T Preferred Stock to but excluding the next Dividend Payment Date. 

Dividends on each share of the Series T Preferred Stock shall accrue from the original issue date at a rate equal to 6.70% per annum on
the liquidation preference of $10,000 per share, for each Dividend Period. 
 Each such dividend shall be paid to the holders of record of
the shares of the Series T Preferred Stock as they appear on the stock register of the Corporation on such record date, not more than 30 days preceding the applicable Dividend Payment Date, as shall be fixed by the Board of Directors or any duly
authorized committee of the Board of Directors. The amount of dividends payable shall be calculated on the basis of a 360-day year of twelve 30-day months. Dollar amounts resulting from that calculation shall be rounded to the nearest cent, with
one-half cent being rounded upward. 
 A “Business Day” shall mean any weekday that is not a legal holiday in New York, New
York and is not a day on which banking institutions in New York, New York are authorized or required by law or regulation to be closed. 

(b) Dividends on shares of the Series T Preferred Stock shall be non-cumulative. To the extent that any dividends on shares of the Series T
Preferred Stock with respect to any Dividend Period are not declared and paid, in full or otherwise, on the Dividend Payment Date for such Dividend Period, then such unpaid dividends shall not cumulate and shall cease to accrue and be payable, and
the Corporation shall have no obligation to pay, and the holders of shares of the Series T Preferred Stock shall have no right to receive, accrued and unpaid dividends for such Dividend Period on or after the Dividend Payment Date for such Dividend
Period, whether or not dividends are declared for any subsequent Dividend Period with respect to the Series T Preferred Stock or for any future dividend period with respect to any other series of preferred stock or the common stock. The Corporation
shall not pay interest or any sum of money instead of interest in respect of any dividend that is not declared, or if declared is not paid, on the Series T Preferred Stock. 

(c) No full dividends shall be declared or paid or set aside for payment on preferred stock of any series ranking as to dividends on a parity
with or junior to the Series T Preferred Stock for any period unless full dividends on the shares of the Series T Preferred Stock for the most recently completed Dividend Period have been or contemporaneously are declared and paid (or have been
declared and a sum sufficient for the payment thereof has been set aside for such payment). When dividends are not paid in full as aforesaid upon the shares of the Series T Preferred Stock and any other series of preferred stock ranking on a parity
as to dividends with the Series T Preferred Stock, all dividends declared and paid upon the shares of the Series T Preferred Stock and any other series of preferred stock ranking on a parity as to dividends with the Series T Preferred Stock shall be
declared and paid pro rata. For purposes of calculating the pro rata allocation of partial dividend payments, the Corporation shall allocate dividend payments based 

  
 2 

 
on the ratio between the then-current dividends due on the shares of the Series T Preferred Stock and (i) in the case of any series of non-cumulative preferred stock ranking on a parity as
to dividends with the Series T Preferred Stock, the aggregate of the current and unpaid dividends due on such series of preferred stock and (ii) in the case of any series of cumulative preferred stock ranking on a parity as to dividends with
the Series T Preferred Stock, the aggregate of the current and accumulated and unpaid dividends due on such series of preferred stock. 

(d) So long as any shares of the Series T Preferred Stock are outstanding, (i) no dividend (other than a dividend in common stock or in
any other capital stock ranking junior to the Series T Preferred Stock as to dividends and upon liquidation, dissolution or winding-up) shall be declared or paid or a sum sufficient for the payment thereof set aside for such payment or other
distribution declared or made upon the common stock or upon any other capital stock ranking junior to the Series T Preferred Stock as to dividends or upon liquidation, dissolution or winding-up, and (ii) no common stock or other capital stock
ranking junior to or on a parity with the Series T Preferred Stock as to dividends or upon liquidation, dissolution or winding-up shall be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available
for a sinking fund for the redemption of any shares of any such capital stock) by the Corporation (except (1) by conversion into or exchange for capital stock ranking junior to the Series T Preferred Stock, (2) as a result of
reclassification into capital stock ranking junior to the Series T Preferred Stock, (3) through the use of the proceeds of a substantially contemporaneous sale of shares of capital stock ranking junior to the Series T Preferred Stock or, in the
case of capital stock ranking on a parity with the Series T Preferred Stock, through the use of the proceeds of a substantially contemporaneous sale of other shares of capital stock ranking on a parity with the Series T Preferred Stock, (4) in
the case of capital stock ranking on a parity with the Series T Preferred Stock, pursuant to pro rata offers to purchase all or a pro rata portion of the shares of the Series T Preferred Stock and such capital stock ranking on a parity with the
Series T Preferred Stock, (5) in connection with the satisfaction of the Corporation’s obligations pursuant to any contract entered into in the ordinary course prior to the beginning of the most recently completed Dividend Period, or
(6) any purchase, redemption or other acquisition of capital stock ranking junior to the Series T Preferred Stock pursuant to any employee, consultant or director incentive or benefit plans or arrangements of the Corporation or any of its
subsidiaries (including any employment, severance or consulting arrangements) adopted before or after the issuance of the Series T Preferred Stock), unless, in each case, full dividends on all outstanding shares of the Series T Preferred Stock shall
have been declared and paid or a sum sufficient for the payment thereof set aside for such payment in respect of the most recently completed Dividend Period. However, the foregoing will not restrict the ability of the Corporation or any of its
affiliates to engage in underwriting, stabilization, market-making or similar transactions in the capital stock of the Corporation in the ordinary course of business. 

Subject to the conditions in this Section 2, and not otherwise, dividends (payable in cash, capital stock, or otherwise), as may be
determined by the Board of Directors or a duly authorized committee of the Board of Directors, may be declared and paid on the common stock and any other capital stock ranking junior to or on a parity with the Series T Preferred Stock from time to
time out of any assets legally available for such payment, and the holders of the Series T Preferred Stock will not be entitled to participate in those dividends. 

  
 3 

 3. Liquidation Preference. 

(a) Upon the voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, the holders of the shares of the Series T
Preferred Stock shall be entitled to receive and to be paid out of the assets of the Corporation legally available for distribution to its stockholders, before any payment or distribution shall be made on the common stock or on any other capital
stock ranking junior to the Series T Preferred Stock upon liquidation, dissolution or winding-up of the Corporation, the amount of $10,000 per share, plus an amount equal to any declared and unpaid dividends on each such share without accumulation
of undeclared dividends. 
 (b) After the payment to the holders of the shares of the Series T Preferred Stock of the full preferential
amounts provided for in this Section 3, the holders of the Series T Preferred Stock as such shall have no right or claim to any of the remaining assets of the Corporation. 

(c) If, upon any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, the amounts payable with respect to the
shares of the Series T Preferred Stock and any other shares of capital stock ranking as to any such distribution of assets of the Corporation on a parity with the shares of the Series T Preferred Stock are not paid in full, the holders of the shares
of the Series T Preferred Stock and of such other shares shall share ratably in any such distribution of assets of the Corporation in proportion to the full respective distributions to which they are entitled. 

(d) Neither the sale of all or substantially all of the property or business of the Corporation, nor the merger or consolidation of the
Corporation into or with any other entity or the merger or consolidation of any other entity into or with the Corporation, shall be deemed to be a liquidation, dissolution or winding-up, voluntary or involuntary, of the Corporation for the purposes
of this Section 3. 
 4. Preemption and Conversion. The holders of the Series T Preferred Stock shall not have any preemptive or
conversion rights. 
 5. Voting Rights. 

(a) The Series T Preferred Stock shall have no voting rights, except as provided below or as otherwise specifically required by law. 

(b) Whenever, at any time or times, dividends on the shares of the Series T Preferred Stock have not been paid for an aggregate of six or more
quarterly Dividend Periods, whether or not consecutive, the authorized number of directors of the Corporation shall automatically be increased by two and the holders of the Series T Preferred Stock shall have the right, with holders of shares of any
other class or series of Parity Preferred Stock outstanding at the time upon which like voting rights have been conferred and are exercisable (“Voting Parity Stock”), voting together as a class, to elect two directors (hereinafter
the “Preferred Directors” and each a “Preferred Director”) to fill such newly created directorships at the Corporation’s next annual meeting of stockholders and at each subsequent annual meeting of stockholders
until full dividends have been paid on the Series T Preferred Stock for at least four quarterly consecutive Dividend Periods at which time such right shall terminate, except as herein or by law expressly provided, subject to revesting in the event
of each and every subsequent default of the character above mentioned. 

  
 4 

 Upon any termination of the right of the holders of shares of the Series T Preferred Stock and
Voting Parity Stock as a class to vote for directors as provided above, the Preferred Directors shall cease to be qualified as directors, the term of office of all Preferred Directors then in office shall terminate immediately and the authorized
number of directors shall be reduced by the number of Preferred Directors elected pursuant hereto. Any Preferred Director may be removed and replaced at any time, with cause as provided by law or without cause by the affirmative vote of the holders
of shares of the Series T Preferred Stock voting together as a class with the holders of shares of Voting Parity Stock, to the extent the voting rights of such holders described above are then exercisable. Any vacancy created by removal with or
without cause may be filled only by the affirmative vote of the holders of shares of the Series T Preferred Stock voting together as a class with the holders of shares of Voting Parity Stock, to the extent the voting rights of such holders described
above are then exercisable. If the office of any Preferred Director becomes vacant for any reason other than removal from office as aforesaid, the remaining Preferred Director may choose a successor who shall hold office for the unexpired term in
respect of which such vacancy occurred. 
 (c) So long as any shares of the Series T Preferred Stock remain outstanding, the Corporation
shall not, without the affirmative vote of the holders of at least 66 2/3% in voting power of the Series T Preferred Stock and any Voting Parity Stock, voting together as a class, authorize, create or issue any capital stock ranking senior to the
Series T Preferred Stock as to dividends or upon liquidation, dissolution or winding-up, or reclassify any authorized capital stock into any such shares of such capital stock or issue any obligation or security convertible into or evidencing the
right to purchase any such shares of capital stock. So long as any shares of the Series T Preferred Stock remain outstanding, the Corporation shall not, without the affirmative vote of the holders of at least 66 2/3% in voting power of the Series T
Preferred Stock, amend, alter or repeal any provision of this Certificate of Designations or the Certificate of Incorporation of the Corporation, including by merger, consolidation or otherwise, so as to adversely affect the powers, preferences or
special rights of the Series T Preferred Stock. 
 Notwithstanding the foregoing, (1) any increase in the amount of authorized common
stock or authorized preferred stock, or any increase or decrease in the number of shares of any series of preferred stock, or the authorization, creation and issuance of other classes or series of capital stock, in each case ranking on a parity with
or junior to the shares of the Series T Preferred Stock as to dividends and upon liquidation, dissolution or winding-up, shall not be deemed to adversely affect such powers, preferences or special rights and (2) a merger or consolidation of the
Corporation with or into another entity in which (a) the shares of the Series T Preferred Stock remain outstanding or (b) are converted into or exchanged for preference securities of the surviving entity or any entity, directly or
indirectly, controlling such surviving entity and such new preference securities have powers, preferences or special rights that are not materially less favorable than the Series T Preferred Stock shall not be deemed to adversely affect the powers,
preferences or special rights of the Series T Preferred Stock. 

  
 5 

 (d) In exercising the voting rights set forth in this Section 5 or when otherwise granted
voting rights by operation of law or by the Corporation, each share of the Series T Preferred Stock shall be entitled to one vote. 
 (e)
The foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required or upon which the holders of the Series T Preferred Stock shall be entitled to vote shall be
effected, all outstanding shares of the Series T Preferred Stock shall have been redeemed or shall have been called for redemption by the giving of notice thereof pursuant to Section 6(c) below and sufficient funds shall have been irrevocably
deposited in trust to effect such redemption. 
 6. Redemption. 

(a) The Corporation, at the option of the Board of Directors or any duly authorized committee of the Board of Directors, may redeem out of
assets legally available therefor the Series T Preferred Stock on any Dividend Payment Date on or after March 1, 2019 in whole, or from time to time in part, at a redemption price equal to $10,000 per share, plus any declared and unpaid
dividends on the shares of the Series T Preferred Stock called for redemption up to the redemption date. Subject to Section 6(e), dividends shall cease to accrue on such shares on the redemption date, without accumulation of undeclared
dividends. 
 (b) At any time within 90 days after a Capital Treatment Event (as defined below), the Corporation, at the option of the Board
of Directors or any duly authorized committee of the Board of Directors, may provide notice of its intent to redeem the Series T Preferred Stock in accordance with the procedures described below, and the Corporation may subsequently redeem, out of
assets legally available therefor, the Series T Preferred Stock in whole, but not in part, at a redemption price equal to $10,000 per share, plus any declared and unpaid dividends on the shares of the Series T Preferred Stock called for redemption
up to the redemption date. Subject to Section 6(e), dividends shall cease to accrue on such shares on the redemption date, without accumulation of undeclared dividends. 

“Capital Treatment Event” shall mean the good faith determination by the Corporation that, as a result of any: 

(i) amendment to, or change or any announced prospective change in, the laws or regulations of the United States or any
political subdivision of or in the United States that is enacted or becomes effective after the initial issuance of any shares of the Series T Preferred Stock; 

(ii) proposed change in those laws or regulations that is announced or becomes effective after the initial issuance of any
shares of the Series T Preferred Stock; or 
 (iii) official administrative decision or judicial decision or administrative
action or other official pronouncement interpreting or applying those laws or regulations that is announced or becomes effective after the initial issuance of any shares of the Series T Preferred Stock, 

  
 6 

 there is more than an insubstantial risk that the Corporation shall not be entitled to treat an amount equal to
the full liquidation amount of all shares of the Series T Preferred Stock then outstanding as “additional Tier 1 capital” (or its equivalent) for purposes of the capital adequacy guidelines or regulations of the appropriate federal banking
agency, as then in effect and applicable, for as long as any share of the Series T Preferred Stock is outstanding. 
 (c) Notice of every
redemption of shares of the Series T Preferred Stock shall be mailed by first class mail, postage prepaid, addressed to the holders of record of such shares to be redeemed at their respective last addresses appearing on the stock register of the
Corporation. Such mailing shall be at least 30 days and not more than 60 days before the date fixed for redemption. Any notice mailed as provided in this Section 6(c) shall be conclusively presumed to have been duly given, whether or not the
holder receives such notice, but failure to duly give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of the Series T Preferred Stock designated for redemption shall not affect the validity of the
proceedings for the redemption of any other shares of the Series T Preferred Stock. Each notice of redemption shall state (i) the redemption date; (ii) the number of shares of the Series T Preferred Stock to be redeemed and, if fewer than
all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (iii) the redemption price; (iv) the place or places where the certificates representing such shares are to be surrendered
for payment of the redemption price; and (v) that dividends on the shares to be redeemed shall cease to accrue on the redemption date. Notwithstanding the foregoing, if the Series T Preferred Stock is held in book-entry form through The
Depository Trust Company, the Corporation may give such notice in any manner permitted or required by The Depository Trust Company. 
 (d)
In the case of any redemption of only part of the shares of the Series T Preferred Stock at the time outstanding, the shares of the Series T Preferred Stock to be redeemed shall be selected either pro rata from the holders of record of the Series T
Preferred Stock in proportion to the number of Series T Preferred Stock held by such holders or by lot or in such other manner as the Board of Directors or any duly authorized committee of the Board of Directors may determine to be fair and
equitable. Subject to the provisions of this Section 6, the Board of Directors or any duly authorized committee of the Board of Directors shall have full power and authority to prescribe the terms and conditions upon which shares of the Series
T Preferred Stock shall be redeemed from time to time. 
 (e) If notice of redemption has been duly given and if on or before the redemption
date specified in the notice all funds necessary for the redemption have been irrevocably set aside by the Corporation, separate and apart from its other assets, in trust for the pro rata benefit of the holders of the shares called for redemption,
so as to be and continue to be available therefor, or deposited by the Corporation with a bank or trust company selected by the Board of Directors or any duly authorized committee of the Board of Directors, which bank or trust company may be an
affiliate of the Corporation (the “Depositary Company”), in trust for the pro rata benefit of the holders of the shares called for redemption, then, notwithstanding that any certificate for any share so called for redemption has not
been surrendered for cancellation, on and after the redemption date all shares so called for redemption shall be cancelled and shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue after such redemption date,
and all other rights with respect to such shares shall forthwith on such redemption date cease and 

  
 7 

 
terminate, except for the right of the holders thereof to receive the amount payable on such redemption from the Depositary Company at any time after the redemption date from the funds so
deposited, without interest. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for redemption shall have no claim to any such
interest. Any funds so deposited and unclaimed at the end of three years from the redemption date shall, to the extent permitted by law, be released or repaid to the Corporation, and in the event of such repayment to the Corporation, the holders of
record of the shares so called for redemption shall look only to the Corporation for an amount equivalent to the amount deposited as stated above for the redemption of such shares and so repaid to the Corporation, but shall in no event be entitled
to any interest. 
 (f) Shares of the Series T Preferred Stock that have been issued and reacquired in any manner, including shares
purchased or redeemed, shall (upon compliance with any applicable provisions of the laws of the State of Delaware) be retired and have the status of authorized and unissued shares of the class of preferred stock undesignated as to series and may be
redesignated and reissued as part of any series of preferred stock. 
 7. Amendment of Resolution. The Board of Directors reserves
the right from time to time to increase or decrease the number of shares that constitute the Series T Preferred Stock (but not below the number of shares thereof then outstanding) and in other respects to amend this Certificate of Designations
within the limitations provided by law, this resolution and the Certificate of Incorporation. 
 8. Rank. Any capital stock of any
class or series of the Corporation shall be deemed to rank: 
 (a) senior to shares of the Series T Preferred Stock, either as to dividends
or upon liquidation, dissolution or winding-up, or both, if the holders of capital stock of such class or series shall be entitled by the terms thereof to the receipt of dividends or of amounts distributable upon liquidation, dissolution or
winding-up, as the case may be, in preference or priority to the holders of shares of the Series T Preferred Stock (and as used herein, the term “senior to the Series T Preferred Stock” and like terms refer to any class or series of
capital stock that ranks senior to the Series T Preferred Stock, either as to dividends or upon liquidation, dissolution or winding-up, or both, as the context may require); 

(b) on a parity with shares of the Series T Preferred Stock, either as to dividends or upon liquidation, dissolution or winding-up, or both,
whether or not the dividend rates, dividend payment dates, or redemption or liquidation preferences per share thereof be different from those of the Series T Preferred Stock, if the holders of capital stock of such class or series shall be entitled
by the terms thereof to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding-up, as the case may be, in proportion to or otherwise based on their respective dividend rates or liquidation preferences, without
preference or priority of one over the other as between the holders of such capital stock and the holders of shares of the Series T Preferred Stock (and as used herein, the term “Parity Preferred Stock,” and “on a parity
with the Series T Preferred Stock” and like terms refer to any class or series of capital stock that ranks on a parity with the shares of the Series T Preferred Stock, either as to dividends or upon liquidation, dissolution or winding-up,
or both, as the context may require); and 

  
 8 

 (c) junior to shares of the Series T Preferred Stock, either as to dividends or upon liquidation,
dissolution or winding-up, or both, if such class or series shall be common stock or if the holders of the Series T Preferred Stock shall be entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or
winding-up, as the case may be, in preference or priority to the holders of capital stock of such class or series (and as used herein, the term “junior to the Series T Preferred Stock” and like terms refer to the common stock and
any other class or series of capital stock over which the Series T Preferred Stock has preference or priority, either as to dividends or upon liquidation, dissolution or winding-up, or both, as the context may require). 

The Series T Preferred Stock shall rank as to dividends and upon liquidation, dissolution or winding-up on a parity with the
Corporation’s Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series I, 5.50% Non-Cumulative Preferred Stock, Series O, 5.45% Non-Cumulative Preferred Stock, Series Q, Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series R
and Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series S. 

  
 9 

 IN WITNESS WHEREOF, the undersigned, being duly authorized thereto, does hereby affirm, that this
certificate is the act and deed of the Corporation and that the facts herein stated are true, and accordingly has hereunto set his hand as of this 29th day of January, 2014. 

 

					
	JPMORGAN CHASE & CO.
		
	By:	 	 /s/ Anthony J. Horan

		 	Name:	 	Anthony J. Horan
		 	Title:	 	Corporate Secretary

  
 10EX-4.1

 Exhibit 4.1 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS
B(2014-1) TERMS DOCUMENT 
 Dated as of January 30, 2014 

to 
 AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of June 4, 2010 

for the DiscoverSeries Notes 
 to

 INDENTURE 
 Dated as of
July 26, 2007 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  	 	1	  
	Definitions and Other Provisions of General Application	  	 	1	  
	Section 1.01.	 	Definitions	  	 	1	  
	Section 1.02.	 	Representations and Warranties of Issuer	  	 	9	  
	Section 1.03.	 	Representations and Warranties of Indenture Trustee	  	 	10	  
	Section 1.04.	 	Limitations on Liability	  	 	10	  
	Section 1.05.	 	Governing Law	  	 	11	  
	Section 1.06.	 	Counterparts	  	 	11	  
	Section 1.07.	 	Ratification of Indenture and Indenture Supplement	  	 	11	  
	ARTICLE II	  	 	11	  
	The Class B(2014-1) Notes	  	 	11	  
	Section 2.01.	 	Creation and Designation	  	 	11	  
	Section 2.02.	 	Adjustments to Required Subordinated Percentages and Amount	  	 	11	  
	Section 2.03.	 	Interest Payment	  	 	11	  
	Section 2.04.	 	Notification of LIBOR	  	 	12	  
	Section 2.05.	 	Payments of Interest and Principal	  	 	12	  
	Section 2.06.	 	Form of Delivery of Class B(2014-1) Notes; Denominations	  	 	12	  
	Section 2.07.	 	Delivery and Payment for the Class B(2014-1) Notes	  	 	13	  
	Section 2.08.	 	Targeted Deposits to the Accumulation Reserve Account	  	 	13	  
	Section 2.09.	 	Additional Issuances of Notes	  	 	14	  
	Section 2.10.	 	Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	14	  
	Section 2.11.	 	No Payments from Interest Funding Subaccount for accretion of principal of the Class B(2014-1) Notes	  	 	15	  
	Section 2.12.	 	Calculation of Class B(2014-1) Accreted Discount	  	 	15	  
	Section 2.13.	 	Variable Accumulation Period	  	 	15	  

					
	
	 Exhibit
  

Exhibit
A                     Form of Class B Note

  

 THIS CLASS B(2014-1) TERMS DOCUMENT (this “Terms Document”), by and
between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws
of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of January 30, 2014. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class B Notes of the DiscoverSeries and shall specify the principal
terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Note Purchase Agreement, dated as of
January 30, 2014, by and among Discover Card Execution Note Trust, Discover Bank and the Purchaser (as defined therein) (as may be amended, supplemented, restated, amended and restated or otherwise modified from time to time, the “Note
Purchase Agreement”), the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted
in the United States of America at the date of such computation; 
 (4) all references in this Terms Document to designated
“Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 
 (5) in the event
that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely
with respect to the Class B(2014-1) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class B(2014-1) Notes and no
other Tranche of Notes issued by the Issuer; 

 (7) “including” and words of similar import will be deemed to be followed by
“without limitation”; and 
 (8) for purposes of determining any amount or making any calculation hereunder, such amount or
calculation, (x) if specified to be as of the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any
payments, deposits or other allocations made on the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other
allocations made on the related Distribution Date. 
 “Accumulation Amount” means $23,750,000; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.13 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture
Supplement. 
 “Accumulation Commencement Date” means December 1, 2014, or such later date as the Calculation
Agent on behalf of the Issuer determines in accordance with Section 2.13 hereof. 
 “Accumulation Period” has the
meaning set forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.13 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in the
Indenture Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on behalf of
the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of
the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately
preceding the earlier to occur of: 
 (x) the Expected Maturity Date for the Class B(2014-1) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2014-1) Notes is paid in full. 

 

			
	 Distribution Date:
	  	 Condition:

		
	(a) The Distribution Date occurring three (3) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.13 hereof) and any following Distribution
Date	  	No condition.
		
	(b) The Distribution Date occurring four (4)	  	

  
 2 

			
	calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.13 hereof) and any following Distribution Date	  	The three-month rolling average Excess Spread Percentage is less than 4%.
		
	(c) The Distribution Date occurring six (6) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.13 hereof) and any following Distribution
Date	  	The three-month rolling average Excess Spread Percentage is less than 3%.
		
	(d) The Distribution Date occurring twelve (12) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.13 hereof) and any following Distribution
Date	  	The three-month rolling average Excess Spread Percentage is less than 2%.

 “Class B(2014-1) Accreted Discount” means, for any Distribution Date, the amount of
principal accreted on the Class B(2014-1) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such Distribution Date. 

“Class B(2014-1) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with
respect to the Class B(2014-1) Notes or (b) an Event of Default and acceleration of the Class B(2014-1) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an
Excess Spread Early Redemption Cure has occurred, a Class B(2014-1) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class B(2014-1) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class
B(2014-1) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class B(2014-1) Noteholder”
means a Person in whose name a Class B(2014-1) Note is registered in the Note Register. 
 “Class B(2014-1) Termination
Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2014-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the
Indenture is discharged and satisfied pursuant to Article VI thereof. 
 “Class B Tranche Interest Allocation,”
notwithstanding anything to the contrary in the Indenture Supplement, for the Class B (2014-1) Notes shall be zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, for any
Distribution Date after the Expected Maturity Date, the Class B Tranche Interest 

  
 3 

 
Allocation shall be the Class B Interest for the Class B(2014-1) Notes plus any Interest Allocation Shortfall from the prior Distribution Date. Following a Receivables Sale for the Class B
(2014-1) Notes, the Class B Tranche Interest Allocation shall be zero. 
 “Discount Amount” means initially
$3,563,355; provided that following any issuance of additional Class B(2014-1) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class B(2014-1) Notes, an amount equal to 

(a) the Nominal Liquidation Amount of the Class B(2014-1) Notes, divided by 

(b) the Nominal Liquidation Amount of all Tranches of Class B Notes in the DiscoverSeries, multiplied by 

(c) the aggregate Required Subordinated Amount of Class B Notes for all Tranches of Class A Notes in the DiscoverSeries with a Required
Subordinated Amount of Class B Notes greater than zero. 
 “Encumbered Required Subordinated Amount of Class C
Notes” means, for the Class B(2014-1) Notes, an amount equal to the product of 
 (a) the Encumbered Amount for the Class
B(2014-1) Notes, and 
 (b) the Required Subordinated Percentage of Class C Notes (Encumbered) for the Class B(2014-1) Notes. 

“Encumbered Required Subordinated Amount of Class D Notes” means, for the Class B(2014-1) Notes, an amount equal to
the product of 
 (a) the Encumbered Amount for the Class B(2014-1) Notes and 

(b) the Required Subordinated Percentage of Class D Notes (Encumbered) for the Class B(2014-1) Notes. 

“Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread
Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means December 15, 2015. 

“Indenture” means the Indenture, dated as of July 26, 2007, by and between the Issuer and Indenture Trustee, as
amended by the First Amendment to Indenture, dated as of June 4, 2010, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

  
 4 

 “Indenture Supplement” means the Amended and Restated Indenture
Supplement for the DiscoverSeries Notes, dated as of June 4, 2010, by and between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time
to time. 
 “Initial Dollar Principal Amount” means $281,436,645, or such higher amount as is specified in
any Notice of Additional Issuance under Section 2.09. 
 “Interest Accrual Period” means, with respect to any
Interest Payment Date, the period from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the Expected Maturity Date, from and including
the Expected Maturity Date to but excluding such Interest Payment Date). 
 “Interest Payment Date” means, if the
Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, the fifteenth day of each month commencing in January 2016, or if such fifteenth day is not a Business Day, the next succeeding Business Day.

 “Issuance Date” means January 30, 2014 with respect to all Class B(2014-1) Notes issued on the date
hereof and, with respect to any additional Class B(2014-1) Notes issued pursuant to Section 2.09, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 

“Legal Maturity Date” means June 15, 2018. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a
duration comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the Indenture
Trustee on the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Indenture Trustee, at approximately 11:00 a.m., London time, on such day to prime banks in the
London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The Indenture Trustee will request the principal London office of at least four banks to provide a quotation of its rate. If at least
two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York
City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. If
LIBOR with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect to such LIBOR Determination Date will be LIBOR with respect to the immediately prior LIBOR Determination Date. 

“LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions
in both the City of London, England and in New York, New York are not required or authorized by law to be closed. 

  
 5 

 “LIBOR Determination Date” means the second LIBOR Business Day
immediately preceding the commencement of an Interest Accrual Period. 
 “Nominal Liquidation Amount” means,
notwithstanding anything to the contrary in the Indenture Supplement, with respect to the Class B(2014-1) Notes: 
 (a) on the Issuance Date
thereof, $285,000,000; 
 (b) on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the
Indenture Supplement and Section 2.09 hereof; 
 (c) on any date, other than a Distribution Date, on which Prefunding Excess Amount are
withdrawn from the applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so withdrawn; and 

(d) on and after the date of a Receivables Sale for the Class B(2014-1) Notes, zero. 

“Note Interest Rate” means zero; provided that if the Outstanding Dollar Principal Amount is not paid in full on or
prior to the Expected Maturity Date, the Note Interest Rate shall be LIBOR + 0.65% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year. 

“Notice of Additional Issuance” has the meaning set forth in Section 2.09. 

“Outstanding Dollar Principal Amount” means, for the Class B(2014-1) Notes, notwithstanding anything to the contrary in the
Indenture Supplement, (a) prior to an issuance of additional Class B(2014-1) Notes, the sum of (i) the Initial Dollar Principal Amount of such Notes and (ii) the Class B(2014-1) Accreted Discount as determined in accordance with
Section 2.12 hereof, minus (i) the aggregate amount of principal paid with respect to the Class B(2014-1) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in respect of principal
in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class B(2014-1) Notes and (b) following the issuance of additional Class B(2014-1) Notes, the sum of (i) the Outstanding Dollar Principal
Amount of such Notes determined as of the date of such additional issuance and (ii) the Class B(2014-1) Accreted Discount accreted after the date of such additional issuance, as determined in accordance with Section 2.12 hereof, minus
(i) the aggregate amount, as of the relevant date of determination, of principal paid with respect to the Class B(2014-1) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant date of determination,
of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class B(2014-1) Notes after the date of such additional issuance. Notwithstanding the
foregoing, if a Receivables Sale has occurred with respect to the Class B(2014-1) Notes, the Outstanding Dollar Principal Amount shall be zero. 

“Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class B
Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target 

  
 6 

 
Finance Charge Amount on any day on which the Class B Tranche Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet
occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class B Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on
the first day of such calendar month, multiplied by 1.25. 
 “Required Daily Deposit Target Principal Amount” means, for
any day in a Due Period, (i) if such Due Period is in the Accumulation Period for the Class B(2014-1) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class B(2014-1) Adverse
Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class B(2014-1) Notes and (y) the Nominal Liquidation Amount of the Class B(2014-1) Notes, and (iii) in all other circumstances, zero. 

“Required Subordinated Amount of Class C Notes” means, for the Class B(2014-1) Notes for any date of determination, an
amount equal to the sum of 
 (a) the Unencumbered Required Subordinated Amount of Class C Notes for such Class B(2014-1) Notes and

 (b) the Encumbered Required Subordinated Amount of Class C Notes for such Class B(2014-1) Notes; 

provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class B(2014-1) Adverse Event,
the Required Subordinated Amount of Class C Notes for the Class B(2014-1) Notes will be the greater of 
 (x) the amount determined
above for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which such Class
B(2014-1) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class
B(2014-1) Notes for any date of determination, an amount equal to the sum of 
 (a) the Unencumbered Required Subordinated Amount of
Class D Notes for such Class B(2014-1) Notes and 
 (b) the Encumbered Required Subordinated Amount of Class D Notes for such Class B(2014-1)
Notes; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class B(2014-1) Adverse
Event, the Required Subordinated Amount of Class D Notes for the Class B(2014-1) Notes will be the greater of 
 (x) the amount
determined above for such date of determination and 

  
 7 

 (y) the amount determined above for the date immediately prior to the date on which the Class
B(2014-1) Adverse Event shall have occurred. 
 “Required Subordinated Percentage of Class C Notes (Encumbered)”
means, for the Class B(2014-1) Notes, 127.272727%, subject to adjustment in accordance with Section 2.02. 
 “Required
Subordinated Percentage of Class C Notes (Unencumbered)” means, for the Class B(2014-1) Notes, 8.641975%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes (Encumbered)” means, for the Class B(2014-1) Notes, 218.181818%,
subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class D Notes
(Unencumbered)” means, for the Class B(2014-1) Notes, 14.814815%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen (or such other page as
may replace that page on that service for the purpose of displaying comparable rates or prices). 
 “Stated Principal
Amount” means $285,000,000 or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09. 

“Targeted Accumulation Reserve Subaccount Deposit” means, with respect to any Distribution Date during the
Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class B(2014-1) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount
designated by the Calculation Agent on behalf of the Issuer. 
 “Targeted Principal Deposit” means, for the
Class B(2014-1) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 
 (a) During the Accumulation Period,
beginning with the Accumulation Commencement Date for the Class B(2014-1) Notes, (x) (i) the Accumulation Amount for the Class B(2014-1) Notes, plus (ii) any Accumulation Amount that was scheduled to be deposited on any
previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class B(2014-1) Notes that was applied to the amount in clause (x) in
accordance with Section 4.04(a), 
 (b) If the Class B(2014-1) Notes have been accelerated after the occurrence of an Event of Default,
or if an Early Redemption Event with respect to the Class B(2014-1) Notes has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect to each Distribution Date
following the Due Period in which such Event of Default or Early Redemption Event has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case
as of the last day of the preceding Due Period, and 

  
 8 

 (c) If a Receivables Sale has occurred for the Class B(2014-1) Notes, zero. 

“Unencumbered Amount” means, for the Class B(2014-1) Notes, an amount equal to the Nominal Liquidation Amount of the
Class B(2014-1) Notes minus the Encumbered Amount for the Class B(2014-1) Notes. 
 “Unencumbered Required
Subordinated Amount of Class C Notes” means, for the Class B(2014-1) Notes, an amount equal to the product of  
 (a) the
Unencumbered Amount for the Class B(2014-1) Notes and 
 (b) the Required Subordinated Percentage of Class C Notes (Unencumbered) for the
Class B(2014-1) Notes. 
 “Unencumbered Required Subordinated Amount of Class D Notes” means, for the Class
B(2014-1) Notes, an amount equal to the product of 
 (a) the Unencumbered Amount for the Class B(2014-1) Notes and 

(b) the Required Subordinated Percentage of Class D Notes (Unencumbered) for the Class B(2014-1) Notes. 

Section 1.02. Representations and Warranties of Issuer. The Issuer represents and warrants that: 

(a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of Delaware, and
has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 
 (b) the execution,
delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary corporate and statutory trust proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental
agency or authority, and do not and will not conflict with any material provision of the Certificate of Trust or the Trust Agreement of the Issuer; 

(c) this Terms Document is the valid, binding and enforceable obligation of the Issuer, except as the same may be limited by receivership,
insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 

(d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law or governmental regulation or court decree
applicable to it; 
 (e) the Issuer is not required to be registered under the Investment Company Act; 

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to 

  
 9 

 
the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as of which such information is stated or certified; and 

(g) to the best knowledge of the Issuer, there are no proceedings or investigations pending against the Issuer before any court, regulatory
body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting the invalidity of this Terms Document, (B) seeking to prevent the consummation of any of the transactions
contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its obligations under this Terms Document or the validity
or enforceability of this Terms Document. 
 Section 1.03. Representations and Warranties of Indenture Trustee. The Indenture
Trustee represents and warrants and any successor trustee shall represent and warrant that: 
 (a) The Indenture Trustee is organized,
existing and in good standing under the laws of the United States of America; 
 (b) The Indenture Trustee has full power, authority and
right to execute, deliver and perform this Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

(c) This Terms Document has been duly executed and delivered by the Indenture Trustee. 

Section 1.04. Limitations on Liability. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner
Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on
the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as
creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any
Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 
 (b) None of the
Indenture Trustee, the Owner Trustee, the Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect
to this Terms Document, and recourse may be had solely to the Collateral pledged to secure the Class B(2014-1) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

  
 10 

 Section 1.05. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

Section 1.06. Counterparts. This Terms Document may be executed in any number of counterparts, each of which when so executed will
be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.07.
Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as supplemented by the Indenture
Supplement and this Terms Document shall be read, taken and construed as one and the same instrument. 
 ARTICLE II 

The Class B(2014-1) Notes 

Section 2.01. Creation and Designation. There is hereby created a Tranche of Class B Notes to be issued pursuant to the Indenture, the
Indenture Supplement, this Terms Document and the Note Purchase Agreement to be known as the “DiscoverSeries Class B(2014-1) Notes.” 

Section 2.02. Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class C Notes
(Encumbered), the Required Subordinated Percentage of Class C Notes (Unencumbered), the Required Subordinated Percentage of Class D Notes (Encumbered), and the Required Subordinated Percentage of Class D Notes (Unencumbered), in each case for the
Class B(2014-1) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any
Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the Issuer may, at the direction of the Beneficiary, replace
all or a portion of the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class B(2014-1) Notes with a different form of credit enhancement (including, without limitation, a cash
collateral account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms
Document as shall be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments
will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 Section 2.03. Interest Payment.
For each Interest Payment Date, the amount of interest due with respect to the Class B(2014-1) Notes shall be an amount equal to 

  
 11 

	 	(i)	(A) a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 360, times 

(B) the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

 

	 	(ii)	the Outstanding Dollar Principal Amount of the Class B(2014-1) Notes determined as of the first date of such related Interest Accrual Period, plus 

any Class B Tranche Interest Allocation Shortfall for such Class B(2014-1) Notes for the immediately preceding Distribution Date, together with interest
thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. 

Section 2.04. Notification of LIBOR. On each LIBOR Determination Date, the Indenture Trustee shall send to the Issuer, the Beneficiary,
each applicable Master Servicer and any stock exchange on which the Class B(2014-1) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification of LIBOR for the following
Interest Accrual Period. 
 Section 2.05. Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class B(2014-1) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class B(2014-1) Notes in
accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class B(2014-1) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class B(2014-1) Noteholders to receive payments from the Issuer will terminate on the Class B(2014-1) Termination Date.

 (c) All payments of principal, interest or other amounts to the Class B(2014-1) Noteholders will be made pro rata based on the
Stated Principal Amount of their Class B(2014-1) Notes. 
 Section 2.06. Form of Delivery of Class B(2014-1) Notes;
Denominations. 
 (a) The Class B(2014-1) Notes shall be delivered in the form of a definitive Registered Note as provided in
Section 201 of the Indenture. The form of the Class B(2014-1) Notes is attached hereto as Exhibit A. 

  
 12 

 (b) The Class B(2014-1) Notes shall, until such time as the laws of any jurisdiction in which
they are offered or sold no longer restrict the transfer or sale thereof, bear a legend in substantially the following form: 
 THIS NOTE (OR
ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST AND DISCOVER BANK THAT (A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES
ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER BANK OR THEIR AFFILIATES OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 

No Class B(2014-1) Notes shall be transferred except in accordance with the transfer restrictions described in the legend set forth above. 

(c) The Class B(2014-1) Notes will be issued in minimum denominations of $200,000 and integral multiples of $1,000 in excess of that amount.

 Section 2.07. Delivery and Payment for the Class B(2014-1) Notes. The Issuer shall execute and deliver the Class B(2014-1)
Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class B(2014-1) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08. Targeted Deposits to the Accumulation Reserve Account. The deposit targeted to be made to the Accumulation Reserve
Subaccount for the Class B(2014-1) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the Accumulation Reserve
Subaccount for the Class B(2014-1) Notes. 

  
 13 

 Section 2.09. Additional Issuances of Notes. Subject to clauses (ii), (iii),
(iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class B(2014-1) Notes, so long as the following conditions precedent are satisfied: 

(a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class B(2014-1) Notes (the “Notice
of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 
  

	 	(i)	the Issuance Date of such additional Class B(2014-1) Notes; 

  

	 	(ii)	the amount of such additional Class B(2014-1) Notes being offered, the purchase price for such additional Class B(2014-1) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal
Liquidation Amount of Class B(2014-1) Notes; 

  

	 	(iii)	the Outstanding Dollar Principal Amount of the Class B(2014-1) Notes after giving effect to the issuance of the additional Class B(2014-1) Notes and all prior accretions of principal as determined in accordance with
Section 2.12; 

  

	 	(iv)	the Discount Amount after giving effect to such additional Class B(2014-1) Notes; and 

  

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class B(2014-1) Notes to clarify the rights of Holders of such additional Class B(2014-1) Notes or the effect of such issuance of
additional Class B(2014-1) Notes on any calculations to be made with respect to the Class B(2014-1) Notes, Class B, or the Issuer. 

 All such
terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class B(2014-1) Notes; and 

(b) no Class B(2014-1) Adverse Event has occurred and is continuing. 

The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of additional
Class B(2014-1) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class B(2014-1) Notes. 

Section 2.10. Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes. At any
time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust
to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator
of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including these notes) and 

  
 14 

 
the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the
Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 

Section 2.11. No Payments from Interest Funding Subaccount for accretion of principal of the Class B(2014-1) Notes.
Section 3.04(4) of the Indenture Supplement shall not apply to the Class B(2014-1) Notes. 
 Section 2.12. Calculation of Class
B(2014-1) Accreted Discount. The amount of Class B(2014-1) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction the numerator of which shall be
the number of Due Periods elapsed since the Note Issuance Date (or if additional Class B(2014-1) Notes have been issued under Section 2.09, since the Issuance Date of such additional Notes) and the denominator of which shall be the number of
Due Periods from the Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period related to the Expected Maturity Date and (y) the Discount Amount. 

Section 2.13. Variable Accumulation Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture Supplement,
the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for the Class B(2014-1) Notes and determine a new Accumulation Commencement Date, subject to the
conditions set forth in this Section 2.13; provided, however, that the Accumulation Period shall commence no later than the first day of the Due Period related to the Expected Maturity Date for the Class B(2014-1) Notes. Any such delay
by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in the commencement
of the Accumulation Period pursuant to this Section 2.13). 
 The Calculation Agent on behalf of the Issuer shall cause such delay if
the Calculation Agent determines in good faith that each of the following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the effect that the Calculation Agent
on behalf of the Issuer reasonably believes that, based on the payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the delay in the commencement of the Accumulation Period for the Class
B(2014-1) Notes will not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date; (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any
Additional Collateral Certificate; and (iii) the Accumulation Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain
confirmation from the applicable Note Rating Agencies that such delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a
Tranche of Outstanding DiscoverSeries Notes, which were issued prior to January 1, 2009 and for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture
Supplement. If such confirmation from 

  
 15 

 
the applicable Note Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the
commencement of the Accumulation Period for the Class B(2014-1) Notes is delayed pursuant to this Section 2.13. 
 [Remainder of page
intentionally blank; signature page follows] 

  
 16 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST,

as Issuer

		
	By:	 	 Wilmington Trust Company,
 not in its
individual capacity but solely as Owner Trustee

		
	By:	 	 /s/ Jennifer A. Luce

		 	Name: Jennifer A. Luce
		 	Title: Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

		
	By:	 	 /s/ Edwin J. Janis

		 	Name: Edwin J. Janis
		 	Title: Vice President

 [Signature Page to Class B(2014-1) Terms Document] 

 Exhibit A 

Form of Class B Note 
 See
attached 

 DISCOVERSERIES CLASS B(2014-1) NOTE 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF
THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST AND DISCOVER BANK THAT (A) THIS NOTE
MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT OR, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER BANK OR THEIR AFFILIATES, OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT, IF APPLICABLE, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 THE HOLDER OF THIS NOTE, BY ITS
ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY INSTITUTION AGAINST THE
ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR
STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION
1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE, 19720, ATTENTION: TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING
INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE HOLDER OF THIS CLASS B NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF
PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE INDENTURE AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 

			
	REGISTERED	  	$285,000,000*
	 No. 1
	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

Floating Rate 
 DISCOVERSERIES
CLASS B(2014-1) NOTE 
 DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein
referred to as the “Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to         , or registered assigns, subject to the following provisions,
a principal sum of $285,000,000 (two hundred eighty-five million dollars) payable on the December 15, 2015 Payment Date (the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture
Supplement (as defined on the reverse hereof); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 15, 2018 Payment Date (the “Legal Maturity Date”). If the
Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, interest will accrue on this Note at the rate of one-month LIBOR + 0.65% per annum, as more specifically set forth in the Class B(2014-1) Terms
Document dated as of January 30, 2014 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture
Trustee under the Indenture), and shall be due and payable on each Interest Payment Date from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date for the
Class B(2014-1) Notes occurring after the Expected Maturity Date, from and including the Expected Maturity Date to but excluding such Interest Payment Date). Interest will be computed on the basis of the actual number of days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal may be
payable monthly, and may be payable earlier or later than the Expected Maturity Date, following an Event of Default or while an Early Redemption Event has occurred and is continuing. The interest is payable monthly on each Interest Payment Date if
the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale. 

Series Principal Amounts allocated to these Class B(2014-1) Notes will be applied first to pay shortfalls in interest on Class A Notes,
then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries, and then to make Targeted Principal Deposits to the Principal Funding Subaccounts for Class A Notes, including Targeted Prefunding Deposits, before being
applied to make Targeted Principal Deposits to the Principal Funding Subaccounts of Subordinate Notes, including these Class B(2014-1) Notes. Principal will not be paid on these Class B(2014-1) Notes prior to their Legal Maturity Date unless the
Class A Usage of Class B Notes is zero for each Tranche of Class A Notes of the DiscoverSeries and the required level of subordination for the Class A Notes of the DiscoverSeries is available after giving effect to such payment. 

 The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 The Initial Dollar Principal Amount
of this Note is $281,436,645. 
 The Stated Principal Amount of this Note is $285,000,000. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, Indenture Supplement or the Terms Document referred to on the reverse hereof, or be valid or obligatory for any purpose. 

 

	*	Denominations of $200,000 and in integral multiples of $1,000 in excess thereof. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer. 
  

			
	 DISCOVER CARD EXECUTION NOTE TRUST, as Issuer

		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Date: January 30, 2014

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

			
	 US BANK NATIONAL ASSOCIATION,

    not in its individual capacity but solely as

    Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Date: January 30, 2014

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Class B(2014-1) DiscoverSeries Notes
(herein called the “Class B(2014-1) Notes”), all issued under an Indenture, dated as of July 26, 2007, as amended by the First Amendment to Indenture, dated as of June 4, 2010 (such Indenture, as may be further amended,
restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as supplemented by an Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated
as of June 4, 2010, (such Indenture Supplement, as may be further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”), between
the Issuer and Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class
B(2014-1) Notes are subject to all terms of the Indenture, the Indenture Supplement and the Terms Document. All terms used in this Class B(2014-1) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the
meanings assigned to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class A Notes, the
Class C Notes and the Class D Notes of the DiscoverSeries and other tranches of Class B Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class B(2014-1) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 The Class B(2014-1) Notes are subordinated in right of payment of principal and interest to the
Class A Notes and provide loss protection to the Class A Notes of the DiscoverSeries, to the extent set forth in the Indenture Supplement. Principal Amounts allocable to the Class B(2014-1) Notes may be applied to pay the Class A
Interest Allocation or the Series Servicing Fees of the DiscoverSeries, to the extent set forth in the Indenture Supplement. 
 The Stated
Principal Amount of the Class B(2014-1) Notes will be payable on the Expected Maturity Date in an amount described on the face hereof. 
 As
described above, the entire unpaid Stated Principal Amount of this Class B(2014-1) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar Principal Amount of the Class B(2014-1)
Notes shall be due and payable on the date on which an Event of Default relating to the Class B(2014-1) Notes shall have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority
Holders of the applicable Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class B(2014-1) Notes to be immediately due and payable in the manner provided in Section 702 of the
Indenture; provided, however, that such acceleration of the entire unpaid Outstanding Dollar Principal Amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Tranche of Notes is reduced to less than 5%
of its highest Outstanding Dollar 

 
Principal Amount, the Depositor or any Affiliate thereof has the right, but not the obligation, to redeem such Tranche of Notes in whole but not in part, pursuant to Section 1202 of
the Indenture. The redemption price will be an amount equal to the Outstanding Dollar Principal Amount of such Tranche, plus accrued, unpaid and additional interest, if any, or principal accreted and unpaid on such Tranche to but excluding the date
of redemption. 
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note Issuance Trust, may from time
to time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 

On each Payment Date, the Paying Agent shall distribute to each Holder of Class B(2014-1) Notes of record on the related Record Date (except
for the final distribution with respect to these Class B(2014-1) Notes) the pro rata share for such Holder of Class B(2014-1) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only
if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date) and principal on the Class B Notes. 

Payments of interest on this Class B(2014-1) Note due and payable on each Payment Date, together with any installment of principal, if any, to
the extent not in full payment of this Class B(2014-1) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class B(2014-1) Note on the Note Register as of the close of business on each Record Date,
except that with respect to Class B(2014-1) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Class B(2014-1) Note be submitted for notation of payment. Any
reduction in the principal amount of this Class B(2014-1) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Class B(2014-1) Note and of any Class B(2014-1)
Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Class B(2014-1) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class B(2014-1) Note at the Indenture Trustee’s principal Corporate Trust Office or at the
office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer
in Schedule A hereto. 
 As provided in the Indenture and subject to certain limitations set forth therein and as set forth in the first
legend on the face hereof, the transfer of this Class B(2014-1) Note may be registered on the Note Register upon surrender of this Class B(2014-1) Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a
commercial bank or trust company located, or having a correspondent 

 
located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee
may require, and thereupon one or more new Class B(2014-1) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any
registration of transfer or exchange of this Class B(2014-1) Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or
exchange. 
 To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class B(2014-1) Note or,
in the case of a Note Owner, a beneficial interest in a Class B(2014-1) Note, covenants and agrees that by accepting the benefits of the Indenture that it will not at any time institute against the Issuer, any Master Trust or any special purpose
entity that acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of,
any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative
Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for
registration of transfer of this Class B(2014-1) Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class B(2014-1) Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class B(2014-1) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to
the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal Amount of
each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of
all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class B(2014-1) Note shall be conclusive
and binding upon such Holder and upon all future Holders of this Class B(2014-1) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made
upon this Class B(2014-1) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class B(2014-1) Note includes any successor to the Issuer under the Indenture. 

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class B(2014-1) Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS B(2014-1)
NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE
APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class B(2014-1) Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class B(2014-1) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class B(2014-1) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class B(2014-1) Note. 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 
  

 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	  
	 	*
		 		 		 	Signature Guaranteed:	 	

  
  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

 SCHEDULE A 

PART I 
 INTEREST
PAYMENTS 
  

									
	 Interest

Payment Date
	 	 Date of
Payment
	 	 Total Amount
of Interest

Payable
	 	 Amount of
Interest Paid
	 	 Confirmation of
payment by or
on
behalf of the Note
 Issuance

Trust

	1.	 		 		 		 	
	2.	 		 		 		 	
	3.	 		 		 		 	
	4.	 		 		 		 	
	5.	 		 		 		 	
	6.	 		 		 		 	
	7.	 		 		 		 	
	8.	 		 		 		 	
	9.	 		 		 		 	
	10.	 		 		 		 	
	11.	 		 		 		 	
	12.	 		 		 		 	
	13.	 		 		 		 	
	14.	 		 		 		 	
	15.	 		 		 		 	
	16.	 		 		 		 	
	17.	 		 		 		 	
	18.	 		 		 		 	
	19.	 		 		 		 	
	20.	 		 		 		 	
	21.	 		 		 		 	
	22.	 		 		 		 	
	23.	 		 		 		 	
	24.	 		 		 		 	

  

 PART II 

PRINCIPAL PAYMENTS 
  

									
	 Principal

Payment Date
	 	 Date of
Payment
	 	 Total Amount
of Principal

Payable
	 	 Total Amount

Paid
	 	 Confirmation of
payment by or
on
behalf of the Note
 Issuance

Trust

	1.	 		 		 		 	
	2.	 		 		 		 	
	3.	 		 		 		 	
	4.	 		 		 		 	
	5.	 		 		 		 	
	6.	 		 		 		 	
	7.	 		 		 		 	
	8.	 		 		 		 	
	9.	 		 		 		 	
	10.	 		 		 		 	
	11.	 		 		 		 	
	12.

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