Non-Cumulative Deferral

If Non-Cumulative Deferral is set out on the face of the Perpetual Security and the relevant Pricing Supplement, any distribution deferred pursuant to Condition 4(IV)(c) of the Perpetual Securities is non-cumulative and will not accrue distribution or interest. The Relevant Issuer is not under any obligation to pay that or any other distributions that have not been paid in whole or in part. The Relevant Issuer may, at its sole discretion (and is not obliged to), and at any time, elect to pay an amount up to the amount of distribution which is unpaid (“Optional Distribution”) (in whole or in part) by complying with the notice requirements in Condition 4(IV)(e) of the Perpetual Securities. There is no limit on the number of times or the extent of the amount with respect to which the Relevant Issuer can elect not to pay distributions pursuant to Condition 4(IV) of the Perpetual Securities. Any partial payment of outstanding Optional Distribution by the Relevant Issuer shall be shared by the holders of all outstanding Perpetual Securities and the Coupons related to them on a pro rata basis.

Restrictions in the case of Non-Payment – H-REIT Perpetual Securities only

If Dividend Stopper is set out on the face of the Perpetual Security and the relevant Pricing Supplement and on any Distribution Payment Date, payments of all distribution scheduled to be made on such date are not made in full by reason of Condition 4(IV) of the H-REIT Perpetual Securities, the H-REIT Trustee shall not, and shall procure that the subsidiaries of H-REIT shall not:

(1) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on, any of the Junior Obligations of the H-REIT Trustee or (except on a pro rata basis) any of the Specified Parity Obligations of the H-REIT Trustee; or

(2) redeem, reduce, cancel, buy-back or acquire for any consideration, and will procure that no redemption, reduction, cancellation, buy-back or acquisition for any consideration is made in respect, of any of the Junior Obligations of the H-REIT Trustee or (except on a pro rata basis) any of the Parity Obligations (as defined in the Condition 3(b)(i) of the H-REIT Perpetual Securities) of the H-REIT Trustee,

in each case other than (a) in connection with any employee benefit plan or similar arrangement with or for the benefit of the employees, officers, directors or consultants of the H-REIT Group or (b) as a result of the exchange or conversion of Specified Parity Obligations of the H-REIT Trustee for Junior Obligations of the H-REIT Trustee, or (c) as otherwise specified in the applicable Pricing Supplement, unless and until (A) (if Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) the H-REIT Trustee has satisfied in full all outstanding Arrears of Distribution, (B) (if Non-Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) a redemption of all the outstanding Perpetual Securities has occurred, the next scheduled distribution has been paid in full or an Optional Distribution equal to the amount of a distribution payable with respect to the most recent Distribution Payment Date that was unpaid in full or in part, has been paid in full or (C) the H-REIT Trustee is permitted to do so (or is permitted to procure its subsidiaries to do so) by an Extraordinary Resolution of the Perpetual Securityholders and/or as otherwise specified in the applicable Pricing Supplement.

If so provided on the face of the Perpetual Security and the relevant Pricing Supplement, the Relevant Issuer may, at its option, redeem the Perpetual Securities in whole, but not in part, on the First Call Date (as specified in the relevant Pricing Supplement) or on any Distribution Payment Date thereafter at their principal amount, together with the distribution (including any Optional Distribution, Arrears of Distribution, and Additional Distribution Amount) accrued from (and including) the immediately preceding Distribution Payment Date to (but excluding) the date fixed for redemption, on giving not less than 30 nor more than 60 days’ notice to the Perpetual Securityholders (which notice shall be irrevocable).

18 November 2030 & on every distribution payment date thereafter at par

Redemption upon a Regulatory Event – H-REIT Perpetual Securities only:

If so provided on the face of the Perpetual Security and the relevant Pricing Supplement, the Perpetual Securities may be redeemed at the option of the H-REIT Trustee in whole, but not in part, on any Distribution Payment Date or, if so specified thereon, at any time on giving not less than 30 nor more than 60 days’ notice to the Perpetual Securityholders (which notice shall be irrevocable), at their redemption amount (together with distribution (including any Optional Distribution, Arrears of Distribution and Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption), if as a result of any change in, or amendment to, the Property Funds Appendix, or any change in the application or official interpretation of the Property Funds Appendix, the Perpetual Securities count or will count towards the Aggregate Leverage under the Property Funds Appendix, provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Perpetual Securities will count towards the Aggregate Leverage.

Redemption upon a Ratings Event :

If so provided on the face of the relevant Perpetual Security, the Relevant Issuer may, at its option, redeem the Perpetual Securities in whole, but not in part, on any Distribution Payment Date or, if so specified in the relevant Perpetual Security, at any time on giving not less than 30 nor more than 60 days’ notice to the Perpetual Securityholders (which notice shall be irrevocable), at their redemption amount (together with distribution (including any Optional Distribution, Arrears of Distribution and Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption) if as of the date fixed for redemption, an amendment, clarification or change has occurred, or will in the Distribution Payment Period immediately following the date fixed for redemption occur, in the equity credit criteria, guidelines or methodology of any Rating Agency (as defined below) requested from time to time by the Relevant Issuer to grant an equity credit rating to the Issuer or the Perpetual Securities and, in each case, any of their respective successors to the rating business thereof, which amendment, clarification or change results or will result in a lower equity credit for the Perpetual Securities than the equity credit assigned on the Issue Date or, if equity credit is not assigned on the Issue Date, at the date when equity credit is assigned for the first time.