Document:

Non-Director and Non-Executive Officer Long-Term Stock Incentive Plan

 Exhibit 10.4 
 SEMTECH CORPORATION 
 Non-Director and Non-Executive Officer 
 Long-Term Stock Incentive Plan 
 (As Amended and
Restated) 
  

	1.	The Plan 

 (a) Purpose. The purpose of this Non-Director and
Non-Executive Officer Long-Term Stock Incentive Plan (the “Plan”) is to promote the longer-term financial success of Semtech Corporation (the “Company”) by providing a means to attract, retain and award individuals who can and do
contribute to such success. By using stock-based compensation, the recipients of awards under the Plan will further identify their interests with those of the Company’s stockholders. 
 (b) Effective Date. To serve this purpose, the Plan will become effective upon its approval by the Board of Directors of the Company (the “Board”).

  

	2.	Administration 

 (a) Committee. The Plan shall be administered by a
Committee, appointed by the Board. Notwithstanding the foregoing, the Board may assume, at its sole discretion, administration of the Plan. The administrator of the Plan, whether a committee of the Board or the full Board, is referred to herein as
the “Plan Administrator.” 
 (b) Powers and Authority. The Plan Administrator’s powers and authority include, but are not limited to,
selecting individuals who are (1) employees of the Company or any subsidiary of the Company or other entity in which the Company has a significant equity or other interest as determined by the Plan Administrator, and (2) not executive
officers or directors of the Company (“Eligible Participants”); determining the types and terms and conditions of all awards granted, including performance and other earnout and/or vesting contingencies; permitting transferability of
awards to third parties; interpreting the Plan’s provisions; and administering the Plan in a manner that is consistent with its purpose. 
 (c) Award
Prices. For Plan purposes, all stock options, warrants and stock appreciation rights shall have an exercise price which shall reflect the closing market price of a share of the Company’s common stock, par value $.01 per share (“Common
Stock”), on the date as determined by the Plan Administrator, or if the Common Stock is not traded on such date, the closing market price on the next succeeding business day (next day on which such Common Stock is traded). The applicable date
(date determined by the Plan Administrator) shall be the date on which the award is granted. 

	3.	Shares Subject to Plan 

 (a) Maximum Shares Available for Delivery. Subject to Section 3(c), the maximum number of shares of Common Stock that may be delivered to participants and their beneficiaries under the Plan shall be equal to
8,000,0001 shares of Common Stock. Collectively the shares of Common Stock subject to this Plan are referred to
herein as “Shares.” In addition, any Shares granted under the Plan which are forfeited back to the Company because of the failure to meet an award contingency or condition shall again be available for delivery pursuant to new awards
granted under the Plan. Any Shares covered by an award (or portion of an award) granted under the Plan, which is forfeited or canceled, expires or is settled in cash, shall be deemed not to have been delivered for purposes of determining the maximum
number of Shares available for delivery under the Plan. Likewise, if any stock option is exercised by tendering Shares, either actually or by attestation, to the Company as full or partial payment in connection with the exercise of a stock option
under this Plan or any prior plan of the Company, only the number of Shares issued net of the Shares tendered shall be deemed delivered for purposes of determining the maximum number of Shares available for delivery under the Plan. Further, Shares
issued under the Plan through the settlement, assumption or substitution of outstanding awards or obligations to grant future awards as a condition of the Company acquiring another entity shall not reduce the maximum number of Shares available for
delivery under the Plan. 
 (b) Other Plan Limits. Subject to Section 3(c), the following additional maximums are imposed under the Plan. No
Shares may be covered by stock options intended to comply with Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), (“Incentive Stock Options”). The maximum number of Shares that may be issued in
conjunction with awards granted pursuant to Section 4(d) shall be 150,000 The maximum number of Shares that may be covered by awards granted to any one individual pursuant to Sections 4(b) and 4(c) shall be 100,000 during any consecutive three
calendar years. The maximum payment that can be made for awards granted to any one individual pursuant to Sections 4(d) and 4(e) shall be $2,500,000 for any single or combined performance goals established for a specified performance period. If a
payment under Sections 4(d) or 4(e) is made in Shares, the value of such Shares for determining this maximum individual payment amount will be the closing price of a Share on the first day of the applicable performance period. A specified
performance period for purposes of this performance goal payment limit shall not exceed a sixty (60) consecutive month period. 
 (c) Payment
Shares. Subject to the overall limitation on the number of Shares that may be delivered under the Plan, the categories of Eligible Participants and the other 
  

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	 This number was originally 1,000,000, but has been restated here to give effect to (a) the
Company’s two two-for-one stock splits, effected as stock dividends, which were effective on August 30, 1999 and September 5, 2000, and (b) an increase of 4,000,000 Shares authorized by the Board on March 1, 2001.

  

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limitations set forth in Section 3(b), the Plan Administrator may use available Shares as the form of payment for compensation, grants or rights earned
or due under any other compensation plans or arrangements of the Company, including the plan of any entity acquired by the Company. 
 (d) Adjustments for
Corporate Transactions. The Plan Administrator may determine that: 
 (i) In the event that the outstanding shares of Common Stock of the
Company are changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of any recapitalization, reclassification, stock split, stock dividend, combination or subdivision, appropriate adjustment
shall be made in the number of shares available under the Plan and under any stock awards granted under the Plan. Such adjustment to outstanding stock awards shall be made without change in the total price applicable to the unexercised portion of
such awards, and a corresponding adjustment in the applicable exercise price per share shall be made. No such adjustment shall be made which would, within the meaning of any applicable provisions of the Code, constitute a modification, extension or
renewal of any award or a grant of additional benefits to the holder of an award. 
 (ii) In case (A) the Company is merged or
consolidated with another corporation or other entity and the Company is not the surviving corporation, (B) all or substantially all of the assets or more than 50% of the outstanding voting stock of the Company is acquired by any other
corporation or other entity or (C) of a reorganization or liquidation of the Company, the Plan Administrator or the governing body of any entity assuming the obligations of the Company, shall, as to outstanding awards, either (x) make
appropriate provision for the protection of any such outstanding awards by the substitution on an equitable basis of appropriate stock of the Company, or of the merged, consolidated or otherwise reorganized corporation which will be issuable in
respect of the shares of Common Stock of the Company, provided that no additional benefits shall be conferred upon participants as a result of such substitution, and the excess of the aggregate fair market value of the shares subject to the awards
immediately after such substitution over the purchase price thereof is not more than the excess of the aggregate fair market value of the shares subject to the award immediately before such substitution over the purchase price thereof, or
(y) upon written notice to the participants, provide that all unexercised awards must be exercised within a specified number of days of the date of such notice or they will be terminated. In any such case, the Plan Administrator may, in its
discretion, accelerate the exercise dates of outstanding awards; provided, however, that subsections (iii) and (iv) of this paragraph (d) shall govern acceleration of awards with respect to the events described therein.

  

 3 

 (iii) In case of (A) any consolidation or merger involving the Company if the shareholders of the
Company immediately before such merger or consolidation do not own, directly or indirectly, immediately following such merger or consolidation, more than fifty percent (50%) of the combined voting power of the outstanding voting securities or
interests of the corporation (or its parent corporation) or other entity resulting from such merger or consolidation in substantially the same proportion as their ownership of the shares of Common Stock immediately before such merger or
consolidation; (B) any sale, lease, license, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the business and/or assets of the Company or assets representing over 50% of the
operating revenue of the Company; or (C) any person (as such term is used in Sections 13(d) and 14(d) of the Exchange Act who is not, on September 30, 1999, a “controlling person” (as defined in Rule 405 promulgated under the
Securities Act of 1933, as amended) (a “Controlling Person”) of the Company shall become (x) the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of over 50% of the Company’s outstanding
Common Stock or the combined voting power of the Company’s then outstanding voting securities entitled to vote generally or (y) a Controlling Person of the Company, all outstanding awards, regardless of the date of grant of such awards,
shall immediately become exercisable with respect to 100% of the Shares subject to such awards. This paragraph 3(d)(iii) shall apply only to awards granted prior to December 21, 2000. 
 (iv) In the event of the termination without cause of a participant within one year following a Change in Control (as defined below) or a Constructive
Termination (as defined below) of a participant, all outstanding awards, regardless of the date of grant of such awards, shall immediately become exercisable with respect to 100% of the Shares subject to such awards. 
 For purposes of this paragraph 3(d)(iv), “Constructive Termination” shall mean participant’s voluntary termination within one year following
participant’s knowledge of the occurrence of any of the following: (A) a reduction in participant’s base salary after a “Change in Control” (as defined below) from that in effect immediately prior to the Change in Control;
or (B) a material or substantial reduction or change in job duties, responsibilities and requirements after a Change in Control from participant’s prior duties, responsibilities and requirements immediately prior to the Change in Control.
Notwithstanding the foregoing, a termination shall not be treated as a Constructive Termination if the participant shall have specifically consented in writing to the occurrence of the event giving rise to the claim of Constructive
Termination.” 
 For purposes of this paragraph 3(d)(iv), “Change in Control” shall mean the occurrence of any of the following events with
respect to the Company: (A) any consolidation or merger involving the Company if the shareholders of the Company immediately before such merger or consolidation do not own, directly or indirectly, immediately following such merger or
consolidation, more than fifty percent (50%) of the combined voting power of the outstanding voting securities or interests of the corporation (or its parent 

  

 4 

 
corporation) or other entity resulting from such merger or consolidation in substantially the same proportion as their ownership of the shares of Common
Stock immediately before such merger or consolidation; (B) any sale, lease, license, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the business and/or assets of the Company
or assets representing over 50% of the operating revenue of the Company; or (C) any person (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) who is not, on December 21,2000, a Controlling Person of the Company shall
become (x) the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of over 50% of the Company’s outstanding Common Stock or the combined voting power of the Company’s then outstanding voting
securities entitled to vote generally or (y) a Controlling Person of the Company. 
 This paragraph 3(d)(iv) shall apply only to awards granted on or
after December 21, 2000. 
  

	4.	Types of Awards 

 (a) General. An award may be granted singularly,
in combination with another award(s) or in tandem whereby exercise or vesting of one award held by a participant cancels another award held by the participant. Any award granted under the Plan shall be evidenced by a written agreement in form and
substance satisfactory to the Plan Administrator. These agreements must conform to the Plan. The Plan Administrator may include such terms, consistent with the Plan, as it determines in its discretion. Subject to Section 2(c), an award may be
granted as an alternative to or replacement of an existing award under the Plan or under any other compensation plans or arrangements of the Company, including the plan of any entity acquired by the Company. The types of awards that may be granted
under the Plan include: 
 (b) Stock Option. A stock option represents a right to purchase a specified number of Shares during a specified period at a
price per Share which is no less than that required by Section 2(c). A stock option may not be in the form of an Incentive Stock Option and therefore will not qualify for favorable federal tax treatment. The Shares covered by a stock option may
be purchased by means of a cash payment or such other means as the Plan Administrator may from time to time permit, including without limitation (i) tendering (either actually or by attestation) Shares valued using the market price at the time
of exercise, (ii) authorizing a third party to sell Shares (or a sufficient portion thereof) acquired upon exercise of a stock option and to remit to the Company a sufficient portion of the sale proceeds to pay for all the Shares acquired
through such exercise and any tax withholding obligations resulting from such exercise; (iii) crediting toward the purchase price amounts from individuals’ deferred compensation account balances, including accrued dividend equivalent
balances; or (iv) any combination of the above. 
  

 5 

 (c) Stock Appreciation Right. A stock appreciation right is a right to receive a payment in cash, Shares or a
combination, equal to the excess of the aggregate market price at time of exercise of a specified number of Shares over the aggregate exercise price of the stock appreciation rights being exercised. 
 (d) Stock Award. A stock award is a grant of Shares or of a right to receive Shares (or their cash equivalent or a combination of both) in the future. Each stock
award shall be subject to such conditions, restrictions and contingencies as the Plan Administrator shall determine. These may include continuous service and/or the achievement of performance goals. The performance goals that may be used by the Plan
Administrator for such awards shall consist of cash generation targets, profit, revenue and market share targets, profitability targets as measured by return ratios, and shareholder returns. The Plan Administrator may designate a single goal
criterion or multiple goal criteria for performance measurement purposes with the measurement based on absolute Company or business unit performances and/or on performance as compared with that of other publicly-traded companies. 
 (e) Cash Award. A cash award is a right denominated in cash or cash units to receive a payment, which may be in the form of cash, Shares or a combination, based
on the attainment of pre-established performance goals and such other conditions, restrictions and contingencies as the Plan Administrator shall determine. The performance goals that may be used by the Plan Administrator for such awards shall
consist of cash generation targets, profits, revenue and market share targets, profitability targets as measured by return ratios and shareholder returns. The Plan Administrator may designate a single goal criterion or multiple goal criteria for
performance measurement purposes with the measurement based on absolute Company or business unit performance and/or on performance as compared with that of other publicly-traded companies. 
 (f) Warrants. A warrant represents a right to purchase a specified number of Shares during a specified period at a price per Share which is no less than that
required by Section 2(c). A warrant may be in the form of warrant that will qualify for favorable tax treatment in a foreign jurisdiction. The Shares covered by a warrant may be purchased by means of a cash payment or such other means as the
Plan Administrator may from time to time permit, including without limitation (i) tendering (either actually or by attestation) Shares valued using the market price at the time of exercise, (ii) authorizing a third party to sell Shares (or
a sufficient portion thereof) acquired upon exercise of a warrant and to remit to the Company a sufficient portion of the sale proceeds to pay for all the Shares acquired through such exercise and any tax withholding obligations resulting from such
exercise; (iii) crediting toward the purchase price amounts from individuals’ deferred compensation account balances, including accrued dividend equivalent balances; or (iv) any combination of the above. 
  

 6 

	5.	Award Settlement and Payments 

 (a) Dividends and Dividend
Equivalents. An award may contain the right to receive dividends or dividend equivalent payments which may be paid currently or credited to a participant’s account. Any such crediting of dividends or dividend equivalents or reinvestment in
Shares may be subject to such conditions, restrictions and contingencies as the Plan Administrator shall establish, including the reinvestment of such credited amounts in Share equivalents. 
 (b) Payments. Awards may be settled through cash payments, the delivery of Shares, the granting of awards or combination thereof as the Plan Administrator shall
determine. Any award settlement, including payment deferrals, may be subject to such conditions, restrictions and contingencies as the Plan Administrator shall determine. The Plan Administrator may permit or require the deferral of any award
payment, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest, or dividend equivalents, including converting such credits into deferred Share equivalents. 
  

	6.	Plan Amendment and Termination 

 (a) Amendments. The Board may amend
this Plan as it deems necessary and appropriate to better achieve the Plan’s purpose; provided however, that any amendment to the Plan which would require approval of the Company’s stockholders under applicable law, or under the rules or
guidelines of any exchange or automatic quotation system on which the Shares are traded or included, then, in any of such events, such stockholder approval of any such amendment shall also be obtained. 
 (b) Plan Suspensions and Termination. The Board may suspend or terminate this Plan at any time. Any such suspension or termination shall not of itself impair any
outstanding award granted under the Plan or the applicable participant’s rights regarding such award. If not earlier terminated, this Plan shall terminate upon the tenth anniversary of the effective date of the Plan. Unless (i) an earlier
termination is specified or (ii) a later termination is specified with respect to awards to optionees outside of the United States, awards granted under the Plan shall terminate upon the tenth anniversary of their date of grant. 
  

	7.	Miscellaneous 

 (a) No Individual Rights. No person shall have any
claim or right to be granted an award under the Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any employee or other person any right to continue to be employed by or to perform services for the Company, any
subsidiary or related entity. The right to terminate the employment of or performance of services by any Plan participant at any time and for any reason is specifically reserved to the employing entity. 
  

 7 

 (b) Binding Arbitration. Any dispute or disagreement regarding participation and/or an award recipient’s
rights under the Plan shall be settled solely by binding arbitration in accordance with the applicable rules of the American Arbitration Association. 
 (c)
Unfunded Plan. The Plan shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Plan shall not establish any fiduciary relationship between the Company and any participant or beneficiary of
a participant. To the extent any person holds any obligation of the Company by virtue of an award granted under the Plan, such obligation shall merely constitute a general unsecured liability of the Company and accordingly shall not confer upon such
person any right, title or interest in any assets of the Company. 
 (d) Other Benefit and Compensation Programs. Unless otherwise specifically
determined by the Plan Administrator, settlements of awards received by participants under the Plan shall not be deemed a part of a participant’s regular, recurring compensation for purposes of calculating payments or benefits from any Company
benefit plan or severance program. Further, the Company may adopt other compensation programs, plans or arrangements as it deems appropriate. 
 (e) No
Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any award, and the Plan Administrator shall determine whether cash shall be paid or transferred in lieu of any fractional Shares, or whether such
fractional Shares or any rights thereto shall be canceled. 
 10-26-06 
  

 8Exhibit 4.1

 Exhibit 4.1 
 Execution Copy 
 TWENTY-THIRD SUPPLEMENTAL INDENTURE TO 
 AMENDED AND RESTATED INDENTURE 
 TWENTY-THIRD
SUPPLEMENTAL INDENTURE, dated as of March 23, 2007, among HOST HOTELS & RESORTS, L.P., a Delaware limited partnership (the “Company”), Host Hotels & Resorts, Inc., a Maryland Corporation (“Host REIT”), the
Subsidiary Guarantors signatory to this Twenty-Third Supplemental Indenture and THE BANK OF NEW YORK, as Trustee (the “Trustee”) to the Amended and Restated Indenture, dated as of August 5, 1998, as amended and supplemented through
the date of this Twenty-Third Supplemental Indenture (the “Indenture”). 
 R E C I T A
L S 
 WHEREAS, the Company, its Parents, certain of the Subsidiary Guarantors and HSBC Bank USA (f/k/a Marine Midland Bank)
executed and delivered the Amended and Restated Indenture, dated as of August 5, 1998, amending and restating the form of Indenture previously filed as Exhibit 4.1 to the Registration Statement (No. 333-50729) filed with the Securities and
Exchange Commission (“Commission”) on Form S-3 by the Company, its Parents and certain of the Subsidiary Guarantors; 
 WHEREAS,
the Trustee has succeeded HSBC Bank USA as the trustee under such Indenture. 
 WHEREAS, the Company and the Subsidiary Guarantors desire to
create a Series of Securities to be issued under the Indenture, as hereby supplemented, to be known as the 2.625% Exchangeable Senior Debentures due April 15, 2027 and Subsidiary Guarantees thereof of the Subsidiary Guarantors (hereinafter, the
“Exchangeable Debentures”); 
 WHEREAS, Section 9.1(e) of the Indenture provides that the Company, the Subsidiary Guarantors
and the Trustee may amend or supplement the Indenture without the written consent of the Holders of the outstanding Securities to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by
the Indenture; 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws of
the Company, the Subsidiary Guarantors and the Trustee necessary to make this Twenty-Third Supplemental Indenture a valid instrument legally binding on the Company, the Subsidiary Guarantors and the Trustee, in accordance with its terms, have been
duly done and performed; and 
  

 1 

 WHEREAS, all conditions precedent to amend or supplement the Indenture have been met. 
 NOW, THEREFORE, to comply with the provisions of the Indenture, and in consideration of the above premises, the Company, the Subsidiary Guarantors and
the Trustee covenant and agree as follows: 
 ARTICLE 1 
 Section 1.01 Nature of Supplemental Indenture. This Twenty-Third Supplemental Indenture supplements the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with
and as part of, the Indenture for any and all purposes. 
 Section 1.02 Establishment of New Series. Pursuant to Section 2.2
of the Indenture, there is hereby established the Exchangeable Debentures having the terms, in addition to those set forth in the Indenture and this Twenty-Third Supplemental Indenture, set forth in the form of Exchangeable Debenture, attached to
this Twenty-Third Supplemental Indenture as Exhibit A, which is incorporated herein as a part of this Twenty-Third Supplemental Indenture. 
 Section 1.03 Redemption. (a) The Company shall have the right to redeem the Exchangeable Debentures for cash, in whole or in part, (i) at any time, if the Company determines it is necessary to redeem the Exchangeable
Debentures in order to preserve Host REIT’s status as a real estate investment trust and (ii) at any time or from time to time, on or after April 20, 2012, in each case, upon the notice set forth in Section 1.04 of this
Twenty-Third Supplemental Indenture at a Redemption Price equal to 100% of the principal amount of the Exchangeable Debentures to be redeemed plus unpaid interest (including Liquidated Damages, if any) accrued thereon to, but excluding, the
Redemption Date; provided, however that if the Redemption Date falls after a Record Date and on or prior to the corresponding interest payment date, the Company will pay the full amount of accrued and unpaid interest, if any, on such
interest payment date to the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Exchangeable Debentures for redemption). In connection with any redemption by the Company pursuant to
clause (i) in this Section 1.03(a), the Company shall provide the Trustee with an Officers’ Certificate evidencing that the Host REIT Board of Directors has, in good faith, made the determination that it is necessary to redeem the
Exchangeable Debentures in order to preserve the Guarantor’s status as a real estate investment trust. If the Paying Agent holds money sufficient to pay the Redemption Price due on an Exchangeable Debenture on the Redemption Date, then, on and
after the Redemption Date, that Exchangeable Debenture will cease to be outstanding and interest on that Exchangeable Debenture will cease to accrue, whether or not the Holder effects a book-entry transfer of that Exchangeable Debenture or delivers
that Exchangeable Debenture to the Paying Agent. Thereafter, all other rights of the Holder of that Exchangeable Debenture terminate, other than the right to receive the Redemption Price due on the Redemption Date. 
  

 2 

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

 3 

 Section 1.05 Tax Withholding. The Company or Host REIT is permitted to deduct, withhold and
pay to the applicable governmental authority from payment of interest otherwise due to Holder, from cash payable to a Holder on redemption or from shares of Host REIT Common Stock otherwise deliverable to a Holder upon exchange of an Exchangeable
Debenture, and from any other payment made with respect to an Exchangeable Debenture, any amount that either the Company or Host REIT is required by applicable laws to withhold, and any amount so deducted, withheld and paid over shall be deemed paid
to such Holder for all purposes of this Indenture. 
 Section 1.06 Sinking Fund. There shall be no sinking fund provided for the
Exchangeable Debentures. 
 Section 1.07 For purposes of the Exchangeable Debentures, Section 8.5 of the Indenture shall be amended
to read: 
 “The Trustee and each Paying Agent shall pay to the Company upon request any money held by them for the payment of principal
or interest that remains unclaimed for two years after a right to such money has matured; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may, at the expense of the Company,
either publish in a newspaper of general circulation in The City of New York, or cause to be mailed to each Holder entitled to such money, notice that such money remains unclaimed and that after a date specified therein, which shall be at least
thirty (30) calendar days from the date of such mailing or publication, any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Holders entitled to money must look to the Company for
payment as general creditors unless an applicable abandoned property law designates another person, and the Trustee and each Paying Agent shall be relieved of all liability with respect to such money.” 
 ARTICLE 2 
 Section 2.01
“Subsidiary Guarantors” means, with respect to the Exchangeable Debentures, (A) the Subsidiary Guarantors listed in Section 2.03 below and (B) any Future Subsidiary Guarantors that become Subsidiary Guarantors
pursuant to the terms of the Indenture, but excluding any Persons whose Guarantees have been released pursuant to the terms of the Indenture. The provisions of Article 12 of the Indenture other than Section 12.4(b)(iii) will be applicable to
the Exchangeable Debentures. 
  

 4 

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

			
	 (1)
	  	Airport Hotels LLC
	 (2)
	  	Host of Boston, Ltd.
	 (3)
	  	Host of Houston, Ltd
	 (4)
	  	Host of Houston 1979
	 (5)
	  	HMC Retirement Properties, L.P.
	 (6)
	  	HMH Marina LLC
	 (7)
	  	HMC Atlanta LLC
	 (8)
	  	HMC BCR Holdings LLC
	 (9)
	  	HMC Burlingame LLC
	 (10)
	  	HMC Capital LLC
	 (11)
	  	HMC Capital Resources LLC
	 (12)
	  	HMC Park Ridge LLC
	 (13)
	  	Host Park Ridge LLC
	 (14)
	  	HMC Suites LLC
	 (15)
	  	HMC Suites Limited Partnership
	 (16)
	  	PRM LLC
	 (17)
	  	Wellsford-Park Ridge HMC Hotel Limited Partnership
	 (18)
	  	YBG Associates LLC
	 (19)
	  	HMC Chicago LLC
	 (20)
	  	HMC Desert LLC
	 (21)
	  	HMC Diversified LLC
	 (22)
	  	HMC East Side LLC
	 (23)
	  	East Side Hotel Associates, L.P.
	 (24)
	  	HMC East Side II LLC
	 (25)
	  	HMC Gateway LLC
	 (26)
	  	HMC Grand LLC
	 (27)
	  	HMC Hanover LLC
	 (28)
	  	HMC Hartford LLC
	 (29)
	  	HMC Hotel Development LLC
	 (30)
	  	HMC HPP LLC
	 (31)
	  	HMC IHP Holdings LLC

  

 5 

			
	 (32)
	  	HMC Manhattan Beach LLC
	 (33)
	  	HMC Market Street LLC
	 (34)
	  	New Market Street LP
	 (35)
	  	HMC Georgia LLC
	 (36)
	  	HMC Mexpark LLC
	 (37)
	  	HMC Polanco LLC
	 (38)
	  	HMC NGL LLC
	 (39)
	  	HMC OLS I L.P.
	 (40)
	  	HMC OP BN LLC
	 (41)
	  	HMC Pacific Gateway LLC
	 (42)
	  	HMC PLP LLC
	 (43)
	  	Chesapeake Hotel Limited Partnership
	 (44)
	  	HMC Potomac LLC
	 (45)
	  	HMC Properties I LLC
	 (46)
	  	HMC Properties II LLC
	 (47)
	  	HMC SBM Two LLC
	 (48)
	  	HMC Seattle LLC
	 (49)
	  	HMC SFO LLC
	 (50)
	  	HMC Swiss Holdings LLC
	 (51)
	  	HMH General Partner Holdings LLC
	 (52)
	  	HMH Pentagon LLC
	 (53)
	  	HMH Restaurants LLC
	 (54)
	  	HMH Rivers LLC
	 (55)
	  	HMH Rivers, L.P.
	 (56)
	  	HMH WTC LLC
	 (57)
	  	Host La Jolla LLC
	 (58)
	  	City Center Hotel Limited Partnership
	 (59)
	  	Times Square LLC
	 (60)
	  	Ivy Street LLC
	 (61)
	  	Market Street Host LLC
	 (62)
	  	Philadelphia Airport Hotel LLC
	 (63)
	  	PM Financial LLC
	 (64)
	  	PM Financial LP
	 (65)
	  	HMC Property Leasing LLC
	 (66)
	  	HMC Host Restaurants LLC
	 (67)
	  	Santa Clara HMC LLC
	 (68)
	  	S.D. Hotels LLC
	 (69)
	  	Times Square GP LLC
	 (70)
	  	Durbin LLC
	 (71)
	  	HMC HT LLC
	 (72)
	  	HMC JWDC LLC

  

 6 

			
	 (73)
	  	HMC OLS I LLC
	 (74)
	  	HMC OLS II L.P.
	 (75)
	  	HMC/Interstate Manhattan Beach, L.P.
	 (76)
	  	Ameliatel
	 (77)
	  	HMC Amelia I LLC
	 (78)
	  	HMC Amelia II LLC
	 (79)
	  	Rockledge Hotel LLC
	 (80)
	  	Fernwood Hotel LLC
	 (81)
	  	HMC Copley LLC
	 (82)
	  	HMC Headhouse Funding LLC
	 (83)
	  	Ivy Street Hopewell LLC
	 (84)
	  	HMC Diversified American Hotels, L.P.
	 (85)
	  	Potomac Hotel Limited Partnership
	 (86)
	  	HMC AP GP LLC
	 (87)
	  	HMC AP LP
	 (88)
	  	HMC AP Canada Company
	 (89)
	  	HMC Toronto Airport GP LLC
	 (90)
	  	HMC Charlotte LP
	 (91)
	  	HMC Toronto EC GP LLC
	 (92)
	  	HMC Toronto EC LP
	 (93)
	  	HMC Charlotte GP LLC
	 (94)
	  	HMC Toronto Airport LP
	 (95)
	  	HMC Charlotte (Calgary) Company
	 (96)
	  	Calgary Charlotte Partnership
	 (97)
	  	Calgary Charlotte Holdings Company
	 (98)
	  	HMC Grace (Calgary) Company
	 (99)
	  	HMC Maui LLC
	 (100)
	  	HMC Kea Lani LLC
	 (101)
	  	HMC Chicago Lakefront LLC
	 (102)
	  	HMC Lenox LLC
	 (103)
	  	HMC O’Hare Suites Ground LLC
	 (104)
	  	HMC Toronto Air Company
	 (105)
	  	HMC Toronto EC Company
	 (106)
	  	Host Realty Partnership, L.P.
	 (107)
	  	Host Houston Briar Oaks, L.P.
	 (108)
	  	Cincinnati Plaza LLC
	 (109)
	  	Host Cincinnati Hotel LLC
	 (110)
	  	Host Financing LLC
	 (111)
	  	Host Fourth Avenue LLC
	 (112)
	  	Host Indianapolis I LLC
	 (113)
	  	Host Los Angeles LLC

  

 7 

			
	 (114)
	  	Host Mission Hills, LLC
	 (115)
	  	Host Mission Hills II LLC
	 (116)
	  	Host Mission Hills Hotel LLC
	 (117)
	  	Host Needham Hotel LLC
	 (118)
	  	Host Needham LLC
	 (119)
	  	Host Needham II LLC
	 (120)
	  	Host Realty LLC
	 (121)
	  	Host Realty Company LLC
	 (122)
	  	Host Realty Hotel LLC
	 (123)
	  	Host Tucson LLC
	 (124)
	  	Host Waltham LLC
	 (125)
	  	Host Waltham II LLC
	 (126)
	  	Host Waltham Hotel LLC
	 (127)
	  	HST LT LLC
	 (128)
	  	HST I LLC
	 (129)
	  	South Coast Host Hotel LLC
	 (130)
	  	Starlex LLC
	 (131)
	  	Host Cincinnati II LLC

 By execution of this Twenty-Third Supplemental Indenture, each of the Subsidiary Guarantors makes
and confirms the guarantees set forth in Section 12.1 of the Indenture and shall be deemed to have signed the notation of guarantee set forth on the Securities as provided in Section 12.2 of the Indenture. 
 ARTICLE 3 
 Section 3.01 The covenants
set forth in Sections 4.7 through and including 4.15 of the Indenture shall not be applicable to the Exchangeable Debentures. 
 ARTICLE 4

 Section 4.01 The following definitions are hereby added to the Indenture solely with respect to the Exchangeable Debentures:

 “Additional Change in Control Shares” has the meaning set forth in Section 6.11(a). 
 “Agent Members” has the meaning set forth in Section 7.01. 
  

 8 

 “Applicable Exchange Period” means the 10 consecutive Trading Day period commencing on
the third Trading Day following the date the Exchangeable Debentures are tendered for exchange. 
 “Applicable Exchange
Rate” as of any Trading Day, means the Exchange Rate in effect on such date, after giving effect to any adjustment provided for in Section 6.05 or Section 6.11. 
 “Average Price” is equal to the average of the Volume Weighted Average Price per share of Host REIT Common Stock for each Trading Day in
the Applicable Exchange Period. 
 “Certificated Exchangeable Debenture” means a certificated Exchangeable Debenture
registered in the name of the Holder thereof and issued in accordance with Section 7.01 of this Twenty-Third Supplemental Indenture, in the form of Exhibit A to this Twenty-Third Supplemental Indenture except that such Exchangeable Debenture
shall not include the information called for by footnotes 1 and 2 thereof. 
 “Change in Control” shall be deemed to have
occurred at the time after the Exchangeable Debentures are originally issued, any of the following occurs (i) Host REIT (A) merges or consolidates with or into any other person, other than a Subsidiary, another person merges with or into
Host REIT, or Host REIT conveys, sells, transfers or leases all or substantially of its consolidated assets to another person or (B) engages in any recapitalization, reclassification or other transaction in which all or substantially all Host
REIT Common Stock is exchanged for or converted into cash, securities or other property, in each case, other than any merger or consolidation; (a) that does not result in a reclassification, conversion, exchange or cancellation of Host
REIT’s outstanding Common Stock; (b) pursuant to which the holders of Host REIT Common Stock immediately prior to the transaction are entitled to exercise, directly or indirectly, 50% or more of the voting power of all shares of capital
stock entitled to vote generally in the election of directors, managers or trustees, as capital stock entitled to vote generally in the election of directors, managers or trustees, as applicable, of either (1) the continuing or surviving entity
or (2) an entity that directly or indirectly owns 100% of the capital stock of such continuing or surviving entity, in either case, immediately after such transaction; provided that, in the case of this clause (2), such parent entity
fully and unconditionally guarantees all obligations of such continuing or surviving entity under the Exchangeable Debentures and the Indenture on a senior basis on terms and pursuant to a supplemental indenture reasonably satisfactory to the
Trustee; or (c) which is effected solely to change Host REIT’s jurisdiction of incorporation and results in a reclassification, conversion or exchange of outstanding shares of Host REIT Common Stock solely into shares of common stock of
the surviving entity; (ii) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act, whether or not applicable), other than Host 

  

 9 

 
REIT or any wholly owned Subsidiary of Host REIT, is or becomes the “beneficial owner,” directly or indirectly, of more than 50% of the total
voting power in the aggregate of all classes of the Company’s shares of capital stock (or the capital stock of Host REIT for so long as Host REIT is a parent of the Company immediately prior to such transaction or series of related
transactions) then outstanding normally entitled to vote generally in elections of directors, managers or trustees, as applicable; (iii) during any period of 12 consecutive months after the date of original issuance of the Exchangeable
Debentures (for so long as Host REIT is a parent of the Company immediately prior to such transaction or series of related transaction), persons who at the beginning of such 12-month period constituted the Board of Directors of Host REIT (together
with any new persons whose election was approved by a vote of a majority of the persons then still comprising the Board of Directors who were either members of the Board of Directors at the beginning of such period or whose election, designation or
nomination for election was previously so approved), cease for any reason to constitute a majority of the Board of Directors of Host REIT, then in office; or (iv) Host REIT ceases to be a general partner of the Company or ceases to control the
Company; provided, however, that the pro rata, distribution by Host REIT to its shareholders of shares of the Company’s capital stock or shares of any of Host REIT’s other Subsidiaries, will not, in and of itself, constitute
a Change in Control for purposes of this definition. Notwithstanding the occurrence of an event specified in the foregoing clauses (i) through (iv), a Change of Control shall not be deemed to have occurred if at least 90% of the consideration
(excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights) in a merger, consolidation or other transaction otherwise constituting a Change in Control consists of common stock (or American
Depositary Receipts or other certificates representing common equity interests) traded on a national securities exchange or an established automated over-the-counter trading market in the United States (or will be so traded or quoted immediately
following such merger, consolidation or other transaction) and as a result of the merger, consolidation or other transaction, the Exchangeable Debentures become exchangeable into such common stock (or American Depositary Receipts or other
certificates representing common equity interests). For purposes of this definition, the “Exchange Price” is equal to $1,000 divided by the Exchange Rate, “person” includes any syndicate or group that would be
deemed to be a “person” under Section 13(d)(3) of the Exchange Act and a “Termination of Trading” will be deemed to have occurred if shares of Host REIT Common Stock, or shares of any other capital stock or American
Depository Receipts in respect of shares of capital stock into which the Exchangeable Debentures are exchangeable pursuant to the terms of this Twenty-Third Supplemental Indenture and the Indenture, are not listed for trading on the New York Stock
Exchange, Nasdaq, the American Stock Exchange, any of their respective successors or another U.S. national securities exchange or quoted on an established automated over-the-counter trading market in the United States. 
 “Corporate Trust Office” or other similar term, means the designated office of the Trustee at which, at any particular time, its
corporate trust business as it relates to this Twenty-Third Supplemental Indenture shall be administered, which office is, at the date as of 

  

 10 

 
which this Twenty-Third Supplemental Indenture is dated, located at The Bank of New York, 101 Barclay Street, Floor 8W, New York, NY 10028, Attn: Corporate
Trust Services, or at any other time at such other address as the Trustee may designate from time to time by notice to the Company. 
 “Closing Sale Price” of Host REIT Common Stock or other capital stock or similar equity interests or other publicly traded securities on any date means the closing sale price per share (or, if no closing sale price is
reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) on such date as reported on the principal United States securities exchange on
which shares of Host REIT Common Stock or such other capital stock or similar equity interests or other securities are traded or, if Host REIT Common Stock or such other capital stock or similar equity interests or other securities are not listed on
a United States national or regional securities exchange, as reported by the National Quotation Bureau Incorporated or another established over-the-counter trading market in the United States. The Closing Sale Price will be determined without regard
to after-hours trading or extended market making. In the absence of the foregoing, the Company will determine the Closing Sale Price on such basis as the Company considers appropriate. 
 “Common Stock Legend” has the meaning set forth in Section 7.01. 
 “Daily Share Amount” for each $1,000 principal amount of Exchangeable Debentures and each Trading Day in the Applicable Exchange Period
shall be equal to the greater of: 
 (a) zero; and 
 (b) a number of shares of Host REIT Common Stock determined by the following formula: 
  

					
	[	  	(Volume Weighted Average Price of Host REIT Common Stock on such Trading Day x Applicable	  	]
	  	 Exchange Rate) — ($1,000+ Net Cash Amount, if any)
	  
	  	10 x Volume Weighted Average Price of Host REIT Common Stock on such Trading Day	  

 “Designated Event “ has the meaning set forth in Section 5.01(a).

 “Designated Event Repurchase Date” has the meaning set forth in Section 5.01(a). 
  

 11 

 “Designated Event Repurchase Notice” has the meaning set forth in Section 5.01(c).

 “Effective Date” has the meaning set forth in Section 6.11(b). 
 “Ex-Dividend Date” has the meaning set forth in Section 6.01(a)(iv)(a). 
 “Exchange Agent” means an office or agency where Exchangeable Debentures may be presented for exchange, which shall initially be The
Bank of New York. 
 “Exchangeable Debenture Register” has the meaning set forth in Section 7.01(a). 
 “Exchange Date” has the meaning set forth in Section 6.02. 
 “Exchange Obligation” has the meaning set forth in Section 6.10(a). 
 “Exchange Rate” has the meaning set forth in Section 6.04. 
 “Exchange Value” for each $1,000 principal amount of Exchangeable Debentures is equal to (a) the Applicable Exchange Rate,
multiplied by (b) the Average Price. 
 “Existing Senior Notes”
means amounts outstanding from time to time of (i) the 7 1/8% Series K Senior Notes due 2013 of the
Company, (ii) the 7% Series M Senior Notes due 2012 of the Company, (iii) the 6 3/8% Series O Senior
Notes due 2015 of the Company; (iv) the 6 3/4% Series Q Senior Notes due 2016 of the Company; (v) the
6 7/8% Series S Senior Notes due 2014 of the Company; and (vi) the 3.25% Exchangeable Senior Debentures due
2024, in each case not in excess of amounts outstanding immediately following the Series Issue Date of the Exchangeable Debentures, less amounts retired from time to time. 
 “Expiration Time” has the meaning set forth in Section 6.05(e). 
 “Global Debenture” means an Exchangeable Debenture, which includes the information referred to in footnotes 1 and 2 to the form of
Exchangeable Debenture attached to this Twenty-Third Supplemental Indenture as Exhibit A, issued under the Indenture, and that is deposited with or on behalf of and registered in the name of the Depository or a nominee of the Depository. 

“Global Debenture Legend” means the legend set forth in Section 7.01(f) of this Twenty-Third Supplemental Indenture, which is
required to be placed on all Global Debentures issued under the Indenture. 
  

 12 

 “Host REIT” means Host Hotels & Resorts, Inc., a Maryland corporation and the
successor by merger to Host, which is the sole general partner of the Company following the REIT Conversion, and its successors and assigns. 
 “Host REIT Common Stock” means the common stock, par value $0.01 per share, of Host REIT. 
 “Indirect
Participant” means an entity that, with respect to DTC, clears through or maintains a direct or indirect custodial relationship with a Participant. 
 “Initial Purchasers” means Goldman, Sachs & Co., Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner &
Smith Incorporated. 
 “Issuer Repurchase Notice Date” shall have the meaning set forth in Section 5.03(a). 

“Issuer Repurchase Notice” shall have the meaning set forth in Section 5.03(b). 
 “Liquidated Damages” shall have the meaning set forth in the Registration Rights Agreement. 
 “Make Whole Cap” has the meaning set forth in Section 6.11(f). 
 “Make Whole Floor” has the meaning set forth in Section 6.11(f). 
 “Maximum Exchange Rate” has the meaning set forth in Section 6.05(f). 
 “Net Amount” has the meaning set forth in Section 6.10(b). 
 “Net Cash Amount” has the meaning set forth in Section 6.10(b). 
 “Net Shares” has the meaning set forth in Section 6.10(b). 
 “Offering Circular” means the Offering Circular of the Company and the Subsidiary Guarantors, dated March 19, 2007, with respect to
the Exchangeable Debenture. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company or
Subsidiary Guarantor, as applicable, by officers of the Company or Subsidiary Guarantor, as applicable, who must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company or
Subsidiary Guarantor, as applicable. 
  

 13 

 “OP Units” means the partnership interests of the Company. 
 “Participant” means, with respect to the Depository, Euroclear or Clearstream, a Person who has an account with the Depository,
Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 
 “Paying Agent” means, until otherwise designated, the Trustee. 
 “Principal Return” has the
meaning set forth in Section 6.10(b). 
 “QIB” means a “qualified institutional buyer” as defined in Rule
144A. 
 “Redemption Date” means, with respect to any Exchangeable Debenture or portion thereof to be redeemed in accordance
with the provisions of Section 1.03 hereof, the date fixed for such redemption in accordance with the provisions of Section 1.03 hereof. 
 “Redemption Price” has the meaning set forth in Section 1.03. 
 “Reference Property” has the
meaning set forth in Section 6.01(a)(iv)(a). 
 “Reference Dividend” has the meaning set forth in Section 6.05(d).

 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of March 23, 2007, by and among
the Company, Host REIT and the Initial Purchasers, as such agreement may be amended, modified or supplemented from time to time. 
 “Repurchase Date” has the meaning set forth in Section 5.02(a). 
 “Repurchase Notice” has
the meaning set forth in Section 5.02(c). 
 “Restricted Debentures Legend” has the meaning set forth in Section 7.01.

 “Restricted Securities” has the meaning set forth in Section 7.01. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act, as it may be amended from time to time, and any successor provision
thereto. 
  

 14 

 “Rule 144A Global Debenture” means a Global Debenture issued in accordance with Rule
144A. 
 “Series Issue Date” means with respect to any series of Indebtedness issued under the Indenture, the date of any
notes of such series are first issued. 
 “Spin-Off” has the meaning set forth in Section 6.05(c). 
 “Stock Price” has the meaning set forth in Section 6.11(b). 
 “Trading Day” means a day during which trading in securities generally occurs on the New York Stock Exchange or, if Host REIT Common
Stock is not then listed on the New York Stock Exchange, on the principal other United States national or regional securities exchange on which Host REIT Common Stock is then listed or, if Host REIT Common Stock is not then listed on a United States
national or regional securities exchange, on the principal other market on which Host REIT Common Stock is then traded. 
 “Trading
Price” per $1,000 principal amount of Exchangeable Debentures on any date of determination means the average of the secondary market bid quotations per $1,000 principal amount of Exchangeable Debentures obtained by the Trustee for a
$5,000,000 principal amount of Exchangeable Debentures at approximately 3:30 p.m., New York City time, on such determination date from two independent nationally recognized securities dealers the Company selects, which may include the Initial
Purchasers; provided that if at least two such bids cannot reasonably be obtained by the Trustee, but one such bid can reasonably be obtained by the Trustee, then one bid shall be used. If the Trustee cannot reasonably obtain at least one bid
for a $5,000,000 principal amount of Exchangeable Debentures from a nationally recognized securities dealer or, in the Company’s reasonable judgment, the bid quotations are not indicative of the secondary market value of the Exchangeable
Debentures, then the Trading Price per $1,000 principal amount of Exchangeable Debentures will be deemed to be less than 95% of the product of the Closing Sale Price of Host REIT Common Stock and the Exchange Rate on such determination date.

 “Volume Weighted Average Price” per share of Host REIT Common Stock on any Trading Day will be the volume weighted
average price on The New York Stock Exchange or, if Host REIT Common Stock is not listed on The New York Stock Exchange, on the principal exchange or over-the-counter market on which Host REIT common stock is then listed or traded, from 9:30 a.m. to
4:00 p.m., New York City time, on that Trading Day as displayed on Bloomberg Page “HST.N <Equity> AQR” (or any successor thereto), or if such volume weighted average price is not available, then the “volume weighted average
price” will be the market value per share of Host REIT Common Stock on such Trading Day as determined by a nationally recognized independent investment banking firm retained by the Company for such purpose. 
  

 15 

 ARTICLE 5 
 Section 5.01 Repurchase at Option of Holders upon a Designated Event. (a) For purposes of the Exchangeable Debentures, Section 10.1(a) of the Indenture is hereby replaced and superceded by the
following and the following shall apply to the Exchangeable Debentures: 
 “10.1(a) If there shall occur a Designated Event prior to
April 15, 2012, then each Holder shall have the right, at such Holder’s option, to require the Company to repurchase all of such Holder’s Exchangeable Debentures, or any portion thereof that is a multiple of $1,000 principal amount,
in cash, on a date (the “Designated Event Repurchase Date”) specified by the Company, which may be no earlier than fifteen (15) days and no later than thirty (30) days after the date of the Issuer Repurchase Notice related to
such Designated Event, at a repurchase price equal to 100% of the principal amount of the Exchangeable Debentures being repurchased, plus accrued and unpaid interest (including Liquidated Damages, if any) to, but excluding, the Designated Event
Repurchase Date. A “Designated Event” will be deemed to have occurred upon a Change in Control or a Termination of Trading.” 
 (b) For purposes of the Exchangeable Debentures, Section 10.1(b) of the Indenture is hereby replaced and superceded by the following and the following shall apply to the Exchangeable Debentures: 
 “(b) On or before the thirtieth calendar day after the occurrence of a Designated Event, the Company shall mail or cause to be mailed to all Holders
of record on the date of the Designated Event an Issuer Repurchase Notice as set forth in Section 5.03 of the Twenty-Third Supplemental Indenture with respect to such Designated Event. The Company shall also deliver a copy of the Issuer
Repurchase Notice to the Trustee and the Paying Agent at such time as it is mailed to Holders. In addition to the mailing of such Issuer Repurchase Notice, the Company shall disseminate a press release through Dow Jones & Company, Inc. or
Bloomberg Business News or a substantially equivalent financial news organization announcing the occurrence of the Designated Event and publish such information in a newspaper of general circulation in The City of New York, or on Host REIT’s
website, or through such other public medium as the Company shall deem appropriate at such time. No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of
the proceedings for the repurchase of the Exchangeable Debentures pursuant to this Section 10.1(b).” 
 (c) For purposes of the
Exchangeable Debentures, Section 10.1 of the Indenture is hereby supplemented by adding the following: 
 “(c) For an Exchangeable
Debenture to be repurchased at the option of the 

  

 16 

 
Holder pursuant to this Section 10.1, the Holder must deliver to the Paying Agent, prior to 5:00 p.m., New York City time, on the third Business Day
immediately prior to the Designated Event Repurchase Date, (i) a written notice of repurchase (the “Designated Event Repurchase Notice”) in the form set forth on the reverse of the Exchangeable Debenture duly completed (if the
Exchangeable Debenture is certificated) or stating the following (if the Exchangeable Debenture is represented by a Global Debenture): (A) the certificate number of the Exchangeable Debenture that the Holder will deliver to be repurchased (if
the Exchangeable Debenture is certificated), (B) the portion of the principal amount of the Exchangeable Debenture which the Holder will deliver to be repurchased, which portion must be in principal amounts of $1,000 or an integral multiple of
$1,000 (provided that the remaining principal amount of Exchangeable Debentures not subject to repurchase must be in an authorized denomination) and (C) that such Exchangeable Debenture shall be repurchased as of the Designated Event Repurchase
Date pursuant to the terms and conditions specified in the Exchangeable Debenture and in the Twenty-Third Supplemental Indenture; together with (ii) such Exchangeable Debentures duly endorsed for transfer (if the Exchangeable Debenture if
certificated) or book-entry transfer of such Exchangeable Debenture (if such Exchangeable Debenture is represented by a Global Debenture) in compliance with appropriate DTC procedures. The delivery of such Exchangeable Debenture to the Paying Agent
with, or at any time after delivery of, the Repurchase Notice (together with all necessary endorsements) at the office of the Paying Agent shall be a condition to the receipt by the Holder of the repurchase price therefore; provided,
however, that such repurchase price shall be so paid pursuant to this Section 10.1 only if the Exchangeable Debentures so delivered to the Paying Agent shall conform in all respects to the description thereof in the Repurchase Notice.
All questions as to the validity, eligibility (including time of receipt) and acceptance of any Exchangeable Debenture for repurchase shall be determined by the Company, whose determination shall be final and binding absent manifest error.

 (d) The Company, if so requested, shall repurchase from the Holder thereof, pursuant to this Section 10.01, a portion of an
Exchangeable Debenture, if the principal amount of such portion is $1,000 or a whole multiple of $1,000. Provisions of the Twenty-Third Supplemental Indenture that apply to the repurchase of all of an Exchangeable Debenture also apply to the
repurchase of such portion of such Exchangeable Debenture. 
 (e) The Paying Agent shall promptly notify the Company of the receipt by it of
any Repurchase Notice or written notice of withdrawal thereof. 
 (f) Any repurchase by the Company contemplated pursuant to the provisions
of this Section 10.1 shall be consummated by the delivery of the consideration to be received by the Holder (i) on the Designated Event Repurchase Date if the book-entry transfer or delivery of the Exchangeable Debentures to the Paying
Agent is effected prior to the close of business on the third Business Day prior to the Designated Event Repurchase Date, and (ii) if delivered later, within two (2) Business Days following the later of the Designated Event 

  

 17 

 
Repurchase Date and the time of the book-entry transfer or delivery of the Exchangeable Debenture. Payment of the repurchase price for an Exchangeable
Debenture for which a Repurchase Notice has been delivered and not withdrawn is conditioned upon book-entry transfer or delivery of the Exchangeable Debentures, together with necessary endorsements, to the Paying Agent.” 
 (g) The Company may arrange for a third party to purchase any Exchangeable Debentures for which the Company receives a valid Designated Event Repurchase
Notice that is not withdrawn, in the manner and otherwise in compliance with this Twenty-Third Supplemental Indenture and the Indenture applicable to the offer to repurchase the Exchangeable Debentures. If a third party purchases any Exchangeable
Debentures under these circumstances, then interest will continue to accrue on such Exchangeable Debentures repurchased, and those Debentures will continue to be outstanding after the repurchase date and will be fungible with all other Exchangeable
Debentures then outstanding. Such third party subsequently may resell those purchased Exchangeable Debentures to other investors. 
 Section 5.02 Repurchase at Option of Holders. (a) Each Holder shall have the right, at such Holder’s option, to require the Company to repurchase all of such Holder’s Exchangeable Debentures, or any portion thereof
that is a multiple of $1,000 principal amount, in cash, on April 15, 2012, April 15, 2017 and April 15, 2022 (each, a “Repurchase Date”), at a repurchase price of 100% of the principal amount of the Exchangeable
Debentures being repurchased, plus accrued and unpaid interest to, but excluding, the Repurchase Date; provided, however, that if the Repurchase Date falls after a Record Date and on or prior to the corresponding interest payment date,
the Company will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the Holder of record at the close of business on the corresponding Record Date and the repurchase price will be 100% of the principal
amount of the Exchangeable Debentures to be repurchased. 
 (b) On or before the twentieth Business Day immediately preceding each Repurchase
Date, the Company shall mail or cause to be mailed to all Holders of record on such date (and to beneficial owners as required by applicable law) an Issuer Repurchase Notice as set forth in Section 5.03. The Company shall also deliver a copy of
the Issuer Repurchase Notice to the Trustee and the Paying Agent at such time as it is mailed to Holders. In addition to the mailing of such Issuer Repurchase Notice, the Company shall disseminate a press release through Dow Jones &
Company, Inc. or Bloomberg Business News containing the information specified in such notice or publish such information in The Wall Street Journal or another newspaper of general circulation in The City of New York or on Host REIT’s website,
or through such other public medium as the Company shall deem appropriate at such time. No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the
proceedings for the repurchase of the Exchangeable Debentures pursuant to this Section 5.02. 
  

 18 

 (c) For an Exchangeable Debenture to be so repurchased at the option of the Holder pursuant to this
Section 5.02, the Holder must deliver to the Paying Agent, during the period beginning at 9:00 a.m., New York City time, on the date that is twenty (20) Business Days prior to the applicable Repurchase Date and ending at 5:00 p.m., New
York City time, on the second Business Day immediately prior to the applicable Repurchase Date, (i) a written notice of repurchase (the “Repurchase Notice”) in the form set forth on the reverse of the Exchangeable Debenture duly
completed (if the Exchangeable Debenture is certificated) or stating the following (if the Exchangeable Debenture is represented by a Global Debenture): (A) the certificate number of the Exchangeable Debenture which the Holder will deliver to
be repurchased (if the Exchangeable Debenture is certificated) or that the relevant Repurchase Notice complies with the appropriate Depositary procedures (if the Exchangeable Debenture is represented by Global Debenture), (B) the portion of the
principal amount of the Exchangeable Debenture which the Holder will deliver to be repurchased, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000 (provided that the remaining principal amount of
Exchangeable Debentures not subject to repurchase must be in an integral multiple of $1,000) and (C) that such Exchangeable Debenture shall be repurchased as of the Repurchase Date pursuant to the terms and conditions specified in the
Exchangeable Debenture and in this Twenty-Third Supplemental Indenture and the Indenture; together with (ii) such Exchangeable Debentures duly endorsed for transfer (if the Exchangeable Debenture if certificated) or book entry transfer of such
Exchangeable Debenture (if such Exchangeable Debenture is represented by a Global Debenture). The delivery of such Exchangeable Debenture to the Paying Agent with, or at any time after delivery of, the Repurchase Notice (together with all necessary
endorsements) at the office of the Paying Agent shall be a condition to the receipt by the Holder of the repurchase price; provided, however, that such repurchase price shall be so paid pursuant to this Section 5.02 only if the
Exchangeable Debentures so delivered to the Paying Agent shall conform in all respects to the description thereof in the Repurchase Notice. All questions as to the validity, eligibility (including time of receipt) and acceptance of any Exchangeable
Debenture for repurchase shall be determined by the Company, whose determination shall be final and binding absent manifest error. 
 (d) The
Company, if so requested, shall repurchase from the Holder thereof, pursuant to this Section 5.02, a portion of an Exchangeable Debenture, if the principal amount of such portion is $1,000 or a whole multiple of $1,000. Provisions of this
Twenty-Third Supplemental Indenture that apply to the repurchase of all of an Exchangeable Debenture also apply to the repurchase of such portion of such Exchangeable Debenture. 
 (e) The Paying Agent shall promptly notify the Company of the receipt by it of any Repurchase Notice or written notice of withdrawal thereof. 

(f) Any repurchase by the Company contemplated pursuant to the provisions of this Section 5.02 shall be consummated by the delivery of the
consideration to be received by the Holder (i) on the Repurchase Date if the book-entry transfer or delivery of the 

  

 19 

 
Exchangeable Debentures to the Paying Agent is effected prior to the close of business on the Business Day prior to the Repurchase Date, and (ii) if
delivered later, within two (2) Business Days following the time of the book-entry transfer or delivery of the Exchangeable Debenture. Payment of the repurchase price for an Exchangeable Debenture for which a Repurchase Notice has been
delivered and not withdrawn is conditioned upon book-entry transfer or delivery of the Exchangeable Debentures, together with necessary endorsements, to the Paying Agent. 
 Section 5.03 Issuer Repurchase Notice. (a) The Issuer Repurchase Notice, as provided in Section 5.03(b), shall be given to Holders within the time limits set forth in Section 5.01(b) or
5.02(b), as the case may be (in either case, the “Issuer Repurchase Notice Date”). 
 (b) In connection with any repurchase of
Exchangeable Debentures, the Company shall, on the applicable Issuer Repurchase Notice Date, give written notice to Holders (with a copy to the Trustee) setting forth information specified in this Section 5.03 (in either case, the “Issuer
Repurchase Notice”). 
 Each Issuer Repurchase Notice shall: 
 (i) state the repurchase price, and the Designated Event Repurchase Date or the Repurchase Date to which the relevant Issuer Repurchase Notice relates,

 (ii) state, if applicable, the circumstances constituting the Designated Event, 
 (iii) state that Holders must exercise their right to elect to repurchase prior to 5:00 p.m., New York City time, on the second Business Day immediately
prior to the Repurchase Date or the third Business Day immediately prior to the Designated Event Repurchase Date, as the case may be, 
 (iv) state the name and address of the Trustee, the Paying Agent and, if applicable, the Exchange Agent, 
 (v) state that Exchangeable Debentures must be surrendered to the Paying Agent to collect the repurchase price, 
 (vi) state that a Holder may withdraw its Repurchase Notice or the Designated Event Repurchase Notice, as the case may be, at any time prior to 5:00 p.m., New York City time, on the second Business Day immediately
prior to the Repurchase Date, or on the third Business Day immediately prior to the Designated Event Repurchase Date, as the case may be, by delivering a valid written notice of withdrawal in accordance with Section 5.04, 
  

 20 

 (vii) if the Exchangeable Debentures are then exchangeable, state that Exchangeable
Debentures as to which a Repurchase Notice or the Designated Event Repurchase Notice, as the case may be, has been given may be exchanged only if the Repurchase Notice or Designated Event Repurchase Notice, as the case may be, is withdrawn in
accordance with the terms of this Twenty-Third Supplemental Indenture, 
 (viii) state the amount of interest accrued and
unpaid per $1,000 principal amount of Exchangeable Debentures to, but excluding, the Designated Event Repurchase Date or Repurchase Date, as the case may be, 
 (ix) state that, unless the Company defaults in making payment of the repurchase price, interest on Exchangeable Debentures covered by any
Repurchase Notice or Designated Event Repurchase Notice, as the case may be, shall cease to accrue on and after the Designated Event Repurchase Date or the Repurchase Date, as the case may be, 
 (x) state the CUSIP number of the Exchangeable Debentures, if CUSIP numbers are then in use, and 
 (xi) state the procedures for withdrawing a Repurchase Notice or Designated Event Repurchase Notice, as the case may be, including a form
of notice of withdrawal (as specified in Section 5.04). 
 An Issuer Repurchase Notice may be given by the Company or, at the Company’s request,
the Trustee shall give such Issuer Repurchase Notice in the Company’s name and at the Company’s expense; provided that the text of the Issuer Repurchase Notice shall be prepared by the Company. 
 If any of the Exchangeable Debentures are represented by a Global Debenture, then the Company will modify such Issuer Repurchase Notice to the extent necessary to accord
with the applicable procedures of the Depositary that apply to the repurchase of Global Debentures. 
 (c) The Company will, to the extent
applicable, comply with the provisions of Rule 13e-4 and Rule 14e-1 (or any successor provision) under the Exchange Act that may be applicable at the time of the repurchase of the Exchangeable Debentures, file the related Schedule TO (or any
successor schedule, form or report) under the Exchange Act and comply with all other applicable federal and state securities laws in connection with the repurchase of the Exchangeable Debentures. 
 Section 5.04 Effect of Repurchase Notice; Withdrawal. Upon receipt by the Paying Agent of the Repurchase Notice or Designated Event
Repurchase Notice, as the case may be, 

  

 21 

 
the Holder of the Exchangeable Debenture in respect of which such Repurchase Notice or Designated Event Repurchase Notice, as the case may be, was given
shall (unless such Repurchase Notice or Designated Event Repurchase Notice is validly withdrawn in accordance with this Section 5.04) thereafter be entitled to receive solely the repurchase price with respect to such Exchangeable Debenture.
Such repurchase price shall be paid to such Holder, (x) on the day set forth in Section 5.02(g), in the case of a Repurchase Notice, or (y) on the date set forth in Section 5.01(g), in the case of a Designated Event Repurchase
Notice. 
 Exchangeable Debentures in respect of which a Repurchase Notice or Designated Event Repurchase Notice, as the case may be, has been given by the
Holder thereof may not be exchanged pursuant to Article 5 hereof on or after the date of the delivery of such Repurchase Notice unless such Repurchase Notice or Designated Event Repurchase Notice, as the case may be, has first been validly
withdrawn. 
 A Repurchase Notice or Designated Event Repurchase Notice, as the case may be, may be withdrawn in whole or in part by means of a written
notice of withdrawal delivered to the office of the Paying Agent at any time prior to 5:00 p.m., New York City time, on the third Business Day immediately prior to the Designated Event Repurchase Date, or on the second Business Day immediately prior
to the Repurchase Date, as the case may be, specifying: 
 (a) the name of the Holder; 
 (b) the certificate number(s) of all withdrawn Exchangeable Debentures in certificated form or that the notice of withdrawal complies with appropriate
Depositary procedures with respect to all withdrawn Exchangeable Debentures represented by a Global Debenture; 
 (c) the principal amount of
Exchangeable Debentures with respect to which such notice of withdrawal is being submitted, which must be an integral multiple of $1,000; and 
 (d) the principal amount of Exchangeable Debentures, if any, that remains subject to the original Repurchase Notice or Designated Event Repurchase Notice, as the case may be, and that has been or will be delivered for repurchase by the
Company, which must be an integral multiple of $1,000. 
 Section 5.05 Deposit of Repurchase Price. (a) Prior to 11:00 a.m.,
New York City time, on the Designated Event Repurchase Date or the Repurchase Date, the Company shall deposit with the Paying Agent or, if the Company is acting as the Paying Agent, shall segregate and hold in trust an amount of cash (in immediately
available funds if deposited on the Designated Event Repurchase Date or the Repurchase Date, as the case may be), sufficient to pay the aggregate repurchase price of all the Exchangeable Debentures or portions thereof that are to be repurchased as
of the Designated Event Repurchase Date or the Repurchase Date, as the case may be. 
  

 22 

 (b) If on the Designated Event Repurchase Date or the Repurchase Date the Paying Agent holds funds
sufficient to pay the repurchase price of the Debentures that Holders have elected to require the Company to repurchase in accordance with Section 5.01 or Section 5.02, as the case may be, then, on and after the Designated Event Repurchase
Date or the Repurchase Date, as the case may be, such Exchangeable Debentures will cease to be outstanding, interest on such Exchangeable Debentures will cease to accrue and all other rights of the Holders of such Exchangeable Debentures will
terminate, other than the right to receive the repurchase price upon delivery or book-entry transfer of the Exchangeable Debenture. This will be the case whether or not book-entry transfer of the Exchangeable Debenture has been made or the
Exchangeable Debenture has been delivered to the Paying Agent. 
 Section 5.06 Exchangeable Debentures Repurchased in Part. Upon
presentation of any Exchangeable Debenture repurchased only in part, the Company shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Exchangeable Debenture or
Exchangeable Debentures in aggregate principal amount equal to the unrepurchased portion of the Exchangeable Debentures presented (provided that the unrepurchased portion of the Exchangeable Debentures must be in an integral multiple of $1,000).

 Section 5.07 Repayment to the Company. The Paying Agent shall return to the Company any cash that remains unclaimed, together
with interest, if any, thereon, held by it for the payment of the repurchase price; provided that to the extent that the aggregate amount of cash deposited by the Company pursuant to Section 5.05 exceeds the aggregate repurchase price of
the Exchangeable Debentures or portions thereof which the Company is obligated to repurchase as of the Designated Event Repurchase Date or the Repurchase Date, as the case may be, then, unless otherwise agreed in writing with the Company, promptly
after the second Business Day following the Designated Event Repurchase Date or the Repurchase Date, as the case may be, the Paying Agent shall return any such excess to the Company, together with interest, if any, thereon. 
 Section 5.08 Merger, Consolidation or Sale by Host REIT. For purposes of the Exchangeable Debentures, Article 5 of the Indenture is hereby
superseded. Neither the Company nor Host REIT may (1) consolidate or merge into any other Person or sell, convey, lease or transfer its properties and assets substantially as an entirety to any other Person in any one transaction or series of
related transactions, or (2) permit any person to consolidate with or merge into it, unless, (a) in case of a merger or consolidation, if either the Company or Host REIT (as the case may be) is the surviving Person or if the Company or
Host REIT is not the surviving Person, the surviving Person formed by such consolidation or into which the Company or Host REIT is merged or the Person to which the Company’s or Host REIT’s properties and assets are so transferred shall be
a entity organized and existing under the laws of 

  

 23 

 
the United States of America, any state thereof or the District of Columbia and shall execute and deliver to the Trustee a supplemental indenture expressly
assuming, in the case of a transaction involving the Company, the payment when due of the principal of and interest on the Exchangeable Debentures and in the case of a transaction involving the Company or Host REIT, the performance of each of the
Company’s or Host REIT’s (as the case may be) other covenants under this Twenty-Third Supplemental Indenture and the Indenture, and (b) immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing. 
 Section 5.09 Successor Person Substituted. Upon any consolidation or merger or any transfer of all
or substantially all of the assets of the Company or Host REIT (as the case may be), in accordance with Section 5.08, the successor Person formed by such consolidation or into which the Company or Host REIT, as applicable, is merged or to which
such transfer is made, shall succeed to, be substituted for, and may exercise every right and power of the Company or Host REIT, as applicable, under this Indenture with the same effect as if such successor Person had been named therein as the
Company or Host REIT, as applicable, and the Company or Host REIT, as applicable, shall be released from the obligations under the Exchangeable Debentures, this Twenty-Third Supplemental Indenture and the Indenture. 
 ARTICLE 6 
 Section 6.01 Exchange
Rights. (a) Subject to the restrictions on ownership of shares of Host REIT Common Stock as set forth in Section 6.12 and upon compliance with the provisions of this Twenty-Third Supplemental Indenture and the Indenture, on or prior to
the close of business on the second Business Day immediately preceding the Maturity Date, the Holder of any Exchangeable Debentures not previously redeemed or repurchased shall have the right, at such Holder’s option, to exchange its
Exchangeable Debentures, or any portion thereof which is a multiple of $1,000, into cash or, if applicable, cash and Host REIT Common Stock, as the case may be, with an aggregate value equal to the Exchange Value, by surrender of such Exchangeable
Debentures so to be exchanged in whole or in part, together with any required funds, under the circumstances and in the manner described in this Article 6. Holders may exchange their Exchangeable Debentures at any time on or after March 15,
2027. In addition, Holders may exchange their Exchangeable Debentures at any time prior to March 15, 2027 only upon occurrence of one of the following events: 
 (i) Exchange Upon Satisfaction of Market Price Condition. A Holder may surrender any of its Exchangeable Debentures for exchange during any calendar quarter beginning after the calendar quarter ended
June 30, 2007 (and only during such calendar quarter) if, and only if, the Closing Sale Price of the Host REIT Common Stock for at least twenty (20) Trading Days (whether or not consecutive) in the period of thirty (30) consecutive

  

 24 

 
Trading Days ending on the last Trading Day of the preceding calendar quarter is more than 130% of the Exchange Price per share of Host REIT Common Stock in
effect on the applicable Trading Day. The Board of Directors of Host REIT will make appropriate adjustments, in its good faith determination, to account for any adjustment to the Exchange Rate that becomes effective, or any event requiring an
adjustment to the Exchange Rate where the Ex-Dividend Date of the event occurs, during that thirty (30) consecutive Trading Day period. 
 The Trustee
(or other Exchange Agent appointed by the Company) shall, on behalf of the Company, determine on a daily basis during the time period specified in this Section 6.01(a)(i) whether the Exchangeable Debentures shall be exchangeable as a result of
the occurrence of an event specified in this clause (i) and, if the Exchangeable Debentures shall be so exchangeable, the Trustee (or other Exchange Agent appointed by the Company) shall promptly deliver to the Company and the Trustee (if the
Trustee is not the Exchange Agent) written notice thereof. 
 (ii) Exchange Upon Satisfaction of Trading Price Condition. A Holder may
surrender any of its Exchangeable Debentures for exchange during the five (5) consecutive Trading Day period following any five (5) consecutive Trading Days in which the Trading Price per $1,000 principal amount of Exchangeable Debentures
(as determined following a reasonable request by a Holder of the Exchangeable Debentures) was less than 95% of the product of the Closing Sale Price of the Host REIT Common Stock during such period, multiplied by the Applicable Exchange Rate.

 The Trustee shall have no obligation to determine the Trading Price of the Exchangeable Debentures unless the Company shall have requested such
determination, and the Company shall have no obligation to make such request unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Exchangeable Debentures would be less than 95% of the
product of the Closing Sale Price per share of Host REIT Common Stock and the Exchange Rate, whereupon the Company shall instruct the Trustee to determine the Trading Price of the Exchangeable Debentures beginning on the next Trading Day and on each
successive Trading Day until the Trading Price per $1,000 principal amount of Exchangeable Debentures is greater than or equal to 95% of the product of the Closing Sale Price per share of Host REIT Common Stock and the Applicable Exchange Rate. If
the Company does not, when it is obligated to, make a request to the Trustee to determine the Trading Price of the Exchangeable Debentures, or if the Company makes such request to the Trustee and the Trustee does not make such determination, then
the Trading Price per $1,000 in principal amount of Exchangeable Debentures will be deemed to be less than 95% of the product of the Closing Sale Price of Host REIT Common Stock and the Applicable Exchange Rate. 
 (iii) Exchange Upon Notice of Redemption. A Holder may surrender for exchange any of the Exchangeable Debentures called for redemption at any time
prior to the close of business on the second Business Day immediately prior to Redemption Date even if the 

  

 25 

 
Exchangeable Debentures are not otherwise exchangeable at such time. The right to exchange Exchangeable Debentures pursuant to this clause (iii) shall
expire after 5:00 p.m., New York City time, on the second Business Day immediately preceding the Redemption Date unless the Company defaults in payment of the Redemption Price; provided, however, that if a Holder has already delivered
a Repurchase Notice with respect to an Exchangeable Debenture, such Holder may not surrender that Exchangeable Debenture for exchange until it has withdrawn such Repurchase Notice in accordance with the terms of the Exchangeable Debentures.

 (iv) Exchange Upon Specified Transactions. If Host REIT elects to: (1) distribute to all holders of the Host REIT Common
Stock certain rights entitling them to purchase, for a period expiring within 45 days, shares of Host REIT Common Stock at less than the Closing Sale Price of Host REIT Common Stock on the Trading Day immediately preceding the declaration date of
such distribution; or (2) distribute to all holders of Host REIT Common Stock the Company’s or Host REIT’s assets, debt securities or certain rights to purchase securities of the Company or Host REIT, which distribution (excluding for
this purpose a distribution solely in the form of cash required to preserve the status of Host REIT as a real estate investment trust) has a per share value exceeding 12.5% of the Closing Sale Price of the Host REIT Common Stock on the Trading Day
immediately preceding the declaration date of such distribution; the Company must notify the Holders of Exchangeable Debentures at least twenty (20) calendar days prior to the Ex-Dividend Date for such distribution. 
 Following the issuance of such notice, Holders may surrender their Exchangeable Debentures for exchange at any time until the earlier of the close of business on the
Business Day immediately preceding the Ex-Dividend Date or an announcement that such distribution will not take place; provided, however, that a Holder may not exchange its Exchangeable Debentures pursuant to this
Section 6.01(a)(iv) if such Holder may participate in the distribution, without exchange of its Exchangeable Debentures, as if such Holder held on the date such distribution is made a number of shares of Host REIT Common Stock equal to a
fraction the numerator of which is the product of the Exchange Rate in effect on the Ex-Dividend Date for such distribution, and the aggregate principal amount of Exchangeable Debentures held by such Holder and the denominator of which is one
thousand ($1,000). The “Ex-Dividend Date” means, with respect to any distribution on shares of Host REIT Common Stock, the first date upon which a sale of the Host REIT Common Stock does not automatically transfer the right to receive the
relevant distribution from the seller of the Host REIT Common Stock to its buyer. 
 In addition, if a Change in Control occurs prior to the stated Maturity
Date as a result of a transaction or event described in (i) or (ii) of the definition of Change in Control, the Company will notify Holders (which notification may be made through a notice to DTC) as promptly as reasonably practicable
following the date the Company publicly announces such transaction or event (but in no event less than twenty (20) Business Days prior to the effective time of such transaction or event). A Holder may surrender its Exchangeable Debentures for
exchange at any 

  

 26 

 
time from and including the date that is fifteen (15) Business Days prior to the anticipated effective time of the transaction or event up to and
including (i) the related Designated Event Repurchase Date corresponding to such event or (ii) if there is no such Designated Event Repurchase Date, the date that is five (5) Business Days after the actual date of such transaction or
event. If a Change in Control occurs prior to the stated Maturity Date as a result of an event described in (iii) or (iv) of the definition of Change in Control, or if a Termination in Trading occurs, the Company will notify Holders of the
occurrence of any such event (which notification may be made through a notice to the DTC) and issue a press release on the Effective Date of such event. Once the Company has given such notice, a Holder may surrender its Exchangeable Debentures for
exchange at any time from the Effective Date of such event until (i) the Designated Event Repurchase Date corresponding to such event or (ii) if there is no such Designated Event Repurchase Date, twenty (20) Trading Days following the
Effective Date of such event. 
 If Host REIT is a party to a consolidation, merger, binding share exchange, reclassification or sale or conveyance of all or
substantially all of its properties and assets, in each case pursuant to which all of the Host REIT Common Stock is exchanged for cash, securities or other property (the “Reference Property”), then at the effective time of the transaction
any exchange of Exchangeable Debentures and the Exchange Value will be based on the kind and amount of cash, securities or other property that a Holder of Exchangeable Debentures would have received if such Holder had, immediately prior to the
effective time of such transaction, exchanged its Exchangeable Debentures for a number of shares of Host REIT Common Stock equal to a fraction the numerator of which is the product of the Exchange Rate in effect immediately prior to the effective
time of such transaction, and the aggregate principal amount of Exchangeable Debentures held by such Holder and the denominator of which is one thousand ($1,000). In the event holders of Host REIT Common Stock have the opportunity to elect the form
of consideration to be received in any such transaction or event, then from and after the effective date of such transaction or event, the Exchangeable Debentures shall be exchangeable into cash with respect to the Principal Return and, if the
Company elects to deliver property other than cash in satisfaction of the Net Amount, if any, into the consideration that a majority of the holders of Host REIT Common Stock who made such an election received in such transaction or as a result of
such event with respect to the Daily Share Amounts. 
 (b) Whenever the Exchangeable Debentures shall become exchangeable pursuant to this
Section 6.01, the Company or, at the Company’s request, the Trustee in the name and at the expense of the Company, shall notify the Holders of the event triggering such exchangeability in the manner provided in Section 13.2 of the
Indenture, and the Company shall also publicly announce such information and publish it on the Host REIT’s website. Any notice so given shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice.

 (c) An Exchangeable Debenture in respect of which a Holder has delivered a 

  

 27 

 
Designated Event Repurchase Notice or Repurchase Notice, as the case may be, exercising such Holder’s right to require the Company to repurchase such
Exchangeable Debenture pursuant to Section 5.01 or 5.02 may be exchanged only if such Repurchase Notice is withdrawn in accordance with Section 5.03 or 5.04 prior to 5:00 p.m., New York City time, on the second Business Day immediately
prior to the Repurchase Date or on the third Business Day immediately prior to the Designated Event Repurchase Date, as applicable. 
 (d) A
Holder of Exchangeable Debentures is not entitled to any rights of a Holder of Host REIT Common Stock until such Holder has exchanged its Exchangeable Debentures and received upon exchange thereof shares of Host REIT Common Stock. 
 Section 6.02 Exercise of Exchange Right; No Adjustment for Interest or Dividends. In order to exercise the exchange right with respect to any
Exchangeable Debenture in certificated form, the Company must receive at the office or agency of the Company maintained for that purpose in the City of New York or, at the option of such Holder, the Corporate Trust Office, such Exchangeable
Debenture with the original or facsimile of the form entitled “Exchange Notice” on the reverse thereof, duly completed and signed manually or by facsimile, together with such Exchangeable Debentures duly endorsed for transfer, accompanied
by the funds, if any, required by this Section 6.02. Such notice shall also state the name or names (with address or addresses) in which the certificate or certificates for shares of Host REIT Common Stock that shall be issuable on such
exchange shall be issued, and shall be accompanied by transfer or similar taxes, if required pursuant to Section 6.06. 
 To exchange an Exchangeable
Debenture held in book-entry form, a Holder must exchange by book-entry transfer to the Exchange Agent through the facilities of DTC and the Exchange Notice must comply with all applicable DTC procedures. To exchange an Exchangeable Debenture held
in certificated form, a Holder must (i) complete and manually sign an Exchange Notice, a form of which is on the back of the Exchangeable Debenture, and deliver the Exchange Notice to the Exchange Agent; (ii) surrender the Exchangeable
Debenture to the Exchange Agent’ (iii) if required by the Exchange Agent, furnish appropriate endorsement and transfer documents; and (iv) pay all required transfer or similar taxes. 
 Holders may also obtain copies of the required form of the Exchange Notice from the Exchange Agent. The date on which the Holder satisfies all such requirements shall be
deemed to be the date on which the applicable Exchangeable Debentures shall have been tendered for exchange. 
 Whether the Exchangeable Debentures to be
exchanged are held in book-entry or certificated form, the Exchange Notice will require the Holder to certify that it or the Person on whose behalf the Exchangeable Debentures are being exchanged is a QIB within the meaning of Rule 144A under the
Securities Act. 
 Exchangeable Debentures in respect of which a Holder has delivered a Repurchase Notice or a Designated Event Repurchase Notice may be
exchanged only if such notice is withdrawn in accordance with the terms of Section 5.03 or Section 5.04, as the case may be. 
  

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 Upon surrender of an Exchangeable Debenture for exchange by a Holder, such Holder shall deliver to the Company cash equal
to the amount that the Company is required to deduct and withhold under applicable law in connection with the exchange; provided, however, if the Holder does not deliver such cash, the Company may deduct and withhold from the amount
otherwise deliverable to such Holder the amount required to be deducted, withheld and paid over to any governmental authority under applicable law, and any amount so deducted, withheld and paid over shall be deemed paid to such Holder for all
purposes of this Indenture. 
 A certificate, or a book entry transfer through DTC, for the number of shares of Host REIT common stock, if any, for which any
debentures are exchanged, together with a cash payment for any fractional shares, will be delivered through the exchange agent as soon as practicable, but no later than the fifth Business Day following the last day of the applicable Exchange Period.

 Each exchange shall be deemed to have been effected as to any such Exchangeable Debenture (or portion thereof) on the date on which the requirements set
forth above in this Section 6.02 have been satisfied as to such Exchangeable Debenture (or portion thereof) or, if later, the Determination Date (the “Exchange Date”), and the Person in whose name any certificate or certificates for
shares of Host REIT Common Stock shall be issuable upon such exchange shall be deemed to have become on said date the holder of record of the shares represented thereby; provided that any such surrender on any date when the stock transfer
books of Host REIT shall be closed shall constitute the Person in whose name the certificates are to be issued as the record holder thereof for all purposes on the next succeeding day on which such stock transfer books are open, but such exchange
shall be at the Exchange Rate in effect on the Exchange Date. 
 Any Exchangeable Debenture or portion thereof surrendered for exchange during the period
from 5:00 p.m., New York City time, on the Record Date for any interest payment date to 5:00 p.m., New York City time, on the applicable interest payment date shall be accompanied by payment, in immediately available funds or other funds acceptable
to the Company, of an amount equal to the interest otherwise payable on such interest payment date on the principal amount being exchanged; provided that no such payment need be made (1) if a Holder exchanges its Exchangeable Debentures
in connection with a redemption and the Company has specified a Redemption Date that is after a Record Date and on or prior to the Business Day immediately succeeding the next interest payment date, (2) if a Holder exchanges its Exchangeable
Debentures in connection with a Designated Event and the Company has specified a Designated Event Repurchase Date that is after a Record Date and on or prior to the corresponding interest payment date or (3) to the extent of any overdue
interest, if any overdue interest exists at the time of exchange with respect to such Exchangeable Debenture. Except as 

  

 29 

 
otherwise provided above in this Article 6, no payment or other adjustment shall be made for interest accrued on any Exchangeable Debenture exchanged or for
dividends on any shares issued upon the exchange of such Exchangeable Debenture as provided in this Article 6. Notwithstanding the foregoing, in the case of Exchangeable Debentures submitted for exchange in connection with a Designated Event, such
Exchangeable Debentures shall continue to represent the right to receive the Additional Change in Control Shares, if any, payable pursuant to Section 6.11, until such Additional Change in Control Shares are so paid. 
 Upon the exchange of an interest in a Global Debenture, the Trustee (or other Exchange Agent appointed by the Company), or the Custodian at the direction of the Trustee
(or other Exchange Agent appointed by the Company), shall make a notation on such Global Debenture as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any exchanges of Exchangeable
Debentures effected through any Exchange Agent other than the Trustee. 
 Upon an exchange of an Exchangeable Debenture, a Holder will not receive any cash
payment of interest, except as described herein, and the Company will not adjust the Exchange Rate to account for accrued and unpaid interest. Upon the exchange of an Exchangeable Debenture, the accrued but unpaid interest attributable to the period
from the issue date of the Exchangeable Debenture to the Exchange Date, with respect to the exchanged Exchangeable Debenture, shall not be deemed canceled, extinguished or forfeited, but rather shall be deemed to be paid in full to the Holder
thereof through delivery of cash and, if applicable, shares of Host REIT Common Stock (together with the cash payment, if any in lieu of fractional shares) in exchange for the Exchangeable Debenture being exchanged pursuant to the provisions hereof.

 In case any Exchangeable Debenture of a denomination greater than $1,000 shall be surrendered for partial exchange, and subject to Section 2.3 of the
Indenture, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of the Exchangeable Debenture so surrendered, without charge to the Holder, a new Exchangeable Debenture or Exchangeable Debentures in authorized
denominations in an aggregate principal amount equal to the unexchanged portion of the surrendered Exchangeable Debenture. 
 Section 6.03 Cash Payments in Lieu of Fractional Shares. No fractional shares of Host REIT Common Stock or scrip certificates representing fractional shares shall be issued upon exchange of Exchangeable Debentures. If more than
one Exchangeable Debenture shall be surrendered for exchange at one time by the same Holder, the number of full shares that shall be issuable upon exchange shall be computed on the basis of the aggregate principal amount of the Exchangeable
Debentures (or specified portions thereof to the extent permitted hereby) so surrendered. If any fractional share of Host REIT Common Stock would be issuable upon the exchange of any Exchangeable Debenture or Exchangeable Debentures, the Company
shall make an adjustment and payment therefor in cash to the Holder of Exchangeable Debentures at a price equal to the Average Price. 
  

 30 

 Section 6.04 Exchange Rate. The initial Exchange Rate for the Exchangeable Debentures is
31.0020 shares of Host REIT Common Stock per each $1,000 principal amount of the Exchangeable Debentures, subject to adjustment as provided in Sections 6.05 and 6.11 (herein called the “Exchange Rate”). 
 Section 6.05 Adjustment of Exchange Rate. The Exchange Rate shall be adjusted from time to time by the Company as follows: 
 (a) If Host REIT issues the Host REIT Common Stock as a dividend or distribution on the Host REIT Common Stock to all holders of Host REIT Common Stock,
or if Host REIT effects a share split or share combination, the Exchange Rate will be adjusted based on the following formula: 
 ER1 = ER0 x OS1/OS0 
 where 
 ER0 = the Exchange Rate in effect immediately prior to the Ex-Dividend Date for such dividend or distribution, or the effective date of such share split or share combination; 
 ER1 = the new Exchange Rate in effect immediately after the Ex-Dividend Date for such dividend or distribution, or the effective date of such share split or share combination; 
 OS0 = the number of shares of Host REIT Common Stock outstanding immediately prior to such dividend or distribution, or the effective date of such share split or share combination; and 
 OS1 = the number of shares of Host REIT Common Stock outstanding immediately after such dividend or distribution, or the effective date of such share split or share combination. 
 Any adjustment made pursuant to this paragraph (a) shall become effective on the date that is immediately after (x) the Ex-Dividend Date for such dividend or
other distribution or (y) the date on which such split or combination becomes effective, as applicable. If any dividend or distribution described in this paragraph (a) is declared but not so paid or made, the new Exchange Rate shall be
readjusted to the Exchange Rate that would then be in effect if such dividend or distribution had not been declared. 
 (b) If Host REIT
distributes to all holders of Host REIT Common Stock any rights, warrants or options entitling them for a period of not more than forty-five (45) days after the date of issuance thereof to subscribe for or purchase Host REIT Common Stock for a
period of not more than forty-five (45) days after the date of issuance thereof, in either case at an exercise price per share of Host REIT Common Stock less than the Closing Sale Price of the 

  

 31 

 
Host REIT Common Stock on the Business Day immediately preceding the time of announcement of such issuance, the Exchange Rate will be adjusted based on the
following formula: 
 ER1 = ER0 x (OS0 + X)/(OS0 + Y) 
 where 
 ER0 = the Exchange Rate in effect immediately prior to the Ex-Dividend Date for such
distribution; 
 ER1 = the new Exchange Rate in effect immediately after the Ex-Dividend Date for such distribution; 
 OS0 = the number of shares of Host REIT Common Stock outstanding immediately prior to the Ex-Dividend Date for such distribution; 
 X
= the total number of shares of Host REIT Common Stock issuable pursuant to such rights, warrants or options; and 
 Y = the number of shares of Host REIT
Common Stock equal to the quotient of (A) the aggregate price payable to exercise such rights, warrants or options and (B) the average of the Closing Sale Prices of the Host REIT Common Stock for the ten (10) consecutive Trading Days
ending on the Business Day immediately preceding the date of announcement for the issuance of such rights, warrants or options. 
 For purposes of this
paragraph (b), in determining whether any rights, warrants or options entitle the holders to subscribe for or purchase Host REIT Common Stock at less than the applicable Closing Sale Price of the Host REIT Common Stock, and in determining the
aggregate exercise or exchange price payable for such Host REIT Common Stock, there shall be taken into account any consideration received by Host REIT for such rights, warrants or options and any amount payable on exercise or exchange thereof, with
the value of such consideration, if other than cash, to be determined by Host REIT’s Board of Directors. If any right, warrant or option described in this paragraph (b) is not exercised or exchanged prior to the expiration of the
exerciseability or exchangeability thereof, the new Exchange Rate shall be readjusted to the Exchange Rate that would then be in effect if such right, warrant or option had not been so issued. 
 (c) If Host REIT distributes capital stock, evidences of indebtedness or other assets or property of Host REIT to all holders of Host REIT Common Stock,
excluding: 
 (i) dividends, distributions, rights, warrants or options referred to in paragraph (a) or (b) above;

  

 32 

 (ii) dividends or distributions paid exclusively in cash; and 
 (iii) Spin-Offs described below in this paragraph (c), 
 then the Exchange Rate will be adjusted based on the following formula: 
 ER1 = ER0 x SP0/(SP0 - FMV) 
 where 
 ER0 = the Exchange Rate in effect immediately prior to the Ex-Dividend Date for such distribution; 
 ER1 = the new Exchange Rate in effect immediately after the Ex-Dividend Date for
such distribution; 
 SP0
= the average of the Closing Sale Prices of the Host REIT Common Stock for the ten (10) consecutive Trading Days prior to the Business Day immediately preceding the earlier of
the record date or the Ex-Dividend Date for such distribution; and 
 FMV = the fair market value (as determined in good faith by the Host REIT Board of
Directors) of the shares of capital stock, evidences of indebtedness, assets or property distributed with respect to each outstanding share of Host REIT Common Stock on the earlier of the record date or the Ex-Dividend Date for such distribution;

 provided that if “FMV” with respect to any distribution of shares of capital
stock, evidences of indebtedness or other assets or property of Host REIT is equal to or greater than “SP0” with respect to such distribution, then in lieu of the foregoing adjustment, adequate provision shall be made so that each holder of Exchangeable Debentures shall have the right to receive on the date such shares of capital
stock, evidences of indebtedness or other assets or property of Host REIT are distributed to holders of Host REIT Common Stock, for each Exchangeable Debenture, the amount of shares of capital stock, evidences of indebtedness or other assets or
property of Host REIT such holder of Exchangeable Debentures would have received had such holder of Exchangeable Debentures owned a number of shares of Host REIT Common Stock equal to a fraction the numerator of which is the product of the Exchange
Rate in effect on the Ex-Dividend Date for such distribution, and the aggregate principal amount of Exchangeable Debentures held by such Holder and the denominator of which is one thousand ($1,000). 
 An adjustment to the Exchange Rate made pursuant to the immediately preceding paragraph shall be made successively whenever any such distribution is made and shall
become effective on the Ex-Dividend Date for such distribution. 
  

 33 

 If Host REIT distributes to all holders of Host REIT Common Stock capital stock of any class or series, or similar equity
interest, of or relating to a subsidiary or other business unit of Host REIT (a “Spin-Off”), the Exchange Rate in effect immediately before the tenth Trading Day from and including the effective date of the Spin-Off will be adjusted based
on the following formula: 
 ER1 = ER0 x (FMV0 + MP0)/MP0 
 where 
 ER0 = the Exchange Rate in effect immediately prior to the tenth Trading Day from, and including, the effective date of the Spin-Off; 
 ER1 = the new Exchange Rate immediately after the tenth Trading Day from, and including, the effective date of the Spin-Off; 
 FMV0 = the average of the Closing Sale Prices of the capital stock or similar equity interest distributed to holders of Host REIT Common Stock applicable to one share of Host REIT Common Stock over the first ten
(10) consecutive Trading Days after the effective date of the Spin-Off; and 
 MP0 = the average of the Closing Sale Prices of the Host REIT Common Stock over the first ten (10) consecutive Trading Days
after the effective date of the Spin-Off. 
 An adjustment to the Exchange Rate made pursuant to the immediately preceding paragraph will occur on the tenth
Trading Day from and including the effective date of the Spin-Off; provided that in respect of any exchange within the ten (10) Trading Days following the effective date of any Spin-Off, references within this paragraph (c) to ten
(10) Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the effective date of such Spin-Off and the Exchange Date in determining the Applicable Exchange Rate. 
 If any such dividend or distribution described in this paragraph (c) is declared but not paid or made, the new Exchange Rate shall be readjusted to be the Exchange
Rate that would then be in effect if such dividend or distribution had not been declared. 
 (d) If Host REIT makes any cash dividend or
distribution to all holders of outstanding Host REIT Common Stock (excluding any dividend or distribution in connection with the liquidation, dissolution or winding up of Host REIT) during any calendar quarter in an 

  

 34 

 
amount per share that, together with other cash dividends or distributions made during such calendar quarter exceeds $0.20 (the “Reference
Dividend”), the Exchange Rate will be adjusted based on the following formula: 
 ER1 = ER0 x SP0 /(SP0 - C) 
 where 
 ER0 = the Exchange Rate in effect immediately prior to the Ex-Dividend Date for such distribution; 
 ER1 = the new Exchange Rate immediately after the Ex-Dividend Date for such
distribution; 
 SP0 = the average of the Closing Sale Prices of the Host REIT Common Stock for the ten (10) consecutive Trading Days prior to the Business Day immediately
preceding the earlier of the record date or the day prior to the Ex-Dividend Date for such distribution; and 
 C = the aggregate amount in cash per share
that Host REIT distributes to holders of Host REIT Common Stock in a calendar quarter that exceeds the Reference Dividend; 
 provided that if “C” with respect to any such cash dividend or distribution is equal to or greater than “SP0” with respect to any such cash dividend or distribution, then in lieu of the foregoing adjustment, adequate provision shall be made so that each holder of Exchangeable Debentures shall have the
right to receive on the date such cash is distributed to holders of Host REIT Common Stock, for each Exchangeable Debenture, the amount of cash such holder of Exchangeable Debentures would have received had such holder of Exchangeable Debentures
owned a number of shares of Host REIT Common Stock equal to a fraction the numerator of which is the product of the Exchange Rate in effect on the Ex-Dividend Date for such dividend or distribution, and the aggregate principal amount of Exchangeable
Debentures held by such Holder and the denominator of which is one thousand ($1,000). 
 Notwithstanding the foregoing, the Exchange Rate will only be
adjusted for that portion of the adjustment required by this paragraph (d) for which no adjustment to the Exchange Rate has yet been made. 
 An
adjustment to the Exchange Rate made pursuant to this paragraph (d) shall become effective on the Ex-Dividend Date for such dividend or distribution. If any dividend or distribution described in this paragraph (d) is declared but not so
paid or made, the new Exchange Rate shall be readjusted to the Exchange Rate that would then be in effect if such dividend or distribution had not been declared. 
 The Reference Dividend shall be subject to adjustment on account of any of the events set forth 

  

 35 

 
in paragraphs (a), (b) and (c) above and paragraph (e) below. Any such adjustment will be effected by multiplying the Reference Dividend by a
fraction, the numerator of which will equal the Exchange Rate in effect immediately prior to the adjustment on account of such event and the denominator of which will equal the Exchange Rate as adjusted. 
 (e) If Host REIT or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for Host REIT Common Stock to the extent that
the cash and value of any other consideration included in the payment per share of Host REIT Common Stock exceeds the Closing Sale Price of a share of Host REIT Common Stock on the Trading Day next succeeding the last date on which tenders or
exchanges may be made pursuant to such tender offer or exchange offer (the “Expiration Time”), the Exchange Rate will be adjusted based on the following formula: 
 ER1 = ER0 x (AC + (SP1 x OS1))/(SP1 x OS0) 
 where 
 ER0 = the Exchange Rate in effect at the close of business on the last Business Day
of the ten (10) consecutive Trading Day period commencing on the Trading Day next succeeding the date such tender offer or exchange offer expires; 
 ER1 = the new Exchange Rate in effect immediately following the last Business Day of the ten (10) consecutive Trading Day period commencing on the Trading Day next succeeding the date such tender offer or exchange offer
expires; 
 AC = the aggregate value of all cash and any other consideration (as determined by Host REIT’s Board of Directors) paid or payable for the
Host REIT Common Stock purchased in such tender or exchange offer; 
 OS0 = the number of shares of Host REIT Common Stock outstanding immediately prior to the date such tender offer or exchange offer
expires; 
 OS1 = the number of shares of Host REIT Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase or exchange of shares of Host REIT
Common Stock pursuant to such tender offer or exchange offer); and 
 SP1 = the average of the Closing Sales Prices of the Host REIT Common Stock for the ten (10) consecutive Trading Day next
succeeding the date such tender offer or exchange offer expires. 
 If the application of the foregoing formula would result in a decrease in the Exchange
Rate, no adjustment to the Exchange Rate will be made. 
  

 36 

 Any adjustment to the Exchange Rate made pursuant to this paragraph (e) will occur on the tenth Trading Day from and
including the Trading Day next succeeding the Effective Date of the tender offer or exchange offer; provided that in respect of any exchange within the ten (10) Trading Days following the Trading Day next succeeding the Effective Date of
the tender offer or exchange offer, references within this paragraph (e) to ten (10) Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between Trading Day next succeeding the Effective Date of
such tender offer or exchange offer and the exchange date in determining the Applicable Exchange Rate. If Host REIT or one of its Subsidiaries is obligated to purchase Host REIT Common Stock pursuant to any such tender offer or exchange offer but is
permanently prevented by applicable law from effecting any such purchase or all such purchases are rescinded, the new Exchange Rate shall be readjusted to be the Exchange Rate that would be in effect if such tender offer or exchange offer had not
been made. 
 (f) If Host REIT has in effect a stockholder’s rights plan while any Exchangeable Debentures remain outstanding, Holders
of Exchangeable Debentures will receive, upon an exchange of Exchangeable Debentures in respect of which the Company elects to deliver any Net Shares, in addition to such Net Shares, rights under Host REIT ‘s stockholder rights plan unless,
prior to exchange, the rights have expired, terminated or been redeemed or unless the rights have separated from the Host REIT Common Stock. If the rights provided for in the stockholder’s rights plan adopted by Host REIT have separated from
the Host REIT Common Stock in accordance with the provisions of the applicable stockholder rights agreement so that Holders of Exchangeable Debentures would not be entitled to receive any rights in respect of any Net Shares, if any, that the Company
elects to deliver upon an exchange of Exchangeable Debentures, the Exchange Rate will be adjusted at the time of separation as if Host REIT had distributed, to all holders of Host REIT Common Stock, capital stock, evidences of indebtedness or other
assets or property pursuant to paragraph (c) above, subject to readjustment upon the subsequent expiration, termination or redemption of the rights. 
 (g) Notwithstanding anything in this Section 6.05, in no event will the Exchange Rate exceed one hundred (100) shares of Host REIT Common Stock per $1,000 principle amount of Exchangeable Debentures (the
“Maximum Exchange Rate”), other than as a result of proportional adjustments to the Exchange Rate, pursuant to clauses (a), (b) and (c) above. 
 (h) In addition to the adjustments pursuant to paragraphs (a) through (e) above, the Company may increase the Exchange Rate in order to avoid or diminish any income tax to holders of Host REIT Common Stock
resulting from any dividend or distribution of capital stock (or rights to acquire Host REIT Common Stock) or from any event treated as such for income tax purposes. The Company may also, from time to time, to the extent permitted by applicable law,
increase the Exchange Rate by any amount for any period if the Company has determined that such increase would be in the best interests of the Company or Host REIT. If the Company makes such determination, it will be conclusive and the Company will
mail to 

  

 37 

 
Holders of the Exchangeable Debentures a notice of the increased Exchange Rate and the period during which it will be in effect at least fifteen
(15) days prior to the date the increased Exchange Rate takes effect in accordance with applicable law. 
 (i) The Company shall not
make any adjustment to the Exchange Rate if Holders of the Exchangeable Debentures participate in the dividend, distribution or transaction that would otherwise result in an adjustment to the Exchange Rate at the same time as holders of the Host
REIT Common Stock and as if such Holders of Exchangeable Debentures owned a number of shares of Host REIT Common Stock equal to a fraction the numerator of which is the product of the Exchange Rate in effect on the Ex-Dividend Date or effective date
for the relevant dividend, distribution or transaction, and the aggregate principal amount of Exchangeable Debentures held by such Holder and the denominator of which is one thousand ($1,000). 
 (j) In addition to the other events set forth herein on account of which no adjustment to the Exchange Rate shall be made, the Applicable Exchange Rate
shall not be adjusted for: 
 (i) the issuance of any Host REIT Common Stock pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on securities of the Company or those of Host REIT and the investment of additional optional amounts in the Host REIT Common Stock under any plan; 
 (ii) the issuance of any Host REIT Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director,
trustee or consultant benefit plan, employee agreement or arrangement or program of the Company or Host REIT; 
 (iii) the issuance of any
Host REIT Common Stock pursuant to any option, warrant, right, or exercisable, exchangeable or exchangeable security outstanding as of the date the Exchangeable Debentures were first issued; 
 (iv) a change in the par value of the Host REIT Common Stock; 
 (v) accumulated and unpaid dividends or distributions; 
 (vi) as a result of a tender offer solely to
holders of fewer than one hundred (100) shares of Host REIT Common Stock; and 
 (vii) the issuance of OP Units by the Company and the
issuance of Host REIT Common Stock or the payment of cash upon redemption thereof. 
 (k) No adjustment in the Exchange Rate will be required
unless the 

  

 38 

 
adjustment would require an increase or decrease of at least 1% of the Exchange Rate. If the adjustment is not made because the adjustment does not change
the Exchange Rate by at least 1%, then the adjustment that is not made will be carried forward and taken into account in any future adjustment. All required calculations will be made to the nearest cent or 1/1000th of a share, as the case may be.
Notwithstanding the foregoing, the Company will make any unmade adjustments, regardless of whether the aggregate adjustment is less than 1%, (i) on the date that the Exchangeable Debentures are called for redemption and (ii) on each date
thereafter and at maturity of the Exchangeable Debentures. 
 (l) Whenever the Exchange Rate is adjusted as herein provided, Host REIT or the
Company shall as promptly as reasonably practicable file with the Trustee and any Exchange Agent other than the Trustee an Officers’ Certificate setting forth the Exchange Rate after such adjustment and setting forth a brief statement of the
facts requiring such adjustment. Promptly after delivery of such certificate, Host REIT or the Company shall prepare a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and the date on which each adjustment
becomes effective and shall mail such notice of such adjustment of the Exchange Rate to the Holders of the Exchangeable Debentures within twenty (20) Business Days of the Effective Date of such adjustment. Failure to deliver such notice shall
not affect the legality or validity of any such adjustment. 
 (m) For purposes of this Section 6.05, the number of shares of Host REIT
Common Stock at any time outstanding shall not include shares held in the treasury of Host REIT but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Host REIT Common Stock. 
 (n) If any of the following events occur, namely (i) any reclassification or change of the outstanding Host REIT Common Stock (other than a
subdivision or combination to which Section 6.05(a) applies), (ii) any consolidation, merger or combination of Host REIT with another Person, or a binding share exchange in respect of all of the outstanding Host REIT Common Stock as a
result of which holders of Host REIT Common Stock shall be entitled to receive stock, other securities or other property or assets (including cash) with respect to or in exchange for such the Host REIT Common Stock or (iii) any sale or
conveyance of all or substantially all of the properties and assets of Host REIT to any other Person as a result of which holders of Host REIT Common Stock shall be entitled to receive stock, other securities or other property or assets (including
cash) with respect to or in exchange for such the Host REIT Common Stock, then Host REIT or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply with the Trust Indenture
Act as in force at the date of execution of such supplemental indenture). Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 6.05.
Host REIT shall cause notice of the execution of such supplemental indenture to be mailed to each Holder of Debentures within twenty (20) Business Days after execution thereof. Failure to deliver such notice shall not affect 

  

 39 

 
the legality or validity of such supplemental indenture. The provisions of this paragraph shall similarly apply to successive reclassifications, changes,
consolidations, mergers, combinations, sales and conveyances. If the provisions of this paragraph apply to any event or occurrence, then the provisions of Sections 6.05(a) through (n) shall not apply. 
 Section 6.06 Taxes on Shares Issued. The issue of stock certificates if any, on exchange of Exchangeable Debentures shall be made without
charge to the exchanging Holder for any documentary, stamp or similar issue or transfer tax in respect of the issue thereof. The Company shall not, however, be required to pay any such tax which may be payable in respect of any transfer involved in
the issue and delivery of stock in any name other than that of the holder of any Exchangeable Debenture exchanged, and the Company shall not be required to issue or deliver any such stock certificate unless and until the Person or Persons requesting
the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
 Section 6.07 [Intentionally Left Blank] 
 Section 6.08 Responsibility of Trustee. The
Trustee and any other Exchange Agent shall not at any time be under any duty or responsibility to any holder of Exchangeable Debentures to determine the Exchange Rate or whether any facts exist which may require any adjustment of the Exchange Rate,
or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other
Exchange Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Host REIT Common Stock, or of any capital stock, other securities or other assets or property, which may at any time be issued or
delivered upon the exchange of any Exchangeable Debenture; and the Trustee and any other Exchange Agent make no representations with respect thereto. Neither the Trustee nor any Exchange Agent shall be responsible for any failure of the Company to
issue, transfer or deliver any shares of Host REIT Common Stock or stock certificates or other securities or property or cash upon the surrender of any Exchangeable Debenture for the purpose of exchange or to comply with any of the duties,
responsibilities or covenants of the Company contained in this Article 6. Without limiting the generality of the foregoing, neither the Trustee nor any Exchange Agent shall be under any responsibility to determine the correctness of any provisions
contained in any supplemental indenture entered into pursuant to Section 6.05 relating either to the kind or amount of shares of capital stock or other securities or other assets or property (including cash) receivable by Holders upon the
exchange of their Exchangeable Debentures after any event referred to in such Section 6.05 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.1 of the Indenture, may accept as conclusive
evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such 

  

 40 

 
supplemental indenture) with respect thereto. The Trustee shall not at any time be under any duty or responsibility to any holder of Exchangeable Debentures
to determine the accuracy of the method employed in calculating the Trading Price or whether any facts exist which may require any adjustment of the Trading Price. 
 Section 6.09 Notice to Holders Prior to Certain Actions. In case: 
 (a) Host REIT shall declare a
dividend (or any other distribution) on the Host REIT Common Stock that would require an adjustment in the Exchange Rate pursuant to Section 6.05; or 
 (b) Host REIT shall authorize the granting to the holders of all or substantially all of the Host REIT Common Stock of rights or warrants to subscribe for or purchase any share of any class or any other rights or
warrants; or 
 (c) of any reclassification or reorganization of the Host REIT Common Stock (other than a subdivision or combination of its
outstanding Host REIT Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation, combination, merger or share exchange to which the Company or Host REIT is a party and for
which approval of any stockholders of Host REIT is required, or of the sale or transfer of all or substantially all of the assets of Host REIT; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding up of Host REIT; 
 the Company shall cause to be filed with the Trustee and
to be mailed to each holder of Exchangeable Debentures at its address appearing on the Exchangeable Debenture Register provided for in Section 2.4 of the Indenture, as promptly as possible but in any event at least ten (10) calendar days
prior to the applicable date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or rights or warrants, or, if a record is not to be taken, the date as of which
the holders of Host REIT Common Stock of record to be entitled to such dividend, distribution or rights are to be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding up is expected to become effective or occur, and the date as of which it is expected that holders of Host REIT Common Stock of record shall be entitled to exchange their Host REIT Common Stock for securities or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend, distribution,
reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. 
 Section 6.10 Settlement upon
Exchange. (a) Upon exchange of any Exchangeable 

  

 41 

 
Debentures, subject to Sections 6.01, 6.02 and this Section 6.10, the Company shall satisfy its obligation upon exchange (the “Exchange
Obligation”) by payment and delivery of cash and, if applicable as provided herein, shares of Host REIT Common Stock for each $1,000 aggregate principal amount of Exchangeable Debentures tendered for exchange in accordance with their terms.

 (b) Upon exchange of Exchangeable Debentures, the Company will deliver, in respect of each $1,000 principal amount of Exchangeable
Debentures tendered for exchange in accordance with their terms: 
 (i) cash in an amount (the “Principal Return”) equal to the
lesser of (A) the aggregate principal amount of the Exchangeable Debentures to be exchanged and (B) the aggregate Exchange Value of the Exchangeable Debentures to be exchanged; 
 (ii) if the Exchange Value is greater than the Principal Return, an amount (the “Net Amount”), at the election of the Company, in cash (the
“Net Cash Amount”), shares of Host REIT Common Stock (the “Net Shares”) determined pursuant to Section 6.10(c), or a combination of cash and shares of Host REIT Common Stock with an aggregate value equal to the difference
between the Exchange Value and the Principal Return; and 
 (iii) an amount in cash in lieu of any fractional shares of Host REIT Common
Stock deliverable in connection with payment of the Net Shares based upon the Average Price. 
 (c) The Net Shares to be delivered pursuant
to Section 6.10(b) will be equal to the sum of the Daily Share Amounts for each Trading Day during the Applicable Exchange Period as to which the Company has elected to deliver shares. 
 (d) The Exchange Value, Principal Return, Net Amount, Net Cash Amount and the number of Net Shares, as applicable, will be determined by the Issuer
promptly after the end of the Applicable Exchange Period (the “Determination Date”). 
 (e) Payment of the Principal Return
and cash in lieu of fractional shares, and delivery of the Net Shares or payment of the Net Cash Amount, as applicable, shall be made by the Company as promptly as practicable following the Determination Date, but in no event later than five
Business Days thereafter (the “Exchange Settlement Date”) to the Holder of an Exchangeable Debenture surrendered for exchange, or such Holder’s nominee or nominees, and issue, or cause to be issued, and deliver to the Exchange
Agent or to such Holder, or such Holder’s nominees, certificates or a book-entry transfer through the Depositary for the number of full shares of Host REIT Common Stock equal to the Net Shares, if any, to which such Holder shall be entitled as
part of such Exchange Obligation. 
  

 42 

 Section 6.11 Exchange Rate Adjustment After Certain Change in Control Transactions.

 (a) Subject to the provisions hereof, if a Holder elects to exchange its Exchangeable Debentures following the occurrence of the Effective
Date of a Change in Control described in clause (i) or (ii) of the definition of Change in Control that occurs prior to April 15, 2012, the Company will increase the Applicable Exchange Rate for the Debentures so surrendered for
exchange by a number of additional shares of Host REIT Common Stock (the “Additional Change in Control Shares”) as specified below; provided that the Additional Change in Control Shares will only be payable as set forth below. An
exchange of Exchangeable Debentures will be deemed for these purposes to be “in connection with” such a Change in Control if the Exchange Notice is received by the Exchange Agent on or after the date that is fifteen (15) Business Days
prior to the anticipated Effective Date of the Change in Control or on or prior to the related Repurchase Date corresponding to such event or, if there is no such Designated Event Repurchase Date, the fifth Business Day following the Effective Date
of the Change in Control. 
 (b) The number of Additional Change in Control Shares will be determined by reference to the table in paragraph
(e) below and is based on the date on which the relevant Change in Control transaction becomes effective (the “Effective Date”) and the price (the “Stock Price”) paid per share of Host REIT Common Stock in such transaction.
If the holders of Host REIT Common Stock receive only cash in the relevant Change in Control transaction, the Stock Price will equal the cash amount paid per share of Host REIT Common Stock. In all other cases, the Stock Price will equal the average
of the Closing Sale Prices of the Host REIT Common Stock on the ten (10) consecutive Trading Days up to but excluding the Effective Date. 
 (c) The Stock Prices set forth in the first row of the table below shall be adjusted as of any date on which the Exchange Rate of the Exchangeable Debentures is adjusted pursuant to Section 6.05. The adjusted Stock Prices will equal
the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the Exchange Rate immediately prior to the adjustment giving rise to the Stock Price adjustment and (ii) the
denominator of which is the Exchange Rate as so adjusted. 
 (d) The number of Additional Change in Control Shares will be adjusted in the
same manner and for the same events as the Exchange Rate is adjusted pursuant to Section 6.05. 
  

 43 

 (e) The following table sets forth the Stock Price and number of Additional Change in Control Shares
issuable per $1,000 principal amount of Exchangeable Debentures: 
  

																					
	 	  	Stock Price
	 Effective date
	  	$26.88	  	$27.00	  	$28.00	  	$29.00	  	$30.00	  	$35.00	  	$40.00	  	$45.00	  	$50.00	  	$75.00
	 March 23, 2007
	  	5.64	  	5.55	  	4.84	  	4.20	  	3.64	  	1.65	  	0.58	  	0.06	  	0.00	  	0.00
	 April 15, 2008
	  	5.97	  	5.87	  	5.12	  	4.45	  	3.86	  	1.79	  	0.71	  	0.20	  	0.03	  	0.00
	 April 15, 2009
	  	6.05	  	5.95	  	5.15	  	4.45	  	3.83	  	1.71	  	0.64	  	0.16	  	0.02	  	0.00
	 April 15, 2010
	  	6.06	  	5.95	  	5.09	  	4.34	  	3.68	  	1.49	  	0.49	  	0.09	  	0.01	  	0.00
	 April 15, 2011
	  	5.98	  	5.86	  	4.88	  	4.04	  	3.31	  	1.07	  	0.25	  	0.03	  	0.00	  	0.00
	 April 20, 2012
	  	6.20	  	6.04	  	4.71	  	3.48	  	2.33	  	0.00	  	0.00	  	0.00	  	0.00	  	0.00

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

 (i) if the Stock Price is between two Stock Prices in the table or the Effective Date is between two Effective Dates in the table, the
number of Additional Change in Control Shares will be determined by a straight-line interpolation between the number of Additional Change in Control Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as
applicable, based on a 365-day year; 
 (ii) if the Stock Price is in excess of $75.00 per share of Host REIT Common Stock (the “Make
Whole Cap”) no Additional Change in Control Shares will be issued upon exchange; and 
 (iii) if the Stock Price is less than $26.88
per share of Host REIT Common Stock (the “Make Whole Floor”) no Additional Change in Control Shares will be issued upon exchange. 
 Notwithstanding the foregoing, in no event will the total number of shares of Host REIT Common Stock issuable upon exchange exceed 37.2024 per $1,000 principal amount of Exchangeable Debentures, subject to adjustment in the same manner
as the Exchange Rate as set forth in Section 6.05. 
 The Make Whole Cap and Make Whole Floor shall be adjusted as of any date on which the Exchange
Rate of the Exchangeable Debentures is adjusted pursuant to Section 6.05. The adjusted Make Whole Cap or Make Whole Floor, as the case may be, shall equal the Make Whole Cap or Make Whole Floor, as the case may be, applicable immediately prior
to such adjustment, multiplied by a fraction, (i) the numerator of which is the Exchange Rate immediately prior to the adjustment giving rise to the adjustment and (ii) the denominator of which is the Exchange Rate as so adjusted.

 Section 6.12 Ownership Limit. (a) Notwithstanding any other provision of the Exchangeable Debentures, no Holders of
Exchangeable Debentures shall be entitled to receive 

  

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

  

 45 

 
designated transferee or transferees, one or more new Exchangeable Debentures of any authorized denominations and of a like aggregate principal amount and
bearing such restrictive legends as may be required by this Twenty-Third Supplemental Indenture. 
 Exchangeable Debentures may be exchanged for other
Exchangeable Debentures of any authorized denominations and of a like aggregate principal amount, upon surrender of the Exchangeable Debentures to be exchanged at any such office or agency maintained by the Company. Whenever any Exchangeable
Debentures are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Exchangeable Debentures which the Holder making the exchange is entitled to receive bearing registration numbers not
contemporaneously outstanding. 
 All Exchangeable Debentures issued upon any registration of transfer or exchange of Exchangeable Debentures shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Twenty-Third Supplemental Indenture, as the Exchangeable Debentures surrendered upon such registration of transfer or exchange. 
 All Exchangeable Debentures presented or surrendered for registration of transfer or for exchange, redemption, or repurchase shall (if so required by the Company or the
Exchangeable Debenture Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company, and the Exchangeable Debentures shall be duly executed by the Holder thereof or its
attorney duly authorized in writing. 
 No service charge shall be made to any Holder for any registration of, transfer or exchange of Exchangeable
Debentures, but the Company may require payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Exchangeable Debentures.

 In the event of any redemption in part, the Company shall not be required to: (i) issue or register the transfer or exchange of any Exchangeable
Debenture during a period beginning at the opening of business 15 days before any selection of Exchangeable Debentures for redemption and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to
have been given to all Holders of Exchangeable Debentures to be so redeemed, or (ii) register the transfer or exchange of any Exchangeable Debenture so selected for redemption, in whole or in part, except the unredeemed portion of any
Exchangeable Debenture being redeemed in part. 
 (b) The following provisions shall apply only to Global Debentures: 
 (i) Each Global Debenture authenticated under this Indenture shall be registered in the name of the Depositary or a nominee thereof and delivered to such
Depositary or a nominee thereof or Custodian therefor, and each such Global Debenture shall constitute a single Exchangeable Debenture for all purposes of this Indenture. 
  

 46 

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

 47 

 (v) Neither any members of, or participants in, the Depositary (“Agent Members”) nor any other
Persons on whose behalf Agent Members may act shall have any rights under this Twenty-Third Supplemental Indenture with respect to any Global Debenture registered in the name of the Depositary or any nominee thereof, and the Depositary or such
nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Debenture for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between
the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a Holder of any Exchangeable Debenture. 
 (vi) At such time as all interests in a Global Debenture have been redeemed, repurchased, exchanged, or canceled for Exchangeable Debentures in
certificated form, such Global Debenture shall, upon receipt thereof, be canceled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and the Custodian. At any time prior to such cancellation, if
any interest in a Global Debenture is redeemed, repurchased, exchanged, or canceled for Exchangeable Debentures in certificated form, the principal amount of such Global Debenture shall, in accordance with the standing procedures and instructions
existing between the Depositary and the Custodian, be appropriately reduced, and an endorsement shall be made on such Global Debenture, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction. 
 (c) Every Exchangeable Debenture (and all securities issued in exchange therefor or in substitution thereof) that bears or is required under this
Section 7.01(c) to bear the legend set forth in this Section 7.01(c) (the “Restricted Debentures Legend”), and any Host REIT Common Stock that bears or is required under this Section 7.01(c) to bear the Host REIT Common
Stock legend set forth in this Section 7.01(c) (the “Common Stock Legend”) (collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c) (including those
set forth in the legends below) unless such restrictions on transfer shall be waived by written consent of the Company, and the Holder of each such Restricted Security, by such Exchangeable Debenture Holder’s acceptance thereof, agrees to be
bound by all such restrictions on transfer. As used in this Section 7.01(c), the term “transfer” means any sale, pledge, loan, transfer or other disposition whatsoever of any Restricted Security or any interest therein. 
  

 48 

 Until the Maturity Date for the Debentures any certificate evidencing a Restricted Security shall bear a legend in
substantially the following form, or unless otherwise agreed by the Issuer in writing, with written notice thereof to the Trustee: 
 “THIS DEBENTURE (OR
ITS PREDECESSOR) AND ANY COMMON STOCK ISSUABLE UPON THE EXCHANGE OF THIS DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS
THAT (A) IT IS NOT AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE OPERATING PARTNERSHIP OR THE GUARANTORS, AND (B) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
(A “QIB”) AND IS PURCHASING THIS DEBENTURE FOR ITS OWN ACCOUNT OR AN ACCOUNT OF ANOTHER QIB OVER WHICH IT EXERCISES SOLE INVESTMENT DISCRETION; 
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS DEBENTURE EXCEPT (A) TO THE OPERATING PARTNERSHIP OR ANY GUARANTOR WHOLLY OWNED BY THE OPERATING PARTNERSHIP OR ANY OF THEIR RESPECTIVE WHOLLY OWNED
SUBSIDIARIES, (B) TO A PERSON WHO IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A OR (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN
ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
 (3) AGREES THAT
IT WILL DELIVER TO EACH PERSON TO WHOM THIS DEBENTURE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE AS TO THE ABOVE RESTRICTIONS. 
 THE HOST REIT COMMON
STOCK ISSUABLE UPON EXCHANGE OF THE DEBENTURES IS SUBJECT TO CERTAIN RESTRICTIONS ON OWNERSHIP AND TRANSFER. HOST HOTELS & RESORTS, L.P. WILL FURNISH A FULL STATEMENT ABOUT THE RESTRICTIONS ON TRANSFERABILITY AND OWNERSHIP OF THE HOST REIT
COMMON STOCK TO ANY HOLDER ON REQUEST AND WITHOUT CHARGE. SUCH REQUEST MAY BE MADE TO THE HOST REIT CORPORATE SECRETARY AT HOST REIT’S PRINCIPLE OFFICE. 
 THIS DEBENTURE, ANY SHARES OF COMMON STOCK ISSUABLE UPON ITS EXCHANGE AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON 

  

 49 

 
RESALES AND OTHER TRANSFERS OF THE DEBENTURE AND ANY SUCH SHARES TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN
PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS DEBENTURE AND SUCH SHARES SHALL BE DEEMED BY THE ACCEPTANCE OF THIS DEBENTURE AND ANY SUCH SHARES TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.

 PURSUANT TO SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS DEBENTURE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT. TO
OBTAIN (I) THE ISSUE PRICE OF THIS DEBENTURE (II) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, (III) THE ISSUE DATE, OR (IV) THE YIELD TO MATURITY; CONTACT INVESTOR RELATIONS AT 6903 ROCKLEDGE DRIVE, SUITE 1500, BETHESDA, MARYLAND 20817, OR BY PHONE
AT (240) 744-1000.” 
 Until the expiration of the holding period applicable to sales thereof under Rule 144(k) under the Securities Act (or any
successor provision), any certificate evidencing any stock certificate representing shares of Host REIT Common Stock issued upon exchange of any Exchangeable Debenture, shall bear a Common Stock Legend unless such Host REIT Common Stock has been
sold pursuant to a registration statement that has been declared effective under the Securities Act (and which continues to be effective at the time of such transfer) or pursuant to Rule 144 under the Securities Act or any similar provision then in
force, or unless otherwise agreed by the Company in writing, with written notice thereof to the Trustee: 
 “THIS COMMON STOCK CERTIFICATE HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS THAT (A) IT IS NOT AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE
OPERATING PARTNERSHIP OR THE GUARANTORS, AND (B) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) AND IS PURCHASING THIS COMMON STOCK FOR ITS OWN ACCOUNT OR AN ACCOUNT OF
ANOTHER QIB OVER WHICH IT EXERCISES SOLE INVESTMENT DISCRETION; 
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS COMMON STOCK
CERTIFICATE EXCEPT (A) TO A PERSON WHO IS A QIB 

  

 50 

 
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (B) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, OR (D) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE
501 OF REGULATION D UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS COMMON STOCK CERTIFICATE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE AS TO THE ABOVE
RESTRICTIONS. 
 THIS COMMON STOCK CERTIFICATE AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON
RESALES AND OTHER TRANSFERS OF THIS COMMON STOCK CERTIFICATE TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF
THIS COMMON STOCK CERTIFICATE SHALL BE DEEMED BY THE ACCEPTANCE OF THIS COMMON STOCK CERTIFICATE TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.” 
 Any such shares of Host REIT Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms or as to which the conditions for removal of the Common Stock Legend set forth therein have been satisfied
may, upon surrender of the certificates representing such shares of Host REIT Common Stock for exchange in accordance with the procedures of the transfer agent for the Host REIT Common Stock, be exchanged for a new certificate or certificates for a
like number of shares of Host REIT Common Stock, which shall not bear the Common Stock Legend required by this Section 7.01(c). 
 (d)
By its acceptance of any Exchangeable Debenture bearing the Restricted Debentures Legend, each Holder of such Exchangeable Debenture acknowledges the restrictions on transfer of such Exchangeable Debenture set forth in this Twenty-Third Supplemental
Indenture and in the Restricted Debentures Legend and agrees that it will transfer such Exchangeable Debenture only as provided in this Twenty-Third Supplemental Indenture and as permitted by applicable law. 
  

 51 

 (e) Any Restricted Securities purchased or owned by the Company or any Affiliate thereof may not be
resold by the Company or such Affiliate unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction which results in such Exchangeable Debentures or Host
REIT Common Stock, as the case may be, no longer being “restricted securities” (as defined under Rule 144). 
 (f) Global
Debenture Legend. To the extent required by the Depository, each Global Debenture shall bear a legend in substantially the following form: 
 “THIS
GLOBAL SECURITY IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS GLOBAL SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 7.01 OF THE TWENTY-THIRD SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 7.01(a) OF THE
TWENTY-THIRD SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR
WRITTEN CONSENT OF THE COMPANY.” 
 (g) The Trustee shall have no responsibility or obligation to any Agent Members or any other Person
with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Exchangeable Debentures or with respect to the
delivery to any Agent Member or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Exchangeable Debentures. All notices and communications to be
given to the Holders and all payments to be made to Holders under the Exchangeable Debentures shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global
Debenture). The rights of beneficial owners in any Global Debenture shall be exercised only through the Depositary subject to the customary procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its Agent Members. 
 The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Twenty-Third Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Exchangeable Debenture 

  

 52 

 
(including any transfers between or among Agent Members in any Global Indenture) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Twenty-Third Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof. 
 (h) Cancellation and/or Adjustment of Global Debentures. At such time as all beneficial interests in a particular Global
Debenture have been exchanged for Certificated Exchangeable Debentures or a particular Global Debenture has been redeemed, repurchased or cancelled in whole and not in part, each such Global Debenture shall be returned to or retained and cancelled
by the Trustee in accordance with Section 2.12 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Debenture is exchanged for or transferred to a Person who will take delivery thereof in the form of
a beneficial interest in another Global Debenture or for Certificated Exchangeable Debentures, the principal amount of Exchangeable Debentures represented by such Global Debenture shall be reduced accordingly and an endorsement shall be made on such
Global Debenture by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Debenture, such other Global Debenture shall be increased accordingly and an endorsement shall be made on such Global Debenture by the Trustee or by the Depository at the direction of the Trustee to reflect such
increase. 
 ARTICLE 8 
 Section 8.01 Events of Default. (a) For purposes of the Exchangeable Debentures, Section 6.1(c) of the Indenture shall be amended to read: 
 “(c) the failure by the Company or any Subsidiary Guarantors to observe or perform any other covenant or agreement contained in the Exchangeable Debentures or the Indenture with respect to the Exchangeable
Debentures and the continuance of such failure for a period of 60 days after written notice is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding
Exchangeable Debentures;”. 
 (b) For purposes of the Exchangeable Debentures, Section 6.1(d) of the Indenture shall be amended to
read: 
 “(d) a default in (I) Secured Indebtedness of the Company or any of its Restricted Subsidiaries with an aggregate principal
amount in excess of 5% of Total Assets, or (II) other Indebtedness of the Company or any of its Restricted Subsidiaries with an aggregate principal amount in excess of $100 million, in either case, (a) resulting from 

  

 53 

 
the failure to pay principal or interest, when due (after giving effect to any applicable extensions or grace or cure periods) or (b) as a result of
which the maturity of such Indebtedness has been accelerated prior to its final Stated Maturity;”. 
 (c) For purposes of the
Exchangeable Debentures, Section 6.1 of the Indenture is hereby supplemented by adding the following: 
 “(i) the failure by the
Company to deliver cash, Host REIT Common Stock, or a combination of cash and Host REIT Common Stock within fifteen (15) days after the due date upon an exchange of Exchangeable Debentures, together with any cash due in lieu of fractional
shares; 
 “(j) the failure by the Company to comply in all material respects with its notice obligations set forth in Sections 5.01,
5.03 and 6.01(a)(iv).” 
 (d) The Event of Default set forth in Section 6.1(e) of the Indenture shall not be applicable to the
Exchangeable Debentures. 
 ARTICLE 9 
 Section 9.01 Amendments and Supplements. (a) For purposes of the Exchangeable Debentures, Section 9.1 of the Indenture is hereby amended by replacing subsection (a) with the following: 
 “(a) to cure any ambiguity, omission, defect or inconsistency, or correct or supplement any provision in the Indenture which may be defective or
inconsistent with any other provision; provided that such modification will not adversely affect the interests of the holders of the Debentures.” 
 (b) For purposes of the Exchangeable Debentures, Section 9.1 of the Indenture is hereby supplemented by: 
 (i) adding the following: 
 “(k) to increase the Exchange Rate or reduce the Exchange Price;
provided that the increase or reduction, as the case may be, is in accordance with the Twenty-Third Supplemental Indenture and the Indenture or will not adversely affect the interest of the Holders of the Exchangeable Debentures; 

(l) to add events of default with respect to the Exchangeable Debentures; and 
 (m) to add circumstances under which the Company shall pay Liquidated Damages on the Exchangeable Debentures. 
  

 54 

 (n) to provide for the assumption of our obligations under the Indenture by a successor upon any merger,
consolidation or asset transfer permitted under the indenture; 
 (o) to add covenants that would benefit the holders of Debentures or to
surrender any rights we have under the Indenture; 
 (p) to conform the text of the Twenty-Third Supplemental Indenture or the Exchangeable
Debentures to any provision of the Description of Debentures set forth in the Offering Circular to the extent that such provision in the Description of Debentures was intended to be a verbatim recitation of a provision of the Twenty-Third
Supplemental Indenture or the Exchangeable Debentures.” 
 (ii) replacing subsection (c) with the following:

 “(c) to provide for uncertificated Exchangeable Debentures in addition to or in place of certificated Exchangeable Debentures or to
provide for bearer Exchangeable Debentures;” 
 (c) For purposes of the Exchangeable Debentures, Section 9.3 of the Indenture is
hereby supplemented by: 
 (i) adding the following: 
 “(j) alter the provisions relating to the Holders’ rights upon a Change in Control in a manner adverse to the Holders of the Exchangeable
Debentures, including the Company’s obligations to repurchase the Exchangeable Debentures upon a Change in Control; 
 (k) reduce the
redemption price or Repurchase Price of the Exchangeable Debentures or change the time at which the Exchangeable Debentures may or must be redeemed or repurchased; 
 (l) make payments on the Exchangeable Debentures in currency other than as originally stated in the Exchangeable Debentures; and 
 (m) adversely affect the Holders’ rights contained in Articles 5 and 6 of the Twenty-Third Supplemental Indenture.” 
 (ii) replacing subsection (a) through (c) with the following: 
 “(a) reduce the rate of accrual of interest or change the time for payment of interest on the Exchangeable Debentures; 
  

 55 

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

  

 56 

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

 57 

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

			
	 COMPANY

	
	HOST HOTELS & RESORTS, L.P., a Delaware limited partnership
	 BY:
	 	HOST HOTELS & RESORTS, INC., its general partner
		
	By:	 	 /s/ Larry K. Harvey

	Name:	 	Larry K. Harvey
	Title:	 	 Senior Vice President and Chief Accounting Officer

	
	 HOST REIT

	
	 HOST HOTELS & RESORTS, INC.

		
	By:	 	 /s/ Larry K. Harvey

	Name:	 	Larry K. Harvey
	Title:	 	 Senior Vice President and Chief Accounting Officer

  

			
	SUBSIDIARY GUARANTORS
	
	 AIRPORT HOTELS LLC,

	 HOST OF BOSTON, LTD.,

		 	 BY: AIRPORT HOTELS LLC,

	 HOST OF HOUSTON, LTD.,

		 	 BY: AIRPORT HOTELS LLC

	 HOST OF HOUSTON 1979,

		 	 BY: AIRPORT HOTELS LLC

		 	 BY: HOST OF HOUSTON, LTD.

		 	 BY: AIRPORT HOTELS LLC

	 HMC RETIREMENT PROPERTIES, L.P.,

		 	 BY: DURBIN LLC

	 HMH MARINA LLC,

	 HMC ATLANTA LLC,

			
	 HMC BCR HOLDINGS LLC,

	 HMC BURLINGAME LLC,

	 HMC CAPITAL LLC,

	 HMC CAPITAL RESOURCES LLC,

	 HMC PARK RIDGE LLC,

	 HOST PARK RIDGE LLC,

	 HMC SUITES LLC,

	 HMC SUITES LIMITED PARTNERSHIP,

		 	 BY: HMC SUITES LLC,

	 PRM LLC,

	 WELLSFORD-PARK RIDGE HMC HOTEL LIMITED PARTNERSHIP,

		 	 BY: HOST PARK RIDGE LLC,

	 YBG ASSOCIATES LLC,

	 HMC CHICAGO LLC,

	 HMC DESERT LLC,

	 HMC DIVERSIFIED LLC,

	 HMC EAST SIDE LLC,

	 EAST SIDE HOTEL ASSOCIATES, L.P.

		 	 BY: HMC EAST SIDE LLC

	 HMC EAST SIDE II LLC,

	 HMC GATEWAY LLC,

	 HMC GRAND LLC,

	 HMC HANOVER LLC,

	 HMC HARTFORD LLC,

	 HMC HOTEL DEVELOPMENT LLC,

	 HMC HPP LLC,

	 HMC IHP HOLDINGS LLC,

	 HMC MANHATTAN BEACH LLC,

	 HMC MARKET STREET LLC,

	 NEW MARKET STREET LP,

		 	 BY: HMC MARKET STREET LLC

	 HMC GEORGIA LLC,

	 HMC MEXPARK LLC,

	 HMC POLANCO LLC,

	 HMC NGL LLC,

	 HMC OLS I L.P.,

		 	 BY: HMC OLS I LLC

	 HMC OP BN LLC,

	 HMC PACIFIC GATEWAY LLC,

	 HMC PLP LLC,

	 CHESAPEAKE HOTEL LIMITED PARTNERSHIP,

		 	 BY: HMC PLP LLC

			
	 HMC POTOMAC LLC,

	 HMC PROPERTIES I LLC,

	 HMC PROPERTIES II LLC,

	 HMC SBM TWO LLC,

	 HMC SEATTLE LLC,

	 HMC SFO LLC,

	 HMC SWISS HOLDINGS LLC,

	 HMH GENERAL PARTNER HOLDINGS LLC,

	 HMH PENTAGON LLC,

	 HMH RESTAURANTS LLC,

	 HMH RIVERS LLC,

	 HMH RIVERS, L.P.,

		 	 BY: HMH RIVERS LLC

	 HMH WTC LLC,

	 HOST LA JOLLA LLC,

	 CITY CENTER HOTEL LIMITED PARTNERSHIP,

		 	 BY: HOST LA JOLLA LLC

	 TIMES SQUARE LLC,

	 IVY STREET LLC,

	 MARKET STREET HOST LLC,

	 PHILADELPHIA AIRPORT HOTEL LLC,

	 PM FINANCIAL LLC,

	 PM FINANCIAL LP,

		 	 BY: PM FINANCIAL LLC

	 HMC PROPERTY LEASING LLC,

	 HMC HOST RESTAURANTS LLC,

	 SANTA CLARA HMC LLC,

	 S.D. HOTELS LLC,

	 TIMES SQUARE GP LLC,

	 DURBIN LLC,

	 HMC HT LLC,

	 HMC JWDC LLC,

	 HMC OLS I LLC,

	 HMC OLS II L.P.,

		 	 BY: HMC OLS I LLC

	 HMC/INTERSTATE MANHATTAN BEACH, L.P.,

		 	 BY: HMC MANHATTAN BEACH LLC

	 AMELIATEL,

		 	 BY: HMC AMELIA I LLC,

		 	 BY: HMC AMELIA II LLC,

	 HMC AMELIA I LLC,

	 HMC AMELIA II LLC,

	 ROCKLEDGE HOTEL LLC,

			
	 FERNWOOD HOTEL LLC,

	 HMC COPLEY LLC,

	 HMC HEADHOUSE FUNDING LLC,

	 IVY STREET HOPEWELL LLC,

	 HMC DIVERSIFIED AMERICAN HOTELS, L.P.,

		 	 BY: HMC DIVERSIFIED LLC,

	 POTOMAC HOTEL LIMITED PARTNERSHIP,

		 	 BY: HMC POTOMAC LLC

	 HMC AP GP LLC,

	 HMC AP LP,

		 	 BY: HMC AP GP LLC

	 HMC AP CANADA COMPANY,

	 HMC TORONTO AIRPORT GP LLC,

	 HMC TORONTO AIRPORT LP,

		 	 BY: HMC TORONTO AIRPORT GP LLC

	 HMC TORONTO EC GP LLC,

	 HMC TORONTO EC LP,

		 	 BY: HMC TORONTO EC GP LLC

	 HMC CHARLOTTE LLC,

	 HMC CHARLOTTE GP LP,

		 	 BY: HMC CHARLOTTE GP LLC

	 HMC CHARLOTTE (CALGARY) COMPANY,

	 CALGARY CHARLOTTE PARTNERSHIP,

		 	 BY: HMC CHARLOTTE (CALGARY) COMPANY

		 	 BY: HMC GRACE (CALGARY) COMPANY

	 CALGARY CHARLOTTE HOLDINGS COMPANY,

	 HMC GRACE (CALGARY) COMPANY,

	 HMC MAUI LLC,

	 HMC KEA LANI LLC,

	 HMC CHICAGO LAKEFRONT LLC,

	 HMC LENOX LLC,

	 HMC O’HARE SUITES GROUND LLC

	 HMC TORONTO AIR COMPANY

	 HMC TORONTO EC COMPANY

	 HOST REALTY PARTNERSHIP, L.P.

		 	 BY: HST I LLC

	 HOST HOUSTON BRIAR OAKS, L.P.

		 	 BY: HOST REALTY PARTNERSHIP, L.P.

		 	 BY: HST I LLC

	 CINCINNATI PLAZA LLC

	 HOST CINCINNATI HOTEL LLC

	 HOST CINCINNATI II LLC

	 HOST FINANCING LLC

			
	 HOST FOURTH AVENUE LLC

	 HOST INDIANAPOLIS I LLC

	 HOST LOS ANGELES LLC

	 HOST MISSION HILLS, LLC

	 HOST MISSION HILLS II LLC

	 HOST MISSION HILLS HOTEL LLC

	 HOST NEEDHAM HOTEL LLC

	 HOST NEEDHAM LLC

	 HOST NEEDHAM II LLC

	 HOST REALTY LLC

	 HOST REALTY COMPANY LLC

	 HOST REALTY HOTEL LLC

	 HOST TUCSON LLC

	 HOST WALTHAM LLC

	 HOST WALTHAM II LLC

	 HOST WALTHAM HOTEL LLC

	 HST LT LLC

	 HST I LLC

	 SOUTH COAST HOST HOTEL LLC

	 STARLEX LLC

		
	 By:
	 	 /s/ Larry K. Harvey

	 Name:
	 	Larry K. Harvey
	 Title:
	 	 Vice President of the Subsidiary Guarantors
 (or where
applicable, of the general partner
 of the Subsidiary Guarantors)

			
	TRUSTEE
	
	 THE BANK OF NEW YORK,
 as Trustee

		
	 By:
	 	 /s/ Cheryl L. Clarke

	 Name:
	 	Cheryl L. Clarke
	 Title:
	 	Vice President

 EXHIBIT A 
 [Face of Debenture] 
 THIS GLOBAL SECURITY IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS GLOBAL
SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION
7.01 OF THE TWENTY-THIRD SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 7.01(a) OF THE TWENTY-THIRD SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 
 THIS DEBENTURE (OR ITS PREDECESSOR) AND ANY COMMON STOCK ISSUABLE UPON THE EXCHANGE OF THIS DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS THAT (A) IT IS NOT AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE OPERATING PARTNERSHIP OR THE GUARANTORS, AND
(B) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) AND IS PURCHASING THIS DEBENTURE FOR ITS OWN ACCOUNT OR AN ACCOUNT OF ANOTHER QIB OVER WHICH IT EXERCISES SOLE
INVESTMENT DISCRETION; 
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS DEBENTURE EXCEPT (A) TO THE OPERATING PARTNERSHIP
OR ANY GUARANTOR WHOLLY OWNED BY THE OPERATING PARTNERSHIP OR ANY OF THEIR RESPECTIVE WHOLLY OWNED SUBSIDIARIES, (B) TO A PERSON WHO IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A OR (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS DEBENTURE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE AS TO THE ABOVE RESTRICTIONS.

 THE HOST REIT COMMON STOCK ISSUABLE UPON EXCHANGE OF THE DEBENTURES IS SUBJECT TO CERTAIN RESTRICTIONS ON OWNERSHIP AND TRANSFER. HOST HOTELS &
RESORTS, L.P. WILL FURNISH A FULL STATEMENT ABOUT THE RESTRICTIONS ON TRANSFERABILITY AND OWNERSHIP OF THE HOST REIT COMMON STOCK TO ANY HOLDER ON REQUEST AND WITHOUT CHARGE. SUCH REQUEST MAY BE MADE TO THE HOST REIT CORPORATE SECRETARY AT HOST
REIT’S PRINCIPLE OFFICE. 

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

 THIS DEBENTURE, ANY SHARES OF COMMON STOCK ISSUABLE UPON ITS EXCHANGE AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR
SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THE DEBENTURE AND ANY SUCH SHARES TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE
RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS DEBENTURE AND SUCH SHARES SHALL BE DEEMED BY THE ACCEPTANCE OF THIS DEBENTURE AND ANY SUCH SHARES TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT. 
 PURSUANT TO SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS DEBENTURE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT. TO OBTAIN
(I) THE ISSUE PRICE OF THIS DEBENTURE (II) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, (III) THE ISSUE DATE, OR (IV) THE YIELD TO MATURITY; CONTACT INVESTOR RELATIONS AT 6903 ROCKLEDGE DRIVE, SUITE 1500, BETHESDA, MARYLAND 20817, OR BY PHONE AT
(240) 744-1000. 
 HOST HOTELS & RESORTS, L.P. 
 2.625% EXCHANGEABLE SENIOR DEBENTURES DUE APRIL 15, 2027 
  

									
	No. 1	  		  		  		  	CUSIP: 44107T AE6
		  		  		  		  	$

 Host Hotels & Resorts, L.P., a Delaware limited partnership (hereinafter called the
“Company,” which term includes any successors under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
$                    , on April 15, 2027. The Security is one of the 2.625% Exchangeable Senior Debentures due 2027 referred to in such
Indenture. 
 Interest Payment Dates: January 15, April 15, July 15 and October 15. 
 Record Dates: December 31, March 31, June 30 and September 30. 
 Reference is made to the further provisions of this Debenture on the reverse side, which shall, for all purposes, have the same effect as if set forth at
this place. 

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

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

	Name:	 	
	Title:	 	

  

			
	Attest:	 	  

	Name:	 	
	Title:	 	

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

			
	THE BANK OF NEW YORK
		
	By	 	  

		 	Authorized Signatory

 Dated:
                         

 [Reverse of Debenture] 
 2.625% EXCHANGEABLE SENIOR DEBENTURES DUE APRIL 15, 2027 
  

	1.	Interest. 

 This Debenture shall bear interest at a rate of 2.625% per
year on the principal hereof, from March 23, 2007 or from the most recent Interest Payment Date (as defined below) to which payment has been made or duly provided for, payable quarterly in arrears on
January 15, April 15, July 15 and October 15 of each year, beginning July 15, 2007 (each an “Interest Payment Date”) to the persons in whose names the Debentures are registered at 5:00 p.m., New York City
time, on December 31, March 31, June 30 and September 30 (each a “Regular Record Date”) (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Each payment of
interest shall include interest accrued for the period (the “Interest Period”), commencing on and including the immediately preceding Interest Payment Date (or, if none, March 23, 2007) to, but excluding the applicable Interest
Payment Date. The amount of interest payable for any Interest Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any partial period shall be computed on the basis of a
360-day year of twelve 30-day months and the days elapsed in any partial month. 
 Holders of Debentures at 5:00 p.m., New York City time, on a Regular
Record Date will receive payment of interest, including Liquidated Damages, if any, payable on the corresponding Interest Payment Date notwithstanding the exchange of such Debentures at any time after 5:00 p.m., New York City time, on such Regular
Record Date. Debentures surrendered for exchange by a Holder during the period from 5:00 p.m., New York City time, on any Regular Record Date to 9:00 a.m., New York City time, on the immediately following Interest Payment Date must be accompanied by
payment of an amount equal to the interest, including Liquidated Damages, if any, that the Holder is to receive on the Debentures; provided, however, that no such payment need be made (1) if the Company has specified a redemption date
that is after a Regular Record Date and on or prior to the immediately following Interest Payment Date, (2) if the Company has specified a Designated Event Repurchase Date that is after such Regular Record Date and on or prior to such Interest
Payment Date or (3) with respect to overdue interest, if any overdue interest exists at the time of exchange with respect to such Debentures. 
 The
Company or Host REIT is permitted to deduct and withhold from payment of interest otherwise due to a Holder, from cash payable to a Holder on redemption or from shares of Host REIT common stock otherwise deliverable to a Holder upon exchange of a
Debenture, and from any other payment made with respect to a Debenture, any amounts that either the Company or Host REIT is required by applicable laws to withhold and pay over to the applicable governmental authority, and any amount so deducted,
withheld and paid over shall be deemed paid to such Holder. 
  

	2.	Method of Payment. 

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

	3.	Paying Agent, Exchange Agent and Registrar. 

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

	4.	Indenture. 

 The Company issued the Debentures and the Subsidiary
Guarantors issued their Guarantees under an Amended and Restated Indenture, dated as of August 5, 1998, as supplemented (the “Indenture”), between the Company, its Parents, the Subsidiary Guarantors and the Trustee. Capitalized terms
herein are used as defined in the Indenture unless otherwise defined herein. The Debentures are unlimited in aggregate principal amount. The terms of the Debentures include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture. The Debentures are subject to all such terms, and Holders of Debentures are referred to the Indenture and said Act for a statement of them. The Debentures are
senior, general obligations of the Company, secured initially by a pledge of Capital Stock of certain Subsidiaries of the Company, which pledge is shared equally and ratably with the Credit Facility, the Existing Senior Notes and certain future
Indebtedness of the Company ranking pari passu with the Debentures. Each Holder of this Debenture, by accepting the same, (a) agrees to and shall be bound by the provisions of the Indenture, (b) authorizes and directs the Trustee on
his behalf to take such action as may be provided in the Indenture and (c) appoints the Trustee his attorney-in-fact for such purpose. 
  

	5.	Redemption at the Option of the Company. 

 The Company will not have the
right to redeem any Debentures prior to April 20, 2012, except to preserve the status of Host REIT as a real estate investment trust. If, at any time, the Company determines it is necessary to redeem the Debentures in order to preserve the
status of Host REIT as a real estate investment trust, the Company may redeem the Debentures, in whole or in part, for cash equal to 100% of the principal amount of the Debentures plus unpaid interest (including liquidated damages, if any) accrued
to but excluding, the redemption date. In addition, on or after April 20, 2012, the Company will have the right to redeem the Debentures in whole or in part, at any time or from time to time, for cash equal to 100% of the principal amount of
the Debentures to be redeemed plus unpaid interest, if any, accrued to, but excluding, the redemption date; provided, however, that if the redemption date falls after a record date and on or prior to the corresponding interest payment date,
the Company will pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the Holder of record at the close of business on the corresponding record date. 
  

	6.	Notice of Redemption. 

 Notice of redemption at the option of the Company
shall be mailed at least 15 days but not more than 60 days before a redemption date to the each Holder of Debentures to be redeemed at the Holder’s registered address. Debentures in denominations larger than $1,000 principal amount may be
redeemed in part but only in integral multiples of $1,000 principal amount. 
  

	7.	Purchase By the Company at the Option of the Holder. 

 (a) Subject to the
terms and conditions of the Indenture, the Company shall become obligated to purchase, at the option of the Holder, all or any portion of the Debentures held by such Holder on April 15, 2012, April 15, 2017 and on April 15, 2022
(each a “Repurchase Date”), in integral multiples of $1,000 at a Repurchase Price equal to 100% of the principal amount of the Debentures to be repurchased. 
 (b) At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to offer to purchase the Debentures held by such Holder upon a Designated Event. The
Debentures shall be purchased at a repurchase price equal to 100% of the principal amount of the Debentures to be repurchased plus accrued and unpaid interest (including Liquidated Damages), if any, to, but not including, such Repurchase Date.

 (c) Holders have the right to withdraw any written notice delivered pursuant to Paragraph 7(a) above or Designated Event Repurchase Notice delivered
pursuant to Paragraph 7(b), as the case may be, by delivering to the Paying Agent a written notice of withdrawal in accordance with the provisions of the Indenture. 
  

	8.	Exchange. 

 (a) The initial Exchange Rate is 31.0020 shares of Host REIT
Common Stock per $1,000 principal amount at maturity, 

 
subject to adjustment in certain events described in the Twenty-Third Supplemental Indenture. A Holder that surrenders Debentures for exchange will receive
cash in lieu of any fractional share of Host REIT Common Stock based on the Average Price. 
 (b) Subject to and in compliance with the provisions of the
Indenture (including, without limitation, the conditions to exchange of this Debenture set forth in Article 6 of the Twenty-Third Supplemental Indenture), under certain circumstances set forth on the Indenture, a Holder may exchange the
Holder’s Debentures for, at the Company’s option, cash or cash and shares of Host REIT Common Stock with an aggregate value equal to the Exchange Value. 
 (c) A Debenture in respect of which a Holder has delivered a Repurchase Notice or Designated Event Repurchase Notice, as the case may be, exercising the right of such Holder to require the Company to repurchase such Debenture may be
exchanged only if such Repurchase Notice or Designated Event Repurchase Notice is withdrawn in accordance with the terms of the Indenture. 
 (d) No payment
or adjustment will be made for accrued and unpaid interest (including Liquidated Damages, if any) or dividends on the shares of Host REIT Common Stock, except as provided in the Indenture. 
 (e) To surrender a Debenture for exchange, in the case of a Global Debenture, a Holder must comply with all applicable procedures of the Depository, and in the case of a
Certificated Security, a Holder must (1) complete and manually sign the irrevocable exchange notice below (or complete and manually sign a facsimile of such notice) and deliver such notice to the Exchange Agent, (2) surrender the
Debenture, if certificated, to the Exchange Agent and in any such case furnish appropriate endorsements and transfer documents and pay any transfer or similar taxes and all other taxes or duties, if required. 
 (f) If the Company or Host REIT is a party to a consolidation, merger or a transfer of all or substantially all of its properties and assets as set forth in Article 5 of
the Indenture, or a merger or binding share exchange which reclassifies or changes the outstanding shares of Host REIT Common Stock, the right to exchange a Debenture into shares of Host REIT Common Stock may be changed into a right to exchange it
into securities, cash or other assets of the Company or another Person. 
  

	9.	Events of Default. 

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

	10.	Amendment; Supplement; Waiver. 

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

	11.	Denominations; Transfer; Exchange. 

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

	12.	Persons Deemed Owners. 

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

	13.	Notation of Guarantee. 

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

	14.	Unclaimed Money or Securities. 

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

  

	15.	Trustee and Agent Dealings with the Company. 

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

	16.	Calculations in Respect of Securities. 

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

	17.	No Recourse Against Others. 

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

	18.	Authentication. 

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

	19.	Abbreviations. 

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

  

	20.	CUSIP Numbers. 

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

	21.	Additional Rights of Holders. 

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

	22.	Governing Law. 

 THE INDENTURE AND THE DEBENTURES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 Host Hotels & Resorts, L.P. 
 6903
Rockledge Drive 
 Bethesda, Maryland 20817 
 Attention: Chief Financial Officer 

 ASSIGNMENT FORM 
 To assign this Debenture, fill in the form below: (I) or (We) assign and transfer this Debenture to 

	
	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                                        
                                        
                                        
                                        
                 
 to transfer this Debenture on the books of the Company.
The agent may substitute another to act for him. 

	
	
	  
 

  

					
	Date:                         	 		 	
			
		 	Your Signature:	 	  

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

 Signature Guarantee* 

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

 EXCHANGE NOTICE 
 To exchange this Debenture into shares of Common Stock of Host REIT, check the box   ̈. 
 To exchange only part of this Debenture, state the principal amount at maturity to be exchanged
                                        
         (which must be $1,000 or an integral multiple of $1,000): 
 If you want the stock certificate made out
in another person’s name, fill in the form below: 
  

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)

  

	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

  

			
		 	Your Signature:
		
	 Date:
                        
	 	  

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

  

			
	 *Signature guaranteed by:

		
	 By:
	 	  

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

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

					
			
	 Date:
                        
	 	Signature:	 	  

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

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

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
SECURITY2 
 The following exchanges of an interest in this Global Debenture for an interest in another Global Debentures or for a Certificated Security, or exchanges of an interest in another Global Debenture or Certificated Security for an interest in
this Global Debenture, have been made: 
  

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

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

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Host Hotels & Resorts, L.P. 
 6903 Rockledge Drive, Suite 1500 
 Bethesda, Maryland 20817 
 Attention: Chief Financial Officer 
 The Bank of New York 
 101 Barclay Street 
 New York, New York 10286 
 Attention: Corporate Trust Department 
  

			
	 Re:
	 	2.625% Exchangeable Senior Debentures due 2027

 Dear Sirs: 
 Reference is hereby made to the Amended and Restated Indenture, dated as of August 5, 1998 (the “Base Indenture”), among HMH Properties, Inc., its Parents and the Subsidiary Guarantors named therein (collectively, the
“Subsidiary Guarantors”) and The Bank of New York (the “Trustee”), and the Twenty-Third Supplemental Indenture to the Base Indenture, dated as of March 23, 2007 (the “Twenty Third Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), among Host Hotels & Resorts, L.P., as issuer (the “Company”), Host Hotels & Resorts, Inc., (“Host REIT”), the Subsidiary Guarantors and the Trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
                        , (the “Transferor”) owns and proposes to transfer the Debenture[s] or interest in such
Debenture[s] specified in Annex A hereto, in the principal amount of $                         in such Debenture[s] or
interests (the “Transfer”), to                          (the “Transferee”), as further specified in
Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
 1.    ̈    Check if Transferee will take delivery of a beneficial interest in a Rule 144A Global Debenture or a Certificated Exchangeable Debenture Pursuant to Rule 144A. The Transfer is being effected pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Certificated Exchangeable Debenture is
being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Certificated Exchangeable Debenture for its own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any State of the United States and the restrictions set forth in the Private Placement Legend. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Certificated Exchangeable Debenture will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Global Debenture and/or the Certificated Exchangeable Debenture and in the Indenture
and the Securities Act. 
 2.    ̈    Check and complete if Transferee will take delivery of a beneficial interest in a Certificated Exchangeable Debenture pursuant to any provision of the Securities Act other than Rule 

 
144A . The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Global Debentures and
Certificated Exchangeable Debentures and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any State of the United States, and accordingly the Transferor hereby further certifies that such Transfer
is being effected to the Company or a subsidiary thereof. 
 This certificate and the statements contained herein are made for your benefit and the benefit
of the Company. 
  

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

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF
(a) OR (b)] 
  

					
	 ̈	 	(a)	    	a beneficial interest in a Global Debenture (CUSIP 44107T AE6), or
			
	 ̈	 	(b)	    	a Certificated Exchangeable Debenture.

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
  

					
	 ̈	 	(a)	    	a beneficial interest in a Restricted Global Debenture (CUSIP 44107T AE6); or
			
	 ̈	 	(b)	    	a Certificated Exchangeable Debenture.

 in accordance with the terms of the Indenture. 

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Host Hotels & Resorts, L.P. 
 6903 Rockledge Drive, Suite 1500 
 Bethesda, Maryland 20817 
 Attention: Chief Financial Officer 
 The Bank of New York 
 101 Barclay Street 
 New York, New York 10286 
 Attention: Corporate Trust Department 
  

			
	 Re:
	 	2.625% Exchangeable Senior Debentures due 2027

 Dear Sirs: 
 Reference is hereby made to the Amended and Restated Indenture, dated as of August 5, 1998 (the “Base Indenture”), among HMH Properties, Inc., its Parents and the Subsidiary Guarantors named therein (collectively, the
“Subsidiary Guarantors”) and The Bank of New York, as trustee (the “Trustee”), and the Twenty-Third Supplemental Indenture to the Base Indenture, dated as of March 23, 2007 (the “Twenty-Third Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), among Host Hotels & Resorts, L.P., as issuer (the “Company”), Host Hotels & Resorts, Inc. (“Host REIT”), the Subsidiary
Guarantors and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                         , (the “Owner”) owns and proposes to exchange the Debenture[s] or interest in
such Debenture[s] specified herein, in the principal amount of $                         in such Debenture[s] or interests
(the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of Certificated
Exchangeable Debentures or Beneficial Interests in Global Debentures for Certificated Exchangeable Debentures or Beneficial Interests in Global Debentures 
 (a)   ̈    Check if Exchange is from beneficial interest in a Global Debenture
to Certificated Exchangeable Debenture. In connection with the Exchange of the Owner’s beneficial interest in a Global Debenture for a Certificated Exchangeable Debenture with an equal principal amount, the Owner hereby certifies that the
Certificated Exchangeable Debenture is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Certificated Exchangeable Debenture issued will
continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Certificated Exchangeable Debenture and in the Indenture and the Securities Act. 
 (b)   ̈    Check if Exchange is from Certificated Exchangeable Debenture to beneficial interest in a Global Debenture. In connection with the Exchange of the Owner’s Certificated Exchangeable Debenture for a
beneficial interest in the Global Debenture with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Global Debentures and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any State of the United 

 
States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Global Debenture and in the Indenture and the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

			
	  

	[Insert Name of Owner]

  

			
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Dated:

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