Document:

EX-4.5

 Exhibit 4.5 

CATALYST BIOSCIENCES, INC. 

AND 

______________________________, 
 as
Trustee, 
 INDENTURE 

Dated as of __________________ 

Debt Securities 

 Reconciliation and tie between 

Trust Indenture Act of 1939, as amended, 

and the Indenture 
  

					
	 Trust Indenture Act Section
	  	Indenture
Section	 
	 (S)310(a)(1)
	  	 	6.8	 
	 (a)(2)
	  	 	6.8	 
	 (b)
	  	 	6.9	 
	 (S)312(a)
	  	 	7.1	 
	 (b)
	  	 	7.2	 
	 (c)
	  	 	7.2	 
	 (S)313(a)
	  	 	7.3	 
	 (b)(2)
	  	 	7.3	 
	 (c)
	  	 	7.3	 
	 (d)
	  	 	7.3	 
	 (S)314(a)
	  	 	7.4	 
	 (c)(1)
	  	 	1.2	 
	 (c)(2)
	  	 	1.2	 
	 (e)
	  	 	1.2	 
	 (f)
	  	 	1.2	 
	 (S)316(a) (last sentence)
	  	 	1.1	 
	 (a)(1)(A)
	  	 	5.2, 5.12	 
	 (a)(1)(B)
	  	 	5.13	 
	 (b)
	  	 	5.8	 
	 (S)317(a)(1)
	  	 	5.3	 
	 (a)(2)
	  	 	5.4	 
	 (b)
	  	 	10.3	 
	 (S)318(a)
	  	 	1.8	 

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
	 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	1	 
			
	 Section 1.1
	 	Definitions; Rules of Construction	  	 	1	 
			
	 Section 1.2
	 	Compliance Certificates and Opinions	  	 	5	 
			
	 Section 1.3
	 	Form of Documents Delivered to Trustee	  	 	6	 
			
	 Section 1.4
	 	Acts of Holders	  	 	6	 
			
	 Section 1.5
	 	Notices, etc., to Trustee and Company	  	 	7	 
			
	 Section 1.6
	 	Notice to Holders of Securities; Waiver	  	 	7	 
			
	 Section 1.7
	 	Language of Notices	  	 	7	 
			
	 Section 1.8
	 	Incorporation by Reference of Trust Indenture Act; Trust Indenture Act Controls	  	 	7	 
			
	 Section 1.9
	 	Effect of Headings and Table of Contents	  	 	7	 
			
	 Section 1.10
	 	Successors and Assigns	  	 	7	 
			
	 Section 1.11
	 	Separability Clause	  	 	7	 
			
	 Section 1.12
	 	Benefits of Indenture	  	 	8	 
			
	 Section 1.13
	 	Governing Law; Waiver of Trial by Jury	  	 	8	 
			
	 Section 1.14
	 	Legal Holidays	  	 	8	 
			
	 Section 1.15
	 	Counterparts	  	 	8	 
			
	 Section 1.16
	 	Judgment Currency	  	 	8	 
			
	 Section 1.17
	 	Limitation on Individual Liability	  	 	8	 
			
	 ARTICLE 2
	 	SECURITIES FORMS	  	 	9	 
			
	 Section 2.1
	 	Forms Generally	  	 	9	 
			
	 Section 2.2
	 	Form of Trustee’s Certificate of Authentication	  	 	9	 
			
	 Section 2.3
	 	Securities in Global Form	  	 	9	 
			
	 ARTICLE 3
	 	THE SECURITIES	  	 	9	 
			
	 Section 3.1
	 	Amount Unlimited; Issuable in Series	  	 	9	 
			
	 Section 3.2
	 	Currency; Denominations	  	 	11	 
			
	 Section 3.3
	 	Execution; Authentication; Delivery and Dating	  	 	11	 
			
	 Section 3.4
	 	Temporary Securities	  	 	12	 
			
	 Section 3.5
	 	Registration; Transfer and Exchange	  	 	12	 
			
	 Section 3.6
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	14	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 3.7
	 	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved	  	 	14	 
			
	 Section 3.8
	 	Persons Deemed Owners	  	 	15	 
			
	 Section 3.9
	 	Cancellation	  	 	15	 
			
	 Section 3.10
	 	Computation of Interest	  	 	15	 
			
	 Section 3.11
	 	CUSIP and ISIN Numbers	  	 	15	 
			
	 ARTICLE 4
	 	SATISFACTION AND DISCHARGE OF INDENTURE	  	 	16	 
			
	 Section 4.1
	 	Satisfaction and Discharge	  	 	16	 
			
	 Section 4.2
	 	Defeasance and Covenant Defeasance	  	 	16	 
			
	 Section 4.3
	 	Application of Trust Money	  	 	18	 
			
	 Section 4.4
	 	Qualifying Trustee	  	 	18	 
			
	 ARTICLE 5
	 	REMEDIES	  	 	18	 
			
	 Section 5.1
	 	Events of Default	  	 	18	 
			
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	19	 
			
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	19	 
			
	 Section 5.4
	 	Trustee May File Proofs of Claim	  	 	20	 
			
	 Section 5.5
	 	Trustee May Enforce Claims without Possession of Securities	  	 	20	 
			
	 Section 5.6
	 	Application of Money Collected	  	 	20	 
			
	 Section 5.7
	 	Limitations on Suits	  	 	20	 
			
	 Section 5.8
	 	Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts	  	 	21	 
			
	 Section 5.9
	 	Restoration of Rights and Remedies	  	 	21	 
			
	 Section 5.10
	 	Rights and Remedies Cumulative	  	 	21	 
			
	 Section 5.11
	 	Delay or Omission Not Waiver	  	 	21	 
			
	 Section 5.12
	 	Control by Holders of Securities	  	 	21	 
			
	 Section 5.13
	 	Waiver of Past or Existing Defaults	  	 	21	 
			
	 Section 5.14
	 	Waiver of Stay or Extension Laws	  	 	22	 
			
	 Section 5.15
	 	Undertaking for Costs	  	 	22	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE 6
	 	THE TRUSTEE	  	 	22	 
			
	 Section 6.1
	 	Certain Duties and Responsibilities	  	 	22	 
			
	 Section 6.2
	 	Certain Rights of Trustee	  	 	22	 
			
	 Section 6.3
	 	Notice of Defaults	  	 	23	 
			
	 Section 6.4
	 	Not Responsible for Recitals or Issuance of Securities	  	 	24	 
			
	 Section 6.5
	 	May Hold Securities	  	 	24	 
			
	 Section 6.6
	 	Money Held in Trust	  	 	24	 
			
	 Section 6.7
	 	Compensation and Reimbursement	  	 	24	 
			
	 Section 6.8
	 	Corporate Trustee Required; Eligibility; Conflicting Interests	  	 	24	 
			
	 Section 6.9
	 	Resignation and Removal; Appointment of Successor	  	 	25	 
			
	 Section 6.10
	 	Acceptance of Appointment by Successor	  	 	25	 
			
	 Section 6.11
	 	Merger; Conversion; Consolidation; or Succession to Business	  	 	26	 
			
	 Section 6.12
	 	Appointment of Authenticating Agent	  	 	26	 
			
	 ARTICLE 7
	 	HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	 	27	 
			
	 Section 7.1
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	27	 
			
	 Section 7.2
	 	Preservation of Information; Communications to Holders	  	 	27	 
			
	 Section 7.3
	 	Reports by Trustee	  	 	27	 
			
	 Section 7.4
	 	Reports by Company	  	 	27	 
			
	 ARTICLE 8
	 	CONSOLIDATION, MERGER AND SALES	  	 	28	 
			
	 Section 8.1
	 	Company May Consolidate, etc., Only on Certain Terms	  	 	28	 
			
	 Section 8.2
	 	Successor Person Substituted for Company	  	 	28	 
			
	 ARTICLE 9
	 	SUPPLEMENTAL INDENTURES	  	 	28	 
			
	 Section 9.1
	 	Supplemental Indentures Without Consent of Holders	  	 	28	 
			
	 Section 9.2
	 	Supplemental Indentures With Consent of Holders	  	 	29	 
			
	 Section 9.3
	 	Execution of Supplemental Indentures	  	 	30	 
			
	 Section 9.4
	 	Revocation of Consents	  	 	30	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 9.5
	 	Effect of Supplemental Indentures	  	 	30	 
			
	 Section 9.6
	 	Reference in Securities to Supplemental Indentures	  	 	30	 
			
	 Section 9.7
	 	Conformity with Trust Indenture Act	  	 	30	 
			
	 Section 9.8
	 	Notice of Supplemental Indenture	  	 	30	 
			
	 ARTICLE 10
	 	COVENANTS	  	 	31	 
			
	 Section 10.1
	 	Payment of Principal, any Premium, Interest and Additional Amounts	  	 	31	 
			
	 Section 10.2
	 	Maintenance of Office or Agency	  	 	31	 
			
	 Section 10.3
	 	Money for Securities Payments to Be Held in Trust	  	 	31	 
			
	 Section 10.4
	 	Additional Amounts	  	 	32	 
			
	 Section 10.5
	 	Waiver of Certain Covenants	  	 	32	 
			
	 Section 10.6
	 	Company Statement as to Compliance	  	 	32	 
			
	 ARTICLE 11
	 	REDEMPTION OF SECURITIES	  	 	32	 
			
	 Section 11.1
	 	Applicability of Article	  	 	32	 
			
	 Section 11.2
	 	Election to Redeem; Notice to Trustee	  	 	33	 
			
	 Section 11.3
	 	Selection by Trustee of Securities to be Redeemed	  	 	33	 
			
	 Section 11.4
	 	Notice of Redemption	  	 	33	 
			
	 Section 11.5
	 	Deposit of Redemption Price	  	 	34	 
			
	 Section 11.6
	 	Securities Payable on Redemption Date	  	 	34	 
			
	 Section 11.7
	 	Securities Redeemed in Part	  	 	34	 
			
	 Section 11.8
	 	Repurchases on the Open Market	  	 	34	 
			
	 ARTICLE 12
	 	SINKING FUNDS	  	 	34	 
			
	 Section 12.1
	 	Applicability of Article	  	 	34	 
			
	 Section 12.2
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	34	 
			
	 Section 12.3
	 	Redemption of Securities for Sinking Fund	  	 	35	 
			
	 ARTICLE 13
	 	REPAYMENT AT THE OPTION OF HOLDERS	  	 	35	 
			
	 Section 13.1
	 	Applicability of Article	  	 	35	 
			
	 ARTICLE 14
	 	SECURITIES IN FOREIGN CURRENCIES	  	 	35	 
			
	 Section 14.1
	 	Applicability of Article	  	 	35	 

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE 15
	 	MEETINGS OF HOLDERS OF SECURITIES	  	 	35	 
			
	 Section 15.1
	 	Purposes for Which Meetings May Be Called	  	 	35	 
			
	 Section 15.2
	 	Call, Notice and Place of Meetings	  	 	35	 
			
	 Section 15.3
	 	Persons Entitled to Vote at Meetings	  	 	36	 
			
	 Section 15.4
	 	Quorum; Action	  	 	36	 
			
	 Section 15.5
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	36	 
			
	 Section 15.6
	 	Counting Votes and Recording Action of Meetings	  	 	36	 

  
 v 

 INDENTURE (the “Indenture”), dated as of ______________, between Catalyst Biosciences,
Inc., a corporation existing under the laws of the State of Delaware (the “Company”), and ______________, as trustee (the “Trustee”). 

RECITALS 
 The Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”), unlimited as to principal amount, to bear such
rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter provided. 

All things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in
consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof as
follows: 
 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.1 Definitions; Rules of Construction 

Except as otherwise expressly provided in or pursuant to this Indenture or unless the context otherwise requires, for all purposes of this Indenture: 

(1) the terms defined in this Article 1 have the meanings assigned to them in this Article 1, and include the plural as well as the singular; 

(2) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them
therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or “GAAP” with respect to any computation required or permitted hereunder shall mean such accounting principles
as are generally accepted as of the date hereof; 
 (4) the words “herein,” “hereof,” “hereto” and “hereunder” and
other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (5) the word
“or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”); 

(6) provisions apply to successive events and transactions; 
 (7)
any reference to gender includes the masculine, feminine and the neuter, as the case may be; 
 (8) references to agreements and other instruments include
subsequent amendments thereto and restatements thereof; 
 (9) “including” means “including without limitation”; 

(10) all exhibits are incorporated by reference herein and expressly made a part of this Indenture; 

(11) all references to articles, sections and exhibits (and subparts thereof) are to this Indenture; and 

(12) any transaction or event shall be considered “permitted by” or made “in accordance with” or “in compliance with” this
Indenture or any particular provision thereof if such transaction or event is not expressly prohibited by this Indenture or such provision, as the case may be. 

Certain terms used principally in certain Articles hereof are defined in those Articles. 

“Act,” when used with respect to any Holders, has the meaning specified in Section 1.4. 

“Additional Amounts” means any additional amounts which are required by this Indenture or by any Security, under circumstances specified
herein or therein, to be paid by the Company in respect of certain taxes, assessments or other governmental charges imposed on Holders specified therein and which are owing to such Holders. 

“Additional Interest” means any additional interest which is required by any Security to be paid as a result of a failure on the part of the
Company duly to observe or perform the covenants and agreements set forth in Section 7.4. 
 “Affiliate” of any specified Person means
any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person,
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have the
meanings correlative to the foregoing. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial
interests in any Global Security, the rules and procedures of the Depositary that apply to such transfer or exchange at the relevant time. 

 “Authenticating Agent” means any Person authorized by the Trustee pursuant to
Section 6.12 to act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Authorized Newspaper” means a
newspaper, in an official language of the place of publication or in the English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are Legal Holidays in the place of
publication, and of general circulation in each place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive
publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. If it shall be impractical in the opinion of the
Trustee to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof which is made or given with the approval of the Trustee shall constitute a sufficient publication of such
notice. 
 “Board of Directors” means: 

(1) with respect to the Company, the board of directors of the Company or any committee of the board of directors of the Company duly authorized to act
generally or in any particular respect for the Company under this Indenture; 
 (2) with respect to any other corporation, the board of directors of the
corporation or any authorized committee thereof; 
 (3) with respect to a limited liability company, the managing member or managing members of such limited
liability company or any authorized committee thereof; 
 (4) with respect to a partnership, the board of directors of the general partner of the partnership
or any authorized committee thereof; and 
 (5) with respect to any other Person, the board or committee of such Person serving a similar function. 

“Board Resolution” means a copy of one or more resolutions (which may be standing resolutions), certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means, unless otherwise specified with respect to any Securities pursuant to Section 3.1, each day that is not a
Saturday, Sunday or other day on which banking institutions in New York, New York or another Place of Payment are authorized or required by law, regulation or executive order to close. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or any successor
agency. 
 “Common Stock” includes any stock of any class of the Company which has no preference in respect of dividends or of amounts
payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company. 
 “Company” means the Person
named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

 “Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be, signed in the
name of the Company by the Chairman of the Board of Directors of the Company, a Vice Chairman, the President, a Vice President, the Treasurer, the Assistant Treasurer, the Secretary or the Assistant Secretary or other person authorized by resolution
of the Board of Directors of the Company, and delivered to the Trustee. 
 “Corporate Trust Office” means the designated office of the
Trustee at which the corporate trust business of the Trustee shall at any particular time be administered, which office at the date of original execution of this Indenture is located at. 

“Corporation” includes corporations and limited liability companies and, except for purposes of Article 8, associations, companies (other
than limited liability companies) and business trusts. 
 “Currency” means, with respect to any payment, deposit or other transfer in
respect of the principal of or any premium or interest on or any Additional Amounts with respect to any Security, Dollars or Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant
to the terms hereof or such Security and, with respect to any other payment, deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars. 

“CUSIP number” means the alphanumeric designation assigned to a Security by Standard & Poor’s Corporation, CUSIP Service
Bureau. 
 “Defaulted Interest” has the meaning specified in Section 3.7. 

“Definitive Security” means a certificated Security registered in the name of the Holder thereof (other than a Depositary or its nominee)
issued under this Indenture pursuant to Section 3.1 and Section 3.5. 
 “Dollars” or “$” means a dollar or other
equivalent unit of legal tender for payment of public or private debts in the United States of America. 
 “Event of Default” has the
meaning specified in Section 5.1. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor thereto,
in each case as amended from time to time. 

  
 2 

 “Foreign Currency” means any currency, currency unit or composite currency, including,
without limitation, the euro, issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 

“GAAP” means generally accepted accounting principles in the United States, which are in effect from time to time. 

“Global Security” means a Security issued under this Indenture in global form pursuant to Section 3.1, bearing the legend set forth in
Section 2.3 and deposited with, or on behalf of, and registered in the name of, the Depositary or its nominee. 
 “Government
Obligations” means securities which are (i) direct obligations of the United States of America or the other government or governments in the confederation which issued the Foreign Currency in which the principal of or any premium or
interest on any Security or any Additional Amounts in respect thereof shall be payable, in each case where the payment or payments thereunder are supported by the full faith and credit of the United States or such government or governments or
(ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or governments, in each case where the timely payment or payments thereunder are
unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or governments, and which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or
issuers thereof, and shall also include a Depositary receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of or other amount with respect to any such
Government Obligation held by such custodian for the account of the holder of a Depositary receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
Depositary receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government Obligation evidenced by such Depositary
receipt. 
 “Holder” means, in the case of any Registered Security, the Person in whose name such Security is registered in the Security
Register. 
 “Indenture” means this instrument as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security of any series, by the terms 
 and
provisions of such Security established pursuant to Section 3.1 (as such terms and provisions may be amended pursuant to the applicable provisions hereof); provided, however, that, if at any time more than one Person is acting as Trustee under
this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of those particular series of Securities for which such Person is Trustee established pursuant to Section 3.1, exclusive,
however, of any provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted. 

“Independent Registered Public Accounting Firm” means a firm of accountants that, with respect to the Company and any other obligor under the
Securities, is an independent registered public accounting firm within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, who may be the independent registered public
accounting firm regularly retained by the Company or who may be another independent registered public accounting firm. Such firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation of any legal matters relating to this
Indenture or certificates required to be provided hereunder. 
 “Indexed Security” means a Security the terms of which provide that the
principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance. 
 “Indirect
Participant” means an entity that, with respect to any Depositary, clears through or maintains a direct or indirect, custodial relationship with a Participant. 

“interest” means any interest specified in any Security as being payable with respect to that Security, including any Additional Interest
when used with respect to a Security which provides for the payment of Additional Interest, and, with respect to any Original Issue Discount Security, which by its terms bears interest only after Maturity, means interest payable after Maturity and,
when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 10.4, includes such Additional Amounts. 

“Interest Payment Date” means, with respect to any Security, the Stated Maturity of an installment of interest on such Security. 

“Judgment Currency” has the meaning specified in Section 1.16. 

“Legal Holiday” has the meaning specified in Section 1.14. 

“Maturity” means, with respect to any Security, the date on which the principal of such Security or an installment of principal becomes due
and payable as provided in or pursuant to this Indenture, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect repayment or otherwise, and includes the Redemption Date. 

“New York Banking Day” has the meaning specified in Section 1.16. 

“Office” or “Agency,” means, with respect to any Securities, an office or agency of the Company maintained or designated as
a Place of Payment for such Securities pursuant to Section 10.2 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section 10.2 or, to the extent designated or required by
Section 10.2 in lieu of such office or agency, the Corporate Trust Office of the Trustee. 

  
 3 

 “Officer” means, with respect to any Person, the Chairman of the Board of Directors, a Vice
Chairman, the Chief Executive Officer, the President, any Vice President (without regard to qualifiers such as “Executive” or “Senior”), the Chief Operating Officer, the Chief Financial Officer, the Treasurer, an Assistant
Treasurer, the Controller, the Secretary or an Assistant Secretary of such Person or other Person authorized by resolution of the Board of Directors of such Person. 

“Officer’s Certificate” means a certificate signed by an Officer, that, if applicable, complies with the requirements of
Section 314(e) of the Trust Indenture Act and is delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel,
who may be an employee of or counsel for the Company or other counsel that, if applicable, complies with the requirements of Section 314(e) of the Trust Indenture Act. 

“Original Issue Discount Security” means a Security issued pursuant to this Indenture that provides, at any time prior to the final Stated
Maturity of such Security, for declaration of an amount less than the principal amount thereof to be due and payable upon acceleration pursuant to Section 5.2. 

“Outstanding” means, when used with respect to any Securities, as of the date of determination, all such Securities theretofore authenticated
and delivered under this Indenture, except: 
 (1) any such Security theretofore cancelled by the Trustee or delivered to the Trustee for cancellation
including Securities tendered and exchanged for other securities of the Company; 
 (2) any such Security of any series for which payment at the Maturity
thereof money in the necessary amount has been theretofore deposited pursuant hereto (other than pursuant to Section 4.2) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company
(if the Company shall act as its own Paying Agent) for the Holders of such series of Securities, provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; 
 (3) any such Security of any series with respect to which the Company has effected defeasance or covenant
defeasance pursuant to the terms hereof, except to the extent provided in Section 4.2; 
 (4) any such Security which has been paid pursuant to
Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a
“protected purchaser” (as such term is defined in the New York Uniform Commercial Code) in whose hands such Security is a valid obligation of the Company; and 

(5) any such Security converted or exchanged as contemplated by this Indenture into Common Stock or other securities, cash or other property, if the terms of
such Security provide for such conversion or exchange pursuant to Section 3.1; 
 provided, however, that in determining whether the Holders of the
requisite principal amount of Outstanding Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities of such series for quorum purposes,
(i) the principal amount of an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to
the terms of such Original Issue Discount Security would be declared (or shall have been declared to be) due and payable upon a declaration of acceleration thereof pursuant to Section 5.2 at the time of such determination, and (ii) the
principal amount of any Indexed Security that may be counted in making such determination and that shall be deemed Outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance, unless
otherwise provided in or pursuant to this Indenture, and (iii) the principal amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of such Security, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, and (iv) Securities owned by the
Company or any other obligor upon the Securities or any Affiliate of the Company or such other obligor, shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such
determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer actually knows to be so owned shall be so disregarded. Securities so owned which shall have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of a Responsible Officer (A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Company
or any other obligor upon the Securities or an Affiliate of the Company or such other obligor. 
 “Participant” means, with respect to the
Depositary, a Person who has an account with the Depositary. 
 “Paying Agent” means any Person authorized by the Company to pay the
principal of, or any premium or interest on, or any Additional Amounts with respect to, any Security on behalf of the Company. 
 “Person”
or “person” means any individual, corporation, partnership, joint venture, joint-stock company, association, trust, unincorporated organization, limited liability company or government or any agency or political subdivision thereof.

 “Place of Payment” means, with respect to any Security, the place or places where the principal of, or any premium or interest on, or
any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or such Security. 
 “Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same indebtedness as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and
delivered under Section 3.6 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security shall be deemed to evidence the same indebtedness as the lost, destroyed, mutilated or stolen Security. 

“Redemption Date” means, with respect to any Security or portion thereof to be redeemed, each date fixed for such redemption by or pursuant
to this Indenture or such Security. 
 “Redemption Price” means, with respect to any Security or portion thereof to be redeemed, the price
at which it is to be redeemed including, if applicable, accrued and unpaid interest and Additional Amounts as determined by or pursuant to this Indenture or such Security. 

  
 4 

 “Registered Security” means any Security established pursuant to Section 2.1 which is
registered in the Security Register. 
 “Regular Record Date” for the interest payable on any Registered Security on any Interest Payment
Date therefor means the date, if any, specified in or pursuant to this Indenture or such Security as the “Regular Record Date.” 

“Required Currency” has the meaning specified in Section 1.16. 

“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office with direct responsibility for the administration of
this Indenture, and also, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidences of
indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities,” with respect to any such
Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 

“Security Register,” “Security Registrar” and “Registrar” have the respective meanings specified in
Section 3.5. 
 “series” means a series of Securities established under this Indenture. 

“Special Record Date” for the payment of any Defaulted Interest on any Registered Security means a date fixed by the Trustee pursuant to
Section 3.7. 
 “Stated Maturity” means, with respect to any Security or any installment of principal thereof or interest thereon or
any Additional Amounts with respect thereto, the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security or such installment of principal or interest is, or such Additional Amounts
are, due and payable. 
 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, and any
reference herein to the Trust Indenture Act or a particular provision thereof shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to time by rules or regulations adopted by the
Commission under or in furtherance of the purposes of such Act or provision, as the case may be. 
 “Trustee” means the Person named as the
“Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter
“Trustee” shall mean each Person who is then a Trustee hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any
series shall mean only the Trustee with respect to the Securities of such series. 
 “United States” means, except as otherwise provided in
or pursuant to this Indenture or any Security, the United States of America (including the states thereof and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 

“United States Alien” means, except as otherwise provided in or pursuant to this Indenture or any Security, any Person who, for United States
federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a non-resident alien individual or a
non-resident alien fiduciary of a foreign estate or trust. 
 “U.S. Depositary” or
“Depositary” means, with respect to any Security issuable or issued in the form of one or more Global Securities, the Person designated as U.S. Depositary or Depositary by the Company in or pursuant to this Indenture, which Person

 must be, to the extent required by applicable law or regulation, a clearing agency registered under the Exchange Act and, if so provided with respect to
any Security, any successor to such Person. If at any time there is more than one such Person, “U.S. Depositary” or “Depositary” shall mean, with respect to any Securities, the qualifying entity which has been appointed with
respect to such Securities. 
 “Vice President” means, when used with respect to the Company or the Trustee, any vice president, whether or
not designated by a number or a word or words added before or after the title “Vice President.” 
 Section 1.2
Compliance Certificates and Opinions 
 Except as otherwise expressly provided in or pursuant to this Indenture, upon any application or request by
the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which
the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant or covenant provided for in this Indenture (other than a certificate
delivered pursuant to Section 10.6) shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such condition
or covenant and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which
the statements or opinions contained in such certificate or opinion are based; 

  
 5 

 (3) a statement that, in the opinion of each such individual, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

Section 1.3 Form of Documents Delivered to Trustee 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such
matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or
opinion of an Officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such Officer knows that the opinion with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company stating that the information with respect to such factual
matters is in the possession of the Company unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any certificate, statement or opinion of an Officer of the Company or any Opinion of
Counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company, unless such Officer or counsel, as the case may be, knows
that the certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture or any Security, they may, but need not, be consolidated and form one instrument. 
 Section 1.4
Acts of Holders 
 (1) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments (including instruments in electronic, digital or other machine-readable form) of substantially similar tenor signed by such Holders (whether in
person or through signatures in electronic, digital or other machine-readable form) or by an agent duly appointed in writing (including writings in electronic, digital or other machine-readable form) or may be embodied in and evidenced by the record
of Holders voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders duly called and held in accordance with the provisions of Article 15, or a combination of such instruments or record. Except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments or
record or both (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any
such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the
Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section 1.4. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 15.6. 

Without limiting the generality of this Section 1.4, unless otherwise provided in or pursuant to this Indenture, a Holder, including a U.S. Depositary
that is a Holder of a Global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture or the
Securities to be made, given or taken by Holders, and a U.S. Depositary that is a Holder of a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security through such U.S. Depositary’s
standing instructions and customary practices. 
 The Trustee may fix a record date for the purpose of determining the Persons who are beneficial owners of
interests in any permanent Global Security held by a U.S. Depositary entitled under the procedures of such U.S. Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other Act provided in or pursuant to this Indenture to be made, given or taken by Holders. 
 (2) The fact and date of the execution by
any Person of any such instrument or writing referred to in this Section 1.4 may be proved in any reasonable manner which the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee
may in any instance require further proof with respect to any of the matters referred to in this Section 1.4. 
 (3) The ownership, principal amount and
serial numbers of Registered Securities held by any Person, and the date of the commencement and the date of the termination of holding the same, shall be proved by the Security Register. 

(4) If the Company shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other
Act, the Company may, at its option (but is not obligated to), by Board Resolution, fix in advance a record date for the determination of Holders of Registered Securities entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of Registered Securities of record
at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders of Registered
Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

  
 6 

 (5) Any request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any
Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or suffered to be done by the
Trustee, any Security Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Security. 

Section 1.5 Notices, etc., to Trustee and Company 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture to be
made upon, given or furnished to, or filed with: 
 (1) the Trustee by any Holder or the Company shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing (which may be via facsimile) to or with the Trustee at its Corporate Trust Office; or 
 (2) the Company by the Trustee
or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid or airmail postage prepaid if sent from outside the United States, to the Company
addressed to the attention of its Treasurer (with a copy to the General Counsel) at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the
Company. 
 Section 1.6 Notice to Holders of Securities; Waiver 

Except as otherwise expressly provided in or pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of all or any
series of any event, such notice shall be sufficiently given to Holders of Registered Securities of such series if in writing and mailed, first-class postage prepaid, to each Holder of a Registered Security affected by such event, at his address as
it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given by mail, neither the failure
to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities given as provided herein. Any notice
which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or
after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver. 
 Section 1.7 Language of Notices 

Any request, demand, authorization, direction, notice, consent, election or waiver required or permitted under this Indenture shall be in the English
language, except that, if the Company so elects, any published notice may be in an official language of the country of publication (with a copy in English to be provided to the Trustee). 

Section 1.8 Incorporation by Reference of Trust Indenture Act; Trust Indenture Act Controls 

(a) If any provision hereof limits, qualifies or conflicts with the duties that would be imposed by any of Sections 310 to 317 of the Trust Indenture Act
through operation of Section 318(c) thereof on any person, such imposed duties shall control. The following Trust Indenture Act terms have the following meanings: 

“indenture securities” means the Securities; 

“indenture security holder” means a Holder; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined in the Trust Indenture Act by reference to
another statute or defined by SEC Rule have the meanings assigned to them by such definitions. 
 (b) If any provision of this Indenture limits, qualifies or
conflicts with another provision which is required to be included in this Indenture by the Trust Indenture Act, the provision required by the Trust Indenture Act shall control. 

Section 1.9 Effect of Headings and Table of Contents 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 1.10 Successors and Assigns 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 1.11 Separability Clause 

In case any provision in this Indenture or any Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 

  
 7 

 Section 1.12 Benefits of Indenture 

Nothing in this Indenture or any Security, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying
Agent, any Authentication Agent and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.13 Governing Law; Waiver of Trial by Jury 

This Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or
instruments entered into and, in each case, performed in said state. Each of the Company and the Trustee hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising
out of or relating to this Indenture, the Securities or the transactions contemplated hereby. 
 Section 1.14 Legal
Holidays 
 Unless otherwise specified in or pursuant to this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity
or Maturity of any Security, or the last date on which a Holder has the right to convert or exchange Securities of a series that are convertible or exchangeable shall not be a Business Day (a “Legal Holiday”) at any Place of
Payment, then (notwithstanding any other provision of this Indenture or any Security other than a provision in any Security that specifically states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on
such date, and such Securities need not be converted or exchanged on such date but such payment may be made, and such Securities may be converted or exchanged, on the next succeeding day that is a Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or at the Stated Maturity or Maturity or on such last day for conversion or exchange, and no interest shall accrue on the amount payable on such date or at such time for the period from and
after such Interest Payment Date, Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to the next succeeding Business Day. If this Indenture provides for a time period that ends or requires performance of any non-payment obligation by a day that is not a Business Day, then such time period shall instead be deemed to end on, and such obligation shall instead be performed by, the next succeeding Business Day. 

Section 1.15 Counterparts 

This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

 Section 1.16 Judgment Currency 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, or Additional Amounts on the Securities of any series (the “Required Currency”) into a currency in which a judgment will be
rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the requisite amount of the Required Currency
with the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or
satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual
receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required
Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this
Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a Legal Holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or
obligated by law, regulation or executive order to be closed. 
 Section 1.17 Limitation on Individual Liability

 No recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor, either directly or through the Company or any successor, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such
personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors, as such, of the Company or any successor, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in
equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of
such Security. 

  
 8 

 ARTICLE 2 

SECURITIES FORMS 

Section 2.1 Forms Generally 

Each Registered Security and temporary or permanent Global Security or Definitive Security issued pursuant to this Indenture shall be in the form established
by or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required
or permitted by or pursuant to this Indenture or any indenture supplemental hereto and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by
the Officers executing such Security as evidenced by their execution of such Security. 
 Unless otherwise provided in or pursuant to this Indenture or any
Securities, the Securities shall be issuable in registered form without coupons and shall not be issuable upon the exercise of warrants. 
 Definitive
Securities shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the Officers of the Company
executing such Securities, as evidenced by their execution of such Securities. 
 Section 2.2 Form of Trustee’s
Certificate of Authentication 
 Subject to Section 6.12, the Trustee’s certificate of authentication shall be in substantially the following
form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

	
	 ______________________, as Trustee

	  

By:                  
                                         
                      

	 Authorized Signatory

	
	
Dated:                  
                                         
                  

 Section 2.3 Securities in Global Form 

Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall be issuable in permanent global form. If Securities of a
series shall be issuable in global form, any such Security may provide that it or any number of such Securities shall represent the aggregate amount of all Outstanding Securities of such 

series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of
Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges, redemptions or transfer of beneficial interests from one Global Security to another Global Security. Any endorsement of any Global
Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or
in the Company Order to be delivered pursuant to Section 3.3 or Section 3.4 with respect thereto. Subject to the provisions of Section 3.3 and, if applicable, Section 3.4, the Trustee shall deliver and redeliver any Security in
permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 3.3 or Section 3.4 has been, or simultaneously is,
delivered, any instructions by the Company with respect to a Global Security shall be in writing but need not be accompanied by or contained in an Officer’s Certificate and need not be accompanied by an Opinion of Counsel. 

Notwithstanding the provisions of Section 3.7, unless otherwise specified in or pursuant to this Indenture or any Securities, payment of principal of,
any premium and interest on, and any Additional Amounts in respect of, any Security in temporary or permanent global form shall be made to the Person or Persons specified therein. 

Notwithstanding the provisions of Section 3.8 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company or
the Trustee shall treat as the Holder of such principal amount of Outstanding Securities as is represented by a Global Security in the case of a Global Security in registered form, the Holder of such Global Security in registered form. 

Each Global Security shall bear a legend in substantially the following form (unless otherwise specified by the Depositary): 

“THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN
SUCH LIMITED CIRCUMSTANCES.” 
 ARTICLE 3 

THE SECURITIES 

Section 3.1 Amount Unlimited; Issuable in Series 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or
more series. With respect to any Securities to be authenticated and delivered hereunder, there shall be established in or pursuant to a Board Resolution and set forth in an Officer’s Certificate, or established in one or more indentures
supplemental hereto, 

  
 9 

 (1) the title of such Securities and the series, including CUSIP numbers in which such Securities shall be
included; 
 (2) any limit upon the aggregate principal amount of the Securities of such series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.4, Section 3.5, Section 3.6, Section 9.6 or
Section 11.7, upon repayment in part of any Registered Security of such series pursuant to Article 13 or upon surrender in part of any Registered Security for conversion or exchange into Common Stock or other securities, cash or other property
pursuant to its terms, or pursuant to the terms of such Securities and except for any Securities, which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder); 

(3) if any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in global form and (i) whether such
Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such Global Security may exchange such interests for Securities of the same series and of like tenor and of any
authorized form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in Section 3.5, and (iii) the name of the Depositary or the U.S. Depositary, as the case may be, with
respect to any Global Security; 
 (4) the date as of which any Global Security shall be dated (if other than the date of original issuance of the first of
such Securities to be issued); 
 (5) the date or dates, or the method or methods, if any, by which such date or dates shall be determined, on which the
principal and premium, if any, of such Securities is payable; 
 (6) the rate or rates at which such Securities shall bear interest, if any, or the method or
methods, if any, by which such rate or rates are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which such date or dates are to be determined, the Interest Payment Dates, if
any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances Additional Interest on such Securities or any of
them shall be payable, whether and under what circumstances Additional Amounts on such Securities or any of them shall be payable, the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of
giving such notice, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months; 

(7) if in addition to or other than the Borough of Manhattan, The City of New York, the place or places where the principal of, any premium and interest on or
any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for registration of transfer or exchange, any of such Securities may be surrendered for conversion or
exchange and notices or demands to or upon the Company in respect of such Securities and this Indenture may be served, the extent to which, or the manner in which, any interest payment or Additional Amounts on a Global Security on an Interest
Payment Date, will be paid and the manner in which any principal of or premium, if any, on any Global Security will be paid; 
 (8) whether any of such
Securities are to be redeemable at the option of the Company and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in
whole or in part, at the option of the Company; 
 (9) whether the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking
fund or analogous provision or at the option of any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities shall be
redeemed or purchased, in whole or in part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 

(10) the denominations in which any of such Securities that are Registered Securities shall be issuable if other than denominations of $1,000 and any multiple
of $1,000 in excess thereof; 
 (11) whether the Securities of the series will be convertible into shares of Common Stock and/or exchangeable for other
securities, cash or other property of the Company or of any other Person, and if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture
to permit or to facilitate the issuance of such convertible or exchangeable Securities or the administration thereof; 
 (12) if other than the principal
amount thereof, the portion of the principal amount of any of such Securities that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the method by which such portion is to be determined; 

(13) if other than Dollars, the Foreign Currency in which payment of the principal of, any premium or interest on or any Additional Amounts with respect to any
of such Securities shall be payable; 
 (14) if the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities
are to be payable, at the election of the Company or a Holder thereof or otherwise, in Currency other than that in which such Securities are stated to be payable, the date or dates on which, the period or periods within which, and the other terms
and conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency in which such Securities are stated to be payable and the Currency in which such Securities or any of them are to be
paid pursuant to such election, and any deletions from or modifications of or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder
thereof or otherwise, in a Foreign Currency; 
 (15) whether the amount of payments of principal of, any premium or interest on or any Additional Amounts
with respect to such Securities may be determined with reference to an index, formula, financial or economic measure or other method or methods (which index, formula, measure or method or methods may be based, without limitation, on one or more
Currencies, commodities, equity indices or other indices), and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or be payable; 

  
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 (16) any deletions from, modifications of or additions to the Events of Default or covenants of the Company
with respect to any of such Securities, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 

(17) whether either or both of Section 4.2(2) relating to defeasance or Section 4.2(3) relating to covenant defeasance shall not be applicable to the
Securities of such series, and any covenants relating to the Securities of such series which shall be subject to covenant defeasance, and, if the Securities of such series are subject to repurchase or repayment at the option of the Holders thereof,
whether the Company’s obligation to repurchase or repay such Securities will be subject to defeasance or covenant defeasance, and any deletions from, or modifications or additions to, the provisions of Article 4 in respect of the Securities of
such series; 
 (18) whether any of such Securities are to be issuable upon the exercise of warrants, and the time, manner and place for such Securities to
be authenticated and delivered; 
 (19) if there is more than one Trustee or a Trustee other than , the identity of the Trustee and, if not the Trustee, the
identity of each Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities; 
 (20) whether the Securities are senior or
subordinated debt securities, and if subordinated debt securities, the terms of such subordination; 
 (21) whether the Securities of the series will be
guaranteed by any Persons and, if so, the identity of such Persons, the terms and conditions upon which such Securities shall be guaranteed and, if applicable, the terms and conditions upon which such guarantees may be subordinated to other
indebtedness of the respective guarantors and may be released; 
 (22) whether the Securities of the series will be secured by any collateral and, if so, the
terms and conditions upon which such Securities shall be secured and, if applicable, upon which such liens may be subordinated to other liens securing other indebtedness of the Company or any guarantor and may be released; and 

(23) any other terms of such Securities and any deletions from or modifications or additions to this Indenture in respect of such Securities. 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided by the Company in or
pursuant to the Board Resolution and set forth in the Officer’s Certificate or in any indenture or indentures supplemental hereto pertaining to such series of Securities. The terms of the Securities of any series may provide, without
limitation, that the Securities of such series shall be authenticated and delivered by the Trustee on original issue from time to time in accordance with such procedures as are acceptable to the Trustee (including authentication and delivery by the
Trustee on original issue from time to time upon telephonic or written order of persons designated in the Officer’s Certificate or supplemental indenture (telephonic instructions to be promptly confirmed in writing by such person) and that such
persons are authorized to determine, consistent with such Officer’s Certificate or any applicable supplemental indenture, such terms and conditions of the Securities of such series as are specified in such Officer’s Certificate or
supplemental indenture). All Securities of any one series need not be issued at the same time and, unless otherwise so provided by the Company, a series may be reopened for issuances of additional Securities of such series or to establish additional
terms of such series of Securities. If any of the terms of the Securities of any series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee at or prior to the delivery of
the Officer’s Certificate setting forth the terms of such series. 
 Section 3.2 Currency; Denominations 

Unless otherwise provided in or pursuant to this Indenture or any Security, the principal of, any premium and interest on and any Additional Amounts with
respect to, the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall be issuable in registered form without coupons in denominations of $1,000 or any
integral multiple of $1,000 in excess thereof. Securities not denominated in Dollars shall be issuable in such denominations as are established with respect to such Securities in or pursuant to this Indenture. 

Section 3.3 Execution; Authentication; Delivery and Dating 

Securities shall be executed on behalf of the Company by any Officer of the Company. The signature of any such Officer on the Securities may be manual or
facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper Officers of the Company shall bind the
Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities, executed by the Company, to the
Trustee for authentication and, provided that the Board Resolution and Officer’s Certificate or supplemental indenture or indentures with respect to such Securities referred to in Section 3.1 and a Company Order for the authentication and
delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in
relying upon an Opinion of Counsel and an Officer’s Certificate that contain the statements required by Section 1.2. 
 The Trustee shall not be
required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee. 

  
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 Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all Securities of a
series are not to be originally issued at one time, it shall not be necessary to deliver the Officer’s Certificate or Company Order otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of
such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. This paragraph shall not be applicable to Securities of a series that are issued as part of a
reopening pursuant to the last paragraph of Section 3.1. 
 Each Registered Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for in Section 2.2 or Section 6.12 executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized signatories. Such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 

Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company
shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture. 
 Section 3.4 Temporary Securities 

Pending the preparation of Definitive Securities, the Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate
and deliver, in the manner provided in Section 3.3, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the
Definitive Securities in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions and other variations as the Officers of the Company executing such Securities may determine, as conclusively
evidenced by their execution of such Securities. Such temporary Securities may be in the form of Global Securities. 
 Except in the case of temporary
Global Securities, which shall be exchanged in accordance with the provisions thereof, if temporary Securities are issued, the Company shall cause Definitive Securities to be prepared without unreasonable delay. After the preparation of Definitive
Securities of the same series and containing terms and provisions that are identical to those of any temporary Securities, such temporary Securities shall be exchangeable for such Definitive Securities upon surrender of such temporary Securities at
an Office or Agency for such Securities, without charge to any Holder thereof. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of Definitive Securities of authorized denominations of the same series and containing identical terms and provisions. Unless otherwise provided in or pursuant to this Indenture with respect to a temporary Global Security,
until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities of such series. 

Section 3.5 Registration; Transfer and Exchange 

With respect to the Registered Securities of each series, if any, the Company shall cause to be kept a register (each such register being herein sometimes
referred to as the “Security Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered Securities of such
series and of transfers of the Registered Securities of such series. 
 Such Office or Agency shall be the “Security Registrar” or
“Registrar” for that series of Securities. Unless otherwise specified in or pursuant to this Indenture or the Securities, the Trustee shall be the initial Security Registrar for each series of Securities. The Company shall have the
right to remove and replace from time to time the Security Registrar for any series of Securities; provided that no such removal or replacement shall be effective until a successor Security Registrar with respect to such series of Securities shall
have been appointed by the Company and shall have accepted such appointment by the Company. In the event that the Trustee shall not be or shall cease to be Security Registrar with respect to a series of Securities, it shall have the right to examine
the Security Register for such series at all reasonable times. There shall be only one Security Register for each series of Securities. 
 A Global Security
may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. Notwithstanding the foregoing, except as may be provided pursuant to Section 3.1, any Global Security or any beneficial interest therein shall be exchangeable for Definitive Securities only if
(i) the Depositary is at any time unwilling, unable or ineligible to continue as Depositary and a successor Depositary is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) the Depositary
ceases to be a clearing agency registered under the Exchange Act, (iii) the Company (subject to the Applicable Procedures) executes and delivers to the Trustee a Company Order to the effect that such Global Security shall be so exchangeable or
(iv) an Event of Default has occurred and is continuing with respect to such Securities. If the holder of a Global Security or the beneficial owners of interests in a Global Security are entitled to exchange such interests for Definitive
Securities as the result of an event specified in clause (i), (ii), (iii) or (iv) of the preceding sentence, the Company shall promptly make available to the Trustee Definitive Securities in such form and denominations as are required by or
pursuant to this Indenture, and of the same series, containing identical terms and in aggregate principal amount equal to the principal amount of such Global Security, executed by the Company. Such Global Security shall be surrendered from time to
time by the U.S. Depositary or such other Depositary as shall be specified in the Company Order with respect thereto, and in accordance with instructions given to the Trustee and the U.S. Depositary or such other Depositary, as the case may be
(which instructions shall be in writing but need not be contained in or accompanied by an Officer’s Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the
Company’s agent for such purpose, to be exchanged, in whole or in part, for Definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such
surrendered Global Security, a like aggregate principal amount of Definitive Securities of the same series of authorized denominations and of like tenor as the portion of such Global Security to be exchanged; provided, however, that no such
exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities of the same series to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in part, such
Global Security shall be returned by the Trustee to such Depositary or the U.S. Depositary, as the case 

  
 12 

 
may be, or such other Depositary or U.S. Depositary referred to above in accordance with the instructions of the Company referred to above. If a Registered portion of a Global Security is
exchanged for Definitive Registered Securities after the close of business at the Office or Agency for such Security where such exchange occurs on or after (i) any Regular Record Date for such Security and before the opening of business at such
Office or Agency on the next Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the
case may be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Definitive Registered Security, but shall be payable on such Interest Payment Date or proposed date for
payment, as the case may be, only to the Person to whom interest in respect of such portion of such Global Security shall be payable in accordance with the provisions of this Indenture. 

The transfer and exchange of beneficial interests in the Global Securities shall be effected through the Depositary, in accordance with the provisions of this
Indenture and the Applicable Procedures. Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other
following paragraphs, as applicable: 
 (1) Beneficial interests in any Global Security may be transferred to Persons who take delivery thereof in the form
of a beneficial interest in the same Global Security. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this subparagraph (1). 

(2) In connection with the transfer or exchange of beneficial interests in any Global Security to Persons who take delivery thereof in the form of a beneficial
interest in a different Global Security, the transferor of such beneficial interest must deliver to the Registrar (i) an order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be transferred or exchanged and (ii) instructions given in accordance with the
Applicable Procedures containing information regarding the Participant account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities contained in this
Indenture and such Securities or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Security(s) pursuant to this paragraph. 

If any Holder of a beneficial interest in a Global Security proposes to exchange such beneficial interest for a Definitive Security or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Definitive Security in the event of the occurrence of any of the conditions set forth in the third paragraph of this Section 3.5, then, upon delivery to the Registrar
of (i) an order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Security in an amount equal to the beneficial
interest to be transferred or exchanged and (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Security shall be registered to effect the transfer or exchange
referred to in clause (i), the Trustee shall cause the aggregate principal amount of the applicable Global Security to be reduced accordingly as described below, and the Company shall execute and, upon receipt of a Company Order pursuant to
Section 3.3, the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Security in the appropriate principal amount. Any Definitive Security issued in exchange for a beneficial interest pursuant to
this paragraph shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Securities to the Persons in whose names such Securities are so registered. 
 A Holder of a
Definitive Security may exchange such Security for a beneficial interest in a Global Security or transfer such Definitive Securities to a Person who takes delivery thereof in the form of a beneficial interest in a Global Security at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Definitive Security and increase or cause to be increased the aggregate principal amount of the applicable Global Security. 

At the option of the Holder, Definitive Securities of any series may be exchanged for other Definitive Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount, upon surrender of the Definitive Securities to be exchanged at an Office or Agency. Whenever any Definitive Securities are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and deliver, the Definitive Securities which the Holder making the exchange is entitled to receive. 
 Upon request by a
Holder of Definitive Securities and such Holder’s compliance with the provisions of this paragraph, the Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of transfer or exchange, the
requesting Holder shall present or surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. A Holder of Definitive Securities may transfer such Securities to a Person who takes delivery thereof in the form of a Definitive Security. Upon receipt of a request to register such a transfer, the Registrar shall register
the Definitive Securities pursuant to the instructions from the Holder thereof. 
 At such time as all beneficial interests in a particular Global Security
have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or cancelled in whole and not in part, each such Global Security shall be returned to or retained and cancelled by the Trustee in accordance
with Section 3.9. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security
or for Definitive Securities, the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depositary 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 Security, the principal amount of Securities
represented by such other Global Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid and legally binding obligations of the Company evidencing
the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

  
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 Every Registered Security presented or surrendered for registration of transfer or for exchange or
redemption shall (if so required by the Company or the Security Registrar for such Security) be duly endorsed, signature guaranteed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
for such Security duly executed by the Holder thereof, signature guaranteed, or his or her attorney duly authorized in writing. 
 No service charge shall
be made for any registration of transfer or exchange, or redemption of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the
Trustee) that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Sections 3.4, 3.6, 9.6 and 11.7 not involving any transfer. 

Except as otherwise provided in or pursuant to this Indenture, the Company shall not be required (i) to issue, register the transfer of or exchange any
Securities during a period beginning at the opening of business 15 days before the day of selection of Securities of like tenor and the same series under Section 11.3 for redemption and ending at the close of business on the day of such
selection, (ii) to register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to
issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment or purchase at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 

The Registrar shall retain copies of all certificates, notices and other written communications received pursuant to this Section 3.5. The Company shall
have the right to inspect and make copies of all such certificates, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar. 

All certifications and certificates required to be submitted to the Registrar pursuant to this Section 3.5 to effect a registration of transfer or
exchange may be submitted by facsimile, with an original of such document to be sent promptly thereafter. 
 Section 3.6 Mutilated,
Destroyed, Lost and Stolen Securities 
 If any mutilated Security is surrendered to the Trustee, subject to the provisions of this Section 3.6, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 

If there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and
(ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or to a Responsible Officer that such Security has been acquired by a
“protected purchaser” (as such term is defined in the New York Uniform Commercial Code), the Company shall execute and, upon the Company’s request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such
destroyed, lost or stolen Security, a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 

Notwithstanding the foregoing provisions of this Section 3.6, in case any mutilated, destroyed, lost or stolen Security has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under
this Section 3.6, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith. 
 Every new Security issued pursuant to this Section 3.6 in lieu of any destroyed, lost or stolen Security shall constitute a separate
obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of
such series duly issued hereunder. 
 The provisions of this Section 3.6, as amended or supplemented pursuant to this Indenture with respect to
particular Securities or generally, shall be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 3.7 Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved 

Unless otherwise provided in or pursuant to this Indenture, any interest on and any Additional Amounts with respect to, any Registered Security that shall be
payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date
for such interest. 
 Unless otherwise provided in or pursuant to this Indenture, any interest on and any Additional Amounts with respect to, any Registered
Security that shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder
thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 

(1) The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor Security thereof)
shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on such Registered Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as
in this clause provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and

  
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not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security (or a Predecessor Security
thereof) at his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at
least once in an Authorized Newspaper of general circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 
 (2) The Company may make payment of
any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company
to the Trustee of the proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustee. 
 Unless otherwise provided in or
pursuant to this Indenture or the Securities of any particular series pursuant to the provisions of this Indenture, at the option of the Company, interest on Registered Securities that bear interest may be paid by wire transfer in immediately
available funds if the Holder of the Registered Security has provided to the Company and the Trustee wire instructions at least five Business Days prior to the applicable payment date or by check mailed to the address of that Holder as it appears on
the books of the Securities Registrar if that Holder has not provided wire instructions; provided that any payment of principal (or premium, if any) in respect of any Security will be made only upon presentation and surrender of such Security at the
applicable Office or Agency. 
 Subject to the foregoing provisions of this Section 3.7 and Section 3.5, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

In the case of any Registered Security of any series that is convertible, which Registered Security is converted after any Regular Record Date and on or prior
to the immediately succeeding Interest Payment Date (other than any Registered Security with respect to which the Maturity is prior to such Interest Payment Date), interest on such Interest Payment Date shall be payable on such Interest Payment Date
notwithstanding such conversion, and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Registered Security (or one or more predecessor Registered Securities) is registered at the close
of business on such Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Registered Security which is converted, interest with respect to which the Stated Maturity is after the date of
conversion of such Registered Security shall not be payable. 
 Section 3.8 Persons Deemed Owners 

Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Registered Security is registered in the Security Register as the owner of such Registered Security for the purpose of receiving payment of principal of, any premium and (subject to Section 3.5 and
Section 3.7) interest on and any Additional Amounts with respect to, such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security shall be overdue, and none of the Company,
the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 No holder of any beneficial interest in any Global
Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of
such Global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of
beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Section 3.9 Cancellation 
 All
Securities surrendered for payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such
Securities, as well as Securities surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section 3.9, except as expressly permitted by or pursuant to this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures. 

Section 3.10 Computation of Interest 

Except as otherwise provided in or pursuant to this Indenture, or in any Security, interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 
 Section 3.11
CUSIP and ISIN Numbers 
 The Company in issuing the Securities may use “CUSIP” and “ISIN” numbers (if then generally in use),
and, if so, the Trustee shall use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Trustee of any change in the CUSIP and ISIN numbers. 

  
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 ARTICLE 4 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 4.1 Satisfaction and Discharge 

Upon the direction of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in
such Company Order and the Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 

(1) either 
 (a) all Securities of such series theretofore
authenticated and delivered have been delivered to the Trustee for cancellation (other than (i) Securities of such series that have been destroyed, lost or stolen and have been replaced or paid as provided in Section 3.6 and
(ii) Securities of such series the payment of money for which has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in
Section 10.3); or 
 (b) all Securities of such series not theretofore delivered to the Trustee for cancellation: 

(i) have become due and payable, or 
 (ii) will become due and
payable at their Stated Maturity within one year, or 
 (iii) if redeemable at the option of the Company, are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and
the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, (x) money in an amount or (y) Government Obligations that through the payment of
interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, in the opinion of a nationally recognized Independent Registered Public Accounting Firm expressed in a
written certification thereof delivered to the Trustee, money in the amount, or (z) a combination of (x) and (y) in an amount in the Currency in which such series of Securities are payable sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest on, and any Additional Amounts with respect to such Securities then determinable, to the date of such
deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case may be; 
 (2) the Company has paid or caused
to be paid all other sums payable hereunder by the Company with respect to the Outstanding Securities of such series; and 
 (3) the Company has delivered to
the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

In the event there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and
discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee under
Section 6.7, the obligations of the Trustee under Section 4.3, if money, Government Obligations or a combination thereof shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 4.1,
the obligations of the Company and the Trustee with respect to the Securities of such series under Section 3.4, Section 3.5, Section 3.6, Section 10.2 and Section 10.3, and the obligations of the Company with respect to the
payment of Additional Amounts, if any, with respect to such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such
Additional Amounts pursuant to Section 4.1(1)(b)), and with respect to any rights to convert or exchange such Securities into Common Stock or other securities, cash or other property shall survive such satisfaction and discharge. 

Section 4.2 Defeasance and Covenant Defeasance 

(1) Unless pursuant to Section 3.1, either or both of (i) defeasance of the Securities of a series under clause (2) of this Section 4.2
shall not be applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities of a series under clause (3) of this Section 4.2 shall not be applicable with respect to the Securities of such
series, then such provisions, together with the other provisions of this Section 4.2 (with such modifications thereto as may be specified pursuant to Section 3.1 with respect to any Securities), shall be applicable to such Securities, and
the Company may at its option by Board Resolution, at any time, with respect to such Securities, elect to have Section 4.2(2) or Section 4.2(3) be applied to such Outstanding Securities upon compliance with the conditions set forth below
in this Section 4.2. 
 (2) Upon the Company’s exercise of the above option applicable to this Section 4.2(2) with respect to any Securities
of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities on the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter,
“defeasance”). For this purpose, such defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities, which shall thereafter be deemed to be
“Outstanding” only for the purposes of the Sections of this Indenture referred to in clauses (i) and (ii) below, and to have satisfied all of its other obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders
of such Outstanding Securities to receive, solely from the trust fund described in clause (4) of this Section 4.2 and as more fully set forth in such Section, payments in respect of the principal of (and premium,

  
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if any) and interest, if any, on, and Additional Amounts, if any, with respect to, such Securities when such payments are due, and any rights of such Holder to convert or exchange such Securities
into Common Stock or other securities, cash or other property, (ii) the obligations of the Company and the Trustee with respect to such Securities under Section 3.4, Section 3.5, Section 3.6, Section 10.2 and
Section 10.3 and the obligations of the Company with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable with respect to such
Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.2(4)(a) below), and with respect to any rights to convert or exchange such Securities into Common Stock or other securities, cash or other
property, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 4.2. The Company may exercise its option under this Section 4.2(2) notwithstanding the prior exercise of its option
under clause (3) of this Section 4.2 with respect to such Securities. 
 (3) Upon the Company’s exercise of the above option applicable to
this Section 4.2(3) with respect to any Securities of or within a series, (i) the Company shall be released from its obligations to comply with any term, provision or condition under Section 8.1 with respect to such Securities (and,
to the extent specified pursuant to Section 3.1, any other restrictive covenant added for the benefit of such Securities) and (ii) unless otherwise specified pursuant to Section 3.1, the occurrence of any event specified in
Section 5.1(7) shall not be deemed to be an Event of Default, in each case on and after the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “covenant defeasance”), and such
Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such covenant, but shall
continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with, and shall have no liability in
respect of, any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any covenant or by reason of reference in any such covenant to any other provision herein or
in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 5.1(4), Section 5.1(7) or otherwise, as the case may be, insofar as it relates to Section 8.1 and, to the extent
specified pursuant to Section 3.1, any other restrictive covenant added for the benefit of such Security, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby; provided that the
obligations of the Company with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 shall remain unsatisfied only to the extent that the Additional Amounts payable with respect to such
Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.2(4)(a) below; provided, further, that notwithstanding a covenant defeasance with respect to Section 8.1, any Person to whom a sale,
assignment, transfer, lease, conveyance or other disposition is made pursuant to Section 8.1, shall as a condition to such sale, assignment, transfer, lease, conveyance or other disposition, assume by an indenture supplemental hereto in form
satisfactory to the Trustee, executed by such successor Person and delivered to the Trustee, the obligations of the Company to the Trustee under Section 6.7 and the second to the last paragraph of Section 4.2. 

(4) The following shall be the conditions to the application of clause (2) or (3) of this Section 4.2 to any Outstanding Securities of a series: 

(a) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.8
who shall agree to comply with the provisions of this Section 4.2 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the
Holders of such Securities, (1) an amount in Dollars or in such Foreign Currency in which such Securities are then specified as payable at Stated Maturity, or (2) Government Obligations applicable to such Securities (determined on the
basis of the Currency in which such Securities are then specified as payable at Stated Maturity), which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day
before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and interest, in the opinion of a nationally recognized Independent Registered Public Accounting Firm expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be
applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest or Additional Amounts then determinable, if any, on such Outstanding Securities at the Maturity of such principal
or installment of principal or interest, provided that the Company shall specify whether such Outstanding Securities are being defeased to Stated Maturity or to the Redemption Date and (z) any mandatory sinking fund payments or analogous
payments applicable to such Outstanding Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities. 

(b) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material
agreement or instrument to which the Company is a party or by which it is bound. 
 (c) No Event of Default or event that, with notice or lapse of time or
both, would become an Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit (other than an Event of Default resulting from non-compliance with any
covenant from which the Company is released upon effectiveness of such defeasance or covenant defeasance, as applicable). 
 (d) In the case of an election
under clause (2) of this Section 4.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that: 
 (i) the Company has
received from the Internal Revenue Service a letter ruling, or there has been published by the Internal Revenue Service a Revenue Ruling, or 
 (ii) since
the date of execution of this Indenture, there has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based
thereon such opinion shall confirm that, subject to customary assumptions and exclusions, the Holders of such Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

  
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 (e) In the case of an election under clause (3) of this Section 4.2, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that, subject to customary assumptions and exclusions, the Holders of such Outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of
such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred. 

(f) The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the
defeasance or covenant defeasance under clause (2) or (3) of this Section 4.2 (as the case may be) have been complied with. 
 (g) If the
Securities are to be redeemed prior to their Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory
to the Trustee shall have been made. 
 (h) Notwithstanding any other provisions of this Section 4.2(4), such defeasance or covenant defeasance shall be
effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.1. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited
pursuant to this Section 4.2 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities. 

Anything in this Section 4.2 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any
money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in clause (4) of this Section 4.2 which, in the opinion of a nationally recognized Independent Registered Public Accounting Firm
expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this
Section 4.2. 
 Section 4.3 Application of Trust Money 

Subject to the provisions of the last paragraph of Section 10.3, all money and Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section 4.3, the Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 4.1 or Section 4.2 in respect of any
Outstanding Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting
as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any, interest and Additional Amounts, if any, for whose payment such money has or Government Obligations have been deposited with
or received by the Trustee; but such money and Government Obligations need not be segregated from other funds except to the extent required by law. 

Section 4.4 Qualifying Trustee 
 Any
trustee appointed pursuant to Section 4.2 for the purpose of holding trust funds deposited pursuant to that Section shall be appointed under an agreement in form acceptable to the Trustee and shall provide to the Trustee a certificate of such
trustee, upon which certificate the Trustee shall be entitled to conclusively rely, that all conditions precedent provided for herein to the related defeasance or covenant defeasance have been complied with. In no event shall the Trustee be liable
for any acts or omissions of said trustee. 
 ARTICLE 5 

REMEDIES 

Section 5.1 Events of Default 

“Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body),
unless such event is specifically deleted or modified in or pursuant to the supplemental indenture, Board Resolution or Officer’s Certificate establishing the terms of such series pursuant to this Indenture: 

(1) default for 30 days in the payment when due of any interest on or any Additional Amount in respect of any Security of such series; 

(2) default in the payment of the principal of or any premium on any Security of such series when the principal or premium becomes due and payable at Maturity;

 (3) default in the deposit of any sinking fund payment when and as due by the terms of any Security of such series, subject to any cure period specified
in any Security of such series; 
 (4) failure on the part of the Company duly to observe or perform any other of the covenants or agreements (other than
those described in clause (1), (2) or (3) above) on the part of the Company with respect to that series contained in such Securities or otherwise established with respect to that series of Securities pursuant to Section 3.1 hereof or
contained in this Indenture (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series), other than the covenant set forth in
Section 7.4, and such failure shall continue for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” shall have been given
to the Company by the Trustee, upon direction of Holders of at least 25% in principal amount of the Outstanding Securities of that series; provided, however, that if such failure is not capable of cure within such
60-day period, such 60-day period shall be automatically extended by an additional 60 days so long as (i) such failure is subject to cure, and (ii) the Company
is using commercially reasonable efforts to cure such failure; and provided, further, that a failure to comply with any such other agreement in the indenture that results from a change in GAAP shall not be deemed to be an Event of Default; 

  
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 (5) a decree or order by a court having jurisdiction in the premises shall have been entered adjudging the
Company bankrupt or insolvent, or approving as properly filed a petition seeking liquidation or reorganization of the Company under any applicable bankruptcy, insolvency, reorganization or other similar law, and such decree or order shall have
continued unvacated and unstayed for a period of 90 days; an involuntary case shall be commenced under any applicable bankruptcy, insolvency, reorganization or other similar law in respect of the Company and shall continue undismissed for a period
of 90 days or an order for relief in such case shall have been entered and such order shall have remained in force unvacated and unstayed for a period of 90 days; or a decree or order of a court having jurisdiction in the premises shall have been
entered for the appointment on the ground of insolvency or bankruptcy of a receiver, custodian, liquidator, trustee or assignee in bankruptcy or insolvency of the Company or of its property, or for the winding up or liquidation of its affairs, and
such decree or order shall have remained in force unvacated and unstayed for a period of 90 days; 
 (6) the Company shall institute proceedings to be
adjudicated a voluntary bankrupt, shall consent to the filing of a bankruptcy proceeding against it, shall file a petition or answer or consent seeking liquidation or reorganization under any applicable bankruptcy, insolvency, reorganization or
other similar law, shall consent to the filing of any such petition or shall consent to the appointment on the ground of insolvency or bankruptcy of a receiver or custodian or liquidator or trustee or assignee in bankruptcy or insolvency of it or of
its property, or shall make a general assignment for the benefit of creditors; or 
 (7) any other Event of Default provided in or pursuant to the Indenture
with respect to Securities of the series, provided that any such Event of Default that results from a change in GAAP shall not be deemed to be an Event of Default. 

Section 5.2 Acceleration of Maturity; Rescission and Annulment 

If an Event of Default specified in clause (5) or (6) of the definition thereof above occurs, the principal of all Securities shall automatically become
due and payable without further action or notice, anything contained in this Indenture or the Securities of each series or established with respect to each series pursuant to Section 3.1 to the contrary notwithstanding. If (a) upon the
occurrence and continuance of an Event of Default specified in clause (1) or (2) of the definition thereof, the Company and the Trustee receive notice in writing that Holders of not less than 25% in aggregate principal amount of the Outstanding
Notes of that series, or (b) upon the occurrence and continuance of any other Event of Default other than an Event of Default specified in clause (1), (2), (5) and (6) of the definition thereof, the Company and the Trustee receive notice
in writing that Holders of not less than a majority in aggregate principal amount of the Outstanding Notes of that series, have declared the principal of all Securities of that series to be due and payable immediately, then upon any such declaration
the same shall become and shall be immediately due and payable, anything contained in this Indenture or in the Securities of that series or established with respect to that series to the contrary notwithstanding. 

At any time after a declaration of acceleration or automatic acceleration with respect to the Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereafter in this Article 5 provided, the Holders of not less than a majority in principal amount of the Outstanding Securities of such series, by written notice to the Company
and the Trustee, may rescind and annul the declaration or automatic acceleration and its consequences if: 
 (1) the Company has paid or deposited with the
Trustee a sum of money sufficient to pay (A) all overdue installments of interest on all Securities of such series and any Additional Amounts payable with respect thereto, (B) the principal of and any premium on any Securities of the
series which have become due otherwise than by the declaration of acceleration or automatic acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided in such Securities,
(C) interest upon overdue interest at the rate or rates prescribed therefor in such Securities and (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and 
 (2) all Events of Default with respect to Securities of such series, other than the
non-payment of the principal of, any premium and interest on, and any Additional Amounts with respect to, Securities of such series which shall have become due solely by the acceleration, shall have been cured
or waived as provided in Section 5.3. 
 The sole remedy of the Holders for any failure on the part of the Company to duly observe or perform the
covenants and agreements set forth in Section 7.4 shall be the right to receive Additional Interest if and to the extent required by any Security, under the circumstances specified therein. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee 

The Company covenants that if: 
 (1) default is made in the
payment of any installment of interest on any Security, or any Additional Amounts payable with respect thereto, when such interest or Additional Amounts shall have become due and payable and such default continues for any cure period specified with
respect to such Security, 
 (2) default is made in the payment of any principal of or premium, if any, on, or any Additional Amounts payable in respect of
any principal of or premium, if any, on any Security at its Maturity; or 
 (3) default is made in the deposit of any sinking fund payment, when and as due
by the terms of any Security and such default continues for any cure period specified with respect to such Security; 
 the Company shall, upon demand of
the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount of money then due and payable with respect to such Securities, with interest upon the overdue principal, any premium and, to the extent that payment
of such interest shall be legally enforceable, upon any overdue installments of interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount of money as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 6.7. 

  
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 If the Company fails to pay the money it is required to pay the Trustee pursuant to the preceding paragraph
forthwith upon the demand of the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid, and may prosecute such proceeding to judgment or final
decree, and may enforce the same against the Company or any other obligor upon such Securities and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such
Securities, wherever situated. 
 If an Event of Default with respect to the Securities of any series occurs and is continuing, the Trustee may, and if
(A) an Event of Default specified in clause (1), (2), (5) or (6) of the definition thereof occurs and is continuing, and Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series direct, or
(B) an Event of Default other than an Event of Default specified in clause (1), (2), (5) or (6) of the definition thereof occurs and is continuing, and Holders of not less than a majority in aggregate principal amount of the Outstanding
Securities of such series direct, so long as such Holders shall have provided the Trustee with such indemnity as it shall require and subject to the provisions of Section 5.12, the Trustee shall, proceed to protect and enforce its rights and
the rights of the Holders of Securities of such series by such appropriate judicial proceedings to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or such Securities or in aid
of the exercise of any power granted herein or therein, or to enforce any other proper remedy. 
 Section 5.4 Trustee May File
Proofs of Claim 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition
or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any overdue principal, premium, interest or Additional Amounts) shall be
entitled and empowered, by intervention in such proceeding or otherwise, 
 (1) to file and prove a claim for the whole amount, or such lesser amount as may
be provided for in the Securities of such series, of the principal and any premium, interest and Additional Amounts owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders of Securities allowed in such judicial proceeding, and 

(2) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by
each Holder of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 6.7. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security in any such proceeding. 

Section 5.5 Trustee May Enforce Claims without Possession of Securities 

All rights of action and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable benefit of each and every Holder of a Security in respect of which such judgment has been recovered. 

Section 5.6 Application of Money Collected 

Any money collected by the Trustee pursuant to this Article 5 with respect to Securities of any series shall be applied in the following order, at the date or
dates fixed by the Trustee and, in case of the distribution of such money on account of principal, or any premium, interest or Additional Amounts, upon presentation of such Securities, and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under Section 6.7; 

SECOND: To the payment of the amounts then due and unpaid upon such Securities for principal and any premium, interest and Additional Amounts in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal and any premium, interest and Additional
Amounts, respectively; and 
 THIRD: The balance, if any, to the Company. 

Section 5.7 Limitations on Suits 
 No
Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

  
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 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with
respect to the Securities of such series; 
 (2) (a) in the case of an Event of Default specified in clause (1), (2), (5) and (6) of the definition
thereof, Holders of not less than 25%, or (b) in the case of an Event of Default other than as specified in clause (1), (2), (5) and (6) of the definition thereof, Holders of not less than a majority, in aggregate principal amount of the
Outstanding Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance
with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such
60-day period by the Holders of a majority in principal amount of the Outstanding Securities of such series; 
 it
being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other
such Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all such Holders. 
 Section 5.8 Unconditional Right of Holders to Receive Principal and any Premium, Interest
and Additional Amounts 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of, any premium and (subject to Section 3.5 and Section 3.7) interest on, and any Additional Amounts with respect to, such Security, on the respective Stated Maturity or Maturities
therefor specified in such Security (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of such Holder if provided in or pursuant to this Indenture, on the date such repayment is due) and to institute
suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 
 Section 5.9
Restoration of Rights and Remedies 
 If the Trustee or any Holder of a Security has instituted any proceeding to enforce any right or remedy under
this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and each such Holder shall, subject to any
determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no such proceeding had been instituted.

 Section 5.10 Rights and Remedies Cumulative 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to each and every Holder of a Security is intended to be exclusive of any other right or remedy, and every right and remedy, to the extent permitted by law,
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent
permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 5.11 Delay or
Omission Not Waiver 
 No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 5 or by law to the Trustee or to any Holder of a Security may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by such Holder, as the case may be. 
 Section 5.12
Control by Holders of Securities 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided that: 

(1) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of any series and would not involve the Trustee
in personal liability, 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

(3) such direction is not unduly prejudicial to the rights of the other Holders of Securities of such series not joining in such action. 

Section 5.13 Waiver of Past or Existing Defaults 

The Holders of not less than a majority in principal amount of the Outstanding Securities of any series on behalf of the Holders of all the Securities of such
series may waive any past or existing default or Event of Default hereunder with respect to such series and its consequences, except a continuing default: 

(1) in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any Security of such series, or 

(2) in respect of a covenant or provision hereof which under Article 9 hereof cannot be modified or amended without the consent of the Holder of each
Outstanding Security of such series affected. 

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

Section 5.14 Waiver of Stay or Extension Laws 

The Company covenants that (to the extent that it may lawfully do so) it will not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company expressly waives (to the extent that it may lawfully
do so) all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had
been enacted. 
 Section 5.15 Undertaking for Costs 

All parties to this Indenture agree, and each Holder of any Security by his or her acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to
pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in
principal amount of Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any, on or Additional Amounts, if any, with respect to any
Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment, on or after the date for repayment) or for the enforcement of the right,
if any, to convert or exchange any Security into Common Stock or other securities, cash or other property in accordance with its terms. 

ARTICLE 6 
 THE TRUSTEE

 Section 6.1 Certain Duties and Responsibilities 

The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Except during the continuance of an Event of Default with
respect to the Securities of a series of which a Responsible Officer has actual knowledge, the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to such Securities, and no
implied covenants or obligations shall be read into this Indenture with respect to such Securities against the Trustee. In case an Event of Default of which a Responsible Officer has actual knowledge with respect to the Securities of a series has
occurred (which has not been cured or waived), the Trustee shall exercise the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, with respect to such Securities, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 6.1. 
 Section 6.2 Certain Rights of
Trustee 
 Subject to the provisions of Section 6.1: 

(1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or
presented by the proper party or parties; 
 (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company
Request or a Company Order (in each case, other than delivery of any Security to the Trustee for authentication and delivery pursuant to Section 3.3 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of
Directors of the Company may be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, request and
conclusively rely upon an Officer’s Certificate; 
 (4) the Trustee may consult with counsel of its selection and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture or to institute, conduct or
defend any litigation hereunder or in relation hereto at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have 

offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; 

  
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 (6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may but shall
not be obligated to make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours
and upon reasonable notice, the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys or
custodians and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, attorney or custodians appointed with due care by it hereunder; 

(8) the Trustee shall not be liable in its individual capacity for any action taken or suffered to be taken, unless it shall be proved that the Trustee was
negligent, acted in bad faith or engaged in willful misconduct; 
 (9) the Authenticating Agent, Paying Agent, and Security Registrar shall have the same
protections as the Trustee set forth hereunder; 
 (10) the Trustee shall not be liable in its individual capacity with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with this Indenture, and, to the extent not so provided herein, with respect to any act requiring the Trustee to exercise its own discretion, relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture or any Securities, unless it shall be proved that, in connection with any such action taken,
suffered or omitted or any such act, the Trustee was negligent, acted in bad faith or engaged in willful misconduct; 
 (11) no provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers; 

(12) the Trustee shall not be charged with knowledge or required to take notice of any default or Event of Default with respect to the Securities unless either
(A) a Responsible Officer shall have actual knowledge of such default or Event of Default or (B) written notice of such default or Event of Default, which references the Securities and this Indenture, shall have been given to a Responsible
Officer by the Company or other obligor on such Securities or by any Holder of such Securities; 
 (13) the Trustee shall not be liable in its individual
capacity for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(14) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian, director, officer, employee and other Person employed to act hereunder; 

(15) the Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of Officers authorized
at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate
previously delivered and not superseded; 
 (16) the permissive rights of the Trustee to take certain actions under or perform any discretionary act
enumerated in this Indenture shall not be construed as a duty unless so specified herein, and the Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such action or act; 

(17) the Trustee shall not be liable in its individual capacity with respect to any action taken, suffered or omitted to be taken by it in good faith in
accordance with this Indenture or at the direction of the Holders of a majority in aggregate principal amount of the Outstanding Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising or omitting to exercise any trust or power conferred upon the Trustee, under this Indenture; 
 (18) in no event shall the Trustee be liable
for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits) even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

(19) in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances. 
 Section 6.3 Notice of Defaults 

Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series of which a Responsible Officer has actual knowledge,
the Trustee shall give the Holders of Securities of such series entitled to receive reports pursuant to Section 7.3, notice of such default hereunder actually known to a Responsible Officer, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any), or interest, if any, on, or Additional Amounts or any sinking fund or purchase fund installment with respect to, any Security of such
series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers in good faith determine that the withholding of such
notice is in the best interest of the Holders of Securities of such series; and provided, further, that in the case of any default of the character specified in Section 5.1(4) with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect
to Securities of such series. 

  
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 Section 6.4 Not Responsible for Recitals or Issuance of Securities 

The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company,
and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity, sufficiency or priority of this Indenture or of the Securities. Neither the Trustee nor
any Authenticating Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof. Except with respect to the authentication of Securities pursuant to Section 3.3, the Trustee shall not be
responsible for the legality or the validity of this Indenture or any Securities issued or to be issued hereunder. 
 Section 6.5
May Hold Securities 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the
Trustee or the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights it would have
if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person. 
 Section 6.6 Money Held
in Trust 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall
be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 

Section 6.7 Compensation and Reimbursement 

The Company agrees: 
 (1) to pay to the Trustee from time to time
such compensation as shall be agreed upon from time to time in writing between the Company and the Trustee for all services rendered by the Trustee hereunder (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture arising out of or in connection with the acceptance or administration of the trust or trusts hereunder (including the
reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be caused by the Trustee’s own negligence or willful misconduct; and 

(3) to fully indemnify each of the Trustee and any predecessor Trustee and its agents, officers, directors and employees for, and to hold them harmless
against, any loss, liability, damage, claim or expense (including reasonable legal fees and expenses), including taxes (other than taxes based on the income of the Trustee), incurred without negligence or willful misconduct on their part, arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and expenses of defending themselves against any claim or liability (whether asserted by the Company, a Holder of
Securities, or any other Person) in connection with the exercise or performance of any of their powers or duties hereunder. 
 As security for the
performance of the payment obligations of the Company under this Section 6.6, the Trustee shall have a lien prior to the Securities of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust
for the payment of principal of, and premium or interest on, or any Additional Amounts with respect to, particular Securities. Such lien shall survive the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture.
Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services after a default or Event of Default specified in Section 5.1(5) and 5.1(6) hereof occurs, the expenses and
the compensation for the services (including the fees and expense of its agents and counsel) are intended to constitute expense of administration under U.S. Code, Title 11 or any other similar foreign, federal or state law for the relief of debtors.

 Without prejudice to any other rights available to the Trustee under applicable law, to the extent permitted by law any compensation or expense incurred
by the Trustee after a default specified in or pursuant to Section 5.1 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this
Section 6.7 shall include any predecessor Trustee but the negligence or willful misconduct of any Trustee shall not affect the rights of any other Trustee under this Section 6.7. 

Notwithstanding any other provision of this Indenture to the contrary, in no event shall the Trustee be liable for special, indirect or consequential damages
of any kind whatsoever (including but not limited to lost profits) even if the Trustee had been advised of the likelihood of such loss or damage and regardless of the form of action. 

The provisions of this Section 6.7 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee
and shall apply with equal force and effect to the Trustee in its capacity as Authenticating Agent, Paying Agent or Security Registrar. 

Section 6.8 Corporate Trustee Required; Eligibility; Conflicting Interests 

There shall at all times be a Trustee hereunder that is a Corporation or a national banking association, organized and doing business under the laws of the
United States of America, any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital
and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 subject to supervision or examination by federal or state authority. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 6.8, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 6. 

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or
resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being
a trustee under this Indenture with respect to Securities of more than one series. 
  

  
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 Section 6.9 Resignation and Removal; Appointment of Successor 

(1) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article 6 shall become effective until the acceptance
of appointment by the successor Trustee pursuant to Section 6.10. 
 (2) The Trustee may resign at any time with respect to the Securities of one or
more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series. 

(3) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee and the Company. If the instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of
such notice of removal, the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series. The Trustee for one or more series of
Securities may be removed by the Company, so long as no default or Event of Default has occurred and is continuing with respect to such series. 
 (4) If at
any time: 
 (a) the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to
Securities of any series after written request therefor by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at least six months, 

(b) the Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request therefor by the Company or any such Holder, or

 (c) the Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent or a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, 

 

	 	(i)	 the Company, by or pursuant to a Company Order, may remove the Trustee with respect to all Securities or the
Securities of such series, or 

  

	 	(ii)	 subject to Section 5.15, any Holder of a Security who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment of a successor
Trustee or Trustees. 

 (5) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the
office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Company Order, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of such series (it being
understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall
comply with the applicable requirements of Section 6.10. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner required by Section 6.10, any Holder of a Security who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(6) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses appear in the
Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

(7) In no event shall any retiring Trustee be liable for the acts or omissions of any successor Trustee hereunder. 

Section 6.10 Acceptance of Appointment by Successor 

(1) Upon the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, shall execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 10.3, shall duly assign, transfer and deliver to such successor Trustee all property and money held
by such retiring Trustee hereunder, subject nevertheless to its lien, if any, provided for in Section 6.7. 

  
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 (2) Upon the appointment hereunder of any successor Trustee with respect to the Securities of one or more
(but not all) series, the Company, the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (a) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (b) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring and shall continue to be vested in the retiring Trustee and (c) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and
that no Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or removal of
the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee
under this Indenture with respect to the Securities of that or those series to which the appointment of such successor Trustee relates other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company
or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment of such successor Trustee relates and subject to Section 10.3 shall duly assign,
transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates, subject to its lien, if any, provided for in Section 6.7. 
 (3) Upon request of any Person appointed hereunder as a
successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts. 

(4) No Person shall accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person shall be qualified and
eligible under this Article 6. 
 Section 6.11 Merger; Conversion; Consolidation; or Succession to Business 

Any Corporation or national banking association into which the Trustee may be merged or converted or with which it may be consolidated, or any Corporation or
national banking association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation or national banking association succeeding to all or substantially all of the corporate trust business of
the Trustee by sale or otherwise, shall be the successor of the Trustee hereunder, provided such Corporation or national banking association shall otherwise be qualified and eligible under this Article 6, in each case without the execution or filing
of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated but not delivered by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 6.12 Appointment of Authenticating Agent 

The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to one or more series of Securities which shall be authorized
to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption or partial repayment or pursuant to Section 3.6, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. 
 Each Authenticating Agent must be acceptable to the Company and, except as provided in or pursuant to
this Indenture, shall at all times be a Corporation or national banking association that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law
and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section 6.12, it shall resign immediately in the manner and with the effect specified in this Section 6.12. 

Any Corporation or national banking association into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any
Corporation or national banking association resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation or national banking association succeeding to all or substantially all of the
corporate agency or corporate trust business of an Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, provided such Corporation or national banking association shall be otherwise eligible under this
Section 6.12, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent
and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.12, the Trustee may appoint
a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities, if any, of the series with respect to which
such Authenticating Agent shall serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.12. 

  
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 The Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its
services under this Section 6.12 to the extent agreed in writing. 
 The provisions of Section 3.3, Section 6.1, Section 6.4 and
Section 6.5 shall be applicable to each Authenticating Agent. 
 If an Authenticating Agent is appointed with respect to one or more series of
Securities pursuant to this Section 6.12, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the
following form: 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	________________________,
	
	as Trustee
		
	By:	 	          

		
		 	As Authenticating Agent
		
	By:	 	          

		
		 	Authorized Officer
		
	Dated:	 	          

 If all of the Securities of any series may not be originally issued at one time, and if the Trustee does not have an
office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested by Company Request (which
writing need not be accompanied by or contained in an Officer’s Certificate), shall appoint in accordance with this Section 6.12 (and subject to such procedures as shall be acceptable to the Trustee) an Authenticating Agent having an
office in a Place of Payment designated by the Company with respect to such series of Securities. 
 ARTICLE 7 

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders 

In accordance with Section 312(a) of the Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee: 

(1) semi-annually with respect to Securities of each series not later than 15 days after each Regular Record Date in respect of Securities of a series, a list,
in each case in such form as the Trustee may reasonably require, of the names and addresses of Holders of such Securities as of the applicable date, and 

(2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is furnished, 
 provided, however, that so long as the Trustee is the Security
Registrar no such list shall be required to be furnished. 
 Section 7.2 Preservation of Information; Communications to Holders

 The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act. 

Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company, the Trustee, any Paying Agent
or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with Section 312 of the Trust Indenture Act, regardless of the
source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 

Section 7.3 Reports by Trustee 
 (1)
Within 60 days after May 15 of each year commencing with the first May 15 following the first issuance of Securities pursuant to Section 3.1, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit,
pursuant to Section 313(c) of the Trust Indenture Act, a brief report dated as of such May 15 with respect to any of the events specified in said Section 313(a) that may have occurred since the later of the immediately preceding
May 15 and the date of this Indenture. 
 (2) The Trustee shall transmit any reports required by Section 313(a) of the Trust Indenture Act at the
times specified therein. 
 (3) A copy of each report, if any, described in Section 7.3(1) and (2) shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange, if any, upon which the Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee when the Securities are listed on any stock exchange and
of any delisting thereof. 
 Section 7.4 Reports by Company 

The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall: 

  
 27 

 (1) file with the Trustee, within 30 days after the Company has filed the same with the Commission, unless
such reports are available on the Commission’s EDGAR filing system (or any successor thereto), copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file
information, documents or reports pursuant to either of Section 13 or Section 15(d) of the Exchange Act, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be
prescribed from time to time in such rules and regulations; 
 (2) file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and
regulations; and 
 (3) transmit within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section 7.4 as may be required by rules and regulations prescribed from time
to time by the Commission. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates). 
 ARTICLE 8 

CONSOLIDATION, MERGER AND SALES 

Section 8.1 Company May Consolidate, etc., Only on Certain Terms 

The Company shall not directly or indirectly consolidate with or merge with or into, or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its assets and properties and the assets and properties of its Subsidiaries (taken as a whole) to another Person in one or more related transactions unless: 

(1) either: (A) the Company is the survivor; or (B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or
to which such sale, assignment, transfer, lease, conveyance or other disposition has been made is a Person organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 

(2) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer,
lease, conveyance or other disposition has been made shall expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, in form reasonably satisfactory to the Trustee, executed by the
successor Person and delivered to the Trustee, the due and punctual payment of the principal of, any premium and interest on and any Additional Amounts with respect to, all the Securities and the performance of every obligation in this Indenture and
the Outstanding Securities on the part of the Company to be performed or observed and shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any series that are convertible or exchangeable into Common
Stock or other securities, cash or other property; 
 (3) either the Company or the successor Person shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with this Article 8 and that all conditions precedent herein provided for relating to such transaction have been complied with; and 

(4) immediately after giving effect to such transaction, no Event of Default or event which, after notice or lapse of time, or both, would become an Event of
Default, shall have occurred and be continuing. 
 Section 8.2 Successor Person Substituted for Company 

Upon any consolidation by the Company with or merger of the Company into any other Person or Persons where the Company is not the survivor or any sale,
assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties and assets of the Company and the properties and assets of its Subsidiaries (taken as a whole) to any Person or Persons in accordance with
Section 8.1, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; and thereafter, except in the case of a lease, the predecessor Person shall be released from
all obligations and covenants under this Indenture and the Securities. 
 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.1 Supplemental Indentures Without Consent of Holders 

Without the consent of any Holders of Securities, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time
to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to
evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company contained herein and in the Securities; 

  
 28 

 (2) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities
(as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company; provided, that in respect of any such additional covenant, such supplemental indenture may provide for a
particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such a default or may limit the remedies available to the Trustee upon
an Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default; 

(3) to establish the form or terms of Securities of any series as permitted by Section 2.1 and Section 3.1; 

(4) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.10; 

(5) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any
other provisions with respect to matters or questions arising under this Indenture; provided that no action pursuant to this clause (5) shall adversely affect the interests of the Holders of Securities of any series then Outstanding in any
material respect; 
 (6) to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Securities, as herein set forth; 
 (7) to add any additional Events of Default with respect to all or any series of
Securities (as shall be specified in such supplemental indenture); 
 (8) to supplement any of the provisions of this Indenture to such extent as shall be
necessary for the defeasance and discharge of any series of Securities pursuant to Article 4, provided that any such action shall not adversely affect the interests of any Holder of an Outstanding Security of such series or any other Security in any
material respect; 
 (9) to make provisions with respect to conversion or exchange rights of Holders of Securities of any series; 

(10) to add guarantees in respect of the Securities of one or more series and to provide for the terms and conditions of release thereof; 

(11) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities of one or more series any property or assets and to provide
for the terms and conditions of release thereof; 
 (12) to change or eliminate any of the provisions of this Indenture, provided that any such change or
elimination shall become effective only when there is no Outstanding Security of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision; 

(13) to provide for Definitive Securities in addition to or in place of Global Securities; 

(14) to qualify the Indenture under the Trust Indenture Act; 

(15) with respect to the Securities of a series, to conform the text of the Indenture or the Securities of such series to any provision of the description
thereof in the Company’s offering memorandum or prospectus relating to the initial offering of such Securities, to the extent that such provision, in the good faith judgment of the Company, was intended to be a verbatim recitation of a
provision of the Indenture or such Securities; or 
 (16) to make any other change that does not adversely affect the rights of Holders of Outstanding
Securities in any material respect. 
 The Trustee is hereby required to join with the Company and any guarantors in the execution of any such supplemental
indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter
into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 9.2 Supplemental Indentures With Consent of Holders 

With the consent of the Holders of not less than a majority (or such greater amount as is provided for a particular series of Securities) in principal amount
of the Outstanding Securities of each series affected by such supplemental indenture (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities of such series), by Act of said Holders delivered
to the Company and the Trustee, the Company (when authorized by or pursuant to a Board Resolution) and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture or of the Securities of such series; provided, however, that no such supplemental
indenture, without the consent of the Holder of each Outstanding Security affected thereby, shall: 
 (1) change the Stated Maturity of the principal of, or
any premium or installment of interest on or any Additional Amounts with respect to, any Security, or reduce the principal amount thereof or the rate (or modify the calculation of such rate in a manner that reduces such rate) of interest thereon or
any Additional Amounts with respect thereto, or any premium payable upon the redemption thereof or otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to Section 10.4, or reduce the amount of the principal of
an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the amount thereof provable in bankruptcy pursuant to Section 5.4, change the
redemption provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment for any Security or the Currency in which the principal of, any premium or interest on, or any
Additional Amounts with respect to any Security is payable, or impair the right to institute suit for the enforcement of 

  
 29 

 
any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of repayment at the option of the Holder, on or after the
date for repayment); 
 (2) reduce the percentage in principal amount of the Outstanding Securities of any series the consent of the Holders of which are
required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture,
or reduce the requirements of Section 15.4 for quorum or voting; 
 (3) modify any of the provisions of this Section 9.2 or Section 5.13 or
Section 10.5, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; or 

(4) make any change that adversely affects the right to convert or exchange any Security into or for Common Stock or other securities, cash or other property
in accordance with the terms of such Security. 
 A supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that
shall have been included expressly and solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed
not to affect the rights under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders of
Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Upon the request of the Company, accompanied by a copy of a Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing
with the Trustee of evidence of the consent of Holders of Securities as aforesaid, the Trustee shall join with the Company and any guarantors in the execution of such supplemental indenture unless such supplemental indenture affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

Section 9.3 Execution of Supplemental Indentures 

As a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article 9 or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Officer’s Certificate and Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 9.4 Revocation of Consents 

Notwithstanding clause (5) of Section 1.4, any Holder of a Security or future Holder of the same Security may revoke a consent as to its Security or
portion of a Security. Any revocation of a consent by the Holder of a Security or any such future Holder shall be effective only if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s
Certificate from the Company certifying that the requisite number of consents have been received. If, however, a record date is fixed pursuant to Section 1.4, then notwithstanding the second preceding sentence, those Persons who were Holders at
such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. 

Section 9.5 Effect of Supplemental Indentures 

A supplemental indenture or waiver becomes effective upon the (a) receipt by the Company or the Trustee of the requisite number of consents (if required),
(b) satisfaction of any conditions to effectiveness as set forth in this Indenture or any such supplemental indenture or waiver and (c) with respect to a supplemental indenture, execution of such supplemental indenture by the Company and the
Trustee. After a supplemental indenture or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (4) of Section 9.2, in which case, the supplemental indenture or waiver shall
bind a Holder of a Security who is affected thereby only if it has consented to such supplemental indenture or waiver and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security. Upon the effectiveness of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and, except as
provided in the preceding sentence, every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 9.6 Reference in Securities to Supplemental Indentures 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 9 may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

Section 9.7 Conformity with Trust Indenture Act 

Every supplemental indenture executed pursuant to this Article 9 shall conform to the requirements of the Trust Indenture Act as then in effect. 

Section 9.8 Notice of Supplemental Indenture 

Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to Section 9.2, the Company shall transmit to the
Holders of Outstanding Securities of any series affected thereby a notice setting forth the substance of such supplemental indenture; provided, that any failure to provide, or any defect in any such notice, shall not impair the validity of any such
supplemental indenture. 

  
 30 

 ARTICLE 10 

COVENANTS 

Section 10.1 Payment of Principal, any Premium, Interest and Additional Amounts 

The Company covenants and agrees for the benefit of the Holders of the Securities of each series that it will duly and punctually pay the principal of, any
premium and interest on and any Additional Amounts with respect to, the Securities of such series in accordance with the terms thereof and this Indenture. 

Section 10.2 Maintenance of Office or Agency 

The Company shall maintain in each Place of Payment for any series of Securities an Office or Agency where Securities of such series may be presented or
surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities of such series that are convertible or exchangeable may be surrendered for conversion or exchange, and where
notices and demands to or upon the Company in respect of the Securities of such series relating thereto and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of
such Office or Agency. If at any time the Company shall fail to maintain any such required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Company may also from time to time designate one or more other Offices or Agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an Office or Agency in each
Place of Payment for Securities of any series for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency. 

Unless otherwise provided in or pursuant to this Indenture, the Company hereby designates as the Place of Payment for each series of Securities the Borough of
Manhattan, The City of New York, and initially appoints the Corporate Trust Office of , located at , as the Office or Agency of the Company in the Borough of Manhattan, The City of New York for such purpose. The Company may subsequently appoint a
different Office or Agency in the Borough of Manhattan, The City of New York for the Securities of any series. 
 Section 10.3 Money
for Securities Payments to Be Held in Trust 
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it
shall, on or before each due date of the principal of, any premium or interest on or Additional Amounts with respect to any of the Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in the
currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.1 for the Securities of such series) sufficient to pay
the principal or any premium, interest or Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its failure so to act. 

Whenever the Company shall have one or more Paying Agents for any series of Securities, it shall, on or prior to each due date of the principal of, any
premium or interest on or any Additional Amounts with respect to any Securities of such series, deposit with any Paying Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described in the preceding
paragraph) sufficient to pay the principal or any premium, interest or Additional Amounts so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its failure so to act. 
 The Company shall cause each Paying Agent for any series of Securities (other than the Trustee) to
execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.3, that such Paying Agent shall: 

(1) hold all sums held by it for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to Securities of such
series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the making of any payment of principal,
any premium or interest on or any Additional Amounts with respect to the Securities of such series; and 
 (3) at any time during the continuance of any such
default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such sums. 

  
 31 

 Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of, any premium or interest on or any Additional Amounts with respect to any Security of any series and remaining unclaimed for two years after such principal or any such
premium or interest or any such Additional Amounts shall have become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company either cause to be published once, in an Authorized Newspaper in each Place of Payment for such
series, or may cause to be mailed once to Holders of Registered Securities of such series, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or
mailing nor later than two years after such principal and any premium or interest or Additional Amounts shall have become due and payable, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 10.4 Additional Amounts 
 If
any Securities of a series provide for the payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture
there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the
terms of such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if
applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

Except as otherwise provided in or pursuant to this Indenture or the Securities of the applicable series, if the Securities of a series provide for the
payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of such series shall not bear interest prior to Maturity, the first day on which a payment of
principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish to the
Trustee and the principal Paying Agent or Paying Agents, if other than the Trustee, an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, or interest on
the Securities of such series shall be made to Holders of Securities of such series who are United States Aliens (as demonstrated by delivery of appropriate tax forms) without withholding for or on account of any tax, assessment or other
governmental charge described in the Securities of such series. If any such withholding shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of
Securities, and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant
to this Section 10.4. 
 Section 10.5 Waiver of Certain Covenants 

The Company may omit in any particular instance to comply with any term, provision or condition specified pursuant to Section 3.1 with respect to the
Securities of any series if the Company shall have obtained or filed with the Trustee, prior to the time of such failure or omission, evidence (as described in Section 1.4) of the consent of the Holders of a majority in aggregate principal
amount of the Outstanding Securities of such series, by Act of such Holders, either waiving such compliance in such instance or generally waiving compliance with such term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective in accordance with Section 9.5, the obligations of the Company and the duties of the Trustee in respect of any such term,
provision or condition shall remain in full force and effect. 
 Section 10.6 Company Statement as to Compliance 

(1) If any Securities are Outstanding under this Indenture, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, a
written statement (which need not be contained in or accompanied by an Officer’s Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting officer, stating that: 

(a) in the course of the performance of his or her duties as an officer of the Company he or she would normally have knowledge of any default by the Company in
the performance of the covenants contained in this Indenture, and 
 (b) to his or her knowledge, the Company has complied with all the conditions and
covenants imposed on it under this Indenture throughout such year, or, if there has been a noncompliance in the fulfillment of any such condition or covenant, specifying each such noncompliance known to him or her and the nature and status thereof.

 (2) The Trustee shall have no duty to monitor the Company’s compliance with the covenants contained in this Indenture other than to receive written
notices described in Section 10.6(1). 
 ARTICLE 11 

REDEMPTION OF SECURITIES 

Section 11.1 Applicability of Article 

Redemption of Securities of any series at the option of the Company as permitted or required by the terms of such Securities shall be made in accordance with
the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article 11. 

  
 32 

 Section 11.2 Election to Redeem; Notice to Trustee 

The election of the Company to optionally redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the
election of the Company of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date
and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, or (b) pursuant to an election of the Company that is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate
evidencing compliance with such restriction or condition. 
 Section 11.3 Selection by Trustee of Securities to be Redeemed 

If less than all of the Securities of any series with the same issue date, interest rate or formula, Stated Maturity and other terms are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series not previously called for redemption on a pro rata basis or by lot (whichever is
consistent with the Trustee’s customary practice); provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to less than the minimum denomination
for a Security of such series established herein or pursuant hereto. 
 The Trustee shall promptly notify the Company and the Security Registrar (if other
than itself) in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case
of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities that has been or is to be redeemed. 
 Unless
otherwise specified in or pursuant to this Indenture or the Securities of any series, if any Security selected for partial redemption is converted into or exchanged for Common Stock or other securities, cash or other property in part before
termination of the conversion or exchange right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities that have been
converted or exchanged during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection. 

Section 11.4 Notice of Redemption 

Notice of redemption shall be given in the manner provided in Section 1.6, not less than 30 nor more than 60 days prior to the Redemption Date, unless a
shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered Securities designated for redemption as a
whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portion thereof. 

Any notice that is mailed to the Holder of any Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given,
whether or not such Holder receives the notice. 
 All notices of redemption shall state: 

(1) the Redemption Date; 
 (2) the Redemption Price or if not then
ascertainable, the manner of calculation thereof; 
 (3) if less than all Outstanding Securities of any series are to be redeemed, the identification (and,
in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed; 
 (4) in case any Security is to be
redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized
denominations for the principal amount thereof remaining unredeemed; 
 (5) that, on the Redemption Date, the Redemption Price shall become due and payable
upon each such Security or portion thereof to be redeemed, and, if applicable, that interest thereon shall cease to accrue on and after said date, subject to such conditions as may be specified pursuant to Section 3.1 with respect to such
Security; 
 (6) the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest and Additional
Amounts pertaining thereto; 
 (7) that the redemption is for a sinking fund, if such is the case; 

(8) in the case of Securities of any series that are convertible or exchangeable into Common Stock or other securities, cash or other property, the conversion
or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series to be redeemed will commence or terminate and the place or places where such Securities may be surrendered for
conversion or exchange; and 
 (9) the CUSIP number (or any other numbers used by a Depositary to identify such Securities). 

A notice of redemption published as contemplated by Section 1.6 need not identify particular Registered Securities to be redeemed. 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, upon Company Request, by the Trustee in the
name and at the expense of the Company. 

  
 33 

 Section 11.5 Deposit of Redemption Price 

At or prior to 10:00 a.m., New York City time, on any Redemption Date, the Company shall deposit, with respect to the Securities of any series called for
redemption pursuant to Section 11.4, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money in the applicable Currency
sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the Securities of such series) any accrued interest on and Additional
Amounts with respect to such accrued interest, all such Securities or portions thereof which are to be redeemed on that date. 

Section 11.6 Securities Payable on Redemption Date 

Notice of redemption having been given as aforesaid and all conditions specified pursuant to Section 3.1 having been satisfied, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities
shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with any accrued interest and Additional Amounts to the
Redemption Date; provided, however, that, except as otherwise specified in or pursuant to this Indenture or the Registered Securities of such series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of
Section 3.7. 
 Unless otherwise specified in or pursuant to this Indenture or the Securities of any series, if any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal and any premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

Section 11.7 Securities Redeemed in Part 

Any Registered Security to be redeemed only in part shall be surrendered at any Office or Agency for such Security (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge, a new Registered Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as requested by such Holder
in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal amount of the Security so surrendered. If a Global Security is so surrendered, the Company shall execute, and the Trustee shall authenticate and
deliver to or on behalf of the U.S. Depositary or other Depositary for such Global Security as shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Global Security in a denomination equal to and
in exchange for the unredeemed portion of the principal of the Global Security so surrendered. 
 Section 11.8 Repurchases on the
Open Market 
 The Company or any Affiliate of the Company may at any time or from time to time repurchase any of the Securities in the open market or
otherwise. Such Securities may, at the option of the Company or the relevant Affiliate of the Company, be held, resold or surrendered to the Trustee for cancellation. 

ARTICLE 12 
 SINKING
FUNDS 
 Section 12.1 Applicability of Article 

The provisions of this Article 12 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or
required in or pursuant to this Indenture or any Security of such series issued pursuant to this Indenture. 
 The minimum amount of any sinking fund
payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein
referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund
payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series and this Indenture. 

Section 12.2 Satisfaction of Sinking Fund Payments with Securities 

The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any series to be made pursuant to the terms
of such Securities (1) deliver Outstanding Securities of such series (other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been released to the Company) and
(2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such series of Securities or through the application of permitted optional sinking fund payments pursuant to
the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant to this Section 12.2, the
principal amount of Securities of such series to be redeemed in order to satisfy the remaining sinking fund payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Company Request, and
such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay over and
deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that series purchased by the Company having an unpaid principal amount equal to the cash payment
requested to be released to the Company. 

  
 34 

 Section 12.3 Redemption of Securities for Sinking Fund 

Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company shall deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 12.2, and the basis for such credit and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment,
and will also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officer’s Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the
Company shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Section 11.6 and Section 11.7. 
 ARTICLE 13 

REPAYMENT AT THE OPTION OF HOLDERS 

Section 13.1 Applicability of Article 

Securities of any series which are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of
the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of Securities before their Stated Maturity, for purposes of Section 3.9, shall not operate as a
payment, redemption or satisfaction of the indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the same to the Trustee with a directive that such Securities be cancelled.
Notwithstanding anything to the contrary contained in this Section 13.1, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an agreement with one or more investment bankers or other
purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close of business on the repayment date an amount not less than the repayment price payable by the Company on repayment of such Securities, and the
obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to the extent such payment is so paid by such purchasers. 

ARTICLE 14 
 SECURITIES
IN FOREIGN CURRENCIES 
 Section 14.1 Applicability of Article 

Whenever this Indenture provides for (i) any action by, or the determination of any of the rights of, Holders of Securities of any series in which not all
of such Securities are denominated in the same Currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the contrary pursuant to this Indenture or the Securities of any particular series, any amount in
respect of any Security denominated in a Foreign Currency shall be treated for any such action or distribution as that amount of Dollars that could be obtained for such amount on such reasonable basis of exchange and as of the record date with
respect to Registered Securities of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the date of such action, determination of
rights or distribution) as the Company may specify in a written notice to the Trustee or, in the absence of such written notice, as the Trustee may determine. 

ARTICLE 15 
 MEETINGS OF
HOLDERS OF SECURITIES 
 Section 15.1 Purposes for Which Meetings May Be Called 

A meeting of Holders of Securities of any series may be called at any time and from time to time pursuant to this Article 15 to make, give or take any request,
demand, authorization, direction, notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by Holders of Securities of such series. 

Section 15.2 Call, Notice and Place of Meetings 

(1) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 15.1, to be held at such time
and at such place in the Borough of Manhattan, The City of New York as the Trustee may select and as shall be acceptable to the Company. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.6, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(2) In case at any time the Company (by or pursuant to a Board Resolution) or the Holders of at least 25% in principal amount of the Outstanding Securities of
any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 15.1, by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have mailed notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of
such series in the amount above specified, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New York for such meeting and may call such meeting for such purposes by giving notice thereof as provided
in clause (1) of this Section 15.4. 

  
 35 

 Section 15.3 Persons Entitled to Vote at Meetings 

To be entitled to vote at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such
series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at
any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

Section 15.4 Quorum; Action 
 The
Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; provided, however, that if any action is to be taken at such meeting
with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of a different percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such percentage in
principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of
Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any
such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned
meeting shall be given as provided in Section 15.2(1), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned
meeting shall state expressly the percentage, as provided above, of the principal amount of the Outstanding Securities of such series which shall constitute a quorum. 

Except as limited by the proviso to Section 9.2, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the proviso to Section 9.2, any resolution
with respect to any consent or waiver which this Indenture or any supplemental indenture expressly provides may be given by the Holders of at least 66-2/3% in principal amount of the Outstanding Securities of
a series may be adopted at a meeting or an adjourned meeting duly convened and at which a quorum is present as aforesaid only by the affirmative vote of the Holders of 66-2/3% in principal amount of the
Outstanding Securities of that series; and provided, further, that, except as limited by the proviso to Section 9.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act which this
Indenture or any supplemental indenture expressly provides may be made, given or taken by the Holders of a different specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series, may be adopted
at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of such series. 

Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section 15.4 shall be
binding on all the Holders of Securities of such series, whether or not such Holders were present or represented at the meeting. 

Section 15.5 Determination of Voting Rights; Conduct and Adjournment of Meetings 

(1) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities shall be
proved in the manner specified in Section 1.4 and the appointment of any proxy shall be proved in the manner specified in Section 1.4. Such regulations may provide that written instruments appointing proxies, regular on their face, may be
presumed valid and genuine without the proof specified in Section 1.4 or other proof. 
 (2) The Trustee shall, by an instrument in writing, appoint a
temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 15.2(2), in which case the Company or the Holders of Securities of the series calling the meeting, as
the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting. 
 (3) At any meeting, each Holder of a Security of such series or proxy shall be entitled to one vote for each
$1,000 principal amount of Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the
meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 
 (4) Any
meeting of Holders of Securities of any series duly called pursuant to Section 15.2 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such
series represented at the meeting; and the meeting may be held as so adjourned without further notice. 
 Section 15.6 Counting
Votes and Recording Action of Meetings 
 The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by
written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the permanent secretary of the meeting
their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the permanent secretary of the meeting
and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 15.2 and, if applicable, Section 15.4. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be
delivered to the Company, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

  
 36 

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

			
	CATALYST BIOSCIENCES, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	  

	Title:	 	  

 
			
	
	_____________________________,
	as Trustee

 
			
		
	By:	 	
         

			
	Name:	 	  

	Title:EX-4.(a)(i)(a)

 Exhibit 4(a)(i)(a) 

TRUST DEED 
 EXECUTION VERSION

 14 SEPTEMBER 2020 

INTERCONTINENTAL HOTELS GROUP PLC 

(the Issuer) 

and 
 SIX CONTINENTS
LIMITED 
 and 

INTERCONTINENTAL HOTELS LIMITED 

(together, the Guarantors) 

and 
 HSBC CORPORATE
TRUSTEE COMPANY (UK) LIMITED 
 (the Trustee) 

 
  

AMENDED AND RESTATED TRUST DEED 

relating to a £3,000,000,000 

EURO MEDIUM TERM NOTE PROGRAMME 
  

 
  

  

	
	

 CONTENTS 
  

							
	 CLAUSE
	  	PAGE	 
			
	 1.
	 	 DEFINITIONS AND INTERPRETATION
	  	 	2	 
	 2.
	 	 AMOUNT AND ISSUE OF THE NOTES
	  	 	11	 
	 3.
	 	 COVENANT TO REPAY
	  	 	12	 
	 4.
	 	 GUARANTEE
	  	 	14	 
	 5.
	 	 THE NOTES
	  	 	16	 
	 6.
	 	 CANCELLATION OF NOTES AND RECORDS
	  	 	18	 
	 7.
	 	 COVENANT TO COMPLY WITH THE TRUST DEED
	  	 	19	 
	 8.
	 	 COVENANTS BY THE ISSUER AND THE GUARANTORS
	  	 	19	 
	 9.
	 	 AMENDMENTS AND SUBSTITUTION
	  	 	25	 
	 10.
	 	 BREACH
	  	 	29	 
	 11.
	 	 ENFORCEMENT
	  	 	29	 
	 12.
	 	 APPLICATION OF MONEYS
	  	 	30	 
	 13.
	 	 TERMS OF APPOINTMENT
	  	 	33	 
	 14.
	 	 COSTS AND EXPENSES
	  	 	40	 
	 15.
	 	 APPOINTMENT AND RETIREMENT
	  	 	44	 
	 16.
	 	 NOTICES
	  	 	45	 
	 17.
	 	 LAW AND JURISDICTION
	  	 	47	 
	 18.
	 	 SEVERABILITY
	  	 	47	 
	 19.
	 	 CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
	  	 	47	 
	 20.
	 	 COUNTERPARTS
	  	 	47	 
	 SCHEDULE 1 TERMS AND CONDITIONS OF THE NOTES
	  	 	48	 
	 SCHEDULE 2 FORM OF GLOBAL NOTES
	  	 	79	 
	 SCHEDULE 3 PROVISIONS FOR MEETINGS OF NOTEHOLDERS
	  	 	109	 

  
 Page I 

 THIS AMENDED AND RESTATED TRUST DEED is made on 14 September 2020 (this Trust
Deed) 
 BETWEEN 
  

	(1)	 INTERCONTINENTAL HOTELS GROUP PLC (the Issuer); 

 

	(2)	 SIX CONTINENTS LIMITED (Six Continents); 

 

	(3)	 INTERCONTINENTAL HOTELS LIMITED (InterContinental, and together with Six Continents, the
Guarantors); and 

  

	(4)	 HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED (the Trustee, which expression includes, where
the context admits, all persons for the time being the trustee or trustees of this Trust Deed). 

 WHEREAS 

(A) The Issuer, the Guarantors and the Trustee are party to a trust deed dated 27 November 2009, as supplemented by the first supplemental trust deed
dated 7 July 2011, the second supplemental trust deed dated 9 November 2012, the third supplemental trust deed dated 16 June 2015 and as amended and restated by the third amended and restated trust deed dated 11 August 2016 (the
Principal Trust Deed) relating to the Euro Medium Term Note Programme established by the Issuer, pursuant to which, the Issuer may issue from time to time Notes as set out herein (the Programme). The Issuer, the
Guarantors and the Trustee desire to amend and restate the Principal Trust Deed in its entirety as set forth in this Trust Deed. 
 (B) The Trustee has
agreed to act as trustee of this Trust Deed on the following terms and conditions. 
 (C) Notes up to a maximum nominal amount from time to time outstanding
of £3,000,000,000 (subject to increase as provided in the Dealer Agreement (as defined below)) (the Authorised Amount) may be issued pursuant to the Programme. Any Notes issued under the Programme on or after the date hereof
shall be issued pursuant to this Trust Deed. This does not affect any Notes issued under the Programme or any rights or obligations accrued or incurred under the Principal Trust Deed prior to the date of this Trust Deed. 

NOW THIS TRUST DEED WITNESSES AND IT IS HEREBY DECLARED as follows: 

1. DEFINITIONS AND INTERPRETATION 
 1.1 Definitions 

In this Trust Deed the following expressions have the following meanings: 

Additional Rating Agency means Moody’s and Fitch; 

  
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 Agency Agreement means, in relation to the Notes of any Series, the amended and restated
agency agreement dated 14 September 2020 (as further amended, modified and restated from time to time) between the Issuer, the Guarantors, the Trustee and HSBC Bank plc as Principal Paying Agent appointing the initial Paying Agent and the
Calculation Agent in relation to such Series and any other agreement for the time being in force appointing Successor paying agents or a Successor calculation agent in relation to such Series, together with any agreement for the time being in force
amending or modifying with the prior written approval of the Trustee any of the aforesaid agreements in relation to such Series; 
 Agents
means, in relation to the Notes of any Series, the Principal Paying Agent, the other Paying Agents, the Calculation Agent or any of them; 

Appointee means any attorney, manager, agent, delegate, nominee, custodian, receiver or other person appointed by the Trustee under this Trust
Deed; 
 Auditors means the auditors for the time being of the Issuer or, as the case may be, a Guarantor and, in the event of any of them
being unable or unwilling to carry out any action requested of them pursuant to this Trust Deed, means such other firm of chartered accountants in England as may be nominated in writing by the Trustee for the purpose; 

Authorised Signatory means any person who (a) is a Director of the Issuer or, as the case may be, the relevant Guarantor or (b) has
been notified to the Trustee by any such Director as being an Authorised Signatory pursuant to sub-clause 8(p) (Authorised Signatories); 

Calculation Agent means, in relation to the Notes of any Series, the institution at its Specified Office initially appointed as calculation
agent in relation to such Notes pursuant to the Agency Agreement and/or, if applicable, Successor calculation agent in relation to such Notes at its Specified office; 

CGN Permanent Global Note means a Permanent Global Note representing Notes for which the relevant Final Terms specify that the New Global Note
form is not applicable; 
 CGN Temporary Global Note means a Temporary Global Note representing Notes for which the relevant Final Terms
specify that the New Global Note form is not applicable; 
 Change of Control has the meaning given to such term in Condition 2(a)
(Interpretation - Definitions); 
 Clearstream means Clearstream Banking SA; 

the Code means the U.S. Internal Revenue Code of 1986; 

Common Safekeeper means an ICSD in its capacity as common safekeeper or a person nominated by the ICSDs to perform the role of common
safekeeper; 

  
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 Conditions means the terms and conditions to be endorsed on, or incorporated by reference in,
the Notes of any Series, in the form set out in Schedule 1 or in such other form, having regard to the terms of the Notes of the relevant Series, as may be agreed between the Issuer, the Principal Paying Agent, the Trustee and the relevant Dealer(s)
as modified and supplemented by the Final Terms(s) applicable to such Series, as any of the same may from time to time be modified in accordance with this Trust Deed and any reference in this Trust Deed to a particular numbered Condition shall be
construed in relation to the Notes of such Series accordingly; 
 Contractual Currency means, in relation to any payment obligation of any
Note, the currency in which that payment obligation is expressed and, in relation to Clause 14.1 (Remuneration), pounds sterling or such other currency as may be agreed between the Issuer and the Trustee from time to time; 

Couponholder means the holder of a Coupon; 

Coupons means any bearer interest coupons in or substantially in the form set out in Part E of Schedule 2 appertaining to the Notes of any
Series and for the time being outstanding or, as the context may require, a specific number thereof and includes any replacement Coupons issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons) and, where the context so
permits, the Talons appertaining to the Notes of such Series; 
 Dealer Agreement means the agreement between the Issuer and the Dealers named
therein concerning the purchase of Notes to be issued pursuant to the Programme as amended from time to time or any restatement thereof for the time being in force; 

Dealers means any person appointed as a Dealer by the Dealer Agreement and any other person which the Issuer may appoint as a Dealer and notice
of whose appointment has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Dealer Agreement but excluding any entity whose appointment has been terminated in accordance with the terms of
the Dealer Agreement and notice of whose termination has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Dealer Agreement and references to the relevant Dealer(s) mean, in relation to
any Note, the Dealer(s) with whom the Issuer has agreed the issue and purchase of such Note; 
 Director means any Director of the Issuer or,
as the case may be, a Guarantor, from time to time; 
 Drawdown Prospectus means a prospectus specific to a Tranche of Notes which may be
constituted either (a) by a single document or (b) by a registration document a securities note; 
 Euroclear means Euroclear Bank
SA/NV; 
 Event of Default means any one of the circumstances described in Condition 12 (Events of Default); 

  
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 Extraordinary Resolution has the meaning set out in Schedule 3 (Provisions for Meetings of
Noteholders); 
 FATCA means Sections 1471 through 1474 of the Code (including any regulations thereunder or official interpretation
thereof), intergovernmental agreements between the United States and other jurisdictions facilitating the implementation thereof, and any law implementing any such intergovernmental agreement; 

FATCA Information has the meaning given to it in Clause 8(ff); 

FATCA Withholding means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or
otherwise imposed pursuant to FATCA; 
 Final Terms has the meaning ascribed to it in the Dealer Agreement; 

Fitch means Fitch Ratings Ltd or any successor; 

Fixed Rate Note means a Note on which interest is calculated at a fixed rate payable in arrear on a fixed date or dates in each year and on
redemption or on such other dates as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the relevant Final Terms); 

Floating Rate Note means a Note on which interest is calculated at a floating rate payable at intervals of one, two, three, six or twelve months
or at such other intervals as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the relevant Final Terms); 

FSMA means the Financial Services and Markets Act 2000; 

Global Note means a CGN Temporary Global Note, a CGN Permanent Global Note, an NGN Temporary Global Note or an NGN Permanent Global Note; 

ICSDs means Clearstream and Euroclear; 

Issue Date means, in relation to any Note, the date of issue of such Note pursuant to the Dealer Agreement or any other relevant agreement
between the Issuer and the relevant Dealer(s); 
 Interest Commencement Date means, in relation to any interest-bearing Note, the date
specified in the relevant Final Terms from which such Note bears interest or, if no such date is specified therein, the Issue Date; 

Liabilities or Liability means any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding or other
liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any value added tax or similar tax charged or chargeable in respect thereof and legal fees and expenses on a full
indemnity basis; 
 London Stock Exchange means the London Stock Exchange plc; 

  
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 Material Subsidiary has the meaning set out in Condition 2(a) (Interpretation
- Definitions); 
 Moody’s means Moody’s Investors Services Limited or any successor; 

NGN Permanent Global Note means a Permanent Global Note representing Notes for which the relevant Final Terms specify that the New Global Note
form is applicable; 
 NGN Temporary Global Note means a Temporary Global Note representing Notes for which the relevant Final Terms specify
that the New Global Note form is applicable; 
 Noteholder and (in relation to a Note) holder means the bearer of a Note; 

Notes means the bearer notes of each Series constituted in relation to or by this Trust Deed which shall be in or substantially in the form set
out in Schedule 2 and, for the time being outstanding or, as the case may be, a specific number thereof and includes any replacement Notes of such Series issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons) and (except
for the purposes of Clause 5.1 (Global Notes) and 5.3 (Signature)) each Global Note in respect of such Series for so long as it has not been exchanged in accordance with the terms thereof; 

outstanding means, in relation to the Notes of any Series, all the Notes of such Series other than: 

 

	(a)	 those which have been redeemed in accordance with this Trust Deed; 

 

	(b)	 those in respect of which the date for redemption in accordance with the provisions of the Conditions has
occurred and for which the redemption moneys (including all interest accrued thereon to the date for such redemption) have been duly paid to the Trustee or the Principal Paying Agent in the manner provided for in the Agency Agreement (and, where
appropriate, notice to that effect has been given to the Noteholders in accordance with Condition 18 (Notices)) and remain available for payment in accordance with the Conditions; 

 

	(c)	 those which have been purchased and surrendered for cancellation as provided in Condition 9(k) (Redemption
and Purchase—Cancellation) and notice of the cancellation of which has been given to the Trustee; 

  

	(d)	 those which have become void under Condition 13 (Prescription); 

 

	(e)	 those mutilated or defaced Notes which have been surrendered or cancelled and in respect of which replacement
Notes have been issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons); or 

  

	(f)	 (for the purpose only of ascertaining the aggregate nominal amount of Notes outstanding and without prejudice
to the status for any other purpose of the relevant Notes) those Notes which are alleged to have been lost, stolen or destroyed and in respect of which replacements have been issued pursuant to Condition 14 (Replacement of Notes, Coupons and
Talons); 

  
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 provided that for each of the following purposes, namely: 

 

	 	(i)	 the right to attend and vote at any meeting of the holders of Notes of any Series; 

 

	 	(ii)	 the determination of how many and which Notes of any Series are for the time being outstanding for the purposes
of Clauses 11.1 (Legal Proceedings) and 9.1 (Waiver), Conditions 12 (Events of Default) and 16 (Meetings of Noteholders; Modification and Waiver) and Schedule 3 (Provisions for Meetings of Noteholders);

  

	 	(iii)	 any discretion, power or authority, whether contained in this Trust Deed or provided by law, which the Trustee
is required to exercise in or by reference to the interests of the holders of the Notes of any Series or any of them; and 

  

	 	(iv)	 the determination by the Trustee whether any event, circumstance, matter or timing is, in its opinion,
materially prejudicial to the interests of the holders of the Notes of any Series; 

 those Notes (if any) of the relevant Series which
are for the time being held by any person (including but not limited to the Issuer, any Guarantor or any Subsidiary) for the benefit of the Issuer, any Guarantor or any Subsidiary shall (unless and until ceasing to be so held) be deemed not to
remain outstanding; 
 Paying Agents means, in relation to the Notes of any Series, the several institutions (including, where the context
permits, the Principal Paying Agent) at their respective Specified Offices appointed pursuant to the relative Agency Agreement and/or, if applicable, any additional and/or Successor paying agents in relation to such Series at their respective
Specified Offices; 
 Permanent Global Note means, in relation to any Series, a Global Note to be issued pursuant to Clause 5.1 (Global
Notes) in the form or substantially in the form set out in Part B of Schedule 2; 
 Potential Event of Default means an event or
circumstance which could, with the giving of notice, lapse of time, the issuing of a certificate and/or fulfilment of any other requirement provided for in Condition 12 (Events of Default), become an Event of Default; 

Principal Paying Agent means, in relation to the Notes of any Series, the institution at its Specified Office initially appointed as issuing and
principal paying agent in relation to such Series pursuant to the relative Agency Agreement or, if applicable, any Successor principal paying agent in relation to such Series at its Specified Office; 

Put Option has the meaning given to such term in Condition 9(f) (Redemption and Purchase – Redemption at the option of Noteholders);

  
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 Rating Agency means S&P or any of its respective successors or any Substitute Rating
Agency and, for the purposes of Condition 9(g) (Redemption and Purchase – Change of Control Redemption), includes any Additional Rating Agency; 

Relevant Date has the meaning ascribed to it in Condition 2(a) (Interpretation - Definitions); 

Reserved Matter has the meaning set out in paragraph 1 of Schedule 3 (Provisions for Meetings of Noteholders); 

repay includes redeem and vice versa and repaid, repayable, repayment,
redeemed, redeemable and redemption shall be construed accordingly; 
 Series means a Tranche of
Notes together with any further Tranche or Tranches of Notes expressed to be consolidated and form a single series with the Notes of the original Tranche and the terms of which are identical (save for the issue Date and/or the Interest Commencement
Date but including as to whether or not the Notes are listed); 
 Specified Office means, in relation to any Agent in respect of any Series,
either the office identified with its name in Condition 2(a) (Interpretation—Definitions) of such Series or any other office notified to any relevant parties pursuant to the Agency Agreement; 

Subsidiary has the meaning set out in Condition 2(a) (Interpretation—Definitions); 

Substitute Rating Agency means any rating agency of international standing substituted for the Rating Agency by the Issuer from time to time
with the prior written approval of the Trustee, such approval not to be unreasonably withheld or delayed; 
 Successor means, in relation to
the Paying Agents, such other or further person as may from time to time be appointed pursuant to the Agency Agreement as a Paying Agent; 
 Successor
in Business means in respect of a company (the Original Company): 
  

	(a)	 a company or other entity to whom the Original Company validly and effectually, in accordance with all
enactments, orders and regulations in force for the time being and from time to time, transfers the whole or substantially the whole of its business, undertaking and assets for the purpose of assuming and conducting the business of the Original
Company in its place; or 

  

	(b)	 any other entity which acquires in any other manner the whole or substantially the whole of the undertaking,
property and assets of the Original Company and carries on as a successor to the Original Company the whole or substantially the whole of the business carried on by the Original Company prior thereto; 

S&P means S&P Global Ratings Europe Limited or any successor; 

  
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 Talonholder means the holder of a Talon; 

Talons means any bearer talons appertaining to the Notes of any Series or, as the context may require, a specific number thereof and includes
any replacement Talons issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons); 
 Temporary Global Note means, in
relation to any Series, a Global Note to be issued pursuant to Clause 5.1 (Global Notes) in the form or substantially in the form set out in Part A of Schedule 2; 

this Trust Deed means this Trust Deed and the Schedules (as from time to time modified in accordance with the provisions contained herein) and
(unless the context requires otherwise) includes any deed or other document executed in accordance with the provisions hereof (as from time to time modified as aforesaid) and expressed to be supplemental hereto; 

Tranche means all Notes of the same Series with the same Issue Date and Interest Commencement Date; 

Trustee Acts means both the Trustee Act 1925 and the Trustee Act 2000 of England and Wales; 

Written Resolution means, in relation to any Series, a resolution in writing signed by or on behalf of the holders of 75 per cent. of the
aggregate principal amount of the Notes of such Series for the time being outstanding, whether contained in one document or several documents in like form, each signed by or on behalf of one or more such Noteholders; and 

Zero Coupon Note means a Note on which no interest is payable. 

1.2 Principles of interpretation 
 In this Trust Deed: 

 

	(a)	 Statutory modification: a provision of any statute shall be deemed also to refer to any statutory
modification, amendment or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification, amendment or re-enactment; 

 

	(b)	 Additional amounts: principal and/or interest in respect of the Notes of any Series shall be deemed also
to include references to any additional amounts, any redemption amounts and any premium which may be payable under the Conditions; 

  

	(c)	 Relevant Currency: relevant currency shall be construed as a reference to the currency in which payments
in respect of the Notes and/or Coupons of the relevant Series are to be made as indicated in the relevant Final Terms; 

  

	(d)	 Tax: costs, charges or expenses shall include any value added tax or similar tax charged or chargeable
in respect thereof; 

  
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	(e)	 Enforcement of rights: an action, remedy or method of judicial proceedings for the enforcement of rights
of creditors shall include, in respect of any jurisdiction other than England, references to such action, remedy or method of judicial proceedings for the enforcement of rights of creditors available or appropriate in such jurisdictions as shall
most nearly approximate thereto; 

  

	(f)	 Clauses and Schedules: a Schedule or a Clause, sub-clause, paragraph or sub-paragraph is, unless
otherwise stated, to a schedule hereto or a clause, sub-clause, paragraph or sub-paragraph hereof respectively; 

  

	(g)	 Clearing systems: Euroclear and/or Clearstream shall, wherever the context so admits (but not in the
case of any Notes in NGN form), be deemed to include references to any additional or alternative clearing system approved by the Issuer and the Trustee; 

  

	(h)	 Trust corporation: a trust corporation denotes a corporation entitled by rules made under the Public
Trustee Act 1906 to act as a custodian trustee or entitled pursuant to any other legislation applicable to a trustee in any jurisdiction other than England to act as trustee and carry on trust business under the laws of the country of its
incorporation; 

  

	(i)	 Gender: words denoting the masculine gender shall include the feminine gender also, words denoting
individuals shall include companies, corporations and partnerships, words importing the singular number shall include the plural and, in each case, vice versa; 

 

	(j)	 Records: any reference to the records of an ICSD shall be to the records that each of the ICSDs holds
for its customers which reflect the amount of such customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of another ICSD); 

 

	(k)	 Drawdown Prospectus: each reference to Final Terms shall, in the case of a Series of Notes which is the
subject of a Drawdown Prospectus be read and construed as a reference to the final terms of the Notes set out in such Drawdown Prospectus; 

  

	(l)	 Guarantees: all references in this Trust Deed to guarantees or to an obligation being guaranteed shall
be deemed to include respectively references to indemnities or to an indemnity being given in respect thereof; and 

  

	(m)	 Proceedings: all references in these presents to taking proceedings against the Issuer and/or the
Guarantors shall be deemed to include references to proving in the winding up of the Issuer and/or any Guarantor (as the case may be). 

1.3 The Conditions 
 In this Trust Deed, unless the context
requires or the same are otherwise defined, words and expressions defined in the Conditions and not otherwise defined herein shall have the same meaning in this Trust Deed. 

  
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 1.4 Headings 

The headings and sub-headings are for ease of reference only and shall not affect the construction of this Trust Deed. 

1.5 The Schedules 
 The schedules are part of this Trust Deed and
shall have effect accordingly. 
 1.6 Written Notices/Approvals 

Any reference to a written notice or approval being given by the Trustee shall, for the avoidance of doubt, be deemed to include such notice being given by
email. 
 2. AMOUNT AND ISSUE OF THE NOTES 
 2.1 Amount
of the Notes 
 The Notes will be issued in Series in an aggregate nominal amount from time to time outstanding not exceeding the Authorised Amount and, for
the purpose of determining such aggregate nominal amount, Clause 14 of the Dealer Agreement shall apply. 
 2.2 Prior to each Issue Date 

By not later than 3.00 p.m. (London time) on the fourth business day in London (which for this purpose shall be a day on which commercial banks are open for
business in London) preceding each proposed Issue Date, the Issuer shall: 
  

	(a)	 deliver or cause to be delivered to the Trustee a draft of the relevant Final Terms and, if applicable, notify
the Trustee of any proposed changes to the draft Final Terms delivered to the Trustee; and 

  

	(b)	 notify the Trustee in writing without delay of the Issue Date and the nominal amount of the Notes of the
relevant Tranche. 

 For the avoidance of doubt, the Trustee shall not be required in any case to approve such Final Terms. 

2.3 Constitution of Notes 
 Upon the issue of the Temporary
Global Note, initially representing the Notes of any Tranche, such Notes shall become constituted by this Trust Deed without further formality. 
 2.4
Further legal opinions 
 After each anniversary of this Trust Deed and prior to the first issue of any Notes, on each occasion when a legal opinion is
delivered to a Dealer pursuant to Clause 5.11 of the Dealer Agreement and on such other occasions as the Trustee so requests, the Issuer will procure, at no cost to the Trustee, that further legal opinions in such form and with such content as the
Trustee may require from the legal advisers specified in 

  
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the Dealer Agreement or in the relevant jurisdiction approved by the Trustee are delivered to the Trustee, provided that the Trustee shall not be required to approve the applicable legal
opinions. In each such case, receipt by the Trustee of the relevant opinion shall be a condition precedent to the issue of Notes pursuant to this Trust Deed. 

3. COVENANT TO REPAY 
 3.1 Covenant to repay 

The Issuer covenants with the Trustee that it shall, as and when the Notes of any Series or any of them become due to be redeemed or any principal on the Notes
of any Series or any of them becomes due to be repaid in accordance with the Conditions, unconditionally pay or procure to be paid to or to the order of the Trustee in immediately available freely transferable funds in the relevant currency the
principal amount of the Notes of such Series or any of them becoming due for payment on that date and shall (subject to the provisions of the Conditions and except in the case of Zero Coupon Notes), until all such payments (both before and after
judgment or other order of a court of competent jurisdiction) are duly made, unconditionally pay or procure to be paid to or to the order of the Trustee as aforesaid on the dates provided for in the Conditions interest (which shall accrue from day
to day) on the principal amount (or such other amount as may be specified in the Final Terms) of the Notes or any of them of such Series outstanding from time to time as set out in the Conditions (subject to Clause 3.3 (Interest on Floating Rate
Notes following Event of Default)) provided that: 
  

	(a)	 every payment of principal, interest or other sum due in respect of such Notes or any of them made to the
Principal Paying Agent in the manner provided in the Agency Agreement shall satisfy pro tanto, to the extent of such payment, the relevant covenant by the Issuer contained in this Clause except to the extent that there is default in the
subsequent payment thereof to the relevant Noteholders or Couponholders (as the case may be) in accordance with the Conditions; 

  

	(b)	 if any payment of principal or interest in respect of such Notes or any of them is made after the due date,
payment shall be deemed not to have been made until either the full amount is paid to the relevant Noteholders or Couponholders (as the case may be) or, if earlier, the seventh day after notice has been given to the relevant Noteholders in
accordance with the Conditions that the full amount has been received by the Principal Paying Agent or the Trustee except, in the case of payment to the Principal Paying Agent, to the extent that there is failure in the subsequent payment to the
Noteholders or Couponholders (as the case may be) under the Conditions; and 

  

	(c)	 in any case where payment of the whole or any part of the principal amount due in respect of any Note is
improperly withheld or refused upon due presentation of the relevant Note interest shall accrue on the whole or such part of such principal amount (except in the case of Zero Coupon Notes, to which the provision of Condition 8 (Zero Coupon Note
Provisions) shall apply) from the date of such withholding or refusal until the date either on 

  
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which such principal amount due is paid to the relevant Noteholders or, if earlier, the seventh day after which notice is given to the relevant Noteholders in accordance with the Conditions that
the full amount payable in respect of the said principal amount is available for collection by the relevant Noteholders provided that on further due presentation of the relevant Note such payment is in fact made. 

The Trustee will hold the benefit of this covenant and the other covenants in this Trust Deed on trust for the Noteholders in accordance with their respective
interests. 
 3.2 Following an Event of Default 
 At any time
after any Event of Default or Potential Event of Default shall have occurred or the Notes of all or any Series shall otherwise have become due and repayable or the Trustee shall have received any money which it proposes to pay under Clause 12
(Application of Moneys) to the relevant Noteholders and/or Couponholders, the Trustee may: 
  

	(a)	 by notice in writing to the Issuer, the Guarantors, the Principal Paying Agent and the other Agents require the
Principal Paying Agent and the other Agents or any of them: 

  

	 	(i)	 to act thereafter, until otherwise instructed by the Trustee, as Agents of the Trustee under the provisions of
this Trust Deed on the terms provided in the Agency Agreement (with consequential amendments as necessary and save that the Trustee’s liability under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket
expenses of the Agents shall be limited to amounts for the time being held by the Trustee on the trusts of this Trust Deed in relation to the Notes on the terms of this Trust Deed and available to the Trustee for such purpose) and thereafter to hold
all Notes and Coupons and all sums, documents and records held by them in respect of Notes and Coupons on behalf of the Trustee; and/or 

  

	 	(ii)	 to deliver up all Notes and Coupons and all sums, documents and records held by them in respect of Notes and
Coupons to the Trustee or as the Trustee shall direct in such notice provided that such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and

  

	(b)	 by notice in writing to the Issuer and the Guarantors require each of them to make all subsequent payments in
respect of Notes and Coupons to or to the order of the Trustee and, with effect from the issue of any such notice until such notice is withdrawn, proviso 3.1(a) to Clause 3.1 (Covenant to repay) and (so far as it concerns payments by the
Issuer and the Guarantors) Clause 12.3 (Payments to Noteholders and Couponholders) shall cease to have effect. 

  
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 3.3 Interest on Floating Rate Notes following Event of Default 

If Floating Rate Notes become immediately due and repayable under Condition 12 (Events of Default) the rate and/or amount of interest payable in respect
of them will be calculated at the same intervals as if such Notes had not become due and repayable, the first of which will commence on the expiry of the Interest Period (as defined in the Conditions) during which the Notes of the relevant Series
become so due and repayable in accordance with Condition 12 (Events of Default) (with consequential amendments as necessary) except that the rates of interest need not be published. 

3.4 Currency of payments 
 All payments in respect of, under and
in connection with this Trust Deed and the Notes to the relevant Noteholders and Couponholders shall be made in the relevant currency as required by the Conditions. 

3.5 Separate Series 
 The Notes of each Series shall form a
separate Series of Notes and accordingly, unless for any purpose the Trustee in its absolute discretion shall otherwise determine, all the provisions of this Trust Deed shall apply mutatis mutandis separately and independently to the Notes of
each Series and in such Clauses and Schedule the expressions “Notes”, “Noteholders”, “Coupons”, “Couponholders”, “Talons” and
“Talonholders” shall be construed accordingly. 
 4. GUARANTEE 

4.1 The Guarantors hereby irrevocably and unconditionally and on a joint and several basis, and notwithstanding the release of any other guarantor or any other
person under the terms of any composition or arrangement with any creditors of the Issuer, guarantee to the Trustee: 
  

	(a)	 the due and punctual payment in accordance with the provisions of this Trust Deed of the principal of and
premium (if any) and interest on the Notes and of any other amounts payable by the Issuer under this Trust Deed; and 

  

	(b)	 the due and punctual performance and observance by the Issuer of each of the other provisions of this Trust
Deed on the Issuer’s part to be performed or observed. 

 4.2 If the Issuer fails for any reason whatsoever punctually to pay any
such principal, premium, interest or other amount, the Guarantors shall cause each and every such payment to be made as if the Guarantors instead of the Issuer were expressed to be the primary obligor under this Trust Deed and not merely as surety
(but without affecting the nature of the Issuer’s obligations) to the intent that the holder of the relevant Note or Coupon or the Trustee (as the case may be) shall receive the same amounts in respect of principal, premium, interest or such
other amount as would have been receivable had such payments been made by the Issuer. 

  
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 4.3 If any payment received by the Trustee or any Noteholder or Couponholder under the provisions of this
Trust Deed shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as discharging or
diminishing the liability of the Guarantors and this guarantee shall continue to apply as if such payment had at all times remained owing by the Issuer and the Guarantors shall indemnify the Trustee and the Noteholders and/or Couponholders (as the
case may be) in respect thereof provided that the obligations of the Issuer and/or the Guarantors under this sub-clause shall, as regards each payment made to the Trustee or any Noteholder or Couponholder which is avoided or set aside, be
contingent upon such payment being reimbursed to the Issuer or other persons entitled through the Issuer. 
 4.4 Each of the Guarantors hereby agrees that
its obligations under this Clause shall be unconditional and that it shall be fully liable irrespective of the validity, regularity, legality or enforceability against the Issuer of, or of any defence or counter-claim whatsoever available to the
Issuer in relation to, its obligations under this Trust Deed, whether or not any action has been taken to enforce the same or any judgment obtained against the Issuer, whether or not any of the other provisions of this Trust Deed have been modified,
whether or not any time, indulgence, wavier, authorisation or consent has been granted to the Issuer by or on behalf of the Noteholders or the Couponholders or the Trustee, whether or not any determination has been made by the Trustee pursuant to
Clause 9 (Amendments and Substitution) whether or not there have been any dealings or transactions between the Issuer, any of the Noteholders or Couponholders or the Trustee, whether or not the Issuer has been dissolved, liquidated, merged,
consolidated, bankrupted or has changed its status, functions, control or ownership, whether or not the Issuer has been prevented from making payment by foreign exchange provisions applicable at its place of registration or incorporation and whether
or not any other circumstances have occurred which might otherwise constitute a legal or equitable discharge of or defence to any guarantor. Accordingly, the validity of this guarantee shall not be affected by reason of any invalidity, irregularity,
illegality or unenforceability of all or any of the obligations of the Issuer under this Trust Deed and this guarantee shall not be discharged nor shall the liability of a Guarantor under this Trust Deed be affected by any act, thing or omission or
means whatever whereby its liability would not have been discharged if it had been the principal debtor. 
 4.5 Without prejudice to the provisions of
Clause 11 (Enforcement) the Trustee may determine from time to time whether or not it will enforce this guarantee which it may do without making any demand of or taking any proceedings against the Issuer and may from time to time make any
arrangement or compromise with the Guarantors in relation to this guarantee which the Trustee may consider expedient in the interests of the Noteholders. 

4.6 The Guarantors waive diligence, presentment, demand of payment, filing of claims with a court in the event of dissolution, liquidation, merger or
bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to this Trust Deed or the indebtedness evidenced thereby and all demands whatsoever and covenants that this guarantee shall be a
continuing guarantee, shall 

  
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extend to the ultimate balance of all sums payable and obligations owed by the Issuer under this Trust Deed, shall not be discharged except by complete performance of the obligations in this
Trust Deed and is additional to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person, whether from the Guarantors or otherwise. 

4.7 If any moneys shall become payable by the Guarantors under this guarantee the Guarantors shall not, so long as the same remain unpaid, without the prior
written consent of the Trustee: 
  

	(a)	 in respect of any amounts paid by it under these guarantees, exercise any rights of subrogation or contribution
or, without limitation, any other right or remedy which may accrue to it in respect of or as a result of any such payment; or 

  

	(b)	 in respect of any other moneys for the time being due to the Guarantors by the Issuer, claim payment thereof or
exercise any other right or remedy. 

 (including in either case claiming the benefit of any security or right of set-off or, on the
liquidation of the Issuer, proving in competition with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation of the Issuer, any payment or distribution of assets of the Issuer of any kind or character,
whether in cash, property or securities, shall be received by the Guarantors before payment in full of all amounts payable under this Trust Deed shall have been made to the Noteholders, the Couponholders and the Trustee, such payment or distribution
shall be received by the Guarantors on trust to pay the same over immediately to the Trustee for application in or towards the payment of all sums due and unpaid under this Trust Deed in accordance with Clause 12 (Application of Moneys). 

4.8 Until all amounts which may be or become payable by the Issuer under this Trust Deed have been irrevocably paid in full, the Trustee may: 

 

	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by the Trustee in
respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise), and the Guarantors shall not be entitled to the benefit of the same; and 

 

	(b)	 hold in a suspense account any moneys received from the Guarantors or an account of the Guarantors’
liability under this guarantee, without liability to pay interest on those moneys. 

 5. THE NOTES 

5.1 Global Notes 
  

	(a)	 The Notes of each Tranche will initially be together represented by a Temporary Global Note. Each Temporary
Global Note shall (save as may be specified in the relevant Final Terms) be exchangeable, in accordance with its terms, for interests in a Permanent Global Note or Notes in definitive form together with, where applicable, (except in the case of Zero
Coupon Notes) Coupons, and where applicable Talons attached. 

  
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	(b)	 Each Permanent Global Note shall be exchangeable, in accordance with its terms, for Notes in definitive form.

 All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common safekeeper (in the
case of a NGN) for Euroclear and Clearstream in accordance with the provisions of the Dealer Agreement or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and, in each case, the
Agency Agreement. 
 5.2 Notes in definitive form 
 Notes in
definitive form will be security printed in accordance with applicable legal and stock exchange requirements substantially in the form set out in Part C of Schedule 2. Any Coupons and Talons will also be security printed in accordance with the same
requirements and will be attached to the Notes in definitive form at the time of issue. Notes in definitive form will be endorsed with the Conditions and shall have endorsed thereon or attached thereto a copy of the applicable Final Terms (or the
relevant provisions thereof). 
 5.3 Signature 
 The Global
Notes and the Notes in definitive form will be signed electronically, manually or in facsimile by a duly authorised person designated by the Issuer and will be authenticated electronically or manually by or on behalf of the Principal Paying Agent
and if applicable, will be effectuated electronically or manually by or on behalf of the Common Safekeeper. The Issuer may use the electronic or facsimile signature of a person who at the date such signature was originally produced was such a duly
authorised person even if at the time of issue of any Global Note or Note in definitive form he is no longer so authorised. Global Notes and Notes in definitive form so executed, duly authenticated and, if applicable, duly effectuated will be
binding and valid obligations of the Issuer and title thereto shall pass by delivery. 
 5.4 Entitlement to treat holder as owner 

The Issuer, the Guarantors, the Trustee and any Paying Agent may deem and treat the holder of any Note and the holder of any Coupon as the absolute owner of
such Note or Coupon, as the case may be, free of any equity, set-off or counterclaim on the part of the Issuer or any Guarantor against the original or any intermediate holder of such Note or Coupon (whether or not such Note or Coupon shall be
overdue and notwithstanding any notation of ownership or other writing thereon or any notice of previous loss or theft of such Note or Coupon) for all purposes and, except as ordered by a court of competent jurisdiction or as required by applicable
law, the Issuer, the Guarantors, the Trustee and any Paying Agent shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy and discharge the
liability for the moneys payable upon the Notes. 

  
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 5.5 Further Notes 

The Issuer shall be at liberty from time to time (but subject always to the provisions of this Trust Deed) without the consent of the Noteholders or
Couponholders to create and issue further Notes having terms and conditions the same as the Notes of any Series (or the same in all respects save for the amount and date of the first payment of interest thereon) and so that the same shall be
consolidated and form a single series with the outstanding Notes of a particular Series. 
 6. CANCELLATION OF NOTES AND RECORDS 

6.1 The Issuer shall procure that all Notes issued by it which are (a) redeemed or (b) purchased by or on behalf of the Issuer, a Guarantor or any
Subsidiary and surrendered for cancellation or (c) which, being mutilated or defaced, have been surrendered and replaced pursuant to Condition 14 (Replacement of Notes, Coupons and Talons) (together in each case, in the case of
Definitive Notes, with all unmatured Coupons attached thereto or delivered therewith), and all Coupons paid in accordance with the relevant Conditions or which, being mutilated or defaced, have been surrendered and replaced pursuant to Condition 14
(Replacement of Notes, Coupons and Talons), shall forthwith be cancelled by or on behalf of the Issuer and a certificate stating: 
  

	 	(i)	 the aggregate nominal amount of Notes which have been redeemed and the aggregate amounts in respect of Coupons
which have been paid; 

  

	 	(ii)	 the serial numbers of such Notes in definitive form; 

 

	 	(iii)	 the total numbers (where applicable, of each denomination) by maturity date of such Coupons;

  

	 	(iv)	 the aggregate amount of interest paid (and the due dates of such payments) on Global Notes;

  

	 	(v)	 the aggregate nominal amount of Notes (if any) which have been purchased by or on behalf of the Issuer, any
Guarantor or any Subsidiary and cancelled and the serial numbers of such Notes in definitive form and, in the case of Notes in definitive form, the total number (where applicable, of each denomination) by maturity date of the Coupons and Talons
attached thereto or surrendered therewith; 

  

	 	(vi)	 the aggregate nominal amounts of Notes and the aggregate amounts in respect of Coupons which have been so
surrendered and replaced and the serial numbers of such Notes in definitive form and the total number (where applicable, of each denomination) by maturity date of such Coupons and Talons; 

 

	 	(vii)	 the total number (where applicable, of each denomination) by maturity date of the unmatured Coupons missing
from Notes in definitive form bearing interest at a fixed rate which have been redeemed or surrendered and replaced and the serial numbers of the Notes in definitive form to which such missing unmatured Coupons appertained; and

  
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	 	(viii)	 the total number (where applicable, of each denomination) by maturity date of Talons which have been exchanged
for further Coupons, 

 shall be given to the Trustee by or on behalf of the Issuer as soon as possible and in any event within one month
after the end of each calendar quarter during which any such redemption, purchase, payment, exchange or replacement (as the case may be) takes place. The Trustee may accept such certificate as conclusive evidence of redemption, purchase, payment,
exchange or replacement pro tanto of the Notes or payment of interest thereon or exchange of the relative Talons respectively and of cancellation of the relative Notes and Coupons. 

6.2 The Issuer shall procure (a) that the Principal Paying Agent shall keep a full and complete record of all Notes, Coupons and Talons issued by it
(other than serial numbers of Coupons) and of their redemption, any cancellation or any payment (as the case may be) and of all replacement notes, coupons or talons issued in substitution for lost, stolen, mutilated, defaced or destroyed Notes,
Coupons or Talons, (b) that the Principal Paying Agent shall in respect of the Coupons of each maturity retain (in the case of Coupons other than Talons) until the expiry of ten years from the Relevant Date in respect of such Coupons and (in
the case of Talons indefinitely) either all paid or exchanged Coupons of that maturity or a list of the serial numbers of Coupons of that maturity still remaining unpaid or unexchanged and (c) that such records and Coupons (if any) shall be
made available to the Trustee at all reasonable times. 
 7. COVENANT TO COMPLY WITH THE TRUST DEED 

7.1 Covenant to comply with the Trust Deed 
 Each of the Issuer
and each Guarantor severally covenants with the Trustee to comply with those provisions of this Trust Deed and the Conditions which are expressed to be binding on it and to perform and observe the same. The Notes and the Coupons are subject to the
provisions contained in this Trust Deed, all of which shall be binding upon the Issuer, the Guarantors, the Noteholders, the Couponholders and all persons claiming through or under them respectively. The Trustee shall hold the benefit of this
covenant upon trust for itself and the Noteholders and the Couponholders according to its and their respective interests. 
 7.2 Trustee may enforce
Conditions 
 The Trustee shall itself be entitled to enforce the obligations of the Issuer and each Guarantor under the Notes and the Conditions as if the
same were set out and contained in this Trust Deed which shall be read and construed as one document with the Notes. 
 8. COVENANTS BY THE ISSUER AND
THE GUARANTORS 
 So long as any of the Notes remains outstanding, the Issuer and the Guarantors will each: 

  
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	(a)	 Books of account: at all times keep and procure that all its Subsidiaries keep such books of account as
may be necessary to comply with all applicable laws and so as to enable the financial statements of the Issuer or, as the case may be, the relevant Guarantor to be prepared and, if the Trustee, in its sole opinion, determines that it is necessary to
request access to such books of account, allow the Trustee and any person appointed by it, to whom the Issuer, the relevant Guarantor or the relevant Subsidiary (as the case may be) shall have no reasonable objection, free access to the same at all
reasonable times during normal business hours and to discuss the same with responsible officers of the Issuer; 

  

	(b)	 Event of Default: give notice in writing to the Trustee forthwith of the coming into existence of any
security interest which would require any security to be given to the Notes pursuant to Condition 5 (Negative Pledge) or of the occurrence of any Event of Default, Potential Event of Default, Change of Control or Change of Control Put Event
and without waiting for the Trustee to take any further action; 

  

	(c)	 Certificate of Compliance: provide to the Trustee within seven days of any request by the Trustee and at
the time of the despatch to the Trustee of its annual balance sheet and profit and loss account, and in any event not later than 180 days after the end of its financial year, a certificate, signed by two Authorised Signatories of the Issuer or, as
the case may be, the relevant Guarantor certifying that up to a specified date not earlier than seven days prior to the date of such certificate (the Certified Date) the Issuer or, as the case may be, the relevant Guarantor has
complied with its obligations under this Trust Deed and the Notes (or, if such is not the case, giving details of the circumstances of such non-compliance) and that as at such date there did not exist nor had there existed at any time prior thereto
since the Certified Date in respect of the previous such certificate (or, in the case of the first such certificate, since the date of this Trust Deed) any Event of Default, Potential Event of Default, Change of Control Put Event, Change of Control
or other matter which could affect the ability of the Issuer or, as the case may be, the relevant Guarantor to perform its obligations under this Trust Deed or (if such is not the case) specifying the same; 

 

	(d)	 Financial statements: send to the Trustee and to the Principal Paying Agent (if the same are produced)
as soon as practicable after their date of publication and in the case of annual financial statements in any event not more than 180 days after the end of each financial year, two copies of the Issuer’s or, as the case may be, the relevant
Guarantor’s consolidated annual balance sheet and profit and loss account and of every balance sheet, profit and loss account, report or other notice, statement or circular issued (or which under any legal or contractual obligation should be
issued) to the members or holders of debentures or creditors (or any class of them) of the Issuer or, as the case may be, the relevant Guarantor in their capacity as such at the time of the actual (or legally or contractually required) issue or
publication thereof and procure that the same are made available for inspection by Noteholders and Couponholders at the Specified Offices of the Paying Agents as soon as practicable thereafter; 

  
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	(e)	 Information: so far as permitted by applicable law, at all times give to the Trustee such information,
opinions, certificates and other evidence as it shall require in accordance with its fiduciary duties and obligations to the Noteholders and in such form as it shall require (including, without limitation, the certificates called for by the Trustee
pursuant to Clause 8(c) (Certificate of Compliance) for the exercise of its duties, trusts, powers, authorities and discretions vested in it under this Trust Deed or by operation of law; 

 

	(f)	 Notes held by Issuer and the Guarantors: send to the Trustee forthwith upon being so requested in
writing by the Trustee a certificate of the Issuer or, as the case may be, the relevant Guarantor (signed on its behalf by two Authorised Signatories) setting out the total number of Notes of each Series which at the date of such certificate are
held by or for the benefit of the Issuer, the relevant Guarantor or any Subsidiary; 

  

	(g)	 Execution of further Documents: so far as permitted by applicable law, at all times execute all such
further documents and do all such further acts and things as may be necessary at any time or times in the opinion of the Trustee to give effect to the provisions of this Trust Deed; 

 

	(h)	 Notices to Noteholders: send or procure to be sent to the Trustee not less than five business days in
London prior to the date of publication (unless a shorter period is agreed between the Issuer and the Trustee), for the Trustee’s approval, one copy of each notice to be given to the Noteholders in accordance with Condition 18 (Notices)
and not publish such notice without such approval (such approval not to be unreasonably withheld or delayed and unless so expressed, not to constitute approval of such notice for the purpose of Section 21 of the Financial Services and Markets
Act 2000) provided that such approval shall not be required in respect of notices required to be published by applicable laws and regulations, and, upon publication of any notice to Noteholders, send to the Trustee a copy of such notice;

  

	(i)	 Notification of non-payment: use its reasonable endeavours to procure that the Principal Paying Agent
notifies the Trustee forthwith in the event that it does not, on or before the due date for payment in respect of the Notes or Coupons of any Series or any of them receive unconditionally the full amount in the relevant currency of the moneys
payable on such due date on all such Notes or Coupons; 

  

	(j)	 Notification of late payment: in the event of the unconditional payment to the Principal Paying Agent or
the Trustee of any sum due in respect of any of the Notes or the Coupons or any of them being made after the due date for payment thereof, forthwith give notice to the Noteholders that such payment has been made in accordance with Condition 18
(Notices); 

  

	(k)	 Notification of redemption or payment: not less than the number of days specified in the relevant
Condition prior to the redemption or payment date in respect of any Note or Coupon give to the Trustee notice in writing of the amount of such redemption or payment pursuant to the Conditions and duly proceed to redeem or pay such Notes or Coupons
accordingly; 

  
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	(l)	 Tax or optional redemption: if the Issuer gives notice to the Trustee that it intends to redeem the
Notes pursuant to Conditions 9(b) (Redemption and Purchase – Redemption for tax reasons) and 9(c) (Redemption and Purchase – Redemption at the option of the Issuer (Issuer Call Option)) and prior to the Issuer giving such
notice to the Noteholders, provide such information to the Trustee as the Trustee requires in order to satisfy itself of the matters referred to in such Condition; 

 

	(m)	 Obligations of Agents: observe and comply with its obligations and use all reasonable endeavours to
procure that the Agents observe and comply with all their obligations under the Agency Agreement and notify the Trustee immediately it becomes aware of any material breach or failure by an Agent in relation to the Notes or Coupons and at all times
maintain Paying Agents and a Calculation Agent in accordance with the Conditions; 

  

	(n)	 Change of taxing jurisdiction: if before the Relevant Date for any Note or Coupon the Issuer or any
Guarantor shall become subject generally to the taxing jurisdiction of any territory or any political sub-division thereof or any authority therein or thereof having power to tax other than or in addition to the United Kingdom, immediately upon
becoming aware thereof notify the Trustee of such event and (unless the Trustee otherwise agrees) enter forthwith into a trust deed supplemental hereto, giving to the Trustee an undertaking or covenant in form and manner satisfactory to the Trustee
in terms corresponding to the terms of Condition 11 (Taxation) with the substitution for (or, as the case may be, the addition to) the references therein to the United Kingdom of references to that other or additional territory to whose
taxing jurisdiction, or that of a political subdivision thereof or an authority therein or thereof, the Issuer or, as the case may be, the relevant Guarantor shall have become subject as aforesaid, such trust deed also to modify Condition 11
(Taxation) so that such Condition shall make reference to that other or additional territory; 

  

	(o)	 Listing: at all times use reasonable endeavours to maintain the admission to listing, trading and/or
quotation of the Notes of each Series by the relevant competent authority, stock exchange and/or quotation system on which they are admitted to listing, trading and/or quotation on issue as indicated in the relevant Final Terms or, if it is unable
to do so having used all reasonable endeavours or, if the Trustee considers that the maintenance of such admission to listing, trading and/or quotation is agreed by the Trustee to be unduly burdensome or impractical and the Trustee is of the opinion
that to do so would not be materially prejudicial to the interests of the Noteholders, use reasonable endeavours to obtain and maintain admission to listing, trading and/or quotation of the Notes on such other competent authority, stock exchange
and/or quotation system as the Issuer and the Guarantors may (with the approval of the Trustee decide and give notice of the identity of such other competent authority, stock exchange or quotation system to the Noteholders; 

 

	(p)	 Authorised Signatories: upon the execution hereof and thereafter forthwith upon any change of the same,
deliver to the Trustee (with a copy to the Principal Paying Agent) a list of the Authorised Signatories of the Issuer and each Guarantor, together with certified specimen signatures of the same; 

  
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	(q)	 Payments: pay moneys payable by it to the Trustee hereunder without set off, counterclaim, deduction or
withholding, unless otherwise compelled by law and in the event of any deduction or withholding compelled by law pay such additional amount as will result in the payment to the Trustee of the amount which would otherwise have been payable by it to
the Trustee hereunder; and 

  

	(r)	 Notification of amendment to agreements: notify the Trustee of any amendment to the Dealer Agreement,
and any amendment(s) to or waiver(s) of the terms of this Trust Deed and the Agency Agreement; 

  

	(s)	 Auditor’s certificates: cause to be prepared and certified by the Auditors in respect of each
financial accounting period accounts in such form as will comply with all relevant legal and accounting requirements and all requirements for the time being of the relevant stock exchange; 

 

	(t)	 Further documents: at all times execute and do all such further documents, acts and things as may be
necessary at any time or times in the reasonable opinion of the Trustee to give effect to this Trust Deed; 

  

	(u)	 Appointment and removal of Agents: give notice to the Noteholders in accordance with Condition 18
(Notices) of any appointment, resignation or removal of any Paying Agent or Calculation Agent (other than the appointment of the initial Agents and Calculation Agent) after having obtained the prior written approval of the Trustee thereto or
any change of any Paying Agent’s specified office and (except as provided by the Agency Agreement or the Conditions) at least 30 days prior to such event taking effect; provided always that so long as any of the Notes remains outstanding
in the case of the termination of the appointment of the Calculation Agent or so long as any of the Notes or Coupons remains liable to prescription in the case of the termination of the appointment of the Principal Paying Agent no such termination
shall take effect until a new Calculation Agent or Principal Paying Agent (as the case may be) has been appointed on terms previously approved in writing by the Trustee; 

 

	(v)	 Subsidiaries: procure its Subsidiaries to comply with all applicable provisions of Condition 9
(Redemption and Purchase); 

  

	(w)	 Documents available for inspection: use reasonable endeavours to procure that each Paying Agent makes
available for inspection by Noteholders and Couponholders at its specified office copies of this Trust Deed, the Agency Agreement and the then latest audited balance sheet and profit and loss account (consolidated if applicable) of the Issuer and
the Guarantors; 

  

	(x)	 U.S. Paying Agent: if, in accordance with the provisions of the Conditions, interest in respect of the
Notes becomes payable at the specified office of any Paying Agent in the United States of America promptly give notice thereof to the relative Noteholders in accordance with Condition 18 (Notices); 

  
 Page 23 

	(y)	 Dealer Agreement: promptly provide the Trustee with copies of all supplements and/or amendments and/or
restatements of the Dealer Agreement; 

  

	(z)	 List of Material Subsidiaries: give to the Trustee (i) on the date hereof and (ii) at the same
time as sending to it the certificates referred to in paragraph (c) above, a certificate signed by two Authorised Signatories of the Issuer addressed to the Trustee (with a form and content satisfactory to the Trustee) listing those
Subsidiaries of the Issuer which as at the date hereof, as at the Certified Date (as defined in paragraph (c) above) of the relevant certificate given under paragraph (c) above or, as the case may be, as at the first day on which the then
latest audited consolidated accounts of the Issuer became available were Material Subsidiaries for the purposes of Condition 12 (Events of Default); 

  

	(aa)	 Change in Material Subsidiaries: give to the Trustee, as soon as reasonably practicable after the
acquisition or disposal of any company which thereby becomes or ceases to be a Material Subsidiary or after any transfer is made to any Subsidiary of the Issuer which thereby becomes a Material Subsidiary, a certificate by two Authorised Signatories
of the Issuer addressed to the Trustee (with a form and content satisfactory to the Trustee) to such effect; 

  

	(bb)	 Coupons: upon due surrender in accordance with the Conditions, pay the face value of all Coupons
(including Coupons issued in exchange for Talons) appertaining to all Notes purchased by the Issuer, the Guarantors or any other Subsidiary of the Issuer; 

  

	(cc)	 Legal Opinions: prior to making any modification or amendment or supplement to this Trust Deed, procure
the delivery of (a) legal opinion(s) as to English and any other relevant law, addressed to the Trustee, dated the date of such modification or amendment or supplement, as the case may be, and in a form acceptable to the Trustee from legal
advisers acceptable to the Trustee; 

  

	(dd)	 Euroclear and Clearstream: use all reasonable endeavours to procure that Euroclear and/or Clearstream
(as the case may be) issue(s) any record, certificate or other document requested by the Trustee as soon as practicable after such request; 

  

	(ee)	 Notice of rating downgrade: promptly notify the Trustee upon becoming aware that any of the ratings
assigned to the Notes has been downgraded or withdrawn; 

  

	(ff)	 FATCA Information: to the extent it is legally permissible to do so to take commercially reasonable
efforts to provide upon request by the Trustee to the Trustee, and consents to the collection and processing by the Trustee of, any authorisations, waivers, forms, documentation and other information relating to its status and required to be
collected or reported by the Trustee under FATCA (FATCA Information). The Trustee shall treat such forms, documentation or other information relating to or provided by the Issuer as confidential, but the Issuer consents, solely to the
extent required for or in connection with the Trustee’s compliance with FATCA, to the disclosure, 

  
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transfer and reporting of such FATCA Information to any relevant government or taxing authority, any member of the Trustee’s Group, any sub-contractors, agents, service providers or
associates of the Trustee’s Group, and a member of the Trustee’s Group, including transfers to jurisdictions which do not have strict data protection or similar laws. The Issuer agrees to inform the Trustee promptly in writing if there are
any changes to the FATCA Information supplied to the Trustee from time to time; 

  

	(gg)	 FATCA Withholding: use commercially reasonable efforts to provide to the Trustee, upon reasonable
request by the Trustee, with information necessary and required for the Trustee to determine whether it is required by applicable law to make any FATCA Withholding from a payment it makes under this Agreement; and 

 

	(hh)	 Information Reporting & Sharing: within ten business days of a written request by the Trustee,
supply to the Trustee such forms, documentation and other information relating to the Issuer or the Guarantors, as applicable, their operations, or any Notes as the Trustee reasonably requests for the purposes of the Trustee’s compliance with
applicable law and shall notify the Trustee reasonably promptly in the event that either the Issuer or the Guarantors become aware that any of the forms, documentation or other information provided is (or becomes) inaccurate in any material respect;
provided, however, that the Issuer and/or the Guarantors, as applicable, shall not be required to provide any forms, documentation or other information pursuant to this clause to the extent that: (i) any such form, documentation or other
information (or the information required to be provided on such form or documentation) is not reasonably available and cannot be obtained by using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of the Issuer or
the Guarantors, as applicable, constitute a breach of any: (a) applicable law; (b) fiduciary duty; or (c) duty of confidentiality. 

9. AMENDMENTS AND SUBSTITUTION 
 9.1 Waiver 

Without prejudice to Clause 9.4 (Rating Confirmations), the Trustee may, without any consent or sanction of the Noteholders or Couponholders and without
prejudice to its rights in respect of any subsequent breach, Event of Default or Potential Event of Default, from time to time and at any time, but only if and in so far as in its opinion the interests of the Noteholders shall not be materially
prejudiced thereby, authorise or waive, on such terms and conditions (if any) as shall seem expedient to it, any breach or proposed breach by the Issuer or any Guarantor of any of the covenants or provisions contained in this Trust Deed or the Notes
or Coupons (other than a proposed breach or breach relating to the subject of a Reserved Matter) or determine that any Event of Default or Potential Event of Default shall not be treated as such for the purposes of this Trust Deed; any such
authorisation, waiver or determination shall be binding on the Noteholders and the Couponholders and, if, but only if, the Trustee shall so require, the Issuer shall cause such authorisation, waiver or determination to be notified to the Noteholders
as soon as practicable thereafter in accordance with the 

  
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Conditions; provided that the Trustee shall not exercise any powers conferred upon it by this Clause in contravention of any express direction by an Extraordinary Resolution or of a
request in writing made by the holders of not less than 20 per cent. in aggregate principal amount of the Notes then outstanding (but so that no such direction or request shall affect any authorisation, waiver or determination previously given
or made) or so as to authorise or waive any such breach or proposed breach relating to any of the matters the subject of the Reserved Matters as specified and defined in Schedule 3 (Provisions for Meetings of Noteholders). 

9.2 Modifications 
 Without prejudice to Clause 9.4 (Rating
Confirmations), the Trustee may from time to time and at any time without any consent or sanction of the Noteholders or Couponholders concur with the Issuer and the Guarantors in making (a) any modification to this Trust Deed (other than in
respect of Reserved Matters as specified and defined in Schedule 3 or any provision of this Trust Deed referred to in that specification) or the Notes which in the opinion of the Trustee it may be proper to make provided the Trustee is of the
opinion that such modification will not be materially prejudicial to the interests of the Noteholders or (b) any modification to this Trust Deed or the Notes if in the opinion of the Trustee such modification is of a formal, minor or technical
nature or made to correct a manifest error or an error which is, in the opinion of the Trustee, proven. Any such modification shall be binding on the Noteholders and the Couponholders and, unless the Trustee otherwise agrees, the Issuer shall cause
such modification to be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 18 (Notices). 
 9.3 Substitution

  

	(a)	 Procedure: Without prejudice to Clause 9.4 (Rating Confirmations), the Trustee may
(1) without the consent of the Noteholders or the Couponholders, agree to the substitution, in place of the Issuer (or of any previous substitute under this Clause) of a Guarantor or its successor in business or any Subsidiary of the Issuer
(hereinafter called the Substituted Obligor) as the principal debtor under this Trust Deed in relation to the Notes and Coupons of any Series and under the Notes and Coupons of that Series and (2) without the consent of the
Noteholders or the Couponholders, agree to the substitution of any Subsidiary of any Guarantor (also a Substituted Obligor) in place of a Guarantor (or any previous substitute under this Clause) as the guarantor under this Trust Deed
in relation to the Notes and Coupons of any Series and under the Notes and Coupons of that Series, in each case provided that: 

  

	 	(i)	 a trust deed is executed or some other written form of undertaking is given by the Substituted Obligor to the
Trustee, in form and manner satisfactory to the Trustee, agreeing to be bound by the terms of this Trust Deed, the Notes and the Coupons (with any consequential amendments which the Trustee may deem appropriate) as fully as if the Substituted
Obligor had been named in this Trust Deed and on the Notes and the Coupons as the principal debtor in place of the Issuer or, as the case may be, as the guarantor in place of the relevant Guarantor (or of any previous substitute under this Clause);

  
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	 	(ii)	 the Issuer, the Guarantors and the Substituted Obligor execute such other deeds, documents and instruments (if
any) as the Trustee may require in order that the substitution is fully effective and comply with such other requirements as the Trustee may direct in the interests of the Noteholders and the Couponholders; 

 

	 	(iii)	 an unconditional and irrevocable guarantee in form and substance satisfactory to the Trustee shall have been
given (x) in the case of the substitution of the Issuer as provided in (1) above, by the Issuer and each of the Guarantors or, if one of the Guarantors or its successor in business has become the Substituted Obligor, by the Issuer and the
remaining Guarantor or (y) in the case of the substitution of a Guarantor as provided in (2) above, by each of the Guarantors, of the obligations of the Substituted Obligor under this Trust Deed and the Notes; 

 

	 	(iv)	 the Trustee is satisfied that (i) the Substituted Obligor has obtained all governmental and regulatory
approvals and consents necessary for its assumption of liability as principal debtor or, as the case may be, as a guarantor in respect of this Trust Deed and the Notes and the Coupons in place of the Issuer and/or, as the case may be, the Guarantors
or the relevant Guarantor (or such previous substitute as aforesaid) and (ii) the Issuer and/or, as the case may be, the Guarantors or the relevant Guarantor has obtained all governmental and regulatory approvals and consents necessary for the
guarantee to be fully effective as referred to in sub-clause 9.3(c) and (iii) such approvals and consents are at the time of substitution in full force and effect; 

 

	 	(v)	 (without prejudice to the generality of the preceding sub-clauses of this sub-clause 9.3(a)) where the
Substituted Obligor is incorporated, domiciled or resident in or is otherwise subject generally to the taxing jurisdiction of any territory or any political sub-division thereof or any authority of or in such territory having power to tax (the
Substituted Territory) other than or in addition to the territory, the taxing jurisdiction of which (or to any such authority of or in which) the Issuer or, as the case may be, the relevant Guarantor is subject generally (the
Issuer’s Territory), the Substituted Obligor will (unless the Trustee otherwise agrees) give to the Trustee an undertaking in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 11
(Taxation) with the substitution for the reference in that Condition to the Issuer’s Territory of references to the Substituted Territory and in such event the Trust Deed and Notes and Coupons will be interpreted accordingly;

  

	 	(vi)	 without prejudice to the rights of reliance of the Trustee under sub-clause 9.3(d) (Directors’
certification) the Trustee is satisfied that the said substitution is not materially prejudicial to the interests of the Noteholders; 

  
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	 	(vii)	 the Rating Agency has confirmed in writing to the Trustee that the substitution of the Substituted Obligor will
not result in: 

  

	 	(A)	 in respect of any Series of Notes which is not specifically rated by any rating agency, a downgrading of the
then current credit rating of any rating agency applicable to the class of debt represented by the Notes; or 

  

	 	(B)	 in respect of any Series of Notes which is specifically rated by any rating agency, a downgrading of the then
current credit rating applicable to such Series of Notes by such rating agency; 

  

	(b)	 Change of law: in connection with any proposed substitution of the Issuer or any Guarantor or any
previous substitute, the Trustee may, in its absolute discretion and without the consent of the Noteholders or the Couponholders agree to a change of the law from time to time governing the Notes and the Coupons and this Trust Deed provided
that such change of law, in the opinion of the Trustee, would not be materially prejudicial to the interests of the Noteholders; 

  

	(c)	 Extra duties: the Trustee shall be entitled to refuse to approve any Substituted Obligor if, pursuant to
the law of the country of incorporation of the Substituted Obligor, the assumption by the Substituted Obligor of its obligations hereunder imposes responsibilities on the Trustee over and above those which have been assumed under this Trust Deed;

  

	(d)	 Directors’ certification: if any two directors of the Substituted Obligor certify that immediately
prior to the assumption of its obligations as Substituted Obligor under this Trust Deed the Substituted Obligor is solvent after taking account of all prospective and contingent liabilities resulting from its becoming the Substituted Obligor, the
Trustee need not have regard to the financial condition, profits or prospects of the Substituted Obligor or compare the same with those of the Issuer or, as the case may be, the relevant Guarantor (or of any previous substitute under this Clause);

  

	(e)	 Interests of Noteholders: in connection with any proposed substitution, the Trustee shall not have
regard to, or be in any way liable for, the consequences of such substitution for individual Noteholders or the Couponholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the
jurisdiction of, any particular territory and no Noteholder or Couponholder shall, in connection with any such substitution, be entitled to claim from the Issuer or, as the case may be, the relevant Guarantor any indemnification or payment in
respect of any tax consequence of any such substitution upon individual Noteholders or Couponholders; 

  

	(f)	 Release of Issuer or, as the case may be, the relevant Guarantor: any agreement by the Trustee pursuant
to sub-clause 9.3(a) (Procedure) shall, if so 

  
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expressed, operate to release the Issuer or, as the case may be, the relevant Guarantor (or such previous substitute as aforesaid) from any or all of its obligations as principal debtor or, as
the case may be, as guarantor, in respect of the Notes and Coupons and this Trust Deed (but without prejudice to its liabilities under any guarantee given pursuant to sub-clause 9.3(c) (Extra duties)). Not later than fourteen days after the
execution of any such documents as aforesaid and after compliance with the said requirements of the Trustee, the Substituted Obligor shall cause notice thereof to be given to the Noteholders; and 

 

	(g)	 Completion of substitution: upon the execution of such documents and compliance with the said
requirements, the Substituted Obligor shall be deemed to be named in this Trust Deed and the Notes and Coupons as the principal debtor in place of the Issuer or, as the case may be, the guarantor in place of the relevant Guarantor (or in each case
of any previous substitute under this Clause) and this Trust Deed, the Notes and the Coupons shall thereupon be deemed to be amended in such manner as shall be necessary to give effect to the substitution and without prejudice to the generality of
the foregoing any references in this Trust Deed, in the Notes and Coupons to the Issuer or, as the case may be, the relevant Guarantor shall be deemed to be references to the Substituted Obligor. 

9.4 Rating Confirmations 
 For the purposes of determining
whether or not the exercise by the Trustee of any of its trusts, powers, authorities, duties and discretions under this Trust Deed (including, without limitation, any modification, waiver, authorisation, determination or substitution), is materially
prejudicial to the interests of the Noteholders of any Series of Notes, the Trustee shall be entitled to rely on (but is not bound by) any S&P or any Substituted Rating Agency confirmation received in respect thereof. 

10. BREACH 
 Any breach of or failure to comply by the
Issuer or the Guarantors with any such terms and conditions as are referred to in Clauses 8 (Covenants by the Issuer and the Guarantors) and 9 (Amendments and Substitution) shall constitute a default by the Issuer or the Guarantors (as
the case may be) in the performance or observance of a covenant or provision binding on it under or pursuant to this Trust Deed. 
 11. ENFORCEMENT

 11.1 Legal proceedings 
 The Trustee may at any time, at
its discretion and without further notice, institute such proceedings against the Issuer and the Guarantors as it may think fit to recover any amounts due in respect of the Notes which are unpaid or to enforce any of its rights under this Trust Deed
or the Conditions but it shall not be bound to take any such proceedings or any other action under this Trust Deed or the Notes unless (a) it shall have been so directed by an Extraordinary Resolution or so requested in writing by the holders
of at least one-fifth in principal amount of the outstanding Notes and (b) it 

  
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shall have been indemnified and/or secured and/or prefunded to its satisfaction against all Liabilities to which it may thereby become liable and all Liabilities incurred by it in connection
therewith and provided that the Trustee shall not be held liable for the consequence of taking any such action and may take such action without having regard to the effect of such action on individual Noteholders or Couponholders. Only the
Trustee may enforce the provisions of the this Trust Deed and the Notes and Coupons and no Noteholder or Couponholder shall be entitled to proceed directly against the Issuer and/or any Guarantor unless the Trustee, having become bound so to
proceed, fails, or is unable, to do so within 60 days and such failure or inability is continuing. 
 11.2 Evidence of default 

Proof that: 
  

	(a)	 as regards any specified Note the Issuer has made default in paying any principal due in respect of such Note
shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as regards all other Notes in respect of which a corresponding payment is then due; 

 

	(b)	 as regards any specified Coupon the Issuer has made default in paying any interest due in respect of such
Coupon shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as regards all other Coupons in respect of which a corresponding payment is then due; and 

 

	(c)	 as regards any Talon, the Issuer has made default in exchanging such Talon for further Coupons and a further
Talon as provided by its terms shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as regards all other Talons which are then available for exchange, 

and for the purposes of Subclauses 11.2(a) and 11.2(b) a payment shall be a “corresponding” payment notwithstanding that it is due in
respect of a Note of a different denomination from that in respect of the above specified Note. 
 12. APPLICATION OF MONEYS 

12.1 Application of moneys 
 All moneys received by the Trustee in
respect of the Notes of any Series or amounts payable under this Trust Deed will despite any appropriation of all or part of them by the Issuer (including any moneys which represent principal or interest in respect of Notes or Coupons which have
become void under the Conditions shall, unless and to the extent attributable, in the opinion of the Trustee, to a particular Series of the Notes, be apportioned pari passu and rateably between each Series of the Notes, and all moneys
received by the Trustee under this Trust Deed from the Issuer or, as the case may be, the Guarantors to the extent attributable in the opinion of the Trustee to a particular Series of the Notes or which are apportioned to such Series as aforesaid,
be held by the Trustee on trust to apply them (subject to Clause 12.2 (Deposits): 

  
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	(a)	 first, in payment or satisfaction of those Liabilities incurred by the Trustee or any Appointee in the
preparation, maintenance and execution of the trusts of this Trust Deed (including remuneration and any additional remuneration of the Trustee); 

  

	(b)	 secondly, in or towards payment pari passu and rateably of all interest remaining unpaid in respect of
the Notes of the relevant Series and all principal moneys due on or in respect of the Notes of that Series provided that where the Notes of more than one Series become so due and payable, such monies shall be applied as between the amounts
outstanding in respect of the different Series pari passu and rateably (except where, in the opinion of the Trustee, such monies are paid in respect of a specific Series or several specific Series, in which event such monies shall be applied
solely to the amounts outstanding in respect of that Series or those Series respectively); and 

  

	(c)	 thirdly, the balance (if any) in payment to the Issuer (without prejudice to, or liability in respect of, any
question as to how such payments shall be dealt with as between the Issuer and the Guarantors and any other person). 

 Without prejudice
to this Clause 12, if the Trustee holds any moneys which represent principal or interest in respect of Notes which have become void or in respect of which claims have been prescribed under Condition 13 (Prescription), the Trustee will hold
such moneys on the above trusts. 
 12.2 Deposits 
  

	(a)	 No provision of these presents shall (a) confer on the Trustee any right to exercise any investment
discretion in relation to the assets subject to the trust constituted by these presents and, to the extent permitted by law, Section 3 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by
these presents and (b) require the Trustee to do anything which may cause the Trustee to be considered a sponsor of a covered fund under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any regulations
promulgated thereunder. 

  

	(b)	 The Trustee may at its discretion accumulate such moneys until the accumulations, together with any other funds
for the time being under the control of the Trustee and available for such purpose, amount to at least ten per cent. of the principal amount of the relevant Notes then outstanding and then such accumulations and funds (after deduction of, or
provision for, any applicable taxes) shall be applied under clause 12.1 (Application of moneys). For the avoidance of doubt, the Trustee shall in no circumstances, have any discretion to invest any moneys referred to in this clause 12.2(b) in
any investments or other assets. 

  

	(c)	 The parties acknowledge and agree that in the event that any deposits in respect of the Notes are held by a
bank or a financial institution in the name of the Trustee and the interest rate in respect of certain currencies is a negative value such that the application thereof would result in amounts being debited from funds held by such bank or financial
institution, the Trustee shall not be 

  
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liable to make up any shortfall or be liable for any loss. The Trustee may at its discretion accumulate such deposits and the resulting interest and other income derived thereon. The accumulated
deposits shall be applied under Clause 12.1 (Application of moneys). 

 12.3 Payment to Noteholders and Couponholders 

The Trustee shall give notice to the Noteholders in accordance with Condition 18 (Notices) of the date fixed for any payment under Clause 12.1
(Application of Moneys). Any payment to be made in respect of the Notes or Coupons of any Series by the Issuer, any Guarantor or the Trustee may be made in the manner provided in Condition 10 (Payments), the Agency Agreement and this
Trust Deed and any payment so made shall be a good discharge of such payment to the extent of such payment by the Issuer, the relevant Guarantor or the Trustee (as the case may be). 

12.4 Production of Notes and Coupons 
 Upon any payment under
Clause 12.3 (Payment to Noteholders and Couponholders) of principal or interest, the Note or Coupon in respect of which such payment is made shall, if the Trustee so requires, be produced to the Trustee or the Paying Agent by or through whom
such payment is made and the Trustee shall in respect of a Note or Coupon (a) in the case of part payment, enface or cause such Paying Agent to enface a memorandum of the amount and date of payment thereon (or, in the case of part payment of an
NGN Temporary Global Note or an NGN Permanent Global Note cause the Principal Paying Agent to procure that the ICSDs make appropriate entries in their records to reflect such payment) or (b) in the case of payment in full, cause such Note or
Coupon to be surrendered or shall cancel or procure the same to be cancelled and shall certify or procure the certification of such cancellation. 
 12.5
Noteholders to be treated as holding all Coupons 
 Wherever in this Trust Deed the Trustee is required or entitled to exercise a power, trust, authority or
discretion under this Trust Deed, the Trustee shall, notwithstanding that it may have express notice to the contrary assume that each Noteholder is the holder of all Coupons and Talons appertaining to each Note of which he is the holder. 

12.6 Regulated Activities 
 Notwithstanding anything in this
Trust Deed to the contrary, the Trustee shall not be required to do anything which might constitute a regulated activity for the purpose of the FSMA, unless it is authorised under the FSMA to do so. 

The Trustee shall have the discretion at any time (i) to delegate any of the functions which fall to be performed by an authorised person under the FSMA
to any agent or person which has the necessary authorisations and licences and (ii) to apply for authorisation under the FSMA and perform any or all such functions itself if, in its absolute discretion, it considers it necessary, desirable or
appropriate to do so. 
 Nothing in this Trust Deed shall require the Trustee to assume an obligation of the Issuer arising under any provision of the
listing, prospectus, disclosure or transparency rules (or equivalent rules of any other competent authority besides the Financial Conduct Authority). 

  
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 12.7 Investment 

Moneys held by the Trustee may at its election be placed on deposit into an account bearing a market rate interest (and for the avoidance of doubt, the Trustee
shall not be required to obtain best rates, be responsible for any loss occasioned by such deposit or exercise any other form of investment discretion with respect to such deposits) in the name or under the control of the Trustee at such bank or
other financial institution and in such currency as the Trustee may think fit in light of the cash needs of the transaction and not for purposes of generating income. If such moneys are placed on deposit with a bank or financial institution which is
a subsidiary, holding company, affiliate or associated company of the Trustee, it need only account for an amount of interest equal to the standard amount of interest payable by it on a deposit to an independent customer. 

13. TERMS OF APPOINTMENT 
 By way of supplement to the
Trustee Acts, it is expressly declared as follows: 
 13.1 Reliance on Information 
  

	(a)	 Advice: the Trustee may in relation to this Trust Deed act on the opinion or advice of or a certificate
or any information (whether addressed to the Trustee or not) obtained from any lawyer, banker, valuer, surveyor, broker, auctioneer, accountant or other expert (whether obtained by the Trustee, the Issuer, any Guarantor, any Subsidiary or any Agent)
and shall not be responsible for any Liability occasioned by so acting; any such opinion, advice, certificate or information may be sent or obtained by letter or email and the Trustee shall not be liable for acting on any opinion, advice,
certificate or information purporting to be so conveyed although the same shall contain some error or shall not be authentic; 

  

	(b)	 Certificate of Directors or Authorised Signatories: the Trustee may call for and shall be at liberty to
accept a certificate signed by two Directors and/or two Authorised Signatories of the Issuer or any Guarantor, as the case may be, or other person duly authorised on its behalf as to any fact or matter prima facie within the knowledge of the Issuer
or the relevant Guarantor, as the case may be, as sufficient evidence thereof and a like certificate to the effect that any particular dealing, transaction or step or thing is, in the opinion of the person so certifying expedient, as sufficient
evidence that it is expedient and the Trustee shall not be bound in any such case to call for further evidence or be responsible for any Liability that may be occasioned by its failing so to do; 

 

	(c)	 Certificate of Auditors: a certificate of the Auditors of the Issuer that in their opinion a Subsidiary
is or is not or was or was not at any particular time or during any particular period a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on the Issuer, the Guarantors, the Trustee, the Noteholders and the
Couponholders; 

  
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	(d)	 Resolution or direction of Noteholders: the Trustee shall not be responsible for acting upon any
resolution purporting to be a Written Resolution or to have been passed at any meeting of the Noteholders in respect whereof minutes have been made and signed or a direction of a specified percentage of Noteholders, even though it may subsequently
be found that there was some defect in the constitution of the meeting or the passing of the resolution or the making of the directions or in the case of a Written Resolution in writing or a direction or a request it was not signed by the requisite
number of Noteholders or that for any reason the resolution purporting to be a Written Resolution or to have been passed at any Meeting or the making of the directions was not valid or binding upon the Noteholders and the Couponholders;

  

	(e)	 Reliance on certification of clearing system: the Trustee may call for any certificate or other document
issued by Euroclear, Clearstream or any other relevant clearing system in relation to any matter. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such certificate or
other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream’s Cedcom system) in accordance with its usual procedures and in
which the holder of a particular principal or nominal amount of the Notes is clearly identified together with the amount of such holding. The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected any
certificate or other document to such effect purporting to be issued by Euroclear or Clearstream or any other relevant clearing system and subsequently found to be forged or not authentic; 

 

	(f)	 Noteholders as a class: whenever in this Trust Deed the Trustee is required in connection with any
exercise of its powers, trusts, authorities or discretions to have regard to the interests of the Noteholders, it shall have regard to the interests of the Noteholders as a class and in particular, but without prejudice to the generality of the
foregoing, shall not be obliged to have regard to the consequences of such exercise for any individual Noteholder resulting from his or its being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction
of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to require, nor shall any Noteholder or Couponholder be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other person any
indemnification or payment in respect of any tax consequence of any such exercise upon individual Noteholders or Couponholders except to the extent already provided for in Condition 11 (Taxation) and/or any undertaking given in addition
thereto or in substitution therefor under this Trust Deed; 

  

	(g)	 Trustee not responsible for investigations: the Trustee shall not be responsible for, or for
investigating any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in this Trust Deed, the Notes or any other agreement or document relating to the transactions herein or therein
contemplated or for the execution, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence thereof; 

  
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	(h)	 No obligation to monitor: the Trustee shall be under no obligation to monitor or supervise the functions
of any other person under the Notes or any other agreement or document relating to the transactions herein or therein contemplated and shall be entitled, in the absence of actual knowledge of a breach of obligation, to assume that each such person
is properly performing and complying with its obligations; 

  

	(i)	 Notes held by the Issuer: in the absence of knowledge or express notice to the contrary, the Trustee may
assume without enquiry (other than requesting a certificate of the Issuer or any Guarantor under sub-clause 8(f) (Notes held by Issuer and the Guarantors), that no Notes are for the time being held by or for the benefit of the Issuer, any
Guarantor or any Subsidiary; 

  

	(j)	 Forged Notes: the Trustee shall not be liable to the Issuer, any Guarantor or any Noteholder or
Couponholder by reason of having accepted as valid or not having rejected any Note or Coupon as such and subsequently found to be forged or not authentic; 

  

	(k)	 Events of Default: the Trustee shall not be bound to give notice to any person of the execution of this
Trust Deed or to take any steps to ascertain whether any Event of Default, Potential Event of Default, Change of Control or Change of Control Put Event has happened and, until it shall have actual knowledge or express notice to the contrary, the
Trustee shall be entitled to assume that no such Event of Default, or Potential Event of Default, Change of Control or Change of Control Put Event has happened and that the Issuer and each Guarantor is observing and performing all the obligations on
its part contained in the Notes and Coupons and under this Trust Deed and no event has happened as a consequence of which any of the Notes may become repayable; 

 

	(l)	 Legal Opinions: the Trustee shall not be responsible to any person for failing to request, require or
receive any legal opinion relating to any Notes or for checking or commenting upon the content of any such legal opinion and shall not be responsible for any Liability incurred thereby; 

 

	(m)	 Authorised Amount: the Trustee shall not be concerned, and need not enquire, as to whether or not any
Notes are issued in breach of the Authorised Amount; 

  

	(n)	 Trustee not Responsible: the Trustee shall not be responsible for the execution, delivery, legality,
effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto and shall not be liable for any failure to obtain any rating of Notes (where required), any
licence, consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto. In
addition the Trustee shall not be responsible for the effect of the exercise of any of its powers, duties and discretions hereunder; 

  
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	(o)	 Freedom to Refrain: notwithstanding anything else herein contained, the Trustee may refrain from doing
anything which would or might in its opinion be contrary to any law of any jurisdiction or any directive or regulation of any agency or any state of which would or might otherwise render it liable to any person and may do anything which is, in its
opinion, necessary to comply with any such law, directive or regulation; 

  

	(p)	 Right to Deduct or Withhold: notwithstanding anything contained in this Trust Deed, to the extent
required by any applicable law, if the Trustee is or will be required to make any deduction or withholding from any distribution or payment made by it hereunder or if the Trustee is or will be otherwise charged to, or is or may become liable to, tax
as a consequence of performing its duties hereunder whether as principal, agent or otherwise, and whether by reason of any assessment, prospective assessment or other imposition of liability to taxation of whatsoever nature and whensoever made upon
the Trustee, and whether in connection with or arising from any sums received or distributed by it or to which it may be entitled under this Trust Deed (other than in connection with its remuneration as provided for herein) or any investments or
deposits from time to time representing the same, including any income or gains arising therefrom or any action of the Trustee in connection with the trusts of this Trust Deed (other than the remuneration herein specified) or otherwise, then the
Trustee shall be entitled to make such deduction or withholding or, as the case may be, to retain out of sums received by it an amount sufficient to discharge any liability to tax which relates to sums so received or distributed or to discharge any
such other liability of the Trustee to tax from the funds held by the Trustee upon the trusts of this Trust Deed; 

  

	(q)	 FATCA Withholding: the Trustee shall be entitled to deduct FACTA Withholding and shall have no
obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FACTA Withholding; and 

  

	(r)	 Reliance by Trustee: any certificate or report of the Auditors or any other person called for by or
provided to the Trustee (whether or not addressed to the Trustee) in accordance with or for the purposes of this Trust Deed may be relied upon by the Trustee as sufficient evidence of the facts stated therein notwithstanding that such certificate or
report and/or any engagement letter or other document entered into by the Trustee in connection therewith contains a monetary or other limit on the liability of the Auditors or such other person in respect thereof and notwithstanding that the scope
and/or basis of such certificate or report may be limited by any engagement or similar letter or by the terms of the certificate or report itself. 

13.2 Trustee’s powers and duties 
  

	(a)	 Trustee’s determination: The Trustee may determine whether or not a default in the performance or
observance by the Issuer or any Guarantor of any obligation under the provisions of this Trust Deed or contained in the Notes or Coupons is capable of remedy and if the Trustee shall certify that any such default is, in its opinion, not capable of
remedy such certificate shall be conclusive and binding upon the Issuer, the Guarantors, the Noteholders and the Couponholders; 

  
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	(b)	 Determination of questions: the Trustee as between itself and the Noteholders and the Couponholders
shall have full power to determine all questions and doubts arising in relation to any of the provisions of this Trust Deed and every such determination, whether made upon a question actually raised or implied in the acts or proceedings of the
Trustee, shall be conclusive and shall bind the Trustee, the Noteholders and the Couponholders; 

  

	(c)	 Trustee’s discretion: the Trustee shall (save as expressly otherwise provided herein) as regards
all the trusts, powers, authorities and discretions vested in it by this Trust Deed or by operation of law have absolute and uncontrolled discretion as to the exercise or non-exercise thereof and the Trustee shall not be responsible for any
Liability that may result from the exercise or non-exercise thereof but, whenever the Trustee is under the provisions of this Trust Deed bound to act at the request or direction of the Noteholders, the Trustee shall nevertheless not be so bound
unless first indemnified and/or provided with security and/or prefunded to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all Liabilities which it may incur by so doing;

  

	(d)	 Trustee’s consent: any consent or approval given by the Trustee for the purposes of this Trust Deed
may be given on such terms and subject to such conditions (if any) as the Trustee may require. The Trustee may give any consent or approval, exercise any power, authority or discretion or take any similar action (whether or not such consent,
approval, power, authority, discretion or action is specifically referred to in this Trust Deed) if it is satisfied that the interests of the Noteholders will not be materially prejudiced thereby. For any avoidance of doubt, the Trustee shall not
have any duty to the Noteholders in relation to such matters other than that which is contained in the preceding sentence; 

  

	(e)	 Conversion of currency: where it is necessary or desirable for any purpose in connection with this Trust
Deed to convert any sum from one currency to another it shall (unless otherwise provided by this Trust Deed or required by law) be converted at such rate(s) of exchange, in accordance with such method and as at such date for the determination of
such rate(s) of exchange as may be specified by the Trustee in its absolute discretion as relevant and any rate of exchange, method and date so specified shall be binding on the Issuer, the Guarantors, the Noteholders and the Couponholders;

  

	(f)	 Application of proceeds: the Trustee shall not be responsible for the receipt or application by the
Issuer of the proceeds of the issue of the Notes, the exchange of any Temporary Global Note for any Permanent Global Note or Notes in definitive form, the exchange of any Permanent Global Note for Notes in definitive form or the delivery of any Note
or Coupon to the persons entitled to them; 

  
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	(g)	 Error of judgment: the Trustee shall not be liable for any error of judgment made in good faith by any
officer or employee of the Trustee assigned by the Trustee to administer its corporate trust matters; 

  

	(h)	 Agents: the Trustee may, in the conduct of the trusts of this Trust Deed instead of acting personally,
employ and pay an agent on any terms, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the Trustee
(including the receipt and payment of money) and the Trustee shall not be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or be bound to supervise the
proceedings or acts of any such person; 

  

	(i)	 Delegation: the Trustee may, in the execution and exercise of all or any of the trusts, powers,
authorities and discretions vested in it by this Trust Deed, act by responsible officer(s) for the time being of the Trustee and the Trustee may also whenever it thinks fit, whether by power of attorney or otherwise, delegate to any person(s) or
fluctuating body of persons (whether being a joint trustee of this Trust Deed or not) all or any of the trusts, powers, authorities and discretions vested in it by this Trust Deed and any such delegation may be made upon such terms and conditions
and subject to such regulations (including power to sub-delegate with the consent of the Trustee) as the Trustee may think fit in the interests of the Noteholders and the Trustee shall not be bound to supervise the proceedings or acts of and shall
not in any way or to any extent be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of such delegate or sub-delegate; 

 

	(j)	 Custodians and nominees: the Trustee may appoint and pay any person to act as a custodian or nominee on
any terms in relation to such assets of the trust as the Trustee may determine, including for the purpose of depositing with a custodian this Trust Deed or any document relating to the trust created hereunder and the Trustee shall not be responsible
for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of any such person;
the Trustee is not obliged to appoint a custodian if the Trustee invests in securities payable to bearer; 

  

	(k)	 Maintenance of ratings: the Trustee shall have no responsibility whatsoever to the Issuer, the
Guarantors, any Noteholder or Couponholder or any other person for the maintenance of or failure to maintain any rating of any of the Notes by any rating agency; 

 

	(l)	 Confidential information: the Trustee shall not (unless required by law or ordered so to do by a court
of competent jurisdiction) be required to disclose to any Noteholder or Couponholder confidential information or other information made available to the Trustee by the Issuer or any Guarantor in connection with this Trust Deed and no Noteholder or
Couponholder shall be entitled to take any action to obtain from the Trustee any such information; and 

  
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	(m)	 Responsibility for loss: the Trustee shall not be liable or responsible for any Liabilities or
inconvenience which may result from anything properly done or properly omitted to be done by it in accordance with the provisions of this Trust Deed. 

13.3 Financial matters 
  

	(a)	 Professional charges: Any trustee being a banker, lawyer, broker or other person engaged in any
profession or business shall be entitled to charge and be paid all usual professional and other charges for business transacted and acts done by him or his partner or firm on matters arising in connection with the trusts of this Trust Deed and also
his properly incurred charges in addition to disbursements for all other work and business done and all time spent by him or his partner or firm on matters arising in connection with this Trust Deed, including matters which might or should have been
attended to in person by a trustee not being a banker, lawyer, broker or other professional person; 

  

	(b)	 Expenditure by the Trustee: nothing contained in this Trust Deed shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties or the exercise of any right, power, authority or discretion hereunder if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not assured to it; and 

  

	(c)	 Trustee may enter into financial transactions with the Issuer and Guarantors: no Trustee and no director
or officer of any corporation being a Trustee hereof shall by reason of the fiduciary position of such Trustee be in any way precluded from making any contracts or entering into any transactions in the ordinary course of business with the Issuer,
any Guarantor or any Subsidiary, or any person or body corporate directly or indirectly associated with the Issuer, any Guarantor, or any Subsidiary, or from accepting the trusteeship of any other debenture stock, debentures or securities of the
Issuer or any Subsidiary, any Guarantor or any person or body corporate directly or indirectly associated with the Issuer or any Subsidiary, and neither the Trustee nor any such director or officer shall be accountable to the Noteholders, the
Couponholders, the Issuer, any Guarantor or any Subsidiary, or any person or body corporate directly or indirectly associated with the Issuer, any Guarantor or any Subsidiary, for any profit, fees, commissions, interest, discounts or share of
brokerage earned, arising or resulting from any such contracts or transactions and the Trustee and any such director or officer shall also be at liberty to retain the same for its or his own benefit. 

  
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 13.4 Disapplication 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by this Trust Deed. Where there are
any inconsistencies between the Trustee Acts and the provisions of this Trust Deed, the provisions of this Trust Deed shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions
of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act. 
 13.5 Trustee Liability 

 

	(a)	 Nothing in this Trust Deed shall in any case in which the Trustee has failed to show the degree of care and
diligence required of it as trustee having regard to the provisions of this Trust Deed conferring on it any trusts, powers, authorities or discretions exempt the Trustee from or indemnify it against any liability for breach of trust of which it may
be guilty in relation to its duties under this Trust Deed. 

  

	(b)	 Notwithstanding any provision of this Trust Deed to the contrary, the Trustee shall not in any event be liable
for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits, goodwill, reputation, business opportunity or anticipated saving), whether or not foreseeable, even if the Trustee has
been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of contract, breach of trust or otherwise; provided however, that this clause shall not be deemed
to apply in the event of a determination of fraud on the part of the Trustee in a judgement by a court having jurisdiction. 

 14.
COSTS AND EXPENSES 
 14.1 Remuneration 
  

	(a)	 Normal remuneration: The Issuer shall pay to the Trustee remuneration for its services as trustee as
from the date of this Trust Deed, such remuneration to be at such rate as may from time to time be agreed between the Issuer and the Trustee. Such remuneration shall be payable in advance on the anniversary of the date hereof in each year and the
first payment shall be made on the date hereof. Such remuneration shall accrue from day to day and be payable (in priority to payments to the Noteholders or Couponholders up to and including the date when, all the Notes having become due for
redemption, the redemption moneys and interest thereon to the date of redemption have been paid to the Principal Paying Agent or the Trustee, provided that if upon due presentation (if required pursuant to the Conditions) of any Note or
Coupon or any cheque, payment of the moneys due in respect thereof is improperly withheld or refused, remuneration will be deemed not to have ceased to accrue and will commence again to accrue until payment to such Noteholder or Couponholder is
made). 

  
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	(b)	 Extra remuneration: In the event of the occurrence of an Event of Default, a Potential Event of Default,
a Change of Control or a Change of Control Put Event or the Trustee considering it expedient or necessary or being requested by the Issuer or any Guarantor to undertake duties which the Trustee and the Issuer or such Guarantor agree to be of an
exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust Deed, the Issuer shall pay to the Trustee such additional remuneration as shall be agreed between them. 

 

	(c)	 Value added tax: The Issuer shall in addition pay to the Trustee an amount equal to the amount of any
value added tax or similar tax chargeable in respect of its remuneration under this Trust Deed. 

  

	(d)	 Failure to agree: In the event of the Trustee and the Issuer failing to agree: 

 

	 	(i)	 (in a case to which sub-clause 14.1(a) (Normal remuneration) applies) upon the amount of the
remuneration; or 

  

	 	(ii)	 (in a case to which sub-clause 14.1(b) (Extra remuneration) applies) upon whether such duties shall be
of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust Deed, or upon such additional remuneration, 

such matters shall be determined by an investment bank or other appropriate person (acting as an expert and not as an arbitrator) selected by
the Trustee and approved by the Issuer or, failing such approval, nominated (on the application of the Trustee) by the President for the time being of The Law Society of England and Wales (the expenses involved in such nomination and the fees of
such investment bank or other appropriate person being payable by the Issuer) and the determination of any such investment bank or other appropriate person shall be final and binding upon the Trustee and the Issuer. 

 

	(e)	 Expenses: The Issuer shall also pay or discharge all costs, charges and expenses properly incurred by
the Trustee in relation to the preparation and execution of, the exercise of its powers and the performance of its duties under, and in any other manner in relation to, this Trust Deed, including but not limited to legal and travelling expenses and
any stamp, issue, registration, documentary and other taxes or duties paid or payable by the Trustee in connection with any action taken or contemplated by or on behalf of the Trustee for enforcing, or resolving any doubt concerning, or for any
other purpose in relation to, this Trust Deed. 

  

	(f)	 Indemnity: Without prejudice to the right of indemnity by law given to trustees, the Issuer shall
indemnify the Trustee and every Appointee and keep it or him indemnified against all Liabilities to which it or he may be or become subject or which may be properly incurred by it or him in the preparation or execution or purported execution of any
of its or his trusts, powers authorities and discretions under this Trust Deed or its or his functions under any such appointment or in respect of any other matter or thing done or omitted in any way relating to the Trust Deed or any such
appointment (including all Liabilities incurred in disputing or defending the foregoing). The Trustee may use reasonable endeavours to provide to the Issuer written evidence of any Liabilities referred to in this Clause. 

  
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	(g)	 Payment of amounts due: All amounts due and payable pursuant to sub-clauses 14.1(e) (Expenses)
and 14.1(f) (Indemnity) shall be payable by the Issuer on the date specified in a demand by the Trustee; the rate of interest applicable to such payments shall be one per cent. per annum above the base rate from time to time of HSBC Bank plc
and interest shall accrue: 

  

	 	(i)	 in the case of payments made by the Trustee prior to the date of the demand, from the date on which the payment
was made or such later date as specified in such demand; 

  

	 	(ii)	 in the case of payments made by the Trustee on or after the date of the demand, from the date specified in such
demand, which date shall not be a date earlier than the date such payments are made. 

 All remuneration payable to the
Trustee shall carry interest at the rate specified in this Clause 14.1(g) (Payment of amounts due) from the due date thereof. 
  

	(h)	 Apportionment of expenses: The Trustee shall apportion the costs, charges, expenses and liabilities
incurred by the Trustee in the preparation and execution of the trusts of this Trust Deed (including remuneration of the Trustee) between the several Series of Notes in such manner and in such amounts as it shall, in its absolute discretion,
consider appropriate. 

  

	(i)	 Discharges: Unless otherwise specifically stated in any discharge of this Trust Deed the provisions of
this Clause 14 (Costs and Expenses) shall continue in full force and effect notwithstanding such discharge. 

  

	(j)	 Payments: All payments to be made by the Issuer to the Trustee under this Trust Deed shall be made free
and clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within any relevant jurisdiction or any authority therein or
thereof having power to tax, unless such withholding or deduction is required by law. In that event, the Issuer shall pay such additional amount as will, after such deduction or withholding has been made, leave the Trustee with the full amount which
would have been received by it had no such withholding or deduction been required. 

 14.2 Stamp duties 

The Issuer will pay all stamp duties, registration taxes, capital duties and other similar fees, duties or taxes (if any), including interest and penalties,
payable on or in connection with (a) the constitution and issue of the Notes and Coupons, (b) the initial delivery of the Notes, (c) any action taken by the Trustee (or any Noteholder or Couponholder where permitted or required under
this Trust Deed so to do) to enforce 

  
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the provisions of the Notes or this Trust Deed and (d) the execution and delivery of this Trust Deed. If the Trustee (or any Noteholder, or Couponholder where permitted under this Trust Deed
so to do) shall take any proceedings against the Issuer in any other jurisdiction and if for the purpose of any such proceedings this Trust Deed or any Note is taken into any such jurisdiction and any stamp duties or other duties or taxes become
payable thereon in any such jurisdiction, the Issuer will pay (or reimburse the person making payment of) such stamp duties or other duties or taxes (including penalties). 

14.3 Exchange rate indemnity 
  

	(a)	 Currency of Account and Payment: The Contractual Currency is the sole currency of account and payment
for all sums payable by the Issuer and the Guarantors under or in connection with this Trust Deed, the Notes and the Coupons including damages; 

  

	(b)	 Extent of Discharge: an amount received or recovered in a currency other than the Contractual Currency
(whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding up or dissolution of the Issuer or any Guarantor or otherwise) by the Trustee or any Noteholder or Couponholder in respect of any
sum expressed to be due to it from the Issuer or any Guarantor will only discharge the Issuer or any Guarantor to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that
other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so); 

 

	(c)	 Indemnity: if that Contractual Currency amount is less than the Contractual Currency amount expressed to
be due to the recipient under this Trust Deed or the Notes or the Coupons, the Issuer and the Guarantor will indemnify the Trustee or any Noteholder or Couponholder against any Liability sustained by it as a result. In any event, the Issuer and the
Guarantor will indemnify the recipient against the cost of making any such purchase; and 

  

	(d)	 any deficiency arising or resulting from any variation in rates of exchange between (i) the date as of
which the local currency equivalent of the amounts due or contingently due under this Trust Deed (other than this Clause) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or, as the case may be, the Guarantor
and (ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final
date and the date of any distribution of assets in connection with any such bankruptcy, insolvency or liquidation. 

 14.4 Indemnities
separate 
 The indemnities in this Clause 14 (Costs and Expenses) constitute separate and independent obligations from the other obligations in this
Trust Deed, will give rise to 

  
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separate and independent causes of action, will apply irrespective of any indulgence granted by the Trustee and/or any Noteholder or Couponholder and will continue in full force and effect
despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Trust Deed or the Notes or the Coupons or any other judgment or order. Any such Liability as referred to in sub-clause 14.3(c)
(Indemnity) shall be deemed to constitute a Liability suffered by the Trustee, the Noteholders and the Couponholders and no proof or evidence of any actual Liability shall be required by the Issuer or any Guarantor or its liquidator or
liquidators. 
 15. APPOINTMENT AND RETIREMENT 
 15.1
Appointment of Trustees 
 The power of appointing new trustees of this Trust Deed shall be vested in the Issuer but no person shall be appointed who shall
not previously have been approved by an Extraordinary Resolution of the Noteholders. A trust corporation may be appointed sole trustee hereof but subject thereto there shall be at least two trustees hereof one at least of which shall be a trust
corporation. Any appointment of a new trustee hereof shall as soon as practicable thereafter be notified by the Issuer to the Agents and the Noteholders. The Noteholders shall together have the power, exercisable by Extraordinary Resolution, to
remove any trustee or trustees for the time being hereof. The removal of any trustee shall not become effective unless there remains a trustee hereof (being a trust corporation) in office after such removal. If, in such circumstances, no appointment
of such a new trustee has become effective within 60 days of the date of such Extraordinary Resolution, the Trustee shall be entitled to appoint a Trust Corporation as trustee of this Trust Deed, but no such appointment shall take effect unless
previously approved by an Extraordinary Resolution. 
 15.2 Co-trustees 

Notwithstanding the provisions of Clause 15.1 (Appointment of Trustees), the Trustee may, upon giving prior notice to the Issuer and the Guarantors but
without the consent of the Issuer or the Guarantors or the Noteholders or the Couponholders, appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate trustee or as a co-trustee
jointly with the Trustee: 
  

	(a)	 if the Trustee considers such appointment to be in the interests of the Noteholders or the Couponholders; or
for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts are to be performed; or 

 

	(b)	 for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction either of a
judgment already obtained or of this Trust Deed. 

 15.3 Attorneys 

The Issuer and each Guarantor hereby irrevocably appoints the Trustee to be its attorney in its name and on its behalf to execute any such instrument of
appointment. Such a person shall (subject always to the provisions of this Trust Deed) have such trusts, powers, authorities and discretions (not exceeding those conferred on the 

  
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Trustee by this Trust Deed) and such duties and obligations as shall be conferred on such person or imposed by the instrument of appointment. The Trustee shall have power in like manner to remove
any such person. Such remuneration as the Trustee may pay to any such person, together with any attributable Liabilities incurred by it in performing its function as such separate trustee or co-trustee, shall for the purposes of this Trust Deed be
treated as Liabilities incurred by the Trustee. 
 15.4 Retirement of Trustees 

Any Trustee for the time being of this Trust Deed may retire at any time upon giving not less than 60 days’ notice in writing to the Issuer without
assigning any reason thereof and without being responsible for any Liabilities occasioned by such retirement. The retirement of any Trustee shall not become effective unless there remains a trustee hereof (being a trust corporation) in office after
such retirement. The Issuer hereby covenants that in the event of the only trustee hereof which is a trust corporation giving notice under this Clause it shall use its reasonable endeavours to procure a new trustee, being a trust corporation, to be
appointed and if the Issuer has not procured the appointment of a new trustee within 30 days of the expiry of the Trustee notice referred to in this Clause 15.4, the Trustee shall be entitled to procure forthwith a new trustee. 

15.5 Competence of a majority of Trustees 
 Whenever there shall
be more than two trustees hereof the majority of such trustees shall (provided such majority includes a trust corporation) be competent to execute and exercise all the trusts, powers, authorities and discretions vested by this Trust Deed in the
Trustee generally. 
 15.6 Powers additional 
 The powers
conferred by this Trust Deed upon the Trustee shall be in addition to any powers which may from time to time be vested in it by general law or as the holder of any of the Notes or the Coupons. 

15.7 Merger 
 Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Clause, without the execution or filing of any paper or any further act on the part of any of
the parties hereto. 
 16. NOTICES 
 16.1 Addresses for
notices 
 All notices and other communications hereunder shall be made in writing and in English (by letter, email or fax) and shall be sent as follows:

  
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	(a)	 Issuer: if to the Issuer, to it at: 

InterContinental Hotels Group PLC 
 Broadwater Park 

Denham 
 Buckinghamshire UB9 5HR 

Fax: 01895 512 101 
 Email: ihgtreasuryfo@ihg.com and
ihgtreasurybo@ihg.com 
 Attention: The General Counsel and Company Secretary 

 

	(b)	 Guarantors: if to the Guarantors, to them c/o the Issuer 

 

	(c)	 Trustee: if to the Trustee, to it at: 

HSBC Corporate Trustee Company (UK) Limited 
 Issuer Services,
Level 22 
 8 Canada Square 
 London E14 5HQ 

Fax: +44 20 7991 4350 
 Email address:
ctla.trustee.admin@hsbc.com  
 Attention:Issuer Services Trustee Administration 

16.2 Effectiveness 
 Every notice or other communication sent in
accordance with Clause 16.1 (Addresses for Notices) shall be effective as follows: 
  

	(a)	 Letter or fax: if sent by letter, it shall be deemed to have been delivered 7 days after the time of
despatch and if sent by fax it shall be deemed to have been delivered at the time of despatch; and 

  

	(b)	 Email: if sent by email, it shall be deemed to have been delivered when received. 

provided that any such notice or other communication which would otherwise take effect after 4.00 p.m. on any particular day shall not take effect
until 10.00 a.m. on the immediately succeeding business day in the place of the addressee. 
 16.3 No Notice to Couponholders 

Neither the Trustee nor the Issuer nor any Guarantor shall be required to give any notice to the Couponholders for any purpose under this Trust Deed and the
Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to the Noteholders in accordance with Condition 18 (Notices). 

  
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 17. LAW AND JURISDICTION 

17.1 Governing law 
 This Trust Deed and the Notes, and any
non-contractual obligations arising out of or in connection with this Trust Deed and the Notes, are governed by English law. 
 17.2 English courts 

The courts of England have exclusive jurisdiction to settle any dispute (a Dispute), arising out of or in connection with this Trust Deed or the
Notes (including a dispute regarding the existence, validity or termination of this Trust Deed or the Notes or any non-contractual obligation arising out of or in connection with them) or the consequences of their nullity. 

17.3 Appropriate forum 
 The parties agree that the courts of
England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary. 
 18.
SEVERABILITY 
 In case any provision in or obligation under this Trust Deed shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

19. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 
 No
person shall have any right to enforce any provision of this Trust Deed under the Contracts (Rights of Third Parties) Act 1999, but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 

20. COUNTERPARTS 
 This Trust Deed may be executed in any
number of counterparts, each of which shall be deemed an original. 
 IN WITNESS WHEREOF this Trust Deed has been executed as a deed by the parties
hereto and is intended to be and is hereby delivered on the date first before written. 

  
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 SCHEDULE 1 

TERMS AND CONDITIONS OF THE NOTES 
 The
following is the text of the terms and conditions which, as completed by the relevant Final Terms, will be endorsed on each Note in definitive form issued under the Programme. The terms and conditions applicable to any Note in global form will
differ from those terms and conditions which would apply to the Note were it in definitive form to the extent described under “Summary of Provisions Relating to the Notes while in Global Form” below. 

 

	1.	 Introduction 

  

	(a)	 Programme 

InterContinental Hotels Group PLC (the “Issuer”) has established a Euro Medium Term Note Programme (the
“Programme”) for the issuance of up to £3,000,000,000 in aggregate principal amount of notes (the “Notes”) unconditionally and irrevocably guaranteed by Six Continents Limited (“Six
Continents”) and by InterContinental Hotels Limited (“Intercontinental” and, together with Six Continents, each a “Guarantor” and together, the “Guarantors”). 

 

	(b)	 Final Terms 

Notes issued under the Programme are issued in series (each a “Series”) and each Series may comprise one or more tranches
(each a “Tranche”) of Notes. Each Tranche is the subject of final terms (the “Final Terms”) which supplements these terms and conditions (the “Conditions”). The terms and conditions applicable to
any particular Tranche of Notes are these Conditions as supplemented and amended by the relevant Final Terms. 
  

	(c)	 Trust Deed 

The Notes are constituted by, have the benefit of and are in all respects subject to an amended and restated trust deed dated 14 September
2020 (as amended, restated and/or supplemented from time to time, the “Trust Deed”) between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK) Limited (the “Trustee”, which expression shall include
all persons for the time being the trustee or trustees under the Trust Deed) as trustee for the Noteholders (as defined below). 
  

	(d)	 Agency Agreement 

The Notes are the subject of an agency agreement dated 14 September 2020 (the “Agency Agreement”) between the Issuer, the
Guarantors, HSBC Bank plc as principal paying agent (the “Principal Paying Agent”, which expression includes any successor principal paying agent appointed from time to time in connection with the Notes) and the Trustee. 

 

	(e)	 Guarantees 

Each of the Guarantors has in the Trust Deed given an unconditional and irrevocable guarantee (each a “Guarantee” and
together, the “Guarantees”) on a joint and several basis for the due payment of all sums expressed to be payable by the Issuer under the Trust Deed, the Notes and the Coupons. 

 

	(f)	 The Notes 

All subsequent references in these Conditions to “Notes” are to the Notes which are the subject of the relevant Final Terms.
Copies of the relevant Final Terms are available for viewing during normal business hours and copies may be obtained from the Specified Office(s) of the Paying Agent(s), the initial Specified Office of the Principal Paying Agent being set out at the
end of these Conditions. If the Notes are to be admitted to trading on the regulated market of the London Stock Exchange, the relevant Final Terms will be published on the website of the London Stock Exchange through a regulatory information
service. 

  
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	(g)	 Summaries 

Certain provisions of these Conditions are summaries of the Trust Deed and the Agency Agreement and are subject to their detailed provisions.
The holders of the Notes (the “Noteholders”) and the holders of the related interest coupons, if any, (the “Coupon holders” and the “Coupons”, respectively) are entitled to the benefit of, are bound
by, and are deemed to have notice of, all the provisions of the Trust Deed and the Agency Agreement applicable to them. Copies of the Trust Deed and the Agency Agreement are available for inspection by Noteholders during normal business hours at the
Specified Office(s) of the Paying Agent(s). 
  

	2.	 Interpretation 

 

	(a)	 Definitions 

In these Conditions the following expressions have the following meanings: 

“Accrual Yield” has the meaning given in the relevant Final Terms; 

“Additional Business Centre(s)” means the city or cities specified as such in the relevant Final Terms; 

“Additional Financial Centre(s)” means the city or cities specified as such in the relevant Final Terms; 

“Additional Rating Agency” means Moody’s and Fitch; 

“Borrowings” means, as at any particular time, the aggregate outstanding principal, capital or nominal amount (and any fixed
or minimum premium payable on redemption) of the Financial Indebtedness of members of the Group, other than: 
  

	 	(a)	 any indebtedness referred to in paragraph (g) of the definition of Financial Indebtedness;

  

	 	(b)	 any Project Finance Indebtedness; and 

 

	 	(c)	 any indebtedness referred to in paragraphs (i) and (j) of the definition of Financial Indebtedness
except to the extent any such obligation or liability specified in such paragraphs has been provided for in the annual audited consolidated financial statements or interim unaudited consolidated financial statements of the Group or is disclosed as a
contingency in the notes thereto and is quantified, and deducting, to the extent included, amounts attributable to interests of third parties in members of the Group. 

For this purpose, any amount outstanding or repayable in a currency other than U.S.$ shall on that day be taken into account in its U.S.$
equivalent at the rate of exchange that would have been used had an audited consolidated balance sheet of the Group been prepared as at that day in accordance with IFRS as applicable to the Original Financial Statements and taking into account the
mark-to-market value of any derivative instruments taken out by a member of the Group specifically to hedge currency movements of any Financial Indebtedness otherwise constituting Borrowings and not denominated in U.S.$; 

“Business Day” means: 
  

	 	(a)	 in relation to any sum payable in euro, a TARGET Settlement Day and a day on which commercial banks and foreign
exchange markets settle payments generally in each (if any) Additional Business Centre; and 

  

	 	(b)	 in relation to any sum payable in a currency other than euro, a day on which commercial banks and foreign
exchange markets settle payments generally, in the Principal Financial Centre of the relevant currency and in each (if any) Additional Business Centre; 

“Business Day Convention”, in relation to any particular date, has the meaning given in the relevant Final Terms and, if so
specified in the relevant Final Terms, may have different meanings in relation to different dates and, in this context, the following expressions shall have the following meanings: 

  
 Page 49 

	 	(a)	 “Following Business Day Convention” means that the relevant date shall be postponed to the
first following day that is a Business Day; 

  

	 	(b)	 “Modified Following Business Day Convention” or “Modified Business Day
Convention” means that the relevant date shall be postponed to the first following day that is a Business Day unless that day falls in the next calendar month in which case that date will be the first preceding day that is a Business
Day; (c) “Preceding Business Day Convention” means that the relevant date shall be brought forward to the first preceding day that is a Business Day; 

 

	 	(d)	 “FRN Convention”, “Floating Rate Convention” or “Eurodollar
Convention” means that each relevant date shall be the date which numerically corresponds to the preceding such date in the calendar month which is the number of months specified in the relevant Final Terms as the Specified Period after the
calendar month in which the preceding such date occurred, provided, however, that: 

  

	 	(i)	 if there is no such numerically corresponding day in the calendar month in which any such date should occur,
then such date will be the last day which is a Business Day in that calendar month; 

  

	 	(ii)	 if any such date would otherwise fall on a day which is not a Business Day, then such date will be the first
following day which is a Business Day unless that day falls in the next calendar month, in which case it will be the first preceding day which is a Business Day; and 

 

	 	(iii)	 if the preceding such date occurred on the last day in a calendar month which was a Business Day, then all
subsequent such dates will be the last day which is a Business Day in the calendar month which is the specified number of months after the calendar month in which the preceding such date occurred; and (e) “No Adjustment” means
that the relevant date shall not be adjusted in accordance with any Business Day Convention; 

 “Calculation
Agent” means the Principal Paying Agent or such other Person specified in the relevant Final Terms as the party responsible for calculating the Rate(s) of Interest and/or Interest Amount(s) and/or Redemption Amount(s); 

“Calculation Amount” has the meaning given in the relevant Final Terms; a “Change of Control” will be deemed
to have occurred if: 
  

	 	(a)	 any person or any persons acting in concert (as defined in the City Code on Takeovers and Mergers), other than
a holding company (as defined in Section 1159 of the Companies Act 2006) whose shareholders are or are to be substantially similar to the pre-existing shareholders of the Issuer, shall become interested (within the meaning of Part 22 of the
Companies Act 2006) in (A) more than 50 per cent. of the issued or allotted ordinary share capital of the Issuer or (B) shares in the capital of the Issuer carrying more than 50 per cent. of the voting rights normally exercisable
at a general meeting of the Issuer; or 

  

	 	(b)	 any person or any persons acting in concert (as defined in the City Code on Takeovers and Mergers), other than
a holding company (as defined in Section 1159 of the Companies Act 2006) whose shareholders are or are to be substantially similar to the pre-existing shareholders of any direct or indirect holding company of the Issuer, shall become interested
(within the meaning of Part 22 of the Companies Act 2006) in (A) more than 50 per cent. of the issued or allotted ordinary share capital of any direct or indirect holding company of the Issuer or (B) shares in the capital of any
direct or indirect holding company of the Issuer carrying more than 50 per cent. of the voting rights normally exercisable at a general meeting of any such direct or indirect holding company of the Issuer; 

“Change of Control Optional Redemption Amount” means, in respect of any Note, its principal amount or such other amount as may
be specified in the relevant Final Terms; 

  
 Page 50 

 “Change of Control Optional Redemption Date” has the meaning given in the
relevant Final Terms; 
 “Change of Control Period” means the period commencing on the Relevant Announcement Date and ending
90 days after the Change of Control (or such longer period for which the Notes are under consideration (such consideration having been announced publicly within the period ending 90 days after the Change of Control) for rating review or, as the case
may be, rating by a Rating Agency, such period not to exceed 60 days after the public announcement of such consideration); 
 a
“Change of Control Put Event” will be deemed to occur if a Change of Control has occurred and: 
  

	 	(a)	 on the Relevant Announcement Date, the Notes carry from any Rating Agency: 

 

	 	(i)	 an investment grade credit rating (Baa3/BBB-, or equivalent, or better), and such rating from any Rating Agency
is, within the Change of Control Period, either downgraded to a Non-Investment Grade Rating or withdrawn and is not, within the Change of Control Period, subsequently (in the case of a downgrade) upgraded or (in the case of a withdrawal) reinstated
to an investment grade credit rating by such Rating Agency; or 

  

	 	(ii)	 a Non-Investment Grade Rating and such rating from any Rating Agency is, within the Change of Control Period,
either downgraded by one or more notches (by way of example, Ba1 to Ba2 being one notch) or withdrawn and is not, within the Change of Control Period, subsequently (in the case of a downgrade) upgraded or (in the case of a withdrawal) reinstated to
its earlier credit rating or better by such Rating Agency; or 

  

	 	(iii)	 no credit rating and a Negative Rating Event also occurs within the Change of Control Period, provided that if,
at the time of the occurrence of the Change of Control, the Notes carry a credit rating from more than one Rating Agency, at least one of which is investment grade, then subparagraph (i) will apply; and 

 

	 	(b)	 in making any decision to downgrade or withdraw a credit rating pursuant to paragraphs (i) and
(ii) above or not to award a credit rating of at least investment grade as described in paragraph (ii) of the definition of “Negative Rating Event”, the relevant Rating Agency announces publicly or confirms in writing to the
Issuer or the Trustee that such decision(s) resulted, in whole or in part, from the occurrence of the Change of Control or the Relevant Potential Change of Control Announcement; 

“Change of Control Put Event Notice” means the notice to be given pursuant to Condition 9(f) (Change of Control
redemption) by the Issuer or, as the case may be, the Trustee to the Noteholders in accordance with Condition 18 (Notices) specifying the nature of the Change of Control Put Event and the procedure for exercising the Change of Control Put
Option; 
 “Change of Control Put Option” means the option of the Noteholders exercisable pursuant to Condition 9(g)
(Change of Control redemption); 
 “Change of Control Put Period” means the period of 45 days after a Change of
Control Put Event Notice is given; 
 “Consolidated Gross Assets” means the consolidated current assets plus consolidated
non-current assets of the Group; 
 “Coupon Sheet” means, in respect of a Note, a coupon sheet relating to the Note; 

“Day Count Fraction” means, in respect of the calculation of an amount for any period of time (the “Calculation
Period”), such day count fraction as may be specified in these Conditions or the relevant Final Terms and: 
  

	 	(a)	 if “Actual/Actual (ICMA)” is so specified, means: 

 

	 	(i)	 where the Calculation Period is equal to or shorter than the Regular Period during which it falls, the actual
number of days in the Calculation Period divided by the product of (1) the actual number of days in such Regular Period and (2) the number of Regular Periods in any year; and 

  
 Page 51 

	 	(ii)	 where the Calculation Period is longer than one Regular Period, the sum of: (A) the actual number of days
in such Calculation Period falling in the Regular Period in which it begins divided by the product of (1) the actual number of days in such Regular Period and (2) the number of Regular Periods in any year; and (B) the actual number of
days in such Calculation Period falling in the next Regular Period divided by the product of (a) the actual number of days in such Regular Period and (2) the number of Regular Periods in any year; 

 

	 	(b)	 if “Actual/Actual (ISDA)” is so specified, means the actual number of days in the Calculation
Period divided by 365 (or, if any portion of the Calculation Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of
days in that portion of the Calculation Period falling in a non-leap year divided by 365); 

  

	 	(c)	 if “Actual/365 (Fixed)” is so specified, means the actual number of days in the Calculation
Period divided by 365; 

  

	 	(d)	 if “Actual/360” is so specified, means the actual number of days in the Calculation Period
divided by 360; 

  

	 	(e)	 if “30/360” is so specified, the number of days in the Calculation Period divided by 360,
calculated on a formula basis as follows: 

  
 

 
 where: 

“Y1” is the year, expressed as a number, in which the first day of the Calculation Period falls; 

“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the Calculation
Period falls; 
 “M1” is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

 “M2” is the calendar month, expressed as number, in which the day immediately following the last day included in the
Calculation Period falls; 
 “D1” is the first calendar day, expressed as a number, of the Calculation Period, unless such
number would be 31, in which case D1 will be 30; and 
 “D2” is the calendar day, expressed as a number, immediately
following the last day included in the Calculation Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30”; 
  

	 	(f)	 if “30E/360” or “Eurobond Basis” is so specified, the number of days in the
Calculation Period divided by 360, calculated on a formula basis as follows: 

  
 

 
 where: 

“Y1” is the year, expressed as a number, in which the first day of the Calculation Period falls; 

“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the Calculation
Period falls; 

  
 Page 52 

 “M1” is the calendar month, expressed as a number, in which the first day
of the Calculation Period falls; 
 “M2” is the calendar month, expressed as a number, in which the day immediately
following the last day included in the Calculation Period falls; 
 “D1” is the first calendar day, expressed as a number,
of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and 
 “D2” is the calendar day,
expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31, in which case D2 will be 30; and 
  

	 	(g)	 if “30E/360 (ISDA)” is so specified, the number of days in the Calculation Period divided by
360, calculated on a formula basis as follows: 

  
 

 
 where: 

“Y1” is the year, expressed as a number, in which the first day of the Calculation Period falls; 

“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the Calculation
Period falls; 
 “M1” is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

 “M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the
Calculation Period falls; 
 “D1” is the first calendar day, expressed as a number, of the Calculation Period, unless
(i) that day is the last day of February or (ii) such number would be 31, in which case D1 will be 30; and 
 “D2”
is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless (i) that day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2
will be 30, PROVIDED, HOWEVER, THAT in each such case the number of days in the Calculation Period is calculated from and including the first day of the Calculation Period to but excluding the last day of the Calculation Period; 

“Early Redemption Amount (Tax)” means, in respect of any Note, its principal amount or such other amount as may be specified
in the relevant Final Terms; 
 “Early Termination Amount” means, in respect of any Note, its principal amount or such other
amount as may be specified in the relevant Final Terms; 
 “EBITDA” means, in relation to any Relevant Period, the total
consolidated operating profit of the Group for that Relevant Period: 
  

	 	(a)	 before taking into account: 

 

	 	(i)	 Net Interest Payable; 

 

	 	(ii)	 Tax; and 

  

	 	(iii)	 all exceptional items; and 

 

	 	(b)	 after adding back all amounts provided for depreciation and amortisation; and 

 

	 	(c)	 deducting, to the extent included, amounts attributable to interests of third parties in members of the Group;

 “Extraordinary Resolution” has the meaning given in the Trust Deed; 

  
 Page 53 

 “Final Redemption Amount” means, in respect of any Note, its principal
amount or such other amount as may be specified in the relevant Final Terms; 
 “Financial Indebtedness” means any
indebtedness (without double counting) for or in respect of: 
  

	 	(a)	 moneys borrowed; 

  

	 	(b)	 any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

  

	 	(c)	 any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock,
commercial paper or any similar instrument (entered into or issued primarily as a method of raising finance) PROVIDED THAT Notes from time to time issued and outstanding under the Programme shall at the relevant time be valued as Financial
Indebtedness having regard to the net effect of the marked-to-market value of any related interest and currency hedging arrangements in effect at that time; 

  

	 	(d)	 the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with
IFRS (as at the date of this Base Prospectus), be treated as a finance or capital lease; 

  

	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a
non-recourse basis); 

  

	 	(f)	 any amount raised under any other transaction (including any forward sale or purchase agreement) required by
IFRS to be shown as a borrowing in the audited consolidated balance sheet of the Group: 

  

	 	(g)	 any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the marked-to-market value shall be taken into account); 

  

	 	(h)	 shares which are expressed to be redeemable prior to 20 March 2020; 

 

	 	(i)	 any counter-indemnity obligation in respect of a guarantee, indemnity, bond, letter of credit or any other
instrument issued by a bank or financial institution; and 

  

	 	(j)	 the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in
paragraphs (a) to (i) above, 

 but excluding indebtedness owing by a member of the Group to another member of
the Group; 
 “First Interest Payment Date” means the date specified in the relevant Final Terms; 

“Fitch” means Fitch Ratings Ltd. or any successor; 

“Fixed Coupon Amount” has the meaning given in the relevant Final Terms; 

“Green Projects” means projects and activities that promote climate-friendly and/or other environmental purposes (either in
those words or otherwise); 
 “Group” means the Issuer and its Subsidiaries for the time being; 

“Gross Redemption Yield” on the Notes and on the Reference Stock will be expressed as a percentage and will be calculated by
the Calculation Agent on the basis as published by the Treasury Publisher on an annual compounding basis rounded up (if necessary) to three decimal places, 0.0005 being rounded up, or on such other basis as the Trustee may in its sole discretion
approve; 
 “Guarantee” and “Guarantees” have the meaning stated in Condition 1(e); 

“Guarantor” and “Guarantors” have the meaning stated in Condition 1(a); 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the
relevant financial statements; 

  
 Page 54 

 “Indebtedness” means any indebtedness (whether being principal, premium,
interest or other amounts) for or in respect of any notes, bonds, debentures, debenture stock, loan stock or other securities or any borrowed money or any liability under or in respect of any acceptance or acceptance credit; 

“Interest Amount” means, in relation to a Note and an Interest Period, the amount of interest payable in respect of that Note
for that Interest Period; 
 “Interest Commencement Date” means the Issue Date of the Notes or such other date as may be
specified as the Interest Commencement Date in the relevant Final Terms; 
 “Interest Determination Date” has the meaning
given in the relevant Final Terms; 
 “Interest Payment Date” means the First Interest Payment Date and any date or dates
specified as such in, or determined in accordance with the provisions of, the relevant Final Terms and, if a Business Day Convention is specified in the relevant Final Terms: 
  

	 	(a)	 as the same may be adjusted in accordance with the relevant Business Day Convention; or 

 

	 	(b)	 if the Business Day Convention is the FRN Convention, Floating Rate Convention or Eurodollar Convention and an
interval of a number of calendar months is specified in the relevant Final Terms as being the Specified Period, each of such dates as may occur in accordance with the FRN Convention, Floating Rate Convention or Eurodollar Convention at such
Specified Period of calendar months following the Interest Commencement Date (in the case of the first Interest Payment Date) or the previous Interest Payment Date (in any other case); 

“Interest Period” means each period beginning on (and including) the Interest Commencement Date or any Interest Payment Date
and ending on (but excluding) the next Interest Payment Date; 
 “ISDA Definitions” means the 2006 ISDA Definitions (as
amended and updated as at the date of issue of the first Tranche of the Notes of the relevant Series (as specified in the relevant Final Terms) as published by the International Swaps and Derivatives Association, Inc.); 

“Issue Date” has the meaning given in the relevant Final Terms; 

“Make Whole Amount” means, in respect of any Note, the higher of: 

 

	 	(a)	 its principal amount; or 

 

	 	(b)	 an amount equal to the product of the Calculation Amount and the price, expressed as a percentage (rounded to
three decimal places, 0.0005 being rounded up), at which the Gross Redemption Yield on the Note, if it were to be purchased at such price on the third dealing day prior to the date of publication of the notice of redemption, would be equal to the
sum of the Make Whole Premium (expressed as a percentage) and the Gross Redemption Yield on such dealing day of the Reference Treasury or, if such stock is no longer in issue, of such other government stock issued by the central government of such
sovereign country that issued the Reference Treasury as the Trustee, with the advice of three leading brokers operating in the Reference Treasury market and/or the Reference Treasury market makers or such other three persons operating in the
Reference Treasury market as the Trustee may approve, shall determine to be appropriate (the “Reference Stock”) on the basis of the middle market price of the Reference Stock prevailing at 11.00 a.m. on such dealing day as
determined by the Calculation Agent; 

 “Make Whole Premium” has the meaning given in the relevant Final
Terms; 
 “Margin” has the meaning given in the relevant Final Terms; 

“Material Subsidiary” means, at any time, any Subsidiary of the Issuer: 

 

	 	(a)	 whose gross assets represent 10 per cent. or more of Consolidated Gross Assets or whose EBITDA represents
5 per cent. or more of consolidated EBITDA of the Group, in each case, as calculated by reference to the latest financial statements of 

  
 Page 55 

	 	
such Subsidiary (which shall be audited if such statements are prepared by that Subsidiary) and the latest audited consolidated financial statements of the Group adjusted in such manner as the
auditors of the Issuer may determine (which determination shall be conclusive in the absence of manifest error) (i) to reflect the gross assets and EBITDA of any person which has become or ceased to be a member of the Group since the end of the
financial year to which the latest audited consolidated financial statements of the Group relate where such adjustment is requested by the Issuer and (ii) so that for the purposes of this definition, the gross assets of the relevant Subsidiary
shall be calculated on the same basis as Consolidated Gross Assets are calculated and/or, as the case may be, EBITDA of the relevant Subsidiary shall be calculated on the same basis as consolidated EBITDA for the Group (but, in each case, relating
only to the relevant Subsidiary) and making such adjustments and eliminations as are required to show the same as the contribution of the relevant Subsidiary to Consolidated Gross Assets and/or, as the case may be, consolidated EBITDA of the Group;
or 

  

	 	(b)	 to which is transferred all or substantially all of the business, undertaking or assets of a Subsidiary which
immediately prior to such transfer is a Material Subsidiary, whereupon the transferor Subsidiary shall cease to be a Material Subsidiary and the transferee Subsidiary shall become a Material Subsidiary under this sub-paragraph (b) upon the
completion of such transfer. 

 Any determination made by the auditors of the Issuer as to whether a Subsidiary of the
Issuer is or is not a Material Subsidiary at any time shall be conclusive in the absence of manifest error. The Trustee may rely on a report of the auditors of the Issuer, whether or not addressed to the Trustee, that, in their opinion, a Subsidiary
is a Material Subsidiary, without liability to any person and without further enquiry or evidence, notwithstanding that such report and/or any engagement letter or other document entered into by the Trustee in connection therewith contains a
monetary or other limit on the liability of the auditors of the Issuer and notwithstanding that the scope and/or basis of such a report may be limited by any engagement or similar letter or by the terms of the report itself; 

“Maturity Date” has the meaning given in the relevant Final Terms; 

“Maximum Redemption Amount” has the meaning given in the relevant Final Terms; 

“Minimum Redemption Amount” has the meaning given in the relevant Final Terms; 

“Moody’s” means Moody’s Investors Service, Inc. or any successor; 

a “Negative Rating Event” shall be deemed to have occurred if at such time as there is no rating assigned to the Notes by a
Rating Agency (i) the Issuer does not, either prior to, or not later than 21 days after, the occurrence of the Change of Control seek, and thereafter throughout the Change of Control Period use all reasonable endeavours to obtain, a rating of
the Notes, or any other unsecured and unsubordinated debt of the Issuer or (ii) if the Issuer does so seek and use such endeavours, it is unable to obtain such a rating of at least investment grade by the end of the Change of Control Period;

 “Net Interest Payable” means, in relation to any Relevant Period, the aggregate amount of interest and any other finance
charges accrued by the Group in that Relevant Period in respect of Borrowings including: 
  

	 	(a)	 the interest element of leasing and hire purchase payments; 

 

	 	(b)	 commitment fees, commissions and guarantee fees; and 

 

	 	(c)	 amounts in the nature of interest payable in respect of any shares other than equity share capital,

 adjusted (but without double counting) by: 
  

	 	(i)	 deducting interest income of the Group in respect of that Relevant Period; 

  
 Page 56 

	 	(ii)	 adding back the net amount payable (or deducting the net amount receivable) by members of the Group in that
Relevant Period as a result of close-out or termination of any interest or (so far as they relate to interest) currency hedging activities; 

  

	 	(iii)	 adding back the amount payable as a premium on any bond buy-back by members of the Group in that Relevant
Period; 

  

	 	(iv)	 deducting, to the extent included, the amount payable by members of the Group in that Relevant Period for
arrangement or related fees in respect of Borrowings (to include, for the avoidance of doubt, underwriting, syndication and fees of a similar nature); and 

  

	 	(v)	 deducting, to the extent included, the amount of interest and other finance charges attributable to interests
of third parties in members of the Group and adjusting, as appropriate, the additions or deductions specified in paragraphs (i) to (iv) (inclusive) above as a consequence of interests of third parties in members of the Group,

 but shall exclude in relation to the Relevant Period (A) net mark-to-market gains or losses on revaluation of
financial instruments, and (B) for the avoidance of doubt, any amount of interest paid to the Group’s loyalty programme on the accumulated balance of cash received in advance of the redemption of loyalty points awarded; 

“Non-Investment Grade Rating” means a non-investment grade credit rating (Ba1/BB+, or equivalent, or worse); 

“Optional Redemption Amount (Call)” means, in respect of any Note, its principal amount or, if specified in the relevant Final
Terms, the Make Whole Amount; 
 “Optional Redemption Amount (Put)” means, in respect of any Note, its principal amount or
such other amount as may be specified in the relevant Final Terms; 
 “Optional Redemption Date (Call)” has the meaning
given in the relevant Final Terms; 
 “Optional Redemption Date (Put)” has the meaning given in the relevant Final Terms;

 “Original Financial Statements” means the audited consolidated financial statements of the Group for the financial period
ended 31 December 2008; 
 “Participating Member State” means a Member State of the European Communities which adopts
the euro as its lawful currency in accordance with the Treaty; 
 “Paying Agents” means the Principal Paying Agent and any
substitute or additional paying agents appointed in accordance with the Agency Agreement and a “Paying Agent” means any of them; 

“Payment Business Day” means: 
  

	 	(a)	 if the currency of payment is euro, any day which is: 

 

	 	(i)	 a day on which banks in the relevant place of presentation are open for presentation and payment of bearer debt
securities and for dealings in foreign currencies; and 

  

	 	(ii)	 in the case of payment by transfer to an account, a TARGET Settlement Day and a day on which dealings in
foreign currencies may be carried on in each (if any) Additional Financial Centre(s); or 

  

	 	(b)	 if the currency of payment is not euro, any day which is: 

 

	 	(i)	 a day on which banks in the relevant place of presentation are open for presentation and payment of bearer debt
securities and for dealings in foreign currencies; and 

  

	 	(ii)	 in the case of payment by transfer to an account, a day on which dealings in foreign currencies may be carried
on in the Principal Financial Centre of the currency of payment and in each (if any) Additional Financial Centre(s); 

  
 Page 57 

 “Person” means any individual, company, corporation, firm, partnership,
joint venture, association, organisation, state or agency of a state or other entity, whether or not having separate legal personality; 

“Principal Financial Centre” means, in relation to any currency, the principal financial centre for that currency,
PROVIDED, HOWEVER, THAT: 
  

	 	(a)	 in relation to euro, it means the principal financial centre of such Participating Member State of the European
Communities as is selected (in the case of a payment) by the payee or (in the case of a calculation) by the Calculation Agent; and 

  

	 	(b)	 in relation to Australian dollars, it means either Sydney or Melbourne and, in relation to New Zealand dollars,
it means either Wellington or Auckland; in each case as is selected (in the case of a payment) by the payee or (in the case of a calculation) by the Calculation Agent; 

“Project Finance Indebtedness” means Financial Indebtedness (in respect of which Security has been given) incurred by a member
of the Group (a “Project Group Member”) for the purposes of financing the acquisition, construction, development and/or operation of an asset (a “Project Asset”) where the provider of the Financial Indebtedness has
no recourse against any member of the Group, except for recourse to: 
  

	 	(a)	 the Project Asset of the Project Group Member or receivables arising from the Project Asset;

  

	 	(b)	 a Project Group Member for the purpose of enforcing Security given by it so long as: 

 

	 	(i)	 the recourse is limited to recoveries in respect of the Project Asset; and 

 

	 	(ii)	 if the Project Asset does not comprise all or substantially all of the business of that Project Group Member,
the provider of the Financial Indebtedness does not have the right to take any steps towards its winding up or dissolution or the appointment of a liquidator, administrator, receiver or similar officer or person, other than in respect of the Project
Asset or receivables arising therefrom; or 

  

	 	(c)	 a member of the Group to the extent only of its shareholding in a Project Group Member; 

“Project Group Member” has the meaning given to it in the definition of Project Finance Indebtedness provided that the
principal assets and business of such member of the Group is constituted by Project Assets and it has no other Financial Indebtedness except Project Finance Indebtedness; 

“Put Option Notice” means a notice which must be delivered to a Paying Agent by any Noteholder wanting to exercise a right to
redeem a Note at the option of the Noteholder pursuant to Condition 9(f) (Redemption at the option of Noteholders); 
 “Put
Option Receipt” means a receipt issued by a Paying Agent to a depositing Noteholder upon deposit of a Note with such Paying Agent by any Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder; 

“Rate of Interest” means the rate or rates (expressed as a percentage per annum) of interest payable in respect of the Notes
specified in the relevant Final Terms or calculated or determined in accordance with the provisions of these Conditions; 
 “Rating
Agency” means S&P or any of its respective successors or any Substitute Rating Agency and, for the purposes of Condition 9(g) (Change of Control redemption), includes any Additional Rating Agency; 

“Redemption Amount” means, as appropriate, the Final Redemption Amount, the Early Redemption Amount (Tax), the Optional
Redemption Amount (Call), the Residual Call Early Redemption Amount, the Optional Redemption Amount (Put), the Change of Control Optional Redemption Amount, the Early Termination Amount or such other amount in the nature of a redemption amount as
may be specified in the relevant Final Terms; 

  
 Page 58 

 “Redemption of Relevant Debt” means the redemption in whole of the
£400,000,000 3.875 per cent. notes due 28 November 2022 by the Issuer pursuant to their terms; 
 “Reference
Price” has the meaning given in the relevant Final Terms; 
 “Reference Rate” has the meaning given in the relevant
Final Terms; 
 “Reference Treasury” has the meaning given in the relevant Final Terms; 

“Regular Period” means: 
  

	 	(a)	 in the case of Notes where interest is scheduled to be paid only by means of regular payments, each period from
and including the Interest Commencement Date to but excluding the first Interest Payment Date and each successive period from and including one Interest Payment Date to but excluding the next Interest Payment Date; 

 

	 	(b)	 in the case of Notes where, apart from the first Interest Period, interest is scheduled to be paid only by
means of regular payments, each period from and including a Regular Date falling in any year to but excluding the next Regular Date, where “Regular Date” means the day and month (but not the year) on which any Interest Payment Date falls;
and 

  

	 	(c)	 in the case of Notes where, apart from one Interest Period other than the first Interest Period, interest is
scheduled to be paid only by means of regular payments, each period from and including a Regular Date falling in any year to but excluding the next Regular Date, where “Regular Date” means the day and month (but not the year) on
which any Interest Payment Date falls other than the Interest Payment Date falling at the end of the irregular Interest Period; 

“Relevant Announcement Date” means the date that is the earlier of (a) the date of the first public announcement of the
relevant Change of Control and (b) the date of the earliest Relevant Potential Change of Control Announcement (if any); 

“Relevant Date” means, in relation to any payment, whichever is the later of (a) the date on which the payment in
question first becomes due and (b) if the full amount payable has not been received in the Principal Financial Centre of the currency of payment by the Principal Paying Agent on or prior to such due date, the date on which (the full amount
having been so received) notice to that effect has been given to the Noteholders; 
 “Relevant Financial Centre” has the
meaning given in the relevant Final Terms; 
 “Relevant Indebtedness” means (a) any present or future indebtedness (whether
being principal, premium, interest or other amounts) for or in respect of any notes, bonds, debentures, debenture stock, loan stock or other securities which have an initial stated maturity of not less than one year and which are or are of a type
which is customarily quoted, listed or ordinarily dealt in on any stock exchange, over-the-counter or other securities market, and (b) any guarantee or indemnity in respect of any such indebtedness; 

“Relevant Period” means: 
  

	 	(a)	 each financial year of the Issuer; and 

 

	 	(b)	 each period beginning on the first day of the second half of a financial year of the Issuer and ending on the
last day of the first half of its next financial year; 

 “Relevant Potential Change of Control
Announcement” means any public announcement or statement by or on behalf of the Issuer, any actual or potential bidder or any adviser acting on behalf of any actual or potential bidder relating to any potential Change of Control where
within 180 days following the date of such announcement or statement, a Change of Control occurs; 
 “Reserved Matter” means
any proposal: 
  

	 	(a)	 to change any date fixed for payment of principal or interest in respect of the Notes, to reduce the amount of
principal or interest payable on any date in respect of the Notes or to alter the method of calculating the amount of any payment in respect of the Notes on redemption or maturity; 

  
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	 	(b)	 to effect the exchange or substitution of the Notes for, or the conversion of the Notes into, shares, bonds or
other obligations or securities of the Issuer or any other person or body corporate formed or to be formed (other than as permitted under Clause 7.3 of the Trust Deed); 

 

	 	(c)	 to change the currency in which amounts due in respect of the Notes are payable; 

 

	 	(d)	 to change the quorum required at any meeting of Noteholders or the majority required to pass an Extraordinary
Resolution; or 

  

	 	(e)	 to amend this definition; 

“Residual Call Early Redemption Amount” has the meaning given in the relevant Final Terms; 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies Inc. or any
successor; 
 “Security” means a mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance
entered into for the purpose of securing any obligation of any person; 
 “Security Interest” means any mortgage, charge,
pledge, lien or other security interest including, without limitation, anything analogous to any of the foregoing under the laws of any jurisdiction; 

“Specified Currency” has the meaning given in the relevant Final Terms; 

“Specified Denomination(s)” has the meaning given in the relevant Final Terms; 

“Specified Office” has the meaning given in the Agency Agreement; 

“Specified Period” has the meaning given in the relevant Final Terms; 

“Step Down Rating Change” means the first public announcement after a Step Up Rating Change by the Rating Agency of an
increase in, or as the case may be the reinstatement of, the credit rating of the Issuer’s senior unsecured long-term debt with the result that, following such public announcement(s), the Rating Agency rates the Issuer’s senior unsecured
long-term debt as BBB- or higher. For the avoidance of doubt, any further increases in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency above BBB- shall not constitute a Step Down Rating Change; 

“Step Up Rating Change” means the first public announcement by the Rating Agency of a decrease in the credit rating of the
Issuer’s senior unsecured long-term debt to below BBB-. For the avoidance of doubt, any further decrease in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency from below BBB- shall not constitute a Step
Up Rating Change; 
 “Step Up/Step Down Margin” has the meaning given in the relevant Final Terms; 

“Subsidiary” means any company where the Issuer: 
  

	 	(a)	 holds a majority of the voting rights in the company; or 

 

	 	(b)	 is a member of the company and has the right to appoint or remove a majority of its board of directors; or

  

	 	(c)	 is a member of the company and controls alone, pursuant to an agreement with other members, a majority of the
voting rights in it, 

 or if the company is a subsidiary of a company that is itself a subsidiary of the Issuer; 

“Substitute Rating Agency” means any rating agency of international standing substituted for the Rating Agency by the Issuer
from time to time with the prior written approval of the Trustee, such approval not to be unreasonably withheld or delayed; 

“Talon” means a talon for further Coupons; 

  
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 “TARGET2” means the Trans-European Automated Real-Time Gross Settlement
Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007; 
 “TARGET
Settlement Day” means any day on which TARGET2 is open for the settlement of payments in euro; 
 “Tax” means any
tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure by the Issuer to pay or any delay in paying by the Issuer any of the same); 

“Treasury Publisher” has the meaning given in the relevant Final Terms; 

“Treaty” means the Treaty on the functioning of the European Union, as amended; 

“Wholly-Owned Subsidiary” means any Person in which the Issuer, and/or one or more of its Wholly-Owned Subsidiaries, controls,
directly or indirectly, all of the stock with ordinary voting power to elect the board of directors of that Person; and 
 “Zero
Coupon Note” means a Note specified as such in the relevant Final Terms. 
  

	(b)	 Interpretation 

In these Conditions: 
  

	 	(i)	 if the Notes are Zero Coupon Notes, references to Coupons and Couponholders are not applicable;

  

	 	(ii)	 if Talons are specified in the relevant Final Terms as being attached to the Notes at the time of issue,
references to Coupons shall be deemed to include references to Talons; 

  

	 	(iii)	 if Talons are not specified in the relevant Final Terms as being attached to the Notes at the time of issue,
references to Talons are not applicable; 

  

	 	(iv)	 any reference to principal shall be deemed to include the Redemption Amount, any additional amounts in respect
of principal which may be payable under Condition 11 (Taxation), any premium payable in respect of a Note and any other amount in the nature of principal payable pursuant to these Conditions; 

 

	 	(v)	 any reference to interest shall be deemed to include any additional amounts in respect of interest which may be
payable under Condition 11 (Taxation) and any other amount in the nature of interest payable pursuant to these Conditions; (vi) references to Notes being “outstanding” shall be construed in accordance with the Trust Deed;

  

	 	(vii)	 if an expression is stated in Condition 2(a) (Definitions) to have the meaning given in the relevant
Final Terms, but the relevant Final Terms gives no such meaning or specifies that such expression is “not applicable” then such expression is not applicable to the Notes; and 

 

	 	(viii)	 any reference to the Agency Agreement or the Trust Deed shall be construed as a reference to the Agency
Agreement or the Trust Deed, as the case may be, as amended and/or supplemented up to and including the Issue Date of the Notes. 

  

	3.	 Form, Denomination and Title 

The Notes are in bearer form in the Specified Denomination(s) with Coupons and, if specified in the relevant Final Terms, Talons attached at the time of issue.
In the case of a Series of Notes with more than one denomination (the “Specified Denomination”) specified in the relevant Final Terms, Notes of one Specified Denomination will not be exchangeable for Notes of another Specified
Denomination. Title to the Notes and the Coupons will pass by delivery. The holder of any Note or Coupon shall (except as otherwise required by law) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of
any notice of ownership, trust or any other interest therein, any writing thereon or any notice of any previous loss or theft thereof) and no Person shall be liable for so treating such holder. No Person shall have any right to enforce any term or
condition of any Note or the Trust Deed under the Contracts (Rights of Third Parties) Act 1999 but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 

  
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	4.	 Status of the Notes and Guarantees 

The Notes and Coupons constitute direct, general, unsubordinated and unconditional obligations of the Issuer which will at all times rank pari passu
among themselves and at least pari passu with all other present and future unsecured obligations of the Issuer, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application. 

The payment obligations of the Guarantors rank pari passu with all other present and future unsecured obligations of the Guarantors, save for such
obligations as may be preferred by provisions of law that are both mandatory and of general application. 
  

	5.	 Negative Pledge 

So long as any of the Notes remains outstanding neither the Issuer nor any Guarantor nor any Material Subsidiary will create or have outstanding any Security
Interest upon, or with respect to, any of the present or future business, undertaking, assets or revenues (including any uncalled capital) of the Issuer or any Guarantor or any Material Subsidiary to secure any Relevant Indebtedness, unless the
Issuer or, as the case may be, such Guarantor or such Material Subsidiary, in the case of the creation of a Security Interest, before or at the same time and, in any other case, promptly, takes any and all action necessary to ensure that: 

 

	(a)	 all amounts payable by it under the Notes, the Coupons and the Trust Deed are secured by the Security Interest
equally and rateably with the Relevant Indebtedness to the satisfaction of the Trustee; or 

  

	(b)	 such other Security Interest or other arrangement (whether or not it includes the giving of a Security
Interest) is provided either (i) as the Trustee in its absolute discretion deems not materially less beneficial to the interest of the Noteholders or (ii) as is approved by an Extraordinary Resolution (which is defined in the Trust Deed as
a resolution duly passed by a majority of not less than three-quarters of the votes cast thereon at a meeting of the Noteholders or by a resolution in writing signed by or on behalf of the holders of not less than three quarters of the nominal
amount of the Notes) of the Noteholders. 

  

	6.	 Fixed Rate Note Provisions 

 

	(a)	 Application 

This Condition 6 is applicable to the Notes only if the Fixed Rate Note provisions are specified in the relevant Final Terms as being
applicable. 
  

	(b)	 Accrual of interest 

The Notes bear interest from the Interest Commencement Date at the Rate of Interest payable in arrear on each Interest Payment Date, subject as
provided in Condition 10 (Payments). Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of the Redemption Amount is improperly withheld or refused, in which case it will
continue to bear interest in accordance with this Condition 6 (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the
relevant Noteholder and (ii) the day which is seven days after the Principal Paying Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that there is any
subsequent default in payment). 
  

	(c)	 Fixed Coupon Amount 

The amount of interest payable in respect of each Note for any Interest Period shall be the relevant Fixed Coupon Amount and, if the Notes are
in more than one Specified Denomination, shall be the relevant Fixed Coupon Amount in respect of the relevant Specified Denomination. 

  
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	(d)	 Calculation of interest amount 

The amount of interest payable in respect of each Note for any period for which a Fixed Coupon Amount is not specified shall be calculated by
applying the Rate of Interest to the Calculation Amount, multiplying the product by the relevant Day Count Fraction, rounding the resulting figure to the nearest sub-unit of the Specified Currency (half a sub-unit being rounded upwards) and
multiplying such rounded figure by a fraction equal to the Specified Denomination of such Note divided by the Calculation Amount. For this purpose a “sub-unit” means, in the case of any currency other than euro, the lowest amount of
such currency that is available as legal tender in the country of such currency and, in the case of euro, means one cent. 
  

	(e)	 Step Up/Step Down provisions 

 

	 	(i)	 If the Step Up/Step Down provisions are specified in the relevant Final Terms as being applicable, the Rate of
Interest payable on the Notes will be subject to adjustment from time to time in the event of a Step Up Rating Change or a Step Down Rating Change, as the case may be, in accordance with the provisions of this Condition 6(e). 

 

	 	(ii)	 From and including the first Interest Payment Date following the date of a Step Up Rating Change, if any, the
Rate of Interest payable on the Notes shall, subject to any adjustment pursuant to a Step Down Rating Change and provided that either Redemption of Relevant Debt is specified in the relevant Final Terms as being not applicable or Redemption of
Relevant Debt is specified in the relevant Final Terms as being applicable but has not yet occurred, be increased by the Step Up/Step Down Margin. 

  

	 	(iii)	 Furthermore, in the event of a Step Down Rating Change following a Step Up Rating Change or, as the case may
be, a Redemption of Relevant Debt having occurred following a Step Up Rating Change where Redemption of Relevant Debt has been specified in the relevant Final Terms as being applicable, with effect from and including the first Interest Payment Date
following the date of such Step Down Rating Change or, as the case may be, Redemption of Relevant Debt, the Rate of Interest payable on the Notes shall be decreased by the Step Up/Step Down Margin. 

 

	 	(iv)	 The Issuer shall use all reasonable efforts to maintain a credit rating for its senior unsecured long-term debt
from the Rating Agency. If, notwithstanding such reasonable efforts, the Rating Agency fails to or ceases to assign a credit rating to the Issuer’s senior unsecured long-term debt, the Issuer shall use all reasonable efforts to obtain a credit
rating of its senior unsecured long-term debt from a Substitute Rating Agency, and references in this Condition 6(e) to the Rating Agency, or the credit ratings thereof, shall be to such Substitute Rating Agency and, as the case may be, the
equivalent credit ratings thereof. Notwithstanding anything else in this Condition 6(e), if there is at any time no current rating by a Rating Agency for a period of 90 consecutive days, the Rate of Interest accruing to the Notes, with effect from
and including the first Interest Payment Date immediately following such period of 90 consecutive days shall be as though a Step Up Rating Change had occurred unless such a rating is obtained on or prior to such Interest Payment Date. For the
avoidance of doubt, the provisions of this sub-paragraph (iv) remain subject in all cases to the provisions relating to the Step Down Rating Change set out in sub-paragraphs (ii) and (iii) above. 

 

	 	(v)	 The Issuer will cause the occurrence of a Step Up Rating Change or a Step Down Rating Change to be notified to
the Trustee and the Principal Paying Agent and notice thereof to be published in accordance with Condition 18 (Notices) as soon as possible after the occurrence of the Step Up Rating Change or the Step Down Rating Change (whichever the case
may be) but in no event later than the fifth Business Day thereafter. 

  

	 	(vi)	 The Step Up Rating Change may occur only once during the term of the Notes. 

  
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	 	(vii)	 The Trustee is under no obligation to ascertain whether a change in the rating assigned to the Notes by the
Rating Agency or any Substitute Rating Agency has occurred or whether there has been a failure or a ceasing by the Rating Agency or any Substitute Rating Agency to assign a credit rating to the Issuer’s senior unsecured long-term debt and until
it shall have actual knowledge or express notice pursuant to the Trust Deed to the contrary, the Trustee may assume that no such change to the credit rating assigned to the Notes has occurred or no such failure or ceasing by the Rating Agency or any
Substitute Rating Agency has occurred. 

  

	 	(viii)	 If the rating designations employed by the Rating Agency are changed from those which are described in the
definitions of “Step Down Rating Change” and “Step Up Rating Change”, or if a rating is procured from a Substitute Rating Agency, the Issuer shall determine, with the agreement of the Trustee (not to be unreasonably
withheld or delayed), the rating designations of the Rating Agency or such Substitute Rating Agency (as appropriate) as are most equivalent to the prior rating designations of the Rating Agency, and this Condition 6(e) shall be construed
accordingly. 

  

	7.	 Floating Rate Note Provisions 

 

	(a)	 Application 

This Condition 7 is applicable to the Notes only if the Floating Rate Note provisions are specified in the relevant Final Terms as being
applicable. 
  

	(b)	 Accrual of interest 

The Notes bear interest from the Interest Commencement Date at the Rate of Interest payable in arrear on each Interest Payment Date, subject as
provided in Condition 10 (Payments). Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of the Redemption Amount is improperly withheld or refused, in which case it will
continue to bear interest in accordance with this Condition 7 (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the
relevant Noteholder and (ii) the day which is seven days after the Principal Paying Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that there is any
subsequent default in payment). 
  

	(c)	 ISDA Determination 

The Rate of Interest applicable to the Notes for each Interest Period will be the sum of the Margin and the relevant ISDA Rate where
“ISDA Rate” in relation to any Interest Period means a rate equal to the Floating Rate (as defined in the ISDA Definitions) that would be determined by the Calculation Agent under an interest rate swap transaction if the Calculation
Agent were acting as Calculation Agent for that interest rate swap transaction under the terms of an agreement incorporating the ISDA Definitions and under which: 
  

	 	(i)	 the Floating Rate Option (as defined in the ISDA Definitions) is as specified in the relevant Final Terms;

  

	 	(ii)	 the Designated Maturity (as defined in the ISDA Definitions) is a period specified in the relevant Final Terms;
and 

  

	 	(iii)	 the relevant Reset Date (as defined in the ISDA Definitions) is as specified in the relevant Final Terms.

  

	(e)	 Maximum or Minimum Rate of Interest 

If any Maximum Rate of Interest or Minimum Rate of Interest is specified in the relevant Final Terms, then the Rate of Interest shall in no
event be greater than the maximum or be less than the minimum so specified. 
  

	(f)	 Calculation of Interest Amount 

The Calculation Agent will, as soon as practicable after the time at which the Rate of Interest is to be determined in relation to each
Interest Period, calculate the Interest Amount payable in respect of each Note for such Interest Period. The Interest Amount will be calculated by 

  
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applying the Rate of Interest for such Interest Period to the Calculation Amount, multiplying the product by the relevant Day Count Fraction, rounding the resulting figure to the nearest sub-unit
of the Specified Currency (half a sub-unit being rounded upwards) and multiplying such rounded figure by a fraction equal to the Specified Denomination of the relevant Note divided by the Calculation Amount. For this purpose a
“sub-unit” means, in the case of any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, in the case of euro, means one cent. 

 

	(g)	 Calculation of other amounts 

If the relevant Final Terms specifies that any other amount is to be calculated by the Calculation Agent, the Calculation Agent will, as soon
as practicable after the time or times at which any such amount is to be determined, calculate the relevant amount. The relevant amount will be calculated by the Calculation Agent in the manner specified in the relevant Final Terms. 

 

	(h)	 Publication 

The Calculation Agent will cause each Rate of Interest and Interest Amount determined by it, together with the relevant Interest Payment Date,
and any other amount(s) required to be determined by it together with any relevant payment date(s) to be notified to the Paying Agents and each competent authority, stock exchange and/or quotation system (if any) by which the Notes have then been
admitted to listing, trading and/or quotation as soon as practicable after such determination but (in the case of each Rate of Interest, Interest Amount and Interest Payment Date) in any event not later than the first day of the relevant Interest
Period. Notice thereof shall also promptly be given to the Noteholders. The Calculation Agent will be entitled to recalculate any Interest Amount (on the basis of the foregoing provisions) without notice in the event of an extension or shortening of
the relevant Interest Period. If the Calculation Amount is less than the minimum Specified Denomination the Calculation Agent shall not be obliged to publish each Interest Amount but instead may publish only the Calculation Amount and the Interest
Amount in respect of a Note having the minimum Specified Denomination. 
  

	(i)	 Notifications etc. 

All notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or obtained for the
purposes of this Condition 7 by the Calculation Agent will (in the absence of manifest error) be binding on the Issuer, the Guarantors, the Trustee, the Paying Agents, the Noteholders and the Couponholders and (subject as aforesaid) no liability to
any such Person will attach to the Calculation Agent in connection with the exercise or non-exercise by it of its powers, duties and discretions for such purposes. 
  

	(j)	 Determination or Calculation by Trustee 

If the Calculation Agent fails at any time to determine a Rate of Interest or to calculate an Interest Amount, the Trustee or a person
appointed by the Trustee for that purpose (but without any liability accruing to the Trustee as a result) will determine such Rate of Interest and make such determination or calculation which shall be deemed to have been made by the Calculation
Agent. In doing so, the Trustee or a person appointed by the Trustee for that purpose (but without any liability accruing to the Trustee as a result) shall apply all of the provisions of these Conditions with any necessary consequential amendments
to the extent that, in its sole opinion and with absolute discretion, it can do so and in all other respects it shall do so in such manner as it shall deem fair and reasonable in all the circumstances and will not be liable for any loss, liability,
cost, charge or expense which may arise as a result thereof. Any such determination or calculation made by the Trustee shall be binding on the Issuer, the Guarantors, the Noteholders and the Couponholders. 

 

	8.	 Zero Coupon Note Provisions 

 

	(a)	 Application 

This Condition 8 is applicable to the Notes only if the Zero Coupon Note provisions are specified in the relevant Final Terms as being
applicable. 

  
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	(b)	 Late payment on Zero Coupon Notes 

If the Redemption Amount payable in respect of any Zero Coupon Note is improperly withheld or refused, the Redemption Amount shall thereafter
be an amount equal to the sum of: 
  

	 	(i)	 the Reference Price; and 

 

	 	(ii)	 the product of the Accrual Yield (compounded annually) being applied to the Reference Price on the basis of the
relevant Day Count Fraction from (and including) the Issue Date to (but excluding) whichever is the earlier of (A) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the relevant Noteholder and
(B) the day which is seven days after the Principal Paying Agent or, as the case may be, the Trustee has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that there
is any subsequent default in payment). 

  

	9.	 Redemption and Purchase 

 

	(a)	 Scheduled redemption 

Unless previously redeemed or purchased and cancelled in accordance with Condition 9(k) (Cancellation), the Notes will be redeemed at
their Final Redemption Amount on the Maturity Date, subject as provided in Condition 10 (Payments). 
  

	(b)	 Redemption for tax reasons 

The Notes may be redeemed at the option of the Issuer in whole, but not in part: 

 

	 	(i)	 at any time (if the Floating Rate Note provisions are not specified in the relevant Final Terms as being
applicable); or 

  

	 	(ii)	 on any Interest Payment Date (if the Floating Rate Note provisions are specified in the relevant Final Terms as
being applicable), 

 on giving not less than 30 nor more than 60 days’ notice to the Noteholders (which notice shall
be irrevocable), at their Early Redemption Amount (Tax), together with interest accrued (if any) to the date fixed for redemption, if: 
  

	 	(A)	 as a result of any change in, or amendment to, the tax laws or regulations of the United Kingdom or any
political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations (including a holding by a court of competent jurisdiction), which change or
amendment becomes effective on or after the date of issue of the first Tranche of the Notes on the next Interest Payment Date either (i) the Issuer would be obliged to pay additional amounts as provided or referred to in Condition 11
(Taxation) or (ii) each Guarantor would be unable for reasons outside its control to procure payment by the Issuer and in making payment itself would be required to pay such additional amounts; and 

 

	 	(B)	 such obligation cannot be avoided by the Issuer or, as the case may be, each of the Guarantors taking
reasonable measures available to it,  

 PROVIDED, HOWEVER, THAT no such notice of redemption shall be given
earlier than: 
  

	 	(I)	 where the Notes may be redeemed at any time, 90 days prior to the earliest date on which the Issuer or, as the
case may be, the relevant Guarantor would be obliged to pay such additional amounts if a payment in respect of the Notes were then due; or 

  

	 	(II)	 where the Notes may be redeemed only on an Interest Payment Date, 60 days prior to the Interest Payment Date
occurring immediately before the earliest date on which the Issuer or, as the case may be, the relevant Guarantor would be obliged to pay such additional amounts if a payment in respect of the Notes were then due. 

Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (i), if the Trustee so
requests, an opinion of independent legal advisers of recognised standing to the effect that the Issuer or, as the case may be, a Guarantor has or 

  
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will become obliged to pay such additional amounts as a result of such change or amendment and (ii) a certificate signed by two authorised officers of the Issuer or, as the case may be, each
of the Guarantors, as the case may be, stating that the obligation referred to in (A) above cannot be avoided by the Issuer or, as the case may be, each of the Guarantors taking reasonable measures available to it and the Trustee shall be
entitled to accept such certificate as sufficient evidence of the satisfaction of the condition precedent set out in (B) above in which event it shall be conclusive and binding on the Noteholders and Couponholders. Upon the expiry of any such
notice as is referred to in this Condition 9(b), the Issuer shall be bound to redeem the Notes in accordance with this Condition 9(b). 
  

	(c)	 Redemption at the option of the Issuer (Issuer Call Option) 

If Issuer Call Option is specified in the relevant Final Terms as being applicable, the Notes may be redeemed at the option of the Issuer in
whole or, if so specified in the relevant Final Terms, in part on any Optional Redemption Date (Call) at the relevant Optional Redemption Amount (Call) on the Issuer giving not less than 30 nor more than 60 days’ notice (or such other period of
notice as is specified in the relevant Final Terms as being applicable) to the Noteholders and the Trustee (which notice shall be irrevocable and shall oblige the Issuer to redeem the Notes or, as the case may be, the Notes specified in such notice
on the relevant Optional Redemption Date (Call) at the Optional Redemption Amount (Call) plus accrued interest (if any) to such date). 
  

	(d)	 Redemption at the option of the Issuer where Issuer Maturity Par Call Option or Issuer Residual Call
Option is specified  

 The Notes may be redeemed at the option of the Issuer in whole, but not in part: 

 

	 	i)	 if Issuer Maturity Par Call Option is specified in the relevant Final Terms as being applicable, at any time
during the period commencing on (and including) the day that is 90 days prior to the Maturity Date to (but excluding) the Maturity Date, at the Final Redemption Amount specified in the relevant Final Terms, plus accrued interest (if any) to the date
fixed for redemption, upon the Issuer having given not less than 30 nor more than 60 days’ notice (or such other period of notice as is specified in the relevant Final Terms as being applicable) to the Noteholders and the Trustee (which notice
shall be irrevocable and shall specify the date fixed for redemption); or 

  

	 	ii)	 if Issuer Residual Call Option is specified in the relevant Final Terms as being applicable and, at any time,
the outstanding aggregate nominal amount of the Notes is 20 per cent. or less of the aggregate nominal amount of the Series issued, at any time (if this Note is not a Floating Rate Note) or on any Interest Payment Date (if this Note is a
Floating Rate Note), at the Residual Call Early Redemption Amount, plus accrued interest (if any) to the date fixed for redemption, upon the Issuer having given not less than 30 nor more than 60 days’ notice (or such other period of notice as
is specified in the relevant Final Terms as being applicable) to the Noteholders and the Trustee (which notice shall be irrevocable and shall specify the date fixed for redemption). 

 

	(e)	 Partial redemption 

If the Notes are to be redeemed in part only on any date in accordance with Condition 9(c) (Redemption at the option of the Issuer (Issuer
Call Option)), the Notes to be redeemed shall be selected by the drawing of lots in such place and in such manner as the Trustee approves, subject to compliance with applicable law, the rules of each competent authority, stock exchange and/or
quotation system (if any) by which the Notes have then been admitted to listing, trading and/or quotation and the notice to Noteholders referred to in Condition 9(c) (Redemption at the option of the Issuer (Issuer Call Option)) shall specify
the serial numbers of the Notes so to be redeemed. If any Maximum Redemption Amount or Minimum Redemption Amount is specified in the relevant Final Terms, then the Optional Redemption Amount (Call) shall in no event be greater than the maximum or be
less than the minimum so specified. 

  
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	(f)	 Redemption at the option of Noteholders 

If Put Option is specified in the relevant Final Terms as being applicable, the Issuer shall, at the option of the holder of any Note redeem
such Note on the Optional Redemption Date (Put) specified in the relevant Put Option Notice at the relevant Optional Redemption Amount (Put) together with interest (if any) accrued to such date. In order to exercise the option contained in this
Condition 9(f), the holder of a Note must, not less than 30 nor more than 60 days before the relevant Optional Redemption Date (Put), deposit with any Paying Agent such Note together with all unmatured Coupons relating thereto and a duly completed
Put Option Notice in the form obtainable from any Paying Agent. The Paying Agent with which such Note is so deposited shall deliver a duly completed Put Option Receipt to the depositing Noteholder. No Note, once deposited with a duly completed Put
Option Notice in accordance with this Condition 9(f), may be withdrawn; PROVIDED, HOWEVER, THAT if, prior to the relevant Optional Redemption Date (Put), any such Note becomes immediately due and payable or, upon due presentation of any such
Note on the relevant Optional Redemption Date (Put), payment of the redemption moneys is improperly withheld or refused, the relevant Paying Agent shall mail notification thereof to the depositing Noteholder at such address as may have been given by
such Noteholder in the relevant Put Option Notice and shall hold such Note at its Specified Office for collection by the depositing Noteholder against surrender of the relevant Put Option Receipt. For so long as any outstanding Note is held by a
Paying Agent in accordance with this Condition 9(f), the depositor of such Note and not such Paying Agent shall be deemed to be the holder of such Note for all purposes. 

If the Note is in definitive form and held through Euroclear or Clearstream, to exercise the right to require redemption or, as the case may
be, purchase of a Note under this Condition 9(f) the holder of the Note must, not less than 30 nor more than 60 days before the relevant Optional Redemption Date (Put), give notice to the Principal Paying Agent of such exercise in accordance with
the standard procedures of Euroclear and Clearstream (which may include notice being given on his instruction by Euroclear or Clearstream or any common depositary for them to the Principal Paying Agent by electronic means) in a form acceptable to
Euroclear and Clearstream from time to time. 
  

	(g)	 Change of Control redemption 

If Change of Control Put Option is specified in the relevant Final Terms as being applicable and a Change of Control Put Event occurs, the
holder of each Note will have the option (unless prior to the giving of the relevant Change of Control Put Event Notice the Issuer has given notice of redemption under Condition 9(b) (Redemption for tax reasons) or 9(c) (Redemption at the
option of the Issuer), if applicable) to require the Issuer to redeem or, at the Issuer’s option, purchase (or procure the purchase of) that Note on the Change of Control Optional Redemption Date at its Change of Control Optional Redemption
Amount together with interest accrued to (but excluding) the Change of Control Optional Redemption Date. 
 Promptly upon, and in any event
within 14 days after, the Issuer becoming aware that a Change of Control Put Event has occurred the Issuer shall, and at any time upon the Trustee becoming similarly so aware the Trustee may, and if so requested by the holders of at least
one-quarter in principal amount of the Notes then outstanding or if so directed by an Extraordinary Resolution of the Noteholders, shall, (subject in each case to the Trustee being indemnified, secured and/or prefunded to its satisfaction) give the
Change of Control Put Event Notice to the Noteholders. 
 To exercise the Change of Control Put Option, the holder of the Note must deliver
such Note to the specified office of any Paying Agent at any time during normal business hours of such Paying Agent falling within the Change of Control Put Period, accompanied by a duly signed and completed notice of exercise in the form (for the
time being current) obtainable from the specified office of any Paying Agent (an “Exercise Notice”). The Note should be delivered together with all Coupons appertaining thereto maturing after the Change of Control Optional
Redemption Date, failing which the Paying Agent will require payment from or on behalf of the Noteholder of an amount equal to the face value of any such missing Coupon. Any amount so paid will be reimbursed by the Paying Agent to the Noteholder
against presentation and surrender of the relevant missing Coupon (or any replacement issued therefor pursuant to Condition 14 (Replacement of Notes and Coupons)) at any time after such payment, but before

  
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the expiry of the period of ten years from the date on which such Coupon would have become due, but not thereafter. If the Note is in definitive form and held through Euroclear or Clearstream, to
exercise the right to require redemption or, as the case may be, purchase of a Note under this Condition 9(g) the holder of the Note must, within the Change of Control Put Period, give notice to the Principal Paying Agent of such exercise in
accordance with the standard procedures of Euroclear and Clearstream (which may include notice being given on his instruction by Euroclear or Clearstream or any common depositary for them to the Principal Paying Agent by electronic means) in a form
acceptable to Euroclear and Clearstream from time to time. The Paying Agent to which such Note and Exercise Notice are delivered will issue to the Noteholder concerned a non-transferable receipt in respect of the Note so delivered or, in the case of
a Note held through Euroclear and/or Clearstream, notice received. Payment in respect of any Note so delivered will be made, if the holder duly specified a bank account in the Exercise Notice to which payment is to be made, on the Change of Control
Optional Redemption Date by transfer to that bank account and, in every other case, on or after the Change of Control Optional Redemption Date against presentation and surrender or (as the case may be) endorsement of such receipt at the specified
office of any Paying Agent. For the purposes of these Conditions, receipts issued pursuant to this Condition 9(g) shall be treated as if they were Notes. The Issuer shall redeem or purchase (or procure the purchase of) the Notes in respect of which
the Change of Control Put Option has been validly exercised in accordance with the provisions of this Condition 9(g) on the Change of Control Optional Redemption Date unless previously redeemed (or purchased) and cancelled. 

Any Exercise Notice, once given, shall be irrevocable except where prior to the Change of Control Optional Redemption Date an Event of Default
shall have occurred and the Trustee shall have accelerated the Notes, in which event such holder, at its option, may elect by notice to the Issuer to withdraw the Exercise Notice and instead to treat its Notes as being forthwith due and payable
pursuant to Condition 12 (Events of Default). 
 If 80 per cent. or more in principal amount of the Notes then outstanding have
been redeemed or purchased pursuant to this Condition 9(g), the Issuer may, on giving not less than 30 nor more than 60 days’ notice to the Noteholders (such notice being given within 30 days after the Change of Control Optional Redemption
Date), redeem or purchase (or procure the purchase of), at its option, all but not some only of the remaining outstanding Notes at their principal amount, together with interest accrued to (but excluding) the date fixed for such redemption or
purchase. 
 If the rating designations employed by any Rating Agency are changed from those which are described in paragraph (ii) of
the definition of “Change of Control Put Event”, or if a rating is procured from a Substitute Rating Agency, the Issuer shall determine, with the agreement of the Trustee, the rating designations of such Rating Agency or such Substitute
Rating Agency (as appropriate) as are most equivalent to the prior rating designations of the relevant Rating Agency and this Condition 9(g) shall be construed accordingly. 

The Trustee is under no obligation to ascertain whether a Change of Control Put Event or Change of Control or any event which could lead to the
occurrence of or could constitute a Change of Control Put Event or Change of Control has occurred, or to seek any confirmation from any Rating Agency pursuant to the definition of Negative Rating Event below, and, until it shall have actual
knowledge or notice pursuant to the Trust Deed to the contrary, the Trustee may assume that no Change of Control Put Event or Change of Control or other such event has occurred. 

 

	(h)	 No other redemption 

The Issuer shall not be entitled to redeem the Notes otherwise than as provided in Conditions 9(a) (Scheduled redemption) to 9(g)
(Change of control redemption) above. 
  

	(i)	 Early redemption of Zero Coupon Notes 

Unless otherwise specified in the relevant Final Terms, the Redemption Amount payable on redemption of a Zero Coupon Note at any time before
the Maturity Date shall be an amount equal to the sum of: 

  
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	 	(i)	 the Reference Price; and 

 

	 	(ii)	 the product of the Accrual Yield (compounded annually) being applied to the Reference Price from (and
including) the Issue Date to (but excluding) the date fixed for redemption or (as the case may be) the date upon which the Note becomes due and payable. 

Where such calculation is to be made for a period which is not a whole number of years, the calculation in respect of the period of less than a
full year shall be made on the basis of such Day Count Fraction as may be specified in the Final Terms for the purposes of this Condition 9(i) or, if none is so specified, a Day Count Fraction of 30E/360. 

 

	(j)	 Purchase 

The Issuer or any of its Subsidiaries may at any time purchase Notes in the open market or otherwise and at any price, PROVIDED THAT all
unmatured Coupons are purchased therewith. 
  

	(k)	 Cancellation 

All Notes so redeemed or purchased by the Issuer or any of its Subsidiaries and any unmatured Coupons attached to or surrendered with them
shall be cancelled and may not be reissued or resold. 
  

	10.	 Payments 

  

	(a)	 Principal 

Payments of principal shall be made only against presentation and (PROVIDED THAT payment is made in full) surrender of Notes at the
Specified Office of any Paying Agent outside the United States by cheque drawn in the currency in which the payment is due on, or by transfer to an account denominated in that currency (or, if that currency is euro, any other account to which euro
may be credited or transferred) and maintained by the payee with, a bank in the Principal Financial Centre of that currency (in the case of a sterling cheque, a town clearing branch of a bank in the City of London). 

 

	(b)	 Interest 

Payments of interest shall, subject to Condition 10(h) (Payments other than in respect of matured Coupons), be made only against
presentation and (PROVIDED THAT payment is made in full) surrender of the appropriate Coupons at the Specified Office of any Paying Agent outside the United States in the manner described in Condition 10(a) (Principal). 

 

	(c)	 Payments in New York City 

Payments of principal or interest may be made at the Specified Office of a Paying Agent in New York City as specified in Part B of the relevant
Final Terms if (i) the Issuer has appointed Paying Agents outside the United States with the reasonable expectation that such Paying Agents will be able to make payment of the full amount of the interest on the Notes in the currency in which
the payment is due when due, (ii) payment of the full amount of such interest at the offices of all such Paying Agents is illegal or effectively precluded by exchange controls or other similar restrictions and (iii) payment is permitted by
applicable United States law. 
  

	(d)	 Payments subject to fiscal laws 

All payments in respect of the Notes will be subject in all cases to (i) any fiscal or other laws and regulations applicable thereto in
the place of payment, but without prejudice to the provisions of Condition 11 (Taxation) and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986
(the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or (without prejudice to the provisions of Condition 11
(Taxation)) any law implementing an intergovernmental approach thereto. 

  
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 No commissions or expenses shall be charged to the Noteholders or Couponholders in respect
of such payments. 
  

	(e)	 Deductions for unmatured Coupons 

If the relevant Final Terms specify that the Fixed Rate Note provisions are applicable and a Note is presented without all unmatured Coupons
relating thereto: 
  

	 	(i)	 if the aggregate amount of the missing Coupons is less than or equal to the amount of principal due for
payment, a sum equal to the aggregate amount of the missing Coupons will be deducted from the amount of principal due for payment; PROVIDED HOWEVER, THAT if the gross amount available for payment is less than the amount of principal due for
payment, the sum deducted will be that proportion of the aggregate amount of such missing Coupons which the gross amount actually available for payment bears to the amount of principal due for payment; 

 

	 	(ii)	 if the aggregate amount of the missing Coupons is greater than the amount of principal due for payment:

  

	 	(A)	 so many of such missing Coupons shall become void (in inverse order of maturity) as will result in the
aggregate amount of the remainder of such missing Coupons (the “Relevant Coupons”) being equal to the amount of principal due for payment; PROVIDED HOWEVER, THAT where this sub-paragraph would otherwise require a fraction of
a missing Coupon to become void, such missing Coupon shall become void in its entirety; and 

  

	 	(B)	 a sum equal to the aggregate amount of the Relevant Coupons (or, if less, the amount of principal due for
payment) will be deducted from the amount of principal due for payment; PROVIDED, HOWEVER, THAT, if the gross amount available for payment is less than the amount of principal due for payment, the sum deducted will be that proportion of the
aggregate amount of the Relevant Coupons (or, as the case may be, the amount of principal due for payment) which the gross amount actually available for payment bears to the amount of principal due for payment. 

Each sum of principal so deducted shall be paid in the manner provided in Condition 10(a) (Principal) against presentation and
(PROVIDED THAT payment is made in full) surrender of the relevant missing Coupons. 
  

	(f)	 Unmatured Coupons void 

If the relevant Final Terms specifies that this Condition 10(f) is applicable or that the Floating Rate Note provisions are applicable, on the
due date for final redemption of any Note or early redemption in whole of such Note pursuant to Condition 9(b) (Redemption for tax reasons), Condition 9(f) (Redemption at the option of Noteholders), Condition 9(c) (Redemption at the
option of the Issuer (Issuer Call Option)) or Condition 12 (Events of Default), all unmatured Coupons relating thereto (whether or not still attached) shall become void and no payment will be made in respect thereof. 

 

	(g)	 Payments on business days 

If the due date for payment of any amount in respect of any Note or Coupon is not a Payment Business Day in the place of presentation, the
holder shall not be entitled to payment in such place of the amount due until the next succeeding Payment Business Day in such place and shall not be entitled to any further interest or other payment in respect of any such delay. 

 

	(h)	 Payments other than in respect of matured Coupons 

Payments of interest other than in respect of matured Coupons shall be made only against presentation of the relevant Notes at the Specified
Office of any Paying Agent outside the United States (or in New York City if permitted by Condition 10(c) (Payments in New York City) above). 

  
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	(i)	 Partial payments 

If a Paying Agent makes a partial payment in respect of any Note or Coupon presented to it for payment, such Paying Agent will endorse thereon
a statement indicating the amount and date of such payment. 
  

	(j)	 Exchange of Talons 

On or after the maturity date of the final Coupon which is (or was at the time of issue) part of a Coupon Sheet relating to the Notes, the
Talon forming part of such Coupon Sheet may be exchanged at the Specified Office of the Principal Paying Agent for a further Coupon Sheet (including, if appropriate, a further Talon but excluding any Coupons in respect of which claims have already
become void pursuant to Condition 13 (Prescription)). Upon the due date for redemption of any Note, any unexchanged Talon relating to such Note shall become void and no Coupon will be delivered in respect of such Talon. 

 

	11.	 Taxation 

  

	(a)	 Gross up 

All payments of principal and interest in respect of the Notes and the Coupons by or on behalf of the Issuer or any Guarantor shall be made
free and clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the United
Kingdom or any political subdivision therein or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments, or governmental charges is required by law. In that event, the Issuer or,
as the case may be, such Guarantor, shall pay such additional amounts as will result in receipt by the Noteholders and the Couponholders after such withholding or deduction of such amounts as would have been received by them had no such withholding
or deduction been required, except that no such additional amounts shall be payable in respect of any Note or Coupon: 
  

	 	(i)	 presented for payment by or on behalf of a holder which is liable to such taxes, duties, assessments or
governmental charges in respect of such Note or Coupon by reason of its having some connection with the jurisdiction by which such taxes, duties, assessments or charges have been imposed, levied, collected, withheld or assessed other than the mere
holding of the Note or Coupon; or 

  

	 	(ii)	 presented for payment more than 30 days after the Relevant Date except to the extent that the holder of such
Note or Coupon would have been entitled to such additional amounts on presenting such Note or Coupon for payment on the last day of such period of 30 days. 

  

	(b)	 Taxing jurisdiction 

If the Issuer or any Guarantor becomes subject at any time to any taxing jurisdiction other than the United Kingdom, references in these
Conditions to the United Kingdom shall be construed as references to the United Kingdom and/or such other jurisdiction. 
  

	12.	 Events of Default 

If any of the following events occurs and is continuing then the Trustee may at its discretion and shall, if so requested in writing by the holders of at least
one fifth of the aggregate principal amount of the outstanding Notes, or if so directed by an Extraordinary Resolution (subject to the Trustee having been indemnified and/or provided with security and/or prefunded by the Noteholders to its
satisfaction) by written notice to the Issuer, declare the Notes to be immediately due and payable, whereupon they shall become immediately due and payable at their Early Termination Amount together with accrued interest (if any) without further
action or formality: 
  

	(a)	 Non-payment  

the Issuer fails to pay any amount of principal in respect of the Notes within ten days of the due date for payment thereof or any amount of
interest in respect of the Notes within ten days of the due date for payment thereof; or 

  
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	(b)	 Breach of other obligations  

the Issuer or any Guarantor does not comply with any of their other obligations under or in respect of the Notes or the Trust Deed and (except
in any case where, in the opinion of the Trustee, such failure is incapable of remedy in which case no continuation or notice as is hereinafter provided will be required) such failure to comply continues unremedied for 30 days (or such longer period
as the Trustee may permit) after written notice thereof has been delivered by the Trustee to the Issuer or such Guarantor, as the case may be; or 
  

	(c)	 Cross Default 

 

	 	(i)	 any Indebtedness of the Issuer or any Guarantor or any Material Subsidiary becomes due and repayable
prematurely by reason of an event of default (however described); 

  

	 	(ii)	 the Issuer or any Guarantor or any Material Subsidiary fails to make any payment in respect of any Indebtedness
on the due date for payment or, as the case may be, within any applicable grace period as originally provided; 

  

	 	(iii)	 any security given by the Issuer or any Guarantor or any Material Subsidiary for any Indebtedness is enforced;
or 

  

	 	(iv)	 default is made by the Issuer or any Guarantor or any Material Subsidiary in making any payment due under any
guarantee and/or indemnity given by it in relation to any Indebtedness of any other person, 

 provided that (i) no
event described in this Condition 12(c) shall constitute an Event of Default where the Issuer or the relevant Guarantor or the relevant Material Subsidiary, as the case may be, satisfies the Trustee that it is contesting such Event of Default in
good faith and by appropriate action and (ii) no event described in this Condition 12(c) shall constitute an Event of Default unless the Indebtedness or other relative liability, either alone or when aggregated with other Indebtedness and/or
other liabilities relative to all (if any) other events described in this Condition 12(c) which have occurred and are continuing (excluding where the Issuer and/or the relevant Guarantor and/or the relevant Material Subsidiary, as the case may be,
has satisfied the Trustee that it is contesting such event in good faith and by appropriate action), amounts to at least U.S.$50,000,000 (or its equivalent in any other currency); or 

 

	(d)	 Security enforced  

a secured party takes possession, or a receiver, manager or other similar officer is appointed, of all or substantially all of the undertaking,
assets and revenues of the Issuer, a Guarantor or any Material Subsidiary; or 
  

	(e)	 Creditor’s process  

any expropriation, attachment, sequestration, distress or execution affects any asset or assets of the Issuer, any Guarantor or a Material
Subsidiary having an aggregate value of and in respect of indebtedness aggregating at least U.S.$50,000,000 (or its equivalent in any other currency or currencies) and is not discharged within 30 days; or 

 

	(f)	 Insolvency etc. 

(i) the Issuer, any Guarantor or any Material Subsidiary becomes insolvent or is unable to pay its debts as they fall due; (ii) an
administrator or liquidator of the Issuer, any Guarantor or any Material Subsidiary of all or substantially all of the undertaking, assets and revenues of the Issuer, such Guarantor or such Material Subsidiary is appointed (otherwise than for the
purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent on terms previously approved in writing by the Trustee or by an Extraordinary Resolution); or (iii) the Issuer, any Guarantor or any Material Subsidiary
makes a general assignment or an arrangement or composition with or for the benefit of its creditors generally or declares a moratorium in respect of any of its Indebtedness given by it; or (iv) a person presents a petition for the winding up,
liquidation, dissolution, administration or suspension of payments of the Issuer, any Guarantor or any Material Subsidiary (excluding where the Issuer, such Guarantor or such Material Subsidiary has satisfied the Trustee that it is contesting such
petition in good faith and by appropriate action); or 

  
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	(g)	 Winding up etc.  

an order is made or an effective resolution is passed for the winding up, liquidation or dissolution of the Issuer, any Guarantor or any
Material Subsidiary (otherwise than for the purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent on terms previously approved in writing by the Trustee or by an Extraordinary Resolution); or 

 

	(h)	 Failure to take action etc.  

any action, condition or thing at any time required to be taken, fulfilled or done in order (i) to enable the Issuer or the Guarantors
lawfully to enter into, exercise their respective rights and perform and comply with their respective obligations under and in respect of the Notes, the Coupons and the Trust Deed, (ii) to ensure that those obligations are legal, valid, binding
and enforceable and (iii) to make the Notes, the Coupons and the Trust Deed admissible in evidence in the courts of England is not taken, fulfilled or done; or 
  

	(i)	 Cessation of business etc.  

the Issuer, any Guarantor or any Material Subsidiary ceases or threatens to cease to carry on all or substantially all of its business, save
for (i) the purposes of or pursuant to an amalgamation, reorganisation or restructuring neither involving nor arising out of the insolvency of the Issuer or, as the case may be, such Guarantor or Material Subsidiary, (ii) any transfer of
assets by the Issuer, any Guarantor or any Material Subsidiary to any other member of the Group, (iii) any transfer of assets by the Issuer, any Guarantor or any Material Subsidiary to a third party or parties (whether associated or not) on an
arm’s length basis, (iv) any transfer of assets by the Issuer, any Guarantor or any Material Subsidiary whereby the transferee is or immediately upon such transfer becomes a Material Subsidiary, or (v) any transfer of assets by the
Issuer, any Guarantor or any Material Subsidiary the terms of which have been previously approved by the Trustee or by an Extraordinary Resolution of the Noteholders; or 
  

	(j)	 Guarantee etc.  

any Guarantee ceases to be, or is claimed by a Guarantor not to be, in full force and effect; or 

 

	(k)	 Guarantors etc.  

any Guarantor ceases to be a Subsidiary controlled, directly or indirectly, by the Issuer, 

provided that, in the case of Conditions 12(b), (d) and (f) to (i) inclusive, the Trustee shall have certified in writing that such event is in
its opinion materially prejudicial to the interests of the Noteholders. 
  

	13.	 Prescription 

Claims for principal shall become void unless such claims are made within ten years of the appropriate Relevant Date. Claims for interest shall become void
unless such claims are made within five years of the appropriate Relevant Date. 
  

	14.	 Replacement of Notes, Coupons and Talons 

If any Note, Coupon or Talon is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the Specified Office of the Principal Paying Agent (and,
if the Notes are then admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system which requires the appointment of a Paying Agent, as specified in Part B of the relevant Final Terms, in any
particular place, a Paying Agent having its Specified Office in the place required by such competent authority, stock exchange and/or quotation system), subject to all applicable laws and competent authority, stock exchange and/or quotation system
requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to evidence, security, indemnity and otherwise as the Issuer and the Guarantors may reasonably require. Mutilated or defaced
Notes, Coupons or Talons must be surrendered before replacements will be issued. 
  

	15.	 Trustee and Agents 

The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including provisions relieving it from any
obligation to take proceedings to enforce 

  
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repayment unless indemnified, secured and/or prefunded to its satisfaction and to be paid its costs and expenses in priority to the claims of Noteholders. The Trust Deed also contains provisions
pursuant to which the Trustee is entitled, inter alia, (i) to enter into business transactions with the Issuer, the Guarantors and/or any other Subsidiary and/or any related entity thereof and to act as trustee for the holders of any
other securities issued or guaranteed by or relating to the Issuer, the Guarantors or any other Subsidiary, (ii) to exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such
transactions or, as the case may be, any such trusteeship without regard to the interests of, or consequences for, the Noteholders or Couponholders, and (iii) to retain and not be liable to account for any profit made or any other amount or
benefit received thereby or in connection therewith. 
 In the exercise of its powers and discretions under these Conditions and/or the Trust Deed, the
Trustee will have regard to the interests of the Noteholders as a class and will not be responsible for any consequences for individual holders of Notes, Coupons or Talons as a result of such holders being connected in any way with a particular
territory or taxing jurisdiction. 
 In acting under the Agency Agreement and in connection with the Notes and the Coupons, the Paying Agents and the
Calculation Agent (if any) act solely as agents of the Issuer or, following the occurrence of an Event of Default, the Trustee and do not assume any obligations towards or relationship of agency or trust for or with any of the Noteholders or
Couponholders. 
 The Principal Paying Agent and its initial Specified Office is set out below. If any additional Paying Agent is appointed in
connection with any Series, the name of such Paying Agent will be specified in Part B of the relevant Final Terms. The initial Calculation Agent (if any) is specified in the relevant Final Terms. The Issuer reserves the right at any time, with the
prior written consent of the Trustee, to vary or terminate the appointment of any Paying Agent or Calculation Agent and to appoint a successor principal paying agent or calculation agent and additional or successor paying agents; PROVIDED
HOWEVER, THAT: 
  

	(a)	 the Issuer shall at all times maintain a Principal Paying Agent; and 

 

	(b)	 if a Calculation Agent is specified in the relevant Final Terms, the Issuer shall at all times maintain a
Calculation Agent; and 

  

	(c)	 if and for so long as the Notes are admitted to listing, trading and/or quotation by any competent authority,
stock exchange and/or quotation system which requires the appointment of a Paying Agent in any particular place, the Issuer shall maintain a Paying Agent having its Specified Office in the place required by such competent authority, stock exchange
and/or quotation system. 

 Notice of any appointment of, or change in, any of the Paying Agents or in their Specified Offices shall
promptly be given to the Noteholders in accordance with Condition 18 (Notices). 
  

	16.	 Meetings of Noteholders; Modification and Waiver 

 

	(a)	 Meetings of Noteholders 

The Trust Deed contains provisions for convening meetings (which may be physical or virtual) of Noteholders to consider matters relating to the
Notes, including the modification of any provision of these Conditions or the Trust Deed. Any such modification may be made if sanctioned by an Extraordinary Resolution. Such a meeting may be convened by the Issuer or the Trustee and shall be
convened by the Trustee upon the request in writing of Noteholders holding not less than one-tenth of the aggregate principal amount of the outstanding Notes. The quorum at any meeting convened to vote on an Extraordinary Resolution will be two or
more Persons holding or representing more than half of the aggregate principal amount of the outstanding Notes or, at any adjourned meeting, two or more Persons being or representing Noteholders whatever the principal amount of the Notes held or
represented; PROVIDED HOWEVER, THAT Reserved Matters may only be sanctioned by an Extraordinary Resolution passed at a meeting of Noteholders at which two or more Persons holding or representing not less than three-quarters or, at any
adjourned meeting, not less than one quarter of the aggregate principal amount of the outstanding Notes form a quorum. Any Extraordinary Resolution duly passed at any such meeting shall be binding on all the Noteholders and Couponholders, whether
present or not. Noteholders may attend and vote at such meetings or vote by way of electronic consents through the relevant clearing system(s) (in a form satisfactory to the Trustee). 

  
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 In addition, a resolution in writing signed by or on behalf of at least 75 per cent. of
the Noteholders who for the time being are entitled to receive notice of a meeting of Noteholders under the Trust Deed will take effect as if it were an Extraordinary Resolution. Such a resolution in writing may be contained in one document or
several documents in the same form, each signed by or on behalf of one or more Noteholders. 
  

	(b)	 Modification and waiver 

The Trustee may agree, without the consent of the Noteholders or Couponholders, to (i) any modification to or of these Conditions, the
Notes or the Trust Deed (other than in respect of a Reserved Matter) which is, in the opinion of the Trustee, proper to make if, in the opinion of the Trustee, such modification will not be materially prejudicial to the interests of Noteholders,
(ii) any modification of these Conditions, the Notes or the Trust Deed that is of a formal, minor or technical nature or is made to correct a manifest error or to correct an error which, in the opinion of the Trustee, is proven, and
(iii) any waiver or authorisation of any breach or proposed breach, of any of the provisions of these Conditions, the Notes or the Trust Deed (other than a proposed breach or breach relating to the subject of a Reserved Matter) that is in the
opinion of the Trustee not materially prejudicial to the interests of the Noteholders. Any such modification, authorisation or waiver shall be binding on the Noteholders and the Couponholders and, if the Trustee so requires, such modification,
authorisation or waiver shall be notified to the Noteholders as soon as practicable in accordance with Condition 18 (Notices). 
  

	(c)	 Substitution 

The Trust Deed contains provisions permitting the Trustee to agree, without the consent of the Noteholders, the Receiptholders or the
Couponholders, to the substitution of certain other entities in place of the Issuer or any Guarantor (or in either case any previously substituted company) as principal debtor or, as the case may be, guarantor under the Trust Deed in relation to the
Notes and Coupons of any Series of Notes, subject to (i) the Notes being unconditionally and irrevocably guaranteed by the Issuer or, as the case may be, the relevant Guarantor, (ii) the Trustee being satisfied that such substitution is
not materially prejudicial to the interests of Noteholders; and (iii) certain other conditions set out in the Trust Deed being complied with. 

No Noteholder or Couponholder shall, in connection with any substitution, be entitled to claim any indemnification or payment in respect of any
tax consequence thereof for such Noteholder or (as the case may be) Couponholder except to the extent provided for in Condition 11 (Taxation) (or any undertaking given in addition to or substitution for it pursuant to the provisions of the
Trust Deed). 
  

	17.	 Enforcement 

The Trustee may, at any time, at its discretion and without further notice, institute such proceedings against the Issuer and/or the Guarantors as it thinks
fit to enforce any obligation, condition or provision binding on the Issuer and/or the Guarantors under these Conditions, the Notes or the Trust Deed, but shall not be bound to do so unless: 

 

	(a)	 it has been so directed by an Extraordinary Resolution or it has been so requested in writing by the holders of
at least one fifth of the nominal amount of the Notes outstanding; and 

  

	(b)	 it has been indemnified and/or secured and/or prefunded by the 

Noteholders to its satisfaction. No Noteholder or Couponholder shall be entitled to institute proceedings directly against the Issuer or a Guarantor unless
the Trustee, having become bound to proceed as aforesaid, fails to do so within a reasonable time and such failure is continuing. 

  
 Page 76 

	18.	 Notices 

  

	(a)	 Valid Notices 

Notices to the Noteholders shall be valid if published in a leading English language daily newspaper published in London (which is expected to
be the Financial Times) or, if such publication is not practicable, in a leading English language daily newspaper having general circulation in Europe. Any such notice shall be deemed to have been given on the date of first publication (or if
required to be published in more than one newspaper, on the first date on which publication shall have been made in all the required newspapers). 
  

	(b)	 Other Methods 

Notwithstanding Condition 18(a) (Valid Notices), the Trustee may approve some other method of giving notice to the Noteholders if, in
its opinion, that other method is reasonable having regard to market practice then prevailing and to the requirements of any stock exchange on which Notes are then listed and PROVIDED THAT notice of that other method is given to the
Noteholders in the manner required by the Trustee. 
  

	(c)	 Couponholders 

Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to the Noteholders. 

 

	19.	 Rounding 

For the purposes of any calculations referred to in these Conditions (unless otherwise specified in these Conditions), (a) all percentages resulting from
such calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (with 0.000005 per cent., being rounded up to 0.00001 per cent.), (b) all United States dollar amounts used in or resulting
from such calculations will be rounded to the nearest cent (with one half cent being rounded up), (c) all Japanese Yen amounts used in or resulting from such calculations will be rounded downwards to the next lower whole Japanese Yen amount,
and (d) all amounts denominated in any other currency used in or resulting from such calculations will be rounded to the nearest two decimal places in such currency, with 0.005 being rounded upwards. 

 

	20.	 Further Issues 

The Issuer may from time to time without the consent of the Noteholders or Couponholders create and issue further securities either having the same terms and
conditions as the Notes in all respects (or in all respects except for the first payment of interest on them) and so that such further issue shall be consolidated and form a single series with the outstanding securities of any series (including the
Notes) or upon such terms as the Issuer may determine at the time of their issue. References in these Conditions to the Notes include (unless the context requires otherwise) any other securities issued pursuant to this Condition and forming a single
series with the Notes. The Trust Deed contains provisions for convening a single meeting of the Noteholders and the holders of securities of other series where the Trustee so decides. 

 

	21.	 Governing Law and Jurisdiction 

 

	(a)	 Governing law 

The Notes and the Trust Deed, and any non-contractual obligations arising out of or in connection with the Notes and the Trust Deed, are
governed by, and construed in accordance with, English law. 
  

	(b)	 English courts 

The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”) arising out of or in connection with the
Notes and the Trust Deed (including a dispute relating to the existence, validity or cancellation of the Notes or any non-contractual obligation arising out of or in connection with the Notes or the Trust Deed) or the consequences of their nullity.

  
 Page 77 

	(c)	 Appropriate forum 

The Issuer and each of the Guarantors agree that the courts of England are the most appropriate and convenient courts to settle any Dispute
and, accordingly, that they will not argue to the contrary. 

  
 Page 78 

 SCHEDULE 2 

FORM OF GLOBAL NOTES 

Part A Form of Temporary Global Note 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED
IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1 
 INTERCONTINENTAL
HOTELS GROUP PLC 
 (incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

TEMPORARY GLOBAL NOTE 
  

	1.	 INTRODUCTION 

 

	1.1	 The Notes 

This Temporary Global Note is issued in respect of the notes (the Notes) of InterContinental Hotels Group PLC (the Issuer) and
guaranteed by Six Continents Limited and InterContinental Hotels Limited (together, the Guarantors) described in the final terms (the Final Terms) or drawdown prospectus (the Drawdown Prospectus) or
securities note (Securities Note) a copy of which is annexed hereto. If a Drawdown Prospectus or a Securities Note is annexed hereto, each reference in this Temporary Global Note to “Final Terms” shall be read
and construed as a reference to the final terms of the Notes set out in such Drawdown Prospectus or Securities Note. The Notes: 
  

	(a)	 Trust Deed: (insofar as they are represented by this Temporary Global Note) are subject to and have the
benefit of an amended and restated trust deed made on 14 September 2020 (as further amended, supplemented or restated from time to time, the Trust Deed) made between the Issuer, the Guarantors and HSBC Corporate Trustee Company
(UK) Limited as trustee (the Trustee, which expression shall include all persons for the time being the trustee or trustees appointed under the Trust Deed); and 

 

	1 	 Legend to appear on every Note with a maturity of more than one year. 

  
 Page 79 

	(b)	 Agency Agreement: are the subject of an amended and restated agency agreement dated 14 September
2020 (as further amended, supplemented or restated from time to time, the Agency Agreement) made between the Issuer, the Guarantors, the Trustee and HSBC Bank plc as principal paying agent (the Principal Paying Agent,
which expression includes any successor or additional principal paying agent appointed from time to time in connection with the Notes, and together with any additional or successor paying agents appointed from time to time in connection with the
Notes, the Paying Agents). 

  

	1.2	 Construction 

All references in this Temporary Global Note to an agreement, instrument or other document (including the Agency Agreement and the Trust Deed) shall be
construed as a reference to that agreement, instrument or other document as the same may be amended, supplemented, replaced or novated from time to time provided that, in the case of any amendment, supplement, replacement or novation made
after the date hereof, it is made in accordance with the Conditions and the Trust Deed. Headings and sub-headings are for ease of reference only and shall not affect the construction of this Temporary Global Note. 

 

	1.3	 References to Conditions 

Any reference herein to the Conditions is to the Conditions as defined in the Trust Deed, as supplemented, amended and/or replaced by the Final Terms and any
reference to a numbered “Condition” is to the correspondingly numbered provision thereof. Words and expressions defined in Condition 2(a) (Interpretation - Definitions) shall have the same meanings when used in this
Temporary Global Note. 
  

	2.	 PROMISE TO PAY 

 

	2.1	 Pay to bearer 

The Issuer, for value received, promises to pay to the bearer of this Temporary Global Note, in respect of each Note represented by this Temporary Global Note,
on each instalment date (if the Notes are repayable in instalments) and on the Maturity Date or on such earlier date or dates as the same may become payable in accordance with the Conditions, the Redemption Amount or such lesser amount as is
repayable upon any such redemption or repayment (or to pay such other amounts of principal on such dates as may be specified in the Final Terms), and to pay interest (if any) on the nominal amount of the Notes from time to time represented by this
Temporary Global Note on the dates and in the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions; provided, however, that
such interest shall be payable only: 

  
 Page 80 

	(a)	 Before the Exchange Date: in the case of interest falling due before the Exchange Date (as defined
below), to the extent that a certificate or certificates issued by Euroclear Bank SA/NV (Euroclear) and/or Clearstream Banking S.A. (Clearstream and, together with Euroclear, the international central securities
depositaries or ICSDs) and/or any other relevant clearing system dated not earlier than the date on which such interest falls due and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream, Certification)
hereto is/are delivered to the Specified Office of the Principal Paying Agent; or 

  

	(b)	 Failure to exchange: in the case of interest falling due at any time, to the extent that the Issuer has
failed to procure the exchange for a permanent global note of that portion of this Temporary Global Note in respect of which such interest has accrued. 

  

	2.2	 NGN Principal Amount 

If the Final Terms specify that the New Global Note form is applicable, this Temporary Global Note shall be a “New Global Note” or
“NGN” and the principal amount of Notes represented by this Temporary Global Note shall be the aggregate amount from time to time entered in the records of both ICSDs. The records of the ICSDs (which expression in this
Temporary Global Note means the records that each ICSD holds for its customers which reflect the amount of such customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of another ICSD)) shall
be conclusive evidence of the principal amount of Notes represented by this Temporary Global Note and, for these purposes, a statement issued by an ICSD (which statement shall be made available to the bearer upon request) stating the principal
amount of Notes represented by this Temporary Global Note at any time shall be conclusive evidence of the records of the ICSD at that time. 
  

	2.3	 CGN Principal Amount 

If the Final Terms specify that the New Global Note form is not applicable, this Temporary Global Note shall be a “Classic Global Note”
or “CGN” and the principal amount of Notes represented by this Temporary Global Note shall be the amount stated in the Final Terms or, if lower, the principal amount most recently entered by or on behalf of the Issuer in the
relevant column in Schedule 1 (Payments, Exchange and Cancellation of Notes). 
  

	3.	 NEGOTIABILITY 

This Temporary Global Note is negotiable and, accordingly, title to this Temporary Global Note shall pass by delivery. 

 

	4.	 EXCHANGE 

 

	4.1	 Permanent Global Note 

If the Final Terms specify the form of Notes as being “Temporary Global Note exchangeable for a Permanent Global Note”, then on or
after the day following the 

  
 Page 81 

 
expiry of 40 days after the date of issue of this Temporary Global Note (the Exchange Date), the Issuer shall procure (in the case of first exchange) the delivery of a Permanent
Global Note (which expression has the meaning given in the Trust Deed) in accordance with the Agency Agreement to the bearer of this Temporary Global Note or (in the case of any subsequent exchange) an increase in the principal amount of the
Permanent Global Note in accordance with its terms against: 
  

	(a)	 Presentation and surrender: presentation and (in the case of final exchange) surrender of this Temporary
Global Note to or to the order of the Principal Paying Agent; and 

  

	(b)	 Certification: receipt by the Principal Paying Agent of a certificate or certificates issued by
Euroclear and/or Clearstream and/or any other relevant clearing system dated not earlier than the Exchange Date and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream Certification) hereto. 

The principal amount of Notes represented by the Permanent Global Note shall be equal to the aggregate of the principal amounts specified in the
certificates issued by Euroclear and/or Clearstream and/or any other relevant clearing system and received by the Principal Paying Agent; provided, however, that in no circumstances shall the principal amount of Notes
represented by the Permanent Global Note exceed the initial principal amount of Notes represented by this Temporary Global Note.  
  

	4.2	 Definitive Notes; Not D Rules 

If the Final Terms specify the form of Notes as being “Temporary Global Note exchangeable for Definitive Notes” and also specifies that
the C Rules are applicable or that neither the C Rules or the D Rules are applicable, then on or after the day following the expiry of 40 days after the date of issue of this Temporary Global Note (the Exchange Date), the Issuer shall
procure the delivery of Definitive Notes (which expression has the meaning given in the Agency Agreement) in accordance with the Agency Agreement with Coupons and Talons (if so specified in the Final Terms) attached and in an aggregate principal
amount equal to the principal amount of Notes represented by this Temporary Global Note to the bearer of this Temporary Global Note against presentation and surrender of this Temporary Global Note to or to the order of the Principal Paying Agent.

  

	4.3	 Definitive Notes; D Rules 

If the Final Terms specify the form of Notes as being “Temporary Global Note exchangeable for Definitive Notes” and also specifies that
the D Rules are applicable, then on or after the day following the expiry of 40 days after the date of issue of this Temporary Global Note (the Exchange Date), the Issuer shall procure the delivery of Definitive Notes (which expression
has the meaning given in the Agency Agreement) in accordance with the Agency Agreement with Coupons and Talons (if so specified in the Final Terms) attached against: 

  
 Page 82 

	(a)	 Presentation and surrender: presentation and (in the case of final exchange) surrender of this Temporary
Global Note to or to the order of the Principal Paying Agent; and 

  

	(b)	 Certification: receipt by the Principal Paying Agent of a certificate or certificates issued by
Euroclear and/or Clearstream and/or any other relevant clearing system dated not earlier than the Exchange Date and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream Certification) hereto. 

The Definitive Notes so delivered from time to time shall be in an aggregate principal amount equal to the aggregate of the principal amounts specified in the
certificates issued by Euroclear and/or Clearstream and/or any other relevant clearing system and received by the Principal Paying Agent; provided, however, that in no circumstances shall the aggregate principal amount of Definitive Notes so
delivered exceed the initial principal amount of Notes represented by this Temporary Global Note. 
  

	5.	 DELIVERY OF PERMANENT GLOBAL OR
DEFINITIVE NOTES 

  

	5.1	 Permanent Global Note 

Whenever any interest in this Temporary Global Note is to be exchanged for an interest in a Permanent Global Note, the Issuer shall procure (in the case of
first exchange) the prompt delivery (free of charge to the bearer) of such Permanent Global Note, duly authenticated, to the bearer of this Temporary Global Note or (in the case of any subsequent exchange) an increase in the principal amount of
Notes represented by such Permanent Global Note in accordance with its terms, in each case in an aggregate principal amount equal to the aggregate of the principal amounts specified in the certificates issued by Euroclear and/or Clearstream and/or
any other relevant clearing system and received by the Principal Paying Agent against presentation and (in the case of final exchange) surrender of this Temporary Global Note to or to the order of the Principal Paying Agent within 7 days of the
bearer requesting such exchange. 
  

	5.2	 Definitive Notes 

Whenever this Temporary Global Note is to be exchanged for Definitive Notes, the Issuer shall procure the prompt delivery (free of charge to the bearer) of
such Definitive Notes, duly authenticated and with Coupons and Talons attached (if so specified in the Final Terms), in an aggregate principal amount equal to the principal amount of Notes represented by this Temporary Global Note to the bearer of
this Temporary Global Note against the surrender of this Temporary Global Note to or to the order of the Principal Paying Agent within 30 days of the bearer requesting such exchange. 

  
 Page 83 

	6.	 WRITING DOWN 

On each occasion on which: 
  

	6.1	 Permanent Global Note: the Permanent Global Note is delivered or the principal amount of Notes
represented thereby is increased in accordance with its terms in exchange for a further portion of this Temporary Global Note; or 

  

	6.2	 Definitive Notes: Definitive Notes are delivered in exchange for this Temporary Global Note; or

  

	6.3	 Cancellation: Notes represented by this Temporary Global Note are to be cancelled in accordance with
Condition 9(k) (Redemption and Purchase - Cancellation), 

 the Issuer shall procure that: 

 

	(a)	 if the Final Terms specify that the New Global Note form is not applicable, (i) the principal amount of
Notes represented by the Permanent Global Note, the principal amount of such increase or (as the case may be) the aggregate principal amount of such Notes and (ii) the remaining principal amount of Notes represented by this Temporary Global
Note (which shall be the previous principal amount of Notes represented by this Temporary Global Note less the aggregate of the amounts referred to in (i) above) are entered in Schedule 1 (Payments, Exchange and Cancellation of Notes)
hereto, whereupon the principal amount of Notes represented by this Temporary Global Note shall for all purposes be as most recently so entered; and 

  

	(b)	 if the Final Terms specify that the New Global Note form is applicable, details of the exchange or cancellation
shall be entered pro rata in the records of the ICSDs. 

  

	7.	 PAYMENTS 

 

	7.1	 Recording of Payments 

Upon any payment being made in respect of the Notes represented by this Temporary Global Note, the Issuer shall procure that: 

 

	(a)	 CGN: if the Final Terms specify that the New Global Note form is not applicable, details of such payment
shall be entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto and, in the case of any payment of principal, the principal amount of the Notes represented by this Temporary Global Note shall be reduced by the principal
amount so paid; and 

  

	(b)	 NGN: if the Final Terms specify that the New Global Note form is applicable, details of such payment
shall be entered pro rata in the records of the ICSDs and, in the case of any payment of principal, the principal amount of the Notes entered in the records of ICSDs and represented by this Temporary Global Note shall be reduced by the principal
amount so paid. 

  
 Page 84 

	7.2	 Discharge of Issuer’s obligations 

Payments due in respect of Notes for the time being represented by this Temporary Global Note shall be made to the bearer of this Temporary Global Note and
each payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred to above shall not affect such discharge. 
  

	8.	 CONDITIONS APPLY 

Until this Temporary Global Note has been exchanged as provided herein or cancelled in accordance with the Agency Agreement, the bearer of this Temporary
Global Note shall be subject to the Conditions and the Trust Deed and, subject as otherwise provided herein, shall be entitled to the same rights and benefits under the Conditions and the Trust Deed as if the bearer were the holder of Definitive
Notes and any related Coupons and Talons in the smallest Specified Denomination and in an aggregate principal amount equal to the principal amount of the Notes represented by this Temporary Global Note. 

 

	9.	 NOTICES 

Notwithstanding Condition 18 (Notices), while all the Notes are represented by this Temporary Global Note (or by this Temporary Global Note and the
Permanent Global Note) and this Temporary Global Note is (or this Temporary Global Note and the Permanent Global Note are) deposited with a depositary or a common depositary for Euroclear and/or Clearstream and/or any other relevant clearing system
or a Common Safekeeper (which expression has the meaning given in the Agency Agreement), notices to Noteholders may be given by delivery of the relevant notice to Euroclear and/or Clearstream and/or any other relevant clearing system and, in any
case, such notices shall be deemed to have been given to the Noteholders in accordance with the Condition 18 (Notices) on the date of delivery to Euroclear and/or Clearstream and/or any other relevant clearing system; provided, however,
that, so long as the Notes are listed on the London Stock Exchange and its rules so require, notices will also be published in a leading newspaper having general circulation in London (which is expected to be the Financial Times). 

 

	10.	 MEETINGS 

The holders of this Temporary Global Note shall, at any meeting of the Noteholders, be treated as having one vote in respect of each £1 in principal
amount of the Notes represented by this Temporary Global Note. 
  

	11.	 TRUSTEE’S POWERS 

In considering the interests of Noteholders while this Temporary Global Note is held on behalf of a clearing system, the Trustee may have regard to any
information provided to it by any such clearing system or its operator as to the identity (either individually or by category) of its accountholders with entitlements to this Temporary Global Note and may consider such interests as if such
accountholders were the holders of this Temporary Global Note. 

  
 Page 85 

	12.	 AUTHENTICATION 

This Temporary Global Note shall not be valid for any purpose until it has been authenticated by and on behalf of HSBC Bank plc as principal paying agent. 

 

	13.	 EFFECTUATION 

If the Final Terms specify that the New Global Note form is applicable, this Temporary Global Note shall not be valid for any purpose until it has been
effectuated for and on behalf of the entity appointed as common safekeeper by the ICSDs. 
  

	14.	 GOVERNING LAW 

This Temporary Global Note and any non-contractual obligations arising out of or in connection with it are governed by English law. 

AS WITNESS the manual/facsimile/electronic signature of a duly authorised person on behalf of the Issuer. 

 

					
	INTERCONTINENTAL HOTELS        	 	)
	GROUP PLC	 	)
		 		 	)
			
	By:	 	 
     
	 	  

					
	electronic, manual or facsimile signature	 	
	(duly authorised)	 	
		
	ISSUED on the Issue Date	 	
		
	AUTHENTICATED by and on behalf of	 	)
	HSBC BANK PLC	 	)
	as principal paying agent without	 	)
	recourse, warranty or liability	 	)

  

					
			
	By:	 	    	 	  

					
	manual signature	 	
	(duly authorised)	 	
		
	[EFFECTUATED for and on behalf of	 	)
	EUROCLEAR BANK SA/NV	 	)
	as common safekeeper without recourse,	 	)
	warranty or liability	 	)

  
 Page 86 

	
	
	By:
	manual signature
	(duly authorised)]

  
 Page 87 

 SCHEDULE 12 

TO THE TEMPORARY GLOBAL NOTE 

Payments, Exchange and Cancellation of Notes 
  

											
	 Date of payment,
delivery or cancellation 
	 	Amount of interest then paid	 	Principal amount of Permanent Global Note then delivered or by which Permanent Global Note then increased or aggregate principal amount of Definitive Notes then
delivered	 	Aggregate principal amount of Notes then cancelled	 	Remaining principal amount of this Temporary Global Note	 	Authorised Signature
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

  
  

	2 	 Schedule 1 should only be completed where the Final Terms specify that the New Global Note form is not
applicable. 

  
 Page 88 

 SCHEDULE 2 

TO THE TEMPORARY GLOBAL NOTE 

Form of Accountholder’s Certification 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

This is to certify that as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (a) are owned by
persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (United
States persons), (b) are owned by United States person(s) that (i) are foreign branches of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) (financial
institutions) purchasing for their own account or for resale, or (ii) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions
on the date hereof (and in either case (i) or (ii), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise the issuer or the issuer’s agent that it will comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (c) are owned by United States or foreign financial institution(s) for purposes of resale
during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the Securities is a United States or foreign financial institution described in clause (c) (whether or
not also described in clause (a) or (b)) this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States
or its possessions. 
 If the Securities are of the category contemplated in Section 230.903(c)(3) of Regulation S under the Securities Act of 1933, as
amended (the Act), then this is also to certify that, except as set forth below, the Securities are beneficially owned by (1) non-U.S. person(s) or (2) U.S. person(s) who purchased the Securities in transactions which did not
require registration under the Act. As used in this paragraph the term U.S. person has the meaning given to it by Regulation S under the Act. 

As used herein, United States means the United States of America (including the States and the District of Columbia); and its
possessions include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

  
 Page 89 

 We undertake to advise you promptly by electronic transmission on or prior to the date on which you intend
to submit your certification relating to the Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be
assumed that this certification applies as of such date. 
 This certification excepts and does not relate to [currency] [amount] of such interest in the
above Securities in respect of which we are not able to certify and as to which we understand exchange and delivery of definitive Securities (or, if relevant, exercise of any rights or collection of any interest) cannot be made until we do so
certify. 
 We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings or official enquiries are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification
to any interested party in such proceedings. 
 Dated:
[                    ]] 
  

			
	 [name of account holder]

	 as, or as agent for,

	 the beneficial owner(s) of the Securities

	 to which this certificate relates.

		
	By:	 	   

		 	Authorised signatory

  
 Page 90 

 SCHEDULE 3 

TO THE TEMPORARY GLOBAL NOTE 

FORM OF EUROCLEAR/CLEARSTREAM CERTIFICATION 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 
 This is to
certify that, based solely on certifications we have received in writing, by electronic transmission from member organisations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our Member
Organisations) substantially to the effect set forth in the temporary global note issued in respect of the securities, as of the date hereof, [currency] [amount] principal amount of the above-captioned Securities (a) is owned by persons
that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (United States
persons), (b) is owned by United States persons that (i) are foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) (financial institutions)
purchasing for their own account or for resale, or (ii) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof
(and in either case (i) or (ii), each such United States financial institution has agreed, on its own behalf or through its agent, that we may advise the Issuer or the Issuer’s agent that it will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (c) is owned by United States or foreign financial institutions for purposes of resale during the restricted
period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that United States or foreign financial institutions described in clause (c) (whether or not also described in clause (a) or
(b)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

If the Securities are of the category contemplated in Section 230.903(c)(3) of Regulation S under the Securities Act of 1933, as amended (the
Act), then this is also to certify with respect to the principal amount of Securities set forth above that, except as set forth below, we have received in writing, by electronic transmission, from our Member Organisations entitled to a
portion of such principal amount, certifications with respect to such portion substantially to the effect set forth in the temporary global note issued in respect of the Securities. 

We further certify (1) that we are not making available herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) any
portion of the 

  
 Page 91 

 
temporary global security excepted in such certifications and (2) that as of the date hereof we have not received any notification from any of our Member Organisations to the effect that the
statements made by such Member Organisations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as of the date
hereof. 
 We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings or official enquiries are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification
to any interested party in such proceedings. 
 Dated:
[                    ]] 
  

			
	Euroclear Bank SA/NV
		
	or	 	
	
	Clearstream Banking S.A.
		
	By:	 	   

		 	Authorised signatory

  
 Page 92 

 Part B 

Form of Permanent Global Note 
 [ANY UNITED
STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]3 
 INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

PERMANENT GLOBAL NOTE 
  

	1.	 INTRODUCTION 

  

	1.1	 The Notes 

This Global Note is issued in respect of the notes (the Notes) of InterContinental Hotels Group PLC (the Issuer) and guaranteed by
Six Continents Limited and InterContinental Hotels Limited (together, the Guarantors) described in the final terms (the Final Terms) or drawdown prospectus (Drawdown Prospectus) or securities note
(Securities Note) a copy of which is annexed hereto. If a Drawdown Prospectus or a Securities Note is annexed hereto, each reference in this Global Note to “Final Terms” shall be read and construed as a
reference to the final terms of the Notes set out in such Drawdown Prospectus or Securities Note. The Notes: 
  

	(a)	 Trust Deed: (insofar as they are represented by this Global Note) are subject to and have the benefit of
an amended and restated trust deed made on 14 September 2020 (as further amended, supplemented or restated from time to time, the Trust Deed) made between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK) Limited
as trustee (the Trustee, which expression shall include all persons for the time being the trustee or trustees appointed under the Trust Deed); and 

 

	3 	 Legend to appear on every Note with a maturity of more than one year. 

  
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	(b)	 Agency Agreement: are the subject of an amended and restated agency agreement dated 14 September
2020 (as further amended, supplemented or restated from time to time) (the Agency Agreement) made between the Issuer, the Guarantors, the Trustee and HSBC Bank plc as principal paying agent (the Principal Paying Agent,
which expression includes any successor or additional principal paying agent appointed from time to time in connection with the Notes, and, together with any additional or successor paying agents appointed from time to time in connection with the
Notes, the Paying Agents). 

  

	1.2	 Construction 

All references in this Global Note to an agreement, instrument or other document (including the Agency Agreement and the Trust Deed) shall be construed as a
reference to that agreement, instrument or other document as the same may be amended, supplemented, replaced or novated from time to time provided that, in the case of any amendment, supplement, replacement or novation made after the date
hereof, it is made in accordance with the Conditions and the Trust Deed. Headings and sub-headings are for ease of reference only and shall not affect the construction of this Global Note. 

 

	1.3	 References to Conditions 

Any reference herein to the Conditions is to the Terms and Conditions of the Notes set out in Schedule 2 (Terms and Conditions of the
Notes) hereto, as supplemented, amended and/or replaced by the Final Terms and any reference to a numbered Condition is to the correspondingly numbered provision thereof. Words and expressions defined in the Conditions shall have
the same meanings when used in this Global Note. 
  

	2.	 PROMISE TO PAY 

 

	2.1	 Pay to bearer 

The Issuer, for value received, promises to pay to the bearer of this Global Note, in respect of each Note represented by this Global Note, on each instalment
date (if the Notes are repayable in instalments) and on the Maturity Date or on such earlier date or dates as the same may become payable in accordance with the Conditions, the Redemption Amount or such lesser amount as is repayable upon any such
redemption or repayment of instalment (or to repay such other amounts of principal on such dates as may be specified in the Final Terms and to pay interest (if any) on the nominal amount of the Notes from time to time represented by this Global Note
on the dates and in the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. 

 

	2.2	 NGN Principal Amount 

If the Final Terms specify that the New Global Note form is applicable, this Global Note shall be a “New Global Note” or
“NGN” and the principal amount of Notes represented by this Global Note shall be the aggregate amount from time to time 

  
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entered in the records of both ICSDs. The records of the ICSDs (which expression in this Global Note means the records that each ICSD holds for its customers which reflect the amount of such
customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of another ICSD)) shall be conclusive evidence of the principal amount of Notes represented by this Global Note and, for these purposes,
a statement issued by an ICSD (which statement shall be made available to the bearer upon request) stating the principal amount of Notes represented by this Global Note at any time shall be conclusive evidence of the records of the ICSD at that
time. 
  

	2.3	 CGN Principal Amount 

If the Final Terms specify that the New Global Note form is not applicable, this Global Note shall be a “Classic Global Note” or
“CGN” and the principal amount of Notes represented by this Global Note shall be the amount stated in the Final Terms or, if lower, the principal amount most recently entered by or on behalf of the Issuer in the relevant
column in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto. 
  

	3.	 NEGOTIABILITY 

This Global Note is negotiable and, accordingly, title to this Global Note shall pass by delivery. 

 

	4.	 EXCHANGE 

This Global Note will become exchangeable, in whole but not in part only and at the request of the bearer of this Global Note, for Definitive Notes (which
expression has the meaning given in the Trust Deed) in accordance with the Agency Agreement: 
  

	4.1	 Upon notice: on the expiry of such period of notice as may be specified in the Final Terms; or

  

	4.2	 Upon demand: at any time, if so specified in the Final Terms; or 

 

	4.3	 In limited circumstances: if the Final Terms specify “in the limited circumstances described
in the Permanent Global Note”, then if either of the following events occurs: 

  

	(a)	 Closure of clearing systems: Euroclear Bank SA/NV (Euroclear) or Clearstream Banking S.A.
(Clearstream and, together with Euroclear, the international central securities depositaries or ICSDs) or any other relevant clearing system is closed for business for a continuous period of 14 days (other than by reason
of legal holidays) or announces an intention permanently to cease business and no successor clearing system approved by the Trustee is available; or 

  

	(b)	 Event of Default: any of the circumstances described in Condition 12 (Events of Default) occurs;
or 

  
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	(c)	 Adverse tax consequences: the Issuer has or will become subject to adverse tax consequences which would
not be suffered were the Notes represented by the Permanent Global Note in definitive form. 

  

	5.	 DELIVERY OF DEFINITIVE NOTES

 Whenever this Global Note is to be exchanged for Definitive Notes, the Issuer shall procure the prompt delivery (free of charge to
the bearer) of such Definitive Notes, duly authenticated and with Coupons and Talons attached (if so specified in the Final Terms), in an aggregate principal amount equal to the principal amount of Notes represented by this Global Note to the bearer
of this Global Note against the surrender of this Global Note to or to the order of the Principal Paying Agent within 30 days of the bearer requesting such exchange. 
  

	6.	 WRITING DOWN 

On each occasion on which: 
  

	6.1	 Payment of principal: a payment of principal is made in respect of this Global Note;

  

	6.2	 Definitive Notes: Definitive Notes are delivered; or 

 

	6.3	 Cancellation: Notes represented by this Global Note are to be cancelled in accordance with Condition
9(k) (Redemption and Purchase - Cancellation), 

 the Issuer shall procure that: 

 

	(a)	 if the Final Terms specify that the New Global Note Form is not applicable, (i) the amount of such payment
and the aggregate principal amount of such Notes; and (ii) the remaining principal amount of Notes represented by this Global Note (which shall be the previous principal amount hereof less the aggregate of the amounts referred to in
(i) above) are entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of Notes represented by this Global Note shall for all purposes be as most recently so entered; and

  

	(b)	 if the Final Terms specify that the New Global Note Form is applicable, details of the exchange or cancellation
shall be entered pro rata in the records of the ISCDs. 

  

	7.	 WRITING UP 

 

	7.1	 Initial Exchange 

If this Global Note was originally issued in exchange for part only of a temporary global note representing the Notes, then all references in this Global Note
to the principal amount of Notes represented by this Global Note shall be construed as references to the principal amount of Notes represented by the part of the temporary 

  
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global note in exchange for which this Global Note was originally issued which the Issuer shall procure: 
  

	(a)	 CGN: if the Final Terms specify that the New Global Note form is not applicable, is entered in Schedule
1 (Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of Notes represented by this Global Note shall for all purposes be as most recently so entered; and 

 

	(b)	 NGN: if the Final Terms specify that the New Global Note form is applicable, is entered by the ICSDs in
their records. 

  

	7.2	 Subsequent Exchange 

If at any subsequent time any further portion of such temporary global note is exchanged for an interest in this Global Note, the principal amount of Notes
represented by this Global Note shall be increased by the amount of such further portion, and the Issuer shall procure that the principal amount of Notes represented by this Global Note (which shall be the previous principal amount of Notes
represented by this Global Note plus the amount of such further portion) is: 
  

	(a)	 CGN: if the Final Terms specify that the New Global Note form is not applicable, entered in Schedule 1
(Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of this Global Note shall for all purposes be as most recently so entered; and 

 

	(b)	 NGN: if the Final Terms specify that the New Global Note form is applicable, entered by the ICSDs in
their records. 

  

	8.	 PAYMENTS 

 

	8.1	 Recording of Payments 

Upon any payment being made in respect of the Notes represented by this Global Note, the Issuer shall procure that: 

 

	(a)	 CGN: if the Final Terms specify that the New Global Note form is not applicable, details of such payment
shall be entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto and, in the case of any payment of principal, the principal amount of the Notes represented by this Global Note shall be reduced by the principal amount so
paid; and 

  

	(b)	 NGN: if the Final Terms specify that the New Global Note form is applicable, details of such payment
shall be entered pro rata in the records of the ICSDs and, in the case of any payment of principal, the principal amount of the Notes entered in the records of ICSDs and represented by this Global Note shall be reduced by the principal amount so
paid. 

  
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	8.2	 Discharge of Issuer’s obligations 

Payments due in respect of Notes for the time being represented by this Global Note shall be made to the bearer of this Global Note and each payment so made
will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred to above shall not affect such discharge. 
  

	9.	 CONDITIONS APPLY 

Until this Global Note has been exchanged as provided herein or cancelled in accordance with the Agency Agreement, the bearer of this Global Note shall be
subject to the Conditions and, subject as otherwise provided herein, shall be entitled to the same rights and benefits under the Conditions as if the bearer were the holder of Definitive Notes and any related Coupons and Talons in the smallest
Specified Denomination and in an aggregate principal amount equal to the principal amount of Notes represented by this Global Note. 
  

	10.	 EXERCISE OF PUT OPTION OR
CHANGE OF CONTROL PUT OPTION 

 For so long as all of the
Notes are represented by one or both of the Global Notes and such Global Note(s) is/are held on behalf of Euroclear and/or Clearstream, the option of the Noteholders provided for in Condition 9(f) (Redemption and Purchase - Redemption at the
option of the Noteholders) or, as the case may be, the option of the Noteholders provided for in Condition 9(g) (Redemption and Purchase - Change of Control redemption) may be exercised by an accountholder giving notice to the Principal
Paying Agent in accordance with the standard procedures of Euroclear and Clearstream (which may include notice being given on his instructions by Euroclear or Clearstream or any common depositary for them to the Principal Paying Agent by electronic
means) of the principal amount of the Notes in respect of which such option is exercised and at the same time presenting or procuring the presentation of the relevant Global Note to the Principal Paying Agent for notation accordingly within the time
limits set forth in the relevant Condition. 
  

	11.	 EXERCISE OF CALL OPTION

 For so long as all of the Notes are represented by one or both of the temporary global note and this Global Note and such Global
Note(s) is/are held on behalf of Euroclear and/or Clearstream, no drawing of Notes will be required under Condition 9(e) (Redemption and Purchase - Partial redemption) in the event that the Issuer exercises its call option pursuant to
Condition 9(c) (Redemption and Purchase - Redemption at the option of the Issuer (Issuer Call Option)) in respect of less than the aggregate principal amount of the Notes outstanding at such time. In such event, the standard procedures of
Euroclear and/or Clearstream shall operate to determine which interests in the Global Note(s) are to be subject to such option. 
  

	12.	 NOTICES 

Notwithstanding Condition 18 (Notices), while all the Notes are represented by this Global Note (or by this Global Note and a temporary global note) and
this Global Note is (or this Global Note and the temporary global note are) deposited with a 

  
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depositary or a common depositary for Euroclear and/or Clearstream and/or any other relevant clearing system or a Common Safekeeper (which expression has the meaning given in the Agency
Agreement), notices to Noteholders may be given by delivery of the relevant notice to Euroclear and/or Clearstream and/or any other relevant clearing system and, in any case, such notices shall be deemed to have been given to the Noteholders in
accordance with Condition 18 (Notices) on the date of delivery to Euroclear and/or Clearstream and/or any other relevant clearing system; provided, however, that, so long as the Notes are listed on the London Stock Exchange and its
rules so require, notices will also be published in a leading newspaper having general circulation in London (which is expected to be the Financial Times). 

Whilst any Notes held by a Noteholder are represented by a Global Note, notices to be given by such Noteholder may be given by such Noteholder to the
Principal Paying Agent through Euroclear and/or Clearstream, as the case may be, in such a manner as the Principal Paying Agent and Euroclear and/or Clearstream, as the case may be, may approve for this purpose. 

 

	13.	 MEETINGS 

The holders of this Global Note shall, at any meeting of the Noteholders, be treated as having one vote in respect of each £1 in principal amount of the
Notes represented by this Global Note. 
  

	14.	 TRUSTEE’S POWERS 

In considering the interests of Noteholders while this Global Note is held on behalf of a clearing system, the Trustee may have regard to any information
provided to it by any such clearing system or its operator as to the identity (either individually or by category) of its accountholders with entitlements to this Global Note and may consider such interests as if such accountholders were the holders
of this Global Note. 
  

	15.	 AUTHENTICATION 

This Global Note shall not be valid for any purpose until it has been authenticated by and on behalf of HSBC Bank plc as principal paying agent. 

 

	16.	 EFFECTUATION 

If the Final Terms specify that the New Global Note form is applicable, this Permanent Global Note shall not be valid for any purpose until it has been
effectuated for and on behalf of the entity appointed as Common Safekeeper (which expression has the meaning given in the Agency Agreement). 
  

	17.	 GOVERNING LAW 

This Global Note, and any non-contractual obligations arising out of or in connection with it, are governed by English law. 

AS WITNESS the manual/facsimile/electronic signature of a duly authorised person on behalf of the Issuer. 

  
 Page 99 

					
	 INTERCONTINENTAL HOTELS
	 	)
	 GROUP PLC
	 	)
		 		 	)

					
			
	By:	 	 	 	 

					
	 electronic, manual or facsimile signature
	 	
	 (duly authorised)
	 	
		
	 ISSUED on the Issue Date
	 	
		
	 AUTHENTICATED for and on behalf of
	 	)
	 HSBC BANK PLC
	 	)
	 as principal paying agent without
	 	)
	 recourse, warranty or liability
	 	)

					
			
	By:	 	 	 	 

					
	 electronic/manual signature
	 	
	 (duly authorised)
	 	
		
	 [EFFECTUATED for and on behalf of
	 	)
	 EUROCLEAR BANK SA/NV
	 	)
	 as common safekeeper without recourse,
	 	)
	 warranty or liability
	 	)

					
			
	By:	 	 	 	 

					
	 electronic/manual signature
	 	
	 (duly authorised)]
	 	

  
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 SCHEDULE 14 

TO THE PERMANENT GLOBAL NOTE 

PAYMENTS, EXCHANGE AND CANCELLATION OF NOTES 
  

															
	Date of
payment,
exchange,
delivery or
cancellation	 	Amount of
interest then
paid	 	Amount of
principal then
paid	 	Principal
amount of
Temporary
Global Note
then
exchanged	 	Aggregate
principal
amount of
Definitive
Notes then
delivered	 	Aggregate
principal
amount of
Notes then
cancelled	 	New principal
amount of this
Global Note	 	Authorised
signature
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

	4 	 Schedule 1 should only be completed where the Final Terms specify that the New Global Note form is not
applicable. 

  
 Page 101 

 SCHEDULE 2 

TO THE PERMANENT GLOBAL NOTE 

Terms and Conditions of the Notes 

[As set out in Schedule 1 to the Trust Deed] 

  
 Page 102 

 Part C 

Form of Definitive Note 
 [On the face
of the Note:] 
 [currency][denomination] 
 [ANY
UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.] 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

This Note is one of a series of notes (the Notes) of InterContinental Hotels Group PLC (the Issuer) and guaranteed by Six
Continents Limited and InterContinental Hotels Limited (together, the Guarantors) as described in the final terms (the Final Terms) or drawdown prospectus (Drawdown Prospectus) or securities note
(Securities Note) a copy of the relevant particulars of which is endorsed on this Note. Any reference herein to the Conditions is to the Terms and Conditions of the Notes endorsed on this Note, as supplemented, amended and/or replaced
by the Final Terms or Drawdown Prospectus or Securities Note and any reference to a numbered “Condition” is to the correspondingly numbered provision thereof. Words and expressions defined in Condition 2(a) (Interpretation
- Definitions) shall have the same meanings when used in this Note. 
 This Note is issued subject to, and with the benefit of, the Conditions and an
amended and restated trust deed (as further modified and/or supplemented and/or novated from time to time, the Trust Deed) dated 14 September 2020 and made between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK)
Limited as trustee for the holders of the Notes. 
 The Issuer, for value received, promises to pay to the bearer of this Note the Redemption Amount on the
Maturity Date or on such earlier date or dates as the same may become payable in accordance with the Conditions (or to pay such other amounts 

  
 Page 103 

 
of principal on such dates as may be specified in the Final Terms or Drawdown Prospectus or Securities Note), and to pay interest (if any) on the nominal amount of this Note on the dates and in
the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. 

This Note shall not be valid for any purpose until it has been authenticated by and on behalf of HSBC Bank plc as principal paying agent. 

This Note, and any non-contractual obligations arising out of or in connection with it, are governed by English law. 

AS WITNESS the electronic, manual or facsimile signature of a duly authorised person on behalf of the Issuer. 

 

					
	 INTERCONTINENTAL HOTELS
	 	)
	 GROUP PLC
	 	)
		 	)

					
			
	By:	 	 	 	

					
	 electronic, manual or facsimile signature
	 	
	 (duly authorised)
	 	
		
	 ISSUED on the Issue Date
	 	
		
	 AUTHENTICATED by and on behalf of
	 	)
	 HSBC BANK PLC as principal
	 	)
	 paying agent without recourse, warranty or
	 	)
	 liability
	 	)

					
			
	By:	 	 	 	

					
	 electronic or manual signature
	 	
	 (duly authorised)
	 	

  
 Page 104 

 [On the reverse of the Note:] 

FINAL TERMS 
 The following is a copy of
the relevant particulars of the Final Terms or Drawdown Prospectus or Securities Note. 
 TERMS AND CONDITIONS 

[As set out in Schedule 1 to the Trust Deed] 

[At the foot of the Terms and Conditions:] 

PRINCIPAL PAYING AGENT 

HSBC Bank plc 
 8 Canada
Square, 
 London E14 5HQ. 

  
 Page 105 

 Part D 

Form of Coupon 
 [On the face of the
Coupon:] 
 [For Fixed Rate Notes] 

INTERCONTINENTAL HOTELS GROUP PLC 
 [Title of Notes]

 unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 
 and 

INTERCONTINENTAL HOTELS LIMITED 
 Coupon for
[currency][amount of interest payment] due on [interest payment date]. 
 Such amount is payable, subject to the terms and conditions (the Conditions)
endorsed on the Note to which this Coupon relates (which are binding on the holder of this Coupon whether or not it is for the time being attached to such Note), against presentation and surrender of this Coupon at the specified office for the time
being of any of the agents shown on the reverse of this Coupon (or any successor or additional agents appointed from time to time in accordance with the Conditions). 

[For Floating Rate Notes] 
 INTERCONTINENTAL
HOTELS GROUP PLC 
 [Title of Notes] 

unconditionally and irrevocably guaranteed by 
 SIX
CONTINENTS LIMITED 
 and 
 INTERCONTINENTAL
HOTELS LIMITED 
 This Coupon relates to a Note in the denomination of [currency] [amount]. 

Coupon for the amount of interest due on the Interest Payment Date falling in [month and year]. 

Such amount is payable, subject to the terms and conditions (the Conditions) endorsed on the Note to which this Coupon relates (which are
binding on the holder of this Coupon whether or not it is for the time being attached to such Note), against presentation and surrender of this Coupon at the specified office for the time being of any of the agents shown on the reverse of this
Coupon (or any successor or additional agents appointed from time to time in accordance with the Conditions). 

  
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 The Note to which this Coupon relates may, in certain circumstances specified in the Conditions), fall due
for redemption before the maturity date of this Coupon. In such event, this Coupon shall become void and no payment will be made in respect hereof. 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]5  
 [On the
reverse of the Coupon:] 
 Principal Paying Agent: HSBC Bank plc, 8 Canada Square, London E14 5HQ. 

 

	5 	 Legend to appear on every Note with a maturity of more than one year. 

  
 Page 107 

 Part E 

Form of Talon 
 [On the face of the
Talon:] 
 INTERCONTINENTAL HOTELS GROUP PLC 

[Title of Notes] 
 unconditionally and
irrevocably guaranteed by 
 SIX CONTINENTS LIMITED 

and 
 INTERCONTINENTAL HOTELS LIMITED 

Talon for further Coupons. 
 On or after the maturity date of
the final Coupon which is (or was at the time of issue) part of the Coupon Sheet to which this Talon is (or was at the time of issue) attached, this Talon may be exchanged at the specified office for the time being of the principal paying agent
shown on the reverse of this Talon (or any successor principal paying agent appointed from time to time in accordance with the terms and conditions (the Conditions) of the Notes to which this Talon relates) for a further Coupon Sheet
(including a further Talon but excluding any Coupons in respect of which claims have already become void pursuant to the Conditions). 
 The Note to which
this Talon relates may, in certain circumstances specified in the Conditions, fall due for redemption before the maturity date of such final Coupon. In such event, this Talon shall become void and no Coupon will be delivered in respect hereof. 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS
PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]6 
 [On the
reverse of the Talon:] 
 Principal Paying Agent: HSBC Bank plc, 8 Canada Square, London E14 5HQ. 

 

	6 	 Legend to appear on every Note with a maturity of more than one year. 

  
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 SCHEDULE 3 

PROVISIONS FOR MEETINGS OF NOTEHOLDERS 
  

	1.	 DEFINITIONS 

In this Trust Deed and the Conditions, the following expressions have the following meanings: 

Block Voting Instruction means, in relation to any Meeting, a document in the English language issued by a Paying Agent: 

 

	(a)	 certifying that the Deposited Notes have been deposited with such Paying Agent (or to its order at a bank or
other depositary) or blocked in an account with a clearing system and will not be released until the earlier of: 

  

	 	(i)	 the conclusion of the Meeting specified in such Block Voting Instruction; and 

 

	 	(ii)	 the surrender to such Paying Agent, not less than 48 hours before the time fixed for the Meeting (or, if the
Meeting has been adjourned, the time fixed for its resumption), of the receipt for the deposited held to its order or under its control or blocked Notes and notification thereof by such Paying Agent to the Issuer and the Trustee; and

  

	(b)	 certifying that the depositor of each Deposited Note or a duly authorised person on its behalf has instructed
the relevant Paying Agent that the votes attributable to such Deposited Note are to be cast in a particular way on each resolution to be put to the Meeting and that, during the period of 48 hours before the time fixed for the Meeting and ending at
the conclusion or adjournment thereof, such instructions may not be amended or revoked; 

  

	(c)	 listing the aggregate nominal amount and (if in definitive form) the certificate numbers of the Deposited
Notes, distinguishing for each resolution between those in respect of which instructions have been given to vote for, or against, the resolution; and 

  

	(d)	 authorising a named individual or individuals to vote in respect of the Deposited Notes in accordance with such
instructions; 

 Chairman means, in relation to any Meeting, the individual who takes the chair in accordance with paragraph
7 (Chairman); 
 Deposited Notes means certain specified Notes which have been deposited with a Paying Agent (or to its order at a bank or
other depositary) held to its order or under its control or blocked in an account with a clearing system, for the purposes of a Block Voting Instruction or a Voting Certificate; 

  
 Page 109 

 Extraordinary Resolution means a resolution passed at a Meeting duly convened and held in
accordance with this Schedule by a majority of not less than three quarters of the persons voting thereat upon a show of hands or if a poll is duly demanded by a majority consisting of not less than three-quarters of the votes cast on such poll;

 Meeting means a meeting of Noteholders (whether originally convened or resumed following an adjournment); 

Proxy means, in relation to any Meeting, a person appointed to vote under a Block Voting Instruction other than: 

 

	(a)	 any such person whose appointment has been revoked and in relation to whom the relevant Paying Agent has been
notified in writing of such revocation by the time which is 48 hours before the time fixed for such Meeting; and 

  

	(b)	 any such person appointed to vote at a Meeting which has been adjourned for want of a quorum and who has not
been re-appointed to vote at the Meeting when it is resumed; 

 Relevant Fraction means: 

 

	(a)	 for all business other than voting on an Extraordinary Resolution, one tenth; 

 

	(b)	 for voting on any Extraordinary Resolution other than one relating to a Reserved Matter, more than half; and

  

	(c)	 for voting on any Extraordinary Resolution relating to a Reserved Matter, not less than three quarters;

 provided, however, that, in the case of a Meeting which has resumed after adjournment for want of a quorum, it means: 

 

	 	(i)	 for all business other than voting on an Extraordinary Resolution relating to a Reserved Matter, the fraction
of the aggregate principal amount of the outstanding Notes represented or held by the Voters actually present at the Meeting; and 

  

	 	(ii)	 for voting on any Extraordinary Resolution relating to a Reserved Matter, not less than one quarter;

 Reserved Matter means any proposal: 
  

	(a)	 to change any date fixed for payment of principal or interest in respect of the Notes, to reduce the amount of
principal or interest payable on any date in respect of the Notes or to alter the method of calculating the amount of any payment in respect of the Notes on redemption or maturity; 

 

	(b)	 to effect the exchange or substitution of the Notes for, or the conversion of the Notes into, shares, bonds or
other obligations or securities of the Issuer or any other person or body corporate formed or to be formed (other than as permitted under Clause 9.3 of this Trust Deed); 

  
 Page 110 

	(c)	 to change the currency in which amounts due in respect of the Notes are payable; 

 

	(d)	 to change the quorum required at any Meeting or the majority required to pass an Extraordinary Resolution; or

  

	(e)	 to amend this definition; 

Voter means, in relation to any Meeting, the bearer of a Voting Certificate, Proxy or the bearer of a definitive Note who produces such
definitive Note at the Meeting; 
 Voting Certificate means, in relation to any Meeting, a certificate in the English language issued by a
Paying Agent and dated in which it is stated: 
  

	(a)	 that the Deposited Notes have been deposited with such Paying Agent (or to its order or under its control at a
bank or other depositary) or blocked in an account with a clearing system and will not be released until the earlier of: 

  

	 	(i)	 the conclusion of the Meeting; and 

 

	 	(ii)	 the surrender of such certificate to such Paying Agent; and 

 

	(b)	 that the bearer of such certificate is entitled to attend and vote at the Meeting in respect of the Deposited
Notes; 

 Written Resolution means a resolution in writing signed by or on behalf of at least 75 per cent. of the
holders of Notes who for the time being are entitled to receive notice of a Meeting in accordance with the provisions of this Schedule, whether contained in one document or several documents in the same form, each signed by or on behalf of one or
more such holders of the Notes; 
 24 hours means a period of 24 hours including all or part of a day (disregarding for this purpose the day
upon which such Meeting is to be held) upon which banks are open for business in both the place where the relevant Meeting is to be held and in each of the places where the Paying Agents have their Specified Offices and such period shall be extended
by one period or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business as aforesaid; and 

48 hours means 2 consecutive periods of 24 hours. 
  

	2.	 ISSUE OF VOTING CERTIFICATES AND
BLOCK VOTING INSTRUCTIONS 

 The holder of a Note may obtain a Voting Certificate from any
Paying Agent or require any Paying Agent to issue a Block Voting Instruction by depositing such Note with such Paying Agent or arranging for such Note to be (to its satisfaction) held to its order or under its control or blocked in an account with a
clearing system not later than 48 hours before the time fixed for the relevant Meeting. A Voting Certificate or Block Voting Instruction shall be valid until the release of the Deposited Notes to which it relates. So long as a Voting Certificate or
Block Voting Instruction is valid, 

  
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the bearer thereof (in the case of a Voting Certificate) or any Proxy named therein (in the case of a Block Voting Instruction) shall be deemed to be the holder of the Notes to which it relates
for all purposes in connection with the Meeting. A Voting Certificate and a Block Voting Instruction cannot be outstanding simultaneously in respect of the same Note. 
  

	3.	 REFERENCES TO DEPOSIT/RELEASE OF
NOTES 

 Where Notes are represented by a Global Note or are held in definitive form within a clearing system,
references to the deposit, or release, of Notes shall be construed in accordance with the usual practices (including blocking the relevant account) of such clearing system. 
  

	4.	 VALIDITY OF BLOCK VOTING
INSTRUCTIONS 

 A Block Voting Instruction shall be valid only if deposited at the Specified Office of the relevant
Paying Agent or at some other place approved by the Trustee, at least 24 hours before the time fixed for the relevant Meeting or the Chairman decides otherwise before the Meeting proceeds to business. If the Trustee so requires, a notarised copy of
each Block Voting Instruction and satisfactory proof of the identity of each Proxy named therein shall be produced at the Meeting, but the Trustee shall not be obliged to investigate the validity of any Block Voting Instruction or the authority of
any Proxy. 
  

	5.	 CONVENING OF MEETING 

The Issuer or the Trustee may convene a Meeting at any time, and the Trustee shall be obliged to do so subject to its being indemnified and/or secured and/or
prefunded to its satisfaction upon the request in writing of Noteholders holding not less than one tenth of the aggregate principal amount of the outstanding Notes. Every Meeting shall be held on a date, and at a time and place (which need not be a
physical space and instead may be by way of conference call), approved by the Trustee. 
  

	6.	 NOTICE 

At least 21 days’ notice (exclusive of the day on which the notice is given and of the day on which the relevant Meeting is to be held) specifying the
date, time and place of the Meeting shall be given to the Noteholders and the Paying Agents (with a copy to the Issuer) where the Meeting is convened by the Trustee or, where the Meeting is convened by the Issuer, the Trustee. The notice shall set
out the full text of any resolutions to be proposed unless the Trustee agrees that the notice shall instead specify the nature of the resolutions without including the full text and shall state that the Notes may be deposited with, or to the order
of, any Paying Agent for the purpose of obtaining Voting Certificates or appointing Proxies not later than 48 hours before the time fixed for the Meeting. A copy of the notice shall be sent by post to the Trustee (unless the meeting is convened by
the Trustee), to the Issuer (unless the meeting is convened by the Issuer) and to each Guarantor (unless the meeting is convened by that Guarantor). 

  
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	7.	 CHAIRMAN 

An individual (who may, but need not, be a Noteholder) nominated in writing by the Trustee may take the chair at any Meeting but, if no such nomination is made
or if the individual nominated is not present within 15 minutes after the time fixed for the Meeting, those present shall elect one of themselves to take the chair failing which, the Issuer may appoint a Chairman. The Chairman of an adjourned
Meeting need not be the same person as was the Chairman of the original Meeting. 
  

	8.	 QUORUM 

The quorum at any Meeting shall be at least two Voters representing or holding not less than the Relevant Fraction of the aggregate principal amount of the
outstanding Notes; provided, however, that, so long as at least the Relevant Fraction of the aggregate principal amount of the outstanding Notes is represented by the Global Note(s), a Voter appointed in relation thereto or being the holder
of the Notes represented thereby shall be deemed to be two Voters for the purpose of forming a quorum. 
  

	9.	 ADJOURNMENT FOR WANT OF QUORUM

 If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time fixed for any
Meeting a quorum is not present, then: 
  

	(a)	 in the case of a Meeting requested by Noteholders, it shall be dissolved; and 

 

	(b)	 in the case of any other Meeting (unless the Issuer and the Trustee otherwise agree), it shall be adjourned for
such period (which shall be not less than 14 days and not more than 42 days) and to such place (which need not be a physical place and instead may be by way of a conference call) as the Chairman determines (with the approval of the Trustee);
provided, however, that: 

  

	 	(i)	 the Meeting shall be dissolved if the Issuer and the Trustee together so decide; and 

 

	 	(ii)	 no Meeting may be adjourned more than once for want of a quorum. 

 

	10.	 ADJOURNED MEETING 

The Chairman may, with the consent of, and shall if directed by, any Meeting adjourn such Meeting from time to time and from place to place, but no business
shall be transacted at any adjourned Meeting except business which might lawfully have been transacted at the Meeting from which the adjournment took place. 

  
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	11.	 NOTICE FOLLOWING ADJOURNMENT 

Paragraph 6 (Notice) shall apply to any Meeting which is to be resumed after adjournment for want of a quorum save that: 

 

	(a)	 10 days’ notice (exclusive of the day on which the notice is given and of the day on which the Meeting is
to be resumed) shall be sufficient; and 

  

	(b)	 the notice shall specifically set out the quorum requirements which will apply when the Meeting resumes.

 It shall not be necessary to give notice of the resumption of a Meeting which has been adjourned for any other reason. 

 

	12.	 PARTICIPATION 

The following may attend and speak but not vote at a Meeting: 

(a) Voters; 
 (b) representatives of the Issuer, the
Guarantors and the Trustee; 
 (c) the financial advisers of the Issuer, the Guarantors and the Trustee; 

 

	(d)	 the legal counsel to the Issuer, the Guarantors and the Trustee and such advisers; and 

 

	(e)	 any other person approved by the Meeting or the Trustee. 

 

	13.	 SHOW OF HANDS 

Every question submitted to a Meeting shall be decided in the first instance by a show of hands. Unless a poll is validly demanded before or at the time that
the result is declared, the Chairman’s declaration that on a show of hands a resolution has been passed, passed by a particular majority, rejected or rejected by a particular majority shall be conclusive, without proof of the number of votes
cast for, or against, the resolution. Where there is only one Voter, this paragraph shall not apply and the resolution will immediately be decided by means of a poll. 
  

	14.	 POLL 

A demand for a poll shall be valid if it is made by the Chairman, the Issuer, any Guarantor, the Trustee or one or more Voters representing or holding not less
than one fiftieth of the aggregate principal amount of the outstanding Notes. The poll may be taken immediately or after such adjournment as the Chairman directs, but any poll demanded on the election of the Chairman or on any question of
adjournment shall be taken at the Meeting without adjournment. A valid demand for a poll shall not prevent the continuation of the relevant Meeting for any other business as the Chairman directs. 

 

	15.	 VOTES 

Every Voter shall have: 
  

	(a)	 on a show of hands, one vote; and 

  
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	(b)	 on a poll, the number of votes obtained by dividing the aggregate principal amount of the outstanding Note(s)
represented or held by him by the unit of currency in which the Notes are denominated. 

 In the case of a voting tie the Chairman shall
have a casting vote. 
 Unless the terms of any Block Voting Instruction state otherwise, a Voter shall not be obliged to exercise all the votes to which he
is entitled or to cast all the votes which he exercises in the same way. 
 In the case of any Meeting of holders of more than one Series of Notes where not
all such Series are in the same currency, the principal amount of such Notes shall for all purposes in this Schedule 3 (whether inter alia in respect of the Meeting or any poll resulting therefrom), be the equivalent in pounds sterling translated at
the spot rate of a bank nominated by the Trustee for the sale of the relevant currency or currencies for pounds sterling on the seventh dealing day prior to such Meeting, or in the case of a written request pursuant to paragraph 5, the date of such
request. In such circumstances, on any poll each person present shall have one vote for each Unit of Notes (converted as above) which he holds. 
 In this
paragraph, a “Unit” means the lowest denomination of the Notes as stated in the Applicable Supplement or in the case of a meeting of Noteholders of more than one Series, shall be the lowest common denominator of the lowest
denomination of the Notes. 
  

	16.	 VALIDITY OF VOTES BY PROXIES

 Any vote by a Proxy in accordance with the relevant Block Voting Instruction shall be valid even if such Block Voting Instruction or
any instruction pursuant to which it was given has been amended or revoked, provided that neither the Issuer, the Trustee nor the Chairman has been notified in writing of such amendment or revocation by the time which is 24 hours before the
time fixed for the relevant Meeting. Unless revoked, any appointment of a Proxy under a Block Voting Instruction in relation to a Meeting shall remain in force in relation to any resumption of such Meeting following an adjournment; provided,
however, that no such appointment of a Proxy in relation to a Meeting originally convened which has been adjourned for want of a quorum shall remain in force in relation to such Meeting when it is resumed. Any person appointed to vote at such a
Meeting must be re-appointed under a Block Voting Instruction to vote at the Meeting when it is resumed. 
  

	17.	 POWERS 

A Meeting shall have power (exercisable only by Extraordinary Resolution), without prejudice to any other powers conferred on it or any other person: 

 

	(a)	 to approve any Reserved Matter; 

 

	(b)	 to approve any proposal by the Issuer for any modification, abrogation, variation or compromise of any
provisions of this Trust Deed or the Conditions or any arrangement in respect of the obligations of the Issuer or any Guarantor under or in respect of the Notes; 

  
 Page 115 

	(c)	 (other than as permitted under Clause 9.3 of this Trust Deed) to approve the substitution of any person for the
Issuer (or any previous substitute) as principal obligor under the Notes or the substitution of any person for any Guarantor (or any previous substitute) as guarantor under the Notes; 

 

	(d)	 (other than as permitted under Clause 9.3 of this Trust Deed) to waive any breach or authorise any proposed
breach by the Issuer or any Guarantor of its obligations under or in respect of this Trust Deed or the Notes or any act or omission which might otherwise constitute an Event of Default under the Notes; 

 

	(e)	 to remove any Trustee; 

 

	(f)	 to approve the appointment of a new Trustee; 

 

	(g)	 to authorise the Trustee (subject to its being indemnified and/or secured to its satisfaction) or any other
person to execute all documents and do all things necessary to give effect to any Extraordinary Resolution; 

  

	(h)	 to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may
become responsible under this Trust Deed or the Notes; 

  

	(i)	 to give any other authorisation or approval which under this Trust Deed or the Notes is required to be given by
Extraordinary Resolution; 

  

	(j)	 to appoint any persons as a committee to represent the interests of the Noteholders and to confer upon such
committee any powers which the Noteholders could themselves exercise by Extraordinary Resolution; 

  

	(k)	 to sanction any scheme or proposal for the exchange or sale of the Notes for or the conversion of the Notes
into or the cancellation of the Notes in consideration of shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed, or for or into or in
consideration of cash, or partly for or into or in consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash; and

  

	(l)	 to approve the substitution of any entity for the Issuer and/or a Guarantor (or any previous substitute) as
principal debtor and/or guarantor, as the case may be, under this Trust Deed and the Notes and Coupons. 

  

	18.	 EXTRAORDINARY RESOLUTION BINDS ALL
HOLDERS 

 An Extraordinary Resolution shall be binding upon all Noteholders and Couponholders, whether or not present
at such Meeting, and each of the Noteholders shall be bound to give effect to it accordingly. Notice of the result of every vote on an Extraordinary Resolution shall be given to the Noteholders and the Paying Agents (with a copy to the Issuer and
the Trustee) within 14 days of the conclusion of the Meeting. 

  
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	19.	 MINUTES 

Minutes of all resolutions and proceedings at each Meeting shall be made. The Chairman shall sign the minutes, which shall be prima facie evidence of the
proceedings recorded therein. Unless and until the contrary is proved, every such Meeting in respect of the proceedings of which minutes have been summarised and signed shall be deemed to have been duly convened and held and all resolutions passed
or proceedings transacted at it to have been duly passed and transacted. 
  

	20.	 WRITTEN RESOLUTION 

A Written Resolution shall take effect as if it were an Extraordinary Resolution. 
  

	21.	 FURTHER REGULATIONS 

Subject to all other provisions contained in this Trust Deed, the Trustee may without the consent of the Issuer or the Noteholders prescribe such further
regulations regarding the holding of Meetings of Noteholders and attendance and voting at them as the Trustee may in its sole discretion determine and agree to the holding of meetings by conference call in circumstances where it may be impossible or
inadvisable to hold physical meetings. 
  

	22.	 SEVERAL SERIES 

The following provisions shall apply where outstanding Notes belong to more than one Series: 

 

	(a)	 Business which in the opinion of the Trustee affects the Notes of only one Series shall be transacted at a
separate Meeting of the holders of the Notes of that Series. 

  

	(b)	 Business which in the opinion of the Trustee affects the Notes of more than one Series but does not give rise
to an actual or potential conflict of interest between the holder of Notes or one such Series and the holders of Notes of any other such Series shall be transacted either at separate Meetings of the holders of the Notes of each such Series or at a
single Meeting of the holders of the Notes of all such Series, as the Trustee shall in its absolute discretion determine. 

  

	(c)	 Business which in the opinion of the Trustee affects the Notes of more than one Series and gives rise to an
actual or potential conflict of interest between the holders of Notes of one such Series and the holders of Notes of any other such Series shall be transacted at separate Meetings of the holders of the Notes of each such Series.

  
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	(d)	 The preceding paragraphs of this Schedule shall be applied as if references to the Notes and Noteholders were
to the Notes of the relevant Series and to the holders of such Notes. 

 In this paragraph, “business” includes
(without limitation) the passing or rejection of any resolution 

  
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 TRUST DEED EXECUTION CLAUSES 

 

					
	The Issuer	  		  	
			
	EXECUTED and DELIVERED as a DEED by	  	)	  	
	INTERCONTINENTAL HOTELS GROUP PLC	  	)	  	
	a company incorporated in England and Wales acting by	  	)	  	
			
	  
 a director of the Company
	  	 )
 )
	  	 /s/ Paul Edgecliffe-Johnson

			
	  
 a director / company secretary of the Company
	  	 )
 )
	  	 /s/ Nicolette Henfrey

			
	The Guarantors	  		  	
			
	EXECUTED and DELIVERED as a DEED by	  	)	  	
	INTERCONTINENTAL HOTELS LIMITED	  	)	  	
	a company incorporated in England and Wales acting by	  	)	  	
			
	  
 a director of the Company
	  	 )
 )
	  	 /s/ Paul Edgecliffe-Johnson

			
	  
 a director / company secretary of the Company
	  	 )
 )
	  	 /s/ Nicolette Henfrey

			
	EXECUTED and DELIVERED as a DEED by	  	)	  	
	SIX CONTINENTS LIMITED	  	)	  	
	a company incorporated in England and Wales acting by	  	)	  	
			
	  
 a director of the Company
	  	 )
 )
	  	 /s/ Paul Edgecliffe-Johnson

			
	  
 a director / company secretary of the Company
	  	 )
 )
	  	 /s/ Nicolette Henfrey

  
 Trust Deed signature
pages 

					
	The Trustee	  		  	
			
	EXECUTED as a DEED by	  	)	  	 /s/ Chloc Slattery

	as attorney for	  	)
	HSBC CORPORATE TRUSTEE	  	)
	COMPANY (UK) LIMITED	  	)
		  		  	 Chloc Slattery

Authorised Signatory

	WITNESS: /s/ Colin
Kiely                                        
	  		  	
	WITNESS NAME: COLIN KIELY	  		  	
	 WITNESS ADDRESS: 45 BEAUCHAMP RO

                          
            LONDON

                          
            SW11 1PG
	  		  	

  
 Trust Deed signature
pages

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