<SEC-DOCUMENT>0001193125-20-171455.txt : 20200617
<SEC-HEADER>0001193125-20-171455.hdr.sgml : 20200617
<ACCEPTANCE-DATETIME>20200617171415
ACCESSION NUMBER:		0001193125-20-171455
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20200617
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200617
DATE AS OF CHANGE:		20200617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			American Homes 4 Rent
		CENTRAL INDEX KEY:			0001562401
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				461229660
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36013
		FILM NUMBER:		20970501

	BUSINESS ADDRESS:	
		STREET 1:		30601 WEST AGOURA ROAD
		STREET 2:		SUITE 200
		CITY:			AGOURA HILLS
		STATE:			CA
		ZIP:			91301
		BUSINESS PHONE:		(805) 413-5300

	MAIL ADDRESS:	
		STREET 1:		30601 WEST AGOURA ROAD
		STREET 2:		SUITE 200
		CITY:			AGOURA HILLS
		STATE:			CA
		ZIP:			91301
</SEC-HEADER>
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<TYPE>8-K
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<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <span style="white-space:nowrap"><ix:nonNumeric name="dei:EntityFileNumber" contextRef="duration_2020-06-17_to_2020-06-17">001-36013</ix:nonNumeric> </span></p></td>
<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
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<td>&#160;</td>
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<td colspan="3" style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">(Address of principal executive offices)</p></td>
<td>&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">(Zip Code)</p></td></tr></table> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0px;margin-top:4pt">Registrant&#8217;s telephone number, including area code: <ix:nonNumeric name="dei:CityAreaCode" contextRef="duration_2020-06-17_to_2020-06-17">(805)</ix:nonNumeric><span style="white-space:nowrap">&#160;<ix:nonNumeric name="dei:LocalPhoneNumber" contextRef="duration_2020-06-17_to_2020-06-17">413-5300</ix:nonNumeric> </span></p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0px;margin-top:4pt">Not Applicable</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">(Former name or former address, if changed since last report.)</p> <div style="text-align:center"> <p style="line-height:6pt;margin-left:auto;border-bottom:1px solid #000000;width:21.05%;margin-right:auto;margin-top:4pt;margin-bottom:0px">&#160;</p></div> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:4pt">Check the appropriate box below if the Form <span style="white-space:nowrap">8-K</span> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</p> <p style="margin-bottom:0px;margin-top:4pt"></p>
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<td style="width:4%;vertical-align:top;white-space:nowrap;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="duration_2020-06-17_to_2020-06-17" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr></table> <p style="margin-bottom:0px;margin-top:4pt"></p>
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<td style="width:4%;vertical-align:top;white-space:nowrap;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="duration_2020-06-17_to_2020-06-17" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12) </span></td></tr></table> <p style="margin-bottom:0px;margin-top:4pt"></p>
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<td style="width:4%;vertical-align:top;white-space:nowrap;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="duration_2020-06-17_to_2020-06-17" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;"> <span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b)) </span></td></tr></table> <p style="margin-bottom:0px;margin-top:4pt"></p>
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<td style="width:4%;vertical-align:top;white-space:nowrap;"> <span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="duration_2020-06-17_to_2020-06-17" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span>&#32;</td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;"> <span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c)) </span></td></tr></table> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0px;margin-top:8pt">Securities registered pursuant to Section&#160;12(b) of the Act:</p>
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<td style="width:35%;"></td>
<td style="width:1%;"></td>
<td style="width:33%;"></td>
<td style="width:1%;"></td>
<td style="width:32%;"></td></tr>
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<td style="border-bottom:1pt solid #000000;white-space:nowrap;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Title of Class</p></td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="border-bottom:1pt solid #000000;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Trading</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Symbol</p></td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="border-bottom:1pt solid #000000;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Name of exchange</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">on which registered</p></td></tr>
<tr style="page-break-inside:avoid;font-size:10pt;">
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2020-06-17_to_2020-06-17_us-gaap-StatementClassOfStockAxis_us-gaap-CommonClassAMember">Class A common shares of beneficial interest, $.01 par value</ix:nonNumeric></p></td>
<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2020-06-17_to_2020-06-17_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesDPreferredStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></p></td></tr>
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<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
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<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <span style="white-space:nowrap"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2020-06-17_to_2020-06-17_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesGPreferredStockMember">AMH-G</ix:nonNumeric> </span></p></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2020-06-17_to_2020-06-17_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesGPreferredStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></p></td></tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2020-06-17_to_2020-06-17_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesHPreferredStockMember">Series H perpetual preferred shares of beneficial interest, $.01 par value</ix:nonNumeric></p></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <span style="white-space:nowrap"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2020-06-17_to_2020-06-17_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesHPreferredStockMember">AMH-H</ix:nonNumeric> </span></p></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2020-06-17_to_2020-06-17_us-gaap-StatementClassOfStockAxis_us-gaap-SeriesHPreferredStockMember" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></p></td></tr></table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:4pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <span style="white-space:nowrap">12b-2</span> of the Securities Exchange Act of 1934 (&#167;<span style="white-space:nowrap">240.12b-2</span> of this chapter).</p> <p style="font-family:Times New Roman;text-align:right;font-size:10pt;margin-bottom:0px;margin-top:4pt">Emerging growth company&#160;&#160;<span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2020-06-17_to_2020-06-17" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:4pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;<span style="font-family:Times New Roman;font-weight:normal">&#9744;</span></p> <p style="margin-bottom:0px;margin-top:8pt"></p> <div style="text-align:center"> <p style="line-height:0.5pt;border-bottom:0.50px solid #000000;width:100%;margin-top:0pt;margin-bottom:0pt">&#160;</p></div> <div style="text-align:center"> <p style="line-height:3pt;border-bottom:0.50px solid #000000;width:100%;margin-top:0pt;margin-bottom:2pt">&#160;</p></div> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p></div>

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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;8.01. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Other Events.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:6pt">On June&#160;17, 2020, American Homes 4 Rent (the &#8220;Company&#8221;) and American Homes 4 Rent, L.P., the Company&#8217;s operating partnership (the &#8220;Operating Partnership&#8221;), entered into a sales agreement (the &#8220;Sales Agreement&#8221;) with each of Morgan Stanley&#160;&#038; Co. LLC, B. Riley FBR, Inc., BTIG, LLC, BofA Securities, Inc., Cantor Fitzgerald&#160;&#038; Co., Citigroup Global Markets Inc., Evercore Group L.L.C., Goldman Sachs&#160;&#038; Co. LLC, Jefferies LLC, JMP Securities LLC, J.P. Morgan Securities LLC, Raymond James&#160;&#038; Associates, Inc. and Wells Fargo Securities, LLC, as sales agents (collectively, the &#8220;Sales Agents&#8221;), each of B. Riley FBR, Inc., BofA Securities, Inc., Citigroup Global Markets, Inc., Goldman Sachs&#160;&#038; Co. LLC, Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley&#160;&#038; Co. LLC, Raymond James&#160;&#038; Associates, Inc. and Wells Fargo Securities, LLC, as forward sellers (collectively, the &#8220;Forward Sellers&#8221;), and each of B. Riley FBR, Inc., Bank of America, N.A., Citibank, N.A., Goldman Sachs&#160;&#038; Co. LLC, Jefferies LLC, JPMorgan Chase Bank, National Association, Morgan Stanley&#160;&#038; Co. LLC, Raymond James&#160;&#038; Associates, Inc. and Wells Fargo Bank, National Association, as forward purchasers (collectively, the &#8220;Forward Purchasers&#8221;). </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">Under the terms of the Sales Agreement, the Company may issue and sell from time to time through or to the Sales Agents or by the Forward Sellers its Class&#160;A common shares of beneficial interest, $0.01 par value per share, having an aggregate offering price of up to $500.0&#160;million (the &#8220;Class&#160;A Common Shares&#8221;). </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">The Class&#160;A Common Shares will be offered and sold through the Sales Agents, as the Company&#8217;s sales agents, or the Forward Sellers, acting as agents for the applicable Forward Purchaser, over a period of time and from time to time in negotiated transactions or transactions that are deemed to be &#8220;at the market&#8221; offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), including sales made by means of ordinary brokers&#8217; transactions, including directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange. The Sales Agents, subject to mutual agreement among the Sales Agents and the Company, may also sell the Class&#160;A Common Shares sold to it as principal by any other method permitted by law, including, but not limited to, privately negotiated transactions. The Sales Agents and the Forward Sellers are not required to sell any specific number or dollar amount of the Class&#160;A Common Shares, but each Sales Agent and each Forward Seller will make all sales using commercially reasonable efforts consistent with its normal trading and sales practices to sell such Class&#160;A Common Shares (if acting as the Company&#8217;s sales agent) and all of the borrowed shares (if acting as agent for the relevant Forward Purchaser) up to the amount specified, and otherwise in accordance with mutually agreed terms. The Company also may sell Class&#160;A Common Shares to any Sales Agent as principal for its own account. If the Company sells Class&#160;A Common Shares to any Sales Agent as principal, it will enter into a separate terms agreement setting forth the terms of such transaction. </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">The Company or any Sales Agent may at any time suspend the offering of the Class&#160;A Common Shares pursuant to the terms of the Sales Agreement. The offering of the Class&#160;A Common Shares pursuant to the Sales Agreement will terminate upon the earlier of (i)&#160;the sale of the Class&#160;A Common Shares subject to the Sales Agreement (including shares sold by the Company to or through the Sales Agents and borrowed shares sold by the Forward Sellers) and any terms agreement having an aggregate gross sales price of $500.0&#160;million and (ii)&#160;with respect to the Sales Agreement or terms agreement, the termination of the Sales Agreement by the Company, the Sales Agents, the Forward Sellers or the Forward Purchasers as permitted therein. </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">The Sales Agreement provides that, in addition to issuance and sale of Class&#160;A Common Shares through the Sales Agents, the Company also may enter into one or more letter agreements (each, a &#8220;Forward Contract&#8221;) with each of the Forward Purchasers in a form attached as Exhibit D to the Sales Agreement. On June 17, 2020, the Company entered into separate Forward Contracts with each of the Forward Purchasers. Under the terms of any Forward Contract, the relevant Forward Purchaser will, at the Company&#8217;s request from time to time pursuant to mutually agreed instructions and a supplemental confirmation (together with the applicable Forward Contract, a &#8220;Forward Sale Agreement&#8221;), borrow from third parties and, through the relevant Forward Seller, sell a number of Class&#160;A Common Shares equal to the number of shares underlying the particular Forward Sale Agreement. The Company will not initially receive any proceeds from any sale of Class&#160;A Common Shares borrowed by a Forward Purchaser and sold through a Forward Seller. The Company expects to fully physically settle each Forward Sale Agreement with the relevant Forward Purchaser on one or more dates specified by the Company on or prior to the maturity date of such Forward Sale Agreement, in which case the Company expects to receive aggregate cash proceeds at settlement equal to the number of shares of the Company&#8217;s Class&#160;A Common Shares underlying such Forward Sale Agreement multiplied by the then-applicable forward sale price per share. Although the Company expects to settle any Forward Sale Agreements by the physical delivery of Class&#160;A Common Shares in exchange for cash proceeds, the Forward Sale Agreements will allow the Company to cash or<span style="white-space:nowrap">&#160;net-share</span>&#160;settle all or a portion of its obligations. If the Company elects to cash settle any Forward Sale Agreement, the Company may not receive any proceeds and the Company may owe cash to the relevant Forward Purchaser. If the Company elects to net share settle any Forward Sale Agreement, the Company will not receive any cash proceeds, and the Company may owe Class&#160;A Common Shares to the relevant Forward Purchaser. </p> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Each Sales Agent will be entitled to a commission at a mutually agreed rate that will not exceed, but may be lower than, 2.0% of the gross sales price per share for any Class&#160;A Common Shares sold through it. Each Forward Seller will receive a commission at a mutually agreed rate in the form of a reduction to the initial forward sale price under the related forward sale agreement that will not exceed, but may be lower than, 2.0% of the gross sales price of the borrowed shares sold by such Forward Seller during the applicable forward hedge selling period for such shares. </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">The Company intends to contribute the net proceeds from the sale of the Class&#160;A Common Shares to its Operating Partnership, which intends to subsequently use such net proceeds (i)&#160;to repay indebtedness the Company has incurred or expects to incur under its revolving credit facility, (ii)&#160;to develop new single-family properties and communities, (iii) to acquire and renovate single-family properties and for related activities in accordance with the Company&#8217;s business strategy, and (iv)&#160;for working capital and general corporate purposes, including repurchases of the Company&#8217;s securities, acquisitions of additional properties, capital expenditures and the expansion, redevelopment and/or improvement of properties in the Company&#8217;s portfolio. </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">The Class&#160;A Common Shares will be issued pursuant to the Company&#8217;s automatic shelf registration statement filed with the Securities and Exchange Commission on June&#160;17, 2020 (File No.<span style="white-space:nowrap">&#160;333-</span>239227), a base prospectus, dated June&#160;17, 2020, included as part of the registration statement, and a prospectus supplement, dated June&#160;17, 2020, filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act. </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">The foregoing description of the material terms of the Sales Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the full text of the Sales Agreement. A copy of the Sales Agreement, including the form of Forward Contract, is attached to this report as Exhibit 1.1 and incorporated herein by reference. </p> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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<td style="width:10%;vertical-align:top;white-space:nowrap;">Item&#160;9.01. </td>
<td style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Financial Statements and Exhibits.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:6pt">(d) <span style="font-style:Italic">Exhibits.</span></p>
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<td colspan="2" style="white-space:nowrap;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Exhibit </p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt;border-bottom:1pt solid #000000">No. </p> </td>
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<td style="white-space:nowrap;vertical-align:bottom;text-align:center;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt;border-bottom:1pt solid #000000;display:inline-block">Description </p> </td> </tr>
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<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">&#160;&#160;1.1 </p> </td>
<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <a href="d935525dex11.htm">At-the-Market Issuance Sales Agreement dated June&#160;17, 2020, by and among the Company, the Operating Partnership, each of Morgan Stanley&#160;&#038; Co. LLC, B. Riley FBR, Inc., BTIG, LLC, BofA Securities, Inc., Cantor Fitzgerald&#160;&#038; Co., Citigroup Global Markets Inc., Evercore Group L.L.C., Goldman Sachs&#160;&#038; Co. LLC, Jefferies LLC, JMP Securities LLC, J.P. Morgan Securities LLC, Raymond James&#160;&#038; Associates, Inc. and Wells Fargo Securities, LLC, as sales agents, each of B. Riley FBR, Inc., BofA Securities, Inc., Citigroup Global Markets, Inc., Goldman Sachs&#160;&#038; Co. LLC, Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley&#160;&#038; Co. LLC, Raymond James&#160;&#038; Associates, Inc. and Wells Fargo Securities, LLC, as forward sellers, and each of B. Riley FBR, Inc., Bank of America, N.A., Citibank, N.A., Goldman Sachs&#160;&#038; Co. LLC, Jefferies LLC, JPMorgan Chase Bank, National Association, Morgan Stanley&#160;&#038; Co. LLC, Raymond James&#160;&#038; Associates, Inc. and Wells Fargo Bank, National Association, as forward purchasers. </a> </p> </td> </tr>
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<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">&#160;&#160;5.1 </p> </td>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <a href="d935525dex51.htm">Opinion of Hogan Lovells US LLP regarding the legality of the Class&#160;A Common Shares. </a> </p> </td> </tr>
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<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">23.1 </p> </td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">104 </p> </td>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt">SIGNATURES </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Date: June&#160;17, 2020 </p> </td>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">AMERICAN HOMES 4 RENT </p> </td> </tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">By: </p> </td>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;margin-bottom:1pt;font-size:10pt;margin-top:0pt;border-bottom:1px solid #000000">/s/ Stephanie Heim </p> </td> </tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Stephanie Heim </p> </td> </tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Chief Governance Officer, EVP </p> </td> </tr> </table> <div></div> <p style="margin-top:1em;margin-bottom:0em"></p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERICAN HOMES 4 RENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Class&nbsp;A Common Shares of Beneficial Interest </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(par value $0.01 per share) </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>A<SMALL>T</SMALL><FONT STYLE="white-space:nowrap">-T</FONT><SMALL>HE</SMALL><FONT STYLE="white-space:nowrap">-M</FONT><SMALL>ARKET</SMALL> I<SMALL>SSUANCE
</SMALL> S<SMALL>ALES</SMALL> A<SMALL>GREEMENT</SMALL> </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June&nbsp;17, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The several Agents, Forward Purchasers and Forward Sellers </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">listed in <U>Schedule 1</U> hereto </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">American Homes 4 Rent, a Maryland real estate investment trust (the &#147;<U>Company</U>&#148;), and American Homes 4 Rent L.P., a Delaware
limited partnership (the &#147;<U>Operating Partnership</U>&#148;), confirm their agreement (this &#147;<U>Agreement</U>&#148;) with each of Morgan Stanley&nbsp;&amp; Co. LLC, B. Riley FBR, Inc., BofA Securities, Inc., BTIG, LLC, Cantor
Fitzgerald&nbsp;&amp; Co., Citigroup Global Markets Inc., Evercore Group L.L.C., Goldman Sachs&nbsp;&amp; Co. LLC, Jefferies LLC, JMP Securities LLC, J.P. Morgan Securities LLC, Raymond James&nbsp;&amp; Associates, Inc. and Wells Fargo Securities,
LLC, each in its capacity as agent for the Company (collectively, the &#147;<U>Agents</U>&#148; and individually, an &#147;<U>Agent</U>&#148;), each of B. Riley FBR, Inc., Bank of America, N.A., Citibank, N.A., Goldman Sachs&nbsp;&amp; Co. LLC,
Jefferies LLC, JPMorgan Chase Bank, National Association, Morgan Stanley&nbsp;&amp; Co. LLC, Raymond James&nbsp;&amp; Associates, Inc. and Wells Fargo Bank, National Association, each in its capacity as purchaser under any Forward Contract (as
defined below) (collectively, the &#147;<U>Forward Purchasers</U>&#148; and individually, a &#147;<U>Forward Purchaser</U>&#148;), and each of B. Riley FBR, Inc., BofA Securities, Inc., Citigroup Global Markets, Inc., Goldman Sachs&nbsp;&amp; Co.
LLC, Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Raymond James&nbsp;&amp; Associates, Inc and Wells Fargo Securities, LLC., each in its capacity as agent for the Forward Purchaser in connection with the offering and
sale of any Forward Hedge Shares (as defined below) hereunder (collectively, the &#147;<U>Forward Sellers</U>&#148; and individually, a &#147;<U>Forward Seller</U>&#148;), as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance and Sale of Shares</U>. The Company agrees that, from time to time during the term of this Agreement, on
the terms and subject to the conditions set forth herein, it may issue and sell through the Agents or sell through the Forward Sellers, shares of the Company&#146;s Class&nbsp;A Common Shares of Beneficial Interest (the
&#147;<U>Class</U><U></U><U>&nbsp;A Shares</U>&#148;), par value $0.01 per share, up to an aggregate gross sales price of $500,000,000 (the &#147;<U>Placement Shares</U>&#148; and hereinafter refers to, collectively, the Issuance Shares (as defined
below) and the Forward Hedge Shares offered and sold pursuant to this Agreement); <I>provided</I>,<I> however</I>, that in no event shall the Company issue or sell through the Agents or sell through the Forward Sellers such number of Placement
Shares that (i)&nbsp;exceeds the number of Class&nbsp;A Shares included in the Prospectus (as defined below) pursuant to which the offerings contemplated hereunder are being made, or (ii)&nbsp;exceeds the number of authorized but unissued
Class&nbsp;A Shares (the lesser of (i)&nbsp;and (ii), the &#147;<U>Maximum Amount</U>&#148;). It is understood and agreed by the parties hereto that if the Placement Shares are offered or sold through the Forward Seller, then the Forward Seller
shall be acting solely as sales agent for the Forward Purchaser with respect to the offering and sale of such Placement Shares. Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations
set forth in this <U>Section</U><U></U><U>&nbsp;1</U> on the number or amount of Placement Shares issued or offered and sold under this Agreement shall be the sole responsibility of the Company and neither the Agents nor the Forward Sellers shall
have any obligation in connection with such compliance. The issuance and sale of Placement Shares through the Agents and sale through the Forward Sellers will be effected pursuant to the Registration Statement (as defined below) filed by the Company
and declared effective by the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue any Placement
Shares. For purposes of hereof, &#147;<U>Forward Hedge Shares</U>&#148; means all Class&nbsp;A Shares borrowed by a Forward Purchaser or its affiliate and offered and sold by its affiliated Forward Seller in connection with any Forward Transaction
(as defined in <U>Section</U><U></U><U>&nbsp;2(b)</U> below) that has occurred or may occur in accordance with the terms and conditions of this Agreement. &#147;<U>Issuance Shares</U>&#148; shall refer to all Placement Shares other than the Forward
Hedge Shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has filed, in accordance with the provisions of the Securities Act of 1933, as
amended (the &#147;<U>Securities Act</U>&#148;), and the rules and regulations thereunder (the &#147;<U>Securities Act Regulations</U>&#148;), with the Commission an &#147;automatic shelf registration statement&#148; as defined under Rule 405 on
Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;),</FONT> which includes a base prospectus (the &#147;<U>Base
Prospectus</U>&#148;), relating to certain securities, including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the
provisions of the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;), and the rules and regulations thereunder. The Company has prepared a prospectus supplement to the Base Prospectus specifically relating to the
Placement Shares (the &#147;<U>Prospectus Supplement</U>&#148;). Except where the context otherwise requires, such registration statement, including all documents filed as part thereof or incorporated by reference therein, and including any
information contained in a Prospectus subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act Regulations or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities Act Regulations,
is herein called the &#147;<U>Registration Statement</U>.&#148; The Base Prospectus, including all documents incorporated or deemed incorporated therein by reference to the extent such information has not been superseded or modified in accordance
with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which the Base Prospectus and/or Prospectus
Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act Regulations, is herein called the &#147;<U>Prospectus</U>.&#148; <B></B>The Company will furnish to the Agents, the Forward
Purchasers and the Forward Sellers, for use by the Agents, the Forward Purchasers and the Forward Sellers, copies of the Prospectus. Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be
deemed to refer to and include the documents incorporated or deemed incorporated by reference therein, and any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration
Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein (the &#147;<U>Incorporated Documents</U>&#148;). Any
reference herein to the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the Securities Act, as of the date of the
Prospectus; any reference to any amendment or supplement to the Base Prospectus, or the Prospectus shall be deemed to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement relating to the
Placement Shares filed with the Commission pursuant to Rule 424(b) under the Securities Act and any documents filed under the Exchange Act, and incorporated therein, in each case after the date of the Base Prospectus or the Prospectus, as the case
may be; any reference to any amendment to the Registration Statement shall be deemed to refer to and include any annual report of the Company filed pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act after the effective date of the
Registration Statement that is incorporated by reference in the Registration Statement; and any &#147;issuer free writing prospectus&#148; as defined in Rule 433 under the Securities Act relating to the Placement Shares is hereinafter called an
&#147;<U>Issuer Free Writing Prospectus</U>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Agreement, all references to the Registration Statement, the
Prospectus or to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic
Application system when used by the Commission (collectively, &#147;<U>EDGAR</U>&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Placements</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Each time the Company wishes to issue and sell Placement Shares hereunder (each, an &#147;<U>Issuance
Placement</U>&#148; and together with any sale of the Forward Hedge Shares by the Forward Sellers in connection with a Forward Transaction, collectively, the &#147;<U>Placements</U>&#148; and each, a &#147;<U>Placement</U>&#148;), it will notify the
designated Agent by email notice (or other method mutually agreed to in writing by the parties) of the number of Issuance Shares, the time period during which sales are requested to be made, any limitation on the number of Issuance Shares that may
be sold in any one day and any minimum price below which sales may not be made (an &#147;<U>Issuance Placement Notice</U>&#148;), the form of which is attached hereto as <U>Schedule <FONT STYLE="white-space:nowrap">2-1</FONT></U>. The Issuance
Placement Notice shall originate from any of the individuals from the Company set forth on <U>Schedule 3</U> (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals
from such Agent set forth on <U>Schedule 3</U>, as such <U>Schedule 3</U> may be updated from time to time with respect to the individuals </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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of each party, by such party providing written notice to the other party of the addition or deletion of individuals of such party. Provided that the Company is otherwise in compliance with the
terms of this Agreement, the Issuance Placement Notice shall be effective unless and until (i)&nbsp;such Agent declines to accept the terms contained therein for any reason, in its sole discretion, (ii)&nbsp;the entire amount of the Issuance Shares
thereunder have been sold, (iii)&nbsp;the Company suspends or terminates the Issuance Placement Notice, (iv)&nbsp;the Company issues a subsequent Issuance Placement Notice with parameters superseding those on the earlier dated Issuance Placement
Notice, or (v)&nbsp;this Agreement has been terminated under the provisions of <U>Section</U><U></U><U>&nbsp;13</U>. The amount of any discount, commission or other compensation to be paid by the Company to such Agent in connection with the sale of
the Issuance Shares shall be calculated in accordance with the terms set forth in <U>Schedule 4</U>. It is expressly acknowledged and agreed that neither the Company nor the Agents will have any obligation whatsoever with respect to an Issuance
Placement or any Issuance Shares unless and until the Company delivers an Issuance Placement Notice to an Agent and such Agent does not decline such Issuance Placement Notice pursuant to the terms set forth above, and then only upon the terms
specified therein and herein. In the event of a conflict between the terms of <U>Section</U><U></U><U>&nbsp;2</U> or <U>Section</U><U></U><U>&nbsp;3</U> of this Agreement and the terms of an Issuance Placement Notice, the terms of the Issuance
Placement Notice will control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions set forth in the relevant Master Forward
Confirmation (as defined below) and any &#147;Supplemental Confirmation&#148; thereunder, on any Trading Day (as defined below) during the term on which the conditions set forth in <U>Section</U><U></U><U>&nbsp;10</U> have been satisfied, the
Company may request to enter into a Forward Transaction by delivering a written notice (which notice shall specify that it relates to a &#147;Forward Transaction&#148;) to the designated Forward Purchaser and its affiliated Forward Seller,
containing the parameters of the Forward Transaction it desires, in accordance with this Agreement (a &#147;<U>Forward Placement Notice</U>&#148; and together with any Issuance Placement Notice, collectively, the &#147;<U>Placement Notices</U>&#148;
and each a &#147;<U>Placement Notice</U>&#148;), the form of which is attached hereto as <U>Schedule <FONT STYLE="white-space:nowrap">2-2</FONT></U>. Such Forward Placement Notice shall include, for purposes of (and as defined under) the related
Master Forward Confirmation, the proposed (i)&nbsp;first day of the Forward Selling Hedge Period, (ii)&nbsp;Maturity Date, (iii)&nbsp;last day of the Forward Hedge Selling Period, (iv)&nbsp;Forward Hedge Number, (v)&nbsp;Forward Hedge Selling
Commission Rate, (vi)&nbsp;Spread, (vii) Initial Stock Loan Rate, (v)&nbsp;Maximum Stock Loan Rate, (vi)&nbsp;Forward Price Reduction Dates and (viii)&nbsp;Forward Price Reduction Amounts (together, the &#147;<U>Proposed Confirmation
Terms</U>&#148;). The Forward Placement Notice shall originate from any of the individuals from the Company set forth on <U>Schedule 3</U> (with a copy to each of the other individuals from the Company listed on such schedule), and shall be
addressed to each of the individuals from such Forward Purchaser and related Forward Seller as set forth on <U>Schedule 3</U>, as such <U>Schedule 3</U> may be updated from time to time with respect to the individuals of each party, by such party
providing written notice to the other party of the addition or deletion of individuals of such party. Each Forward Placement Notice is subject to review and acceptance by the applicable Forward Purchaser and Forward Seller. Such Forward Purchaser
and the Forward Seller may accept such Proposed Confirmation Terms (which they may decline to do for any reason in their sole discretion) by <FONT STYLE="white-space:nowrap">e-mail</FONT> to one of the individuals at the Company named on <U>Schedule
3</U> hereto, as such Schedule may be amended from time to time, confirming the terms of such Forward Placement Notice. It is expressly acknowledged and agreed that none of the Company, the Forward Purchaser or the Forward Seller will have any
obligation whatsoever with respect to a Forward Placement Notice or any Forward Hedge Shares unless and until the Company delivers a Forward Placement Notice to a Forward Purchaser and the related Forward Seller and such Forward Purchaser and the
Forward Seller accept the terms of such Forward Placement Notice, and then only upon the terms specified in the Forward Placement Notice, this Agreement and the Master Forward Confirmation. In the event of a conflict between the terms of
<U>Section</U><U></U><U>&nbsp;2</U> or <U>Section</U><U></U><U>&nbsp;3</U> of this Agreement and an accepted Forward Placement Notice with respect to a Forward Transaction, the terms of such Forward Placement Notice will control with respect to such
Forward Transaction. As used herein, &#147;<U>Forward Transaction</U>&#148; means the transaction resulting from an accepted Forward Placement Notice providing for the sale by such Forward Seller of Forward Hedge Shares as specified in such Forward
Placement Notice, subject to the terms and conditions of this Agreement and the applicable Forward Contract. &#147;<U>Master Forward Confirmation</U>&#148; means each letter agreement by and between the Company and a Forward Purchaser (including all
provisions incorporated by reference therein, substantially in the form attached as <U>Exhibit D</U>). &#147;<U>Forward Contract</U>&#148; means, for each Forward Transaction, the contract evidencing such Forward Transaction between the Company and
such Forward Purchaser, which shall be composed of the relevant Master Forward Confirmation and the related &#147;Supplemental Confirmation&#148; (as defined in such Master Forward Confirmation) for such Forward Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that an offer to sell, any solicitation of an offer to buy, or any sales of Placement Shares
shall only be effected by or through any one Agent or Forward Seller, as the case may be, on any single given day, and the Company shall in no event request that any other Agent or Forward Seller, as the case
</P>
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may be, sell the Placement Shares on the same day. In addition, the Company agrees that it will not sell, or instruct any other party to sell, any shares of preferred stock of the Company under
any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market&#148;</FONT></FONT> offering program on any day during the pendency of an Issuance Placement Notice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale of Placement Shares by the Agents and the Forward Sellers</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of this Agreement, each Agent, for the period specified in an Issuance Placement
Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices, to sell the Issuance Shares up to the amount specified in, and otherwise in accordance with the terms of, such Issuance Placement Notice.
Such Agent will provide written confirmation, including by email or fax transmission, to the Company no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Issuance Shares
hereunder setting forth (i)&nbsp;the number of Issuance Shares sold on such day, (ii)&nbsp;the volume weighted average price at which such Issuance Shares were sold, (iii)&nbsp;the Gross Proceeds (as defined below) from such sales, (iv)&nbsp;the
compensation payable by the Company to such Agent pursuant to <U>Section</U><U></U><U>&nbsp;2</U> with respect to such sales, and (v)&nbsp;the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by such
Agent (as set forth in <U>Section</U><U></U><U>&nbsp;5(c)</U>) from the Gross Proceeds that it receives from such sales. Subject to the terms of an Issuance Placement Notice, the Agents may sell Issuance Shares by any method permitted by law deemed
to be an &#147;at the market offering&#148; as defined in Rule 415 of the Securities Act Regulations, including, without limitation, sales made directly on the New&nbsp;York Stock Exchange (the &#147;<U>Exchange</U>&#148;), which the Class&nbsp;A
Shares are listed on, on any other existing trading market for the Class&nbsp;A Shares, or to or through a market maker. Subject to the terms of an Issuance Placement Notice, the Agents may also sell Issuance Shares by any other method permitted by
law and the rules and regulations of the Exchange, including, but not limited to, negotiated transactions. &#147;<U>Trading Day</U>&#148; means any day on which Class&nbsp;A Shares are purchased and sold on the Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the terms and conditions of this Agreement and as set forth in each Master Forward Confirmation and
each &#147;Supplemental Confirmation&#148; under the related Master Forward Confirmation, upon acceptance of a Forward Placement Notice by such Forward Purchaser and Forward Seller, and unless the sale of the Forward Hedge Shares described therein
has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement or the Master Forward Confirmation, such Forward Purchaser will use commercially reasonable efforts to borrow Forward Hedge Shares up to the Forward
Hedge Number specified in the relevant Forward Placement Notice accepted by such Forward Purchaser and the relevant Forward Seller will use commercially reasonable efforts consistent with its normal trading and sales practices to sell such Forward
Hedge Shares, and otherwise in accordance with the terms of such Forward Placement Notice. &#147;<U>Forward Hedge Number</U>&#148; means the maximum number of Forward Hedge Shares to be sold by a Forward Seller with respect to any Forward
Transaction, as specified in the Forward Placement Notice for such Forward Transaction, subject to the terms and conditions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;No Forward Placement Notice may be delivered hereunder (i)&nbsp;if the Forward Hedge Selling Period specified
therein would overlap in whole or in part with any Forward Hedge Selling Period specified in any other Forward Placement Notice delivered hereunder unless the Placement Shares to be sold under all such previously delivered Forward Placement Notices
have all been sold or (ii)&nbsp;if any Forward Hedge Selling Period specified therein would overlap in whole or in part with any Unwind Period under (and as defined in) any Forward Contract entered into between the Company and any Forward Purchaser.
As used herein, the &#147;<U> Forward Hedge Selling Period</U>&#148; is the period of consecutive Trading Days (as determined by the Company in the Company&#146;s sole discretion and specified in the applicable Forward Placement Notice) beginning
on, and including, the Trading Day immediately following the Trading Day on which such Forward Placement Notice is delivered or deemed to be delivered; <I>provided</I>, <I>that</I> if, prior to the scheduled end of any Forward Hedge Selling Period,
(x)&nbsp;any event occurs that would permit such Forward Purchaser to designate a &#147;Scheduled Trading Day&#148; as an &#147;Early Valuation Date&#148; (as each such term is defined in the relevant Master Forward Confirmation) under, and pursuant
to, the provisions opposite the caption &#147;Early Valuation&#148; in the relevant Master Forward Confirmation or (y)&nbsp;a &#147;Bankruptcy Termination Event&#148; (as such term is defined in the relevant Master Forward Confirmation) occurs, then
the Forward Hedge Selling Period shall immediately terminate as of the first such occurrence (or, if later, when persons at such Forward Seller responsible for executing sales of Forward Hedge Shares become aware of such occurrence). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;No later than the opening of the Trading Day immediately
following Effective Date (as defined in the Master Forward Confirmation), such Forward Purchaser shall execute and deliver to the Company, a &#147;Supplemental Confirmation&#148; in respect of the Forward Contract for such Forward Hedge Selling
Period, which &#147;Supplemental Confirmation&#148; shall set forth the &#147;Trade Date&#148; for such Forward Transaction (which shall, subject to the terms of the relevant Master Forward Confirmation, be the last Trading Day of such Forward Hedge
Selling Period), the &#147;Effective Date&#148; for such Forward Transaction (which shall, subject to the terms of the relevant Master Forward Confirmation, be the date one Settlement Cycle (as such term is defined in the relevant Master Forward
Confirmation) immediately following the last Trading Day of such Forward Hedge Selling Period), the initial &#147;Number of Shares&#148; for such Forward Transaction (which shall, subject to the terms of the relevant Master Forward Confirmation, be
the number of Forward Hedge Shares sold during such Forward Hedge Selling Period), the &#147;Maturity Date&#148; for such Forward Transaction (which shall, subject to the terms of the relevant Master Forward Confirmation, be the date set forth
opposite the caption &#147;Maturity Date&#148; in the Forward Placement Notice for such Forward Transaction), the &#147;Forward Price Reduction Dates&#148; for such Forward Transaction (which shall be each of the dates set forth below the caption
&#147;Forward Price Reduction Dates&#148; in the Forward Placement Notice for such Forward Transaction), the &#147;Forward Price Reduction Amounts&#148; corresponding to such Forward Price Reduction Dates (which shall be each amount set forth
opposite each &#147;Forward Price Reduction Date&#148; and below the caption &#147;Forward Price Reduction Amounts&#148; in the Forward Placement Notice for such Forward Transaction), the &#147;Forward Hedge Selling Commission Rate&#148; for such
Forward Transaction (which shall be the amount set forth opposite the term &#147;Forward Hedge Selling Commission Rate&#148; in the accepted Forward Placement Notice), the &#147;Spread&#148; for such Forward Transaction (which shall be the amount
set forth opposite the term &#147;Spread&#148; in the accepted Forward Placement Notice), the &#147;Initial Forward Price&#148; for such Forward Transaction (which shall be determined as provided in the relevant Master Forward Confirmation), the
&#147;Volume-Weighted Hedge Price&#148; (which shall be determined as provided in the relevant Master Forward Confirmation), the &#147;Initial Stock Loan Rate&#148; (which shall be as determined by the Calculation Agent (as defined in the relevant
Master Forward Confirmation)), the &#147;Maximum Stock Loan Rate&#148; (which shall be as determined by the Calculation Agent) and the &#147;Notice Settlement Number&#148; (which shall be as determined by the Calculation Agent). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;For each Forward Transaction, the Company shall be obligated to enter into a Forward Contract with such Forward
Purchaser if and when the Company delivers a Forward Placement Notice to such Forward Purchaser and the related Forward Seller, and such Forward Purchaser and the related Forward Seller have accepted such Forward Placement Notice as provided in
<U>Section</U><U></U><U>&nbsp;2(b)</U>. In the event that either (i)&nbsp;in the sole judgment of a Forward Purchaser (or an agent thereof), it is unable to borrow and deliver any Forward Hedge Shares up to the Forward Hedge Number for sale with
respect to an instruction under this Agreement after using commercially reasonable efforts, consistent with its normal trading and sales practices for similar transactions and applicable law and regulation, or (ii)&nbsp;in the sole judgment of such
Forward Purchaser, such Forward Purchaser (or its agent) would incur a stock loan cost that is more than a rate equal to the Maximum Stock Loan Rate (as set forth in the accepted Forward Placement Notice) to do so, then the obligation herein of the
applicable Forward Seller with respect to sales of Placement Shares in connection with such instruction shall only extend to the aggregate number of Forward Hedge Shares that the Forward Purchaser (or its agent) is able to so borrow below such cost.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension of Sales</U>. The Company, such Agent or such Forward Seller, as the case may be, may, upon
notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on <U>Schedule 3</U>, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the
notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Schedule 3</U>), suspend any offering of
Placement Shares; <I>provided, however</I>, that such suspension shall not affect or impair any party&#146;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Such period during which the Company
has suspended the offering of Placement Shares pursuant to this <U>Section</U><U></U><U>&nbsp;4</U> is referred to as a &#147;<U>Suspension Period</U>.&#148; Each of the parties agrees that no such notice under this
<U>Section</U><U></U><U>&nbsp;4</U> shall be effective against any other party unless it is made to one of the individuals named on <U>Schedule 3</U> hereto, as such <U>Schedule 3</U> may be amended from time to time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale and Delivery to Agents and Forward Sellers;
Settlement</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Sale of Issuance Shares. </I>The Company acknowledges and agrees that (i)&nbsp;there can be
no assurance that the Agents will be successful in selling Issuance Shares, (ii)&nbsp;the Agents will incur no liability or obligation to the Company or any other person or entity if it does not sell Issuance Shares for any reason other than a
failure by such Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Issuance Shares as required under this Agreement, and (iii)&nbsp;the Agents shall be under no obligation to purchase
Issuance Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by an Agent and the Company. The Company agrees that whenever it determines to sell Issuance Shares directly to an Agent as principal, the Company will enter
into a separate agreement in form and substance satisfactory to such Agent relating to such sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Sale of
Forward Hedge Shares. </I>Each of the Company and the Forward Purchasers and the Forward Sellers acknowledge and agree that (i)&nbsp;there can be no assurance that the Forward Purchasers or their affiliates will be successful in borrowing, or that
the Forward Sellers will be successful in selling Forward Hedge Shares, (ii)&nbsp;the Forward Sellers will incur no liability or obligation to the Company, the Forward Purchasers or any other person or entity if they do not sell Forward Hedge Shares
borrowed by the Forward Purchasers or their affiliates for any reason other than a failure by such Forward Seller to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Forward Hedge Shares as
required under <U>Section</U><U></U><U>&nbsp;3(b)</U>, and (iii)&nbsp;the Forward Purchasers will incur no liability or obligation to the Company, the Forward Sellers or any other person or entity if they or their affiliates do not borrow Forward
Hedge Shares for any reason other than a failure by such Forward Purchaser to use its commercially reasonable efforts to borrow or cause its affiliate to borrow such Forward Hedge Shares as required under <U>Section</U><U></U><U>&nbsp;3(b)</U>.
Notwithstanding anything herein to the contrary, a Forward Purchaser&#146;s obligation to use commercially reasonable efforts to borrow or cause its affiliate to borrow all or any portion of the Forward Hedge Shares (and a Forward Seller&#146;s
obligation to use commercially reasonable efforts consistent with its normal trading and sales practices to sell such portion of the Forward Hedge Shares) for any Forward Transaction hereunder shall be subject in all respects to the provision
&#147;Effectiveness&#148; in <U>Section</U><U></U><U>&nbsp;3</U> of the relevant Master Forward Confirmation. In acting hereunder, a Forward Seller will be acting as agent for its affiliated Forward Purchaser and not as principal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Settlement of Placement Shares. </I>Unless otherwise specified in the applicable Placement Notice, settlement
for sales of Placement Shares will occur on the second (2nd) Trading Day (or such earlier day as is (i)&nbsp;required by applicable law or rules and regulations or (ii)&nbsp;as is industry practice for
<FONT STYLE="white-space:nowrap">regular-way</FONT> trading and mutually agreed upon by the Agents or the Forward Sellers, as the case may be, and the Company) following the date on which such sales are made (each, a &#147;<U>Settlement
Date</U>&#148;). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Issuance Shares sold will be equal to (i)&nbsp;the aggregate sales price received by such Agent for the Issuance Shares (the
&#147;<U>Gross Proceeds</U>&#148;), after deduction for (A)&nbsp;such Agent&#146;s commission, discount or other compensation for such sales payable by the Company pursuant to <U>Section</U><U></U><U>&nbsp;2</U> hereof, and (B)&nbsp;any transaction
fees imposed by any governmental or self-regulatory organization in respect of such sales (the &#147;<U>Net Proceeds</U>&#148;) or (ii)&nbsp;upon the consent of such Agent, the Gross Proceeds. In the event that the Agent delivers the Gross Proceeds
to the Company on a Settlement Date, the amounts set forth in clauses (i)(A) and (B)&nbsp;of the preceding sentence shall be set forth and invoiced in a periodic statement from the Agent to the Company and payment of such amounts shall be made
promptly by the Company after its receipt thereof. The amount of proceeds to be delivered to such Forward Purchaser by the related Forward Seller on a Settlement Date against receipt of the Forward Hedge Shares sold will be equal to the related
Aggregate Forward Hedge Price (as defined in Section&nbsp;26). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of Placement Shares</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;On or before each Settlement Date for any Issuance Placement, the Company will, or will cause its transfer agent
to, electronically transfer the Issuance Shares being sold by crediting such Agent&#146;s or its designee&#146;s account (provided such Agent shall have given the Company written notice of such designee within a reasonable period of time prior to
the Settlement Date) at The Depository Trust Company (&#147;<U>DTC</U>&#148;) through its Deposit and Withdrawal at Custodian System (&#147;<U>DWAC</U>&#148;) or by such other means of delivery as may be mutually agreed upon by the parties hereto
which in all cases shall be freely tradeable, transferable, registered shares in good deliverable form. On each such Settlement Date, such Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or
prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Issuance Shares on a Settlement Date, then in addition to and in no way limiting the rights and
obligations set forth in <U>Section</U><U></U><U>&nbsp;11(a)</U> hereto, the Company will (i)&nbsp;hold such Agent harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in
connection with such default by the Company or its transfer agent (if applicable) and (ii)&nbsp;pay the Agent any commission, discount or other compensation to which it would otherwise be entitled absent such default. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each sale of Forward Hedge Shares will be settled as between
such Forward Purchaser and the Forward Seller on each Settlement Date therefor. On or before each such Settlement Date, such Forward Purchaser will, or will cause its transfer agent to, electronically transfer the Forward Hedge Shares being sold by
crediting the related Forward Seller or its designee&#146;s account (provided such Forward Seller shall have given the Forward Purchaser written notice of such designee prior to the Settlement Date) at DTC through DWAC or by such other means of
delivery as may be mutually agreed upon by such Forward Purchaser and the Forward Seller which in all cases shall be freely tradeable, transferable, registered shares in good deliverable form. On each such Settlement Date, such Forward Seller will
deliver the related Aggregate Forward Hedge Price (as defined in <U>Section</U><U></U><U>&nbsp;26</U>) to the related Forward Purchaser in same day funds delivered to an account designated by such Forward Purchaser prior to the relevant Settlement
Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations on Offering Size. </I>Under no circumstances shall the Company cause or request the offer
or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate number or aggregate gross proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of (i)&nbsp;together with all
sales of Placement Shares under this Agreement, the Maximum Amount, (ii)&nbsp;the amount available for offer and sale under the currently effective Registration Statement, and (iii)&nbsp;the amount authorized from time to time to be issued and sold
under this Agreement by the Company&#146;s board of trustees, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agents, the Forward Purchasers and the Forward Sellers in writing. Under no circumstances
shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company&#146;s board of trustees, a duly authorized committee thereof
or a duly authorized executive committee, and notified to the Agents, the Forward Purchasers and the Forward Sellers in writing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT STYLE="white-space:nowrap">Black-out</FONT> Limitations</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement, the Company, the Agents, the Forward Purchasers and the
Forward Sellers agree that no sales of Placement Shares shall take place, and the Company shall not request the sale of any Placement Shares that would be sold, and the Agents and the Forward Sellers shall not be obligated to sell, (A)&nbsp;during
any period in which the Company is, or would reasonably be deemed to be, in possession of material <FONT STYLE="white-space:nowrap">non-public</FONT> information, or (B)&nbsp;except as provided in <U>Section</U><U></U><U>&nbsp;5(f)(ii)</U> hereof,
at any time during the period commencing on the tenth (10th) Business Day (as defined below) prior to the time the Company issues a press release containing, or shall otherwise publicly announce, its earnings, revenues or other operating results for
a fiscal period or periods (each, an &#147;<U>Earnings Announcement</U>&#148;) through and including the time that is twenty-four (24)&nbsp;hours after the time that the Company files a Quarterly Report on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> or an Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> (a &#147;<U>Filing Time</U>&#148;) that includes consolidated financial statements as of and for the same fiscal period or periods,
as the case may be, covered by such Earnings Announcement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the Company wishes to offer or sell Placement
Shares pursuant to this Agreement at any time during the period from and including an Earnings Announcement through and including the time that is twenty-four (24)&nbsp;hours after the corresponding Filing Time, the Company shall first
(A)&nbsp;prepare and deliver to the Agents or the Forward Purchasers and the Forward Sellers, as applicable (with a copy to their counsel) a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> that includes substantially the same
financial and related information that was included in such Earnings Announcement (other than any earnings projections and similar forward-looking data and officers&#146; quotations) (each, an &#147;<U>Earnings
<FONT STYLE="white-space:nowrap">8-K</FONT></U>&#148;), in form and substance reasonably satisfactory to the Agents or the Forward Purchasers and the Forward Sellers, as applicable, and, prior to its filing, obtain written consent of the Agents or
the Forward Purchasers and the Forward Sellers, as applicable, to such filing (which consent shall not be unreasonably withheld), (B) provide the Agents or the Forward Purchasers and the Forward Sellers, as applicable, with the officers&#146;
certificate, opinions and letters of counsel and accountants&#146; letter specified in <U>Section</U><U></U><U>&nbsp;7(l)</U>, <U>Section</U><U></U><U>&nbsp;7(m)</U> and <U>Section</U><U></U><U>&nbsp;7(n)</U>, respectively, hereof, (C)&nbsp;afford
the Agents or the Forward Purchasers and the Forward Sellers, as applicable, the opportunity to conduct a due diligence review in accordance with <U>Section</U><U></U><U>&nbsp;7(j)</U> hereof prior to filing such Earnings <FONT
STYLE="white-space:nowrap">8-K</FONT> and (D)&nbsp;file such Earnings <FONT STYLE="white-space:nowrap">8-K</FONT> with the Commission, then the provisions of <U>Section</U><U></U><U>&nbsp;5(f)(i)(B)</U> shall not be applicable for the period from
and after the time at which the foregoing conditions </P>
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shall have been satisfied (or, if later, the time that is twenty-four (24)&nbsp;hours after the time that the relevant Earnings Announcement was first publicly released) through and including the
time that is twenty-four (24)&nbsp;hours after the Filing Time of the relevant Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> or Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of clarity, the parties hereto agree that (y)&nbsp;the delivery of any officers&#146; certificate, opinion or letter of counsel
or accountants&#146; letter pursuant to this <U>Section</U><U></U><U>&nbsp;5(f)</U> shall not relieve the Company from any of its obligations under this Agreement with respect to any Quarterly Report on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> or Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K,</FONT> as the case may be, including, without limitation, the obligation to deliver officers&#146; certificates, opinions and letters
of counsel and accountants&#146; letters as provided in <U>Section</U><U></U><U>&nbsp;7(l)</U>, <U>Section</U><U></U><U>&nbsp;7(m)</U> and <U>Section</U><U></U><U>&nbsp;7(n)</U>, respectively, hereof, and (z)&nbsp;this
<U>Section</U><U></U><U>&nbsp;5(f)(ii)</U> shall in no way affect or limit the operation of <U>Section</U><U></U><U>&nbsp;5(f)(i)(A)</U> hereof, which shall have independent application. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of the Company and the Operating Partnership</U>. The Company and the Operating
Partnership jointly and severally represent and warrant to the Agents, the Forward Purchasers and the Forward Sellers, as of the date hereof and as of each Applicable Time (as defined below), and agree with the Agents, the Forward Purchasers and the
Forward Sellers that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement is an &#147;automatic shelf registration statement&#148; as
defined under Rule 405 of the Securities Act that has been filed with the Commission not earlier than three (3)&nbsp;years prior to the date hereof; such Registration Statement, and any post-effective amendment thereto, shall have become effective
under the Securities Act prior to the issuance of any Placement Notice by the Company; and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under
the Securities Act has been received by the Company. No order suspending the effectiveness of the Registration Statement has been issued by the Commission, and, to the knowledge of the Company, no proceeding for that purpose or pursuant to
Section&nbsp;8A of the Securities Act against the Company or related to the offering of the Placement Shares has been initiated or threatened by the Commission; as of the applicable effective date of the Registration Statement and any post-effective
amendment thereto, the Registration Statement and any such post-effective amendment complied and will comply in all material respects with the Securities Act, and did not and will not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as of each Applicable Time, as the case may be, the
Prospectus, as then amended or supplemented, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; <I>provided</I>, <I>however</I>, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in
writing to the Company by the Agents, Forward Purchasers or Forward Sellers expressly for use therein. The Company meets the requirements for use of Form <FONT STYLE="white-space:nowrap">S-3</FONT> under the Securities Act. The sale of the Placement
Shares hereunder meets the requirements of General Instruction&nbsp;I.B.1 of Form <FONT STYLE="white-space:nowrap">S-3.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The documents incorporated by reference in the Registration Statement and the Prospectus, when they became
effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of
such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; any further documents so filed and incorporated by
reference in the Prospectus or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or
the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; <I>provided</I>, <I>however</I>, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by
the Agents, Forward Purchasers or Forward Sellers expressly for use therein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company is a real estate investment trust duly organized and
validly existing and in good standing under the laws of the State of Maryland, with requisite real estate investment trust power and authority to own, lease or operate its properties and to conduct its business as described in the Registration
Statement and to execute and deliver this Agreement and the Forward Contracts and to consummate the transactions contemplated hereby and thereby (including the issuance, sale and delivery of the Placement Shares); each direct or indirect subsidiary
of the Company listed on <U>Schedule 5</U> hereto (each a &#147;<U>Company Subsidiary</U>&#148;) is duly organized and validly existing as a corporation, limited liability company or limited partnership, as applicable, in good standing under the
laws of the state of its incorporation or organization, as applicable, with requisite corporate, limited liability company or limited partnership power and authority to own, lease or operate its properties and to conduct its business as described in
the Registration Statement and the Prospectus, and the Operating Partnership has full limited partnership power and authority to execute and deliver this Agreement and the Forward Contracts and to consummate the transactions contemplated hereby and
thereby; the Company Subsidiaries are the only subsidiaries, direct or indirect, of the Company; no Company Subsidiary is currently prohibited, directly or indirectly, from paying any dividends or distributions to the Company, from repaying to the
Company any loans or advances to such Company Subsidiary from the Company or from transferring any of such Company Subsidiary&#146;s property or assets to the Company or any other Company Subsidiary; all of the outstanding limited liability company
or partnership interests, as the case may be, of each of the Company Subsidiaries are, except as described in the Registration Statement and Prospectus, owned by the Company or another Company Subsidiary free and clear of all liens, encumbrances and
equities and claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;All of the issued and outstanding Class&nbsp;A Shares, Class&nbsp;B common shares of
beneficial interest of the Company, par value $0.01 per share, Series D cumulative redeemable perpetual preferred shares, par value $0.01 per share, Series E cumulative redeemable perpetual preferred shares, par value $0.01 per share, Series F
cumulative redeemable perpetual preferred shares, par value $0.01 per share, Series G cumulative redeemable perpetual preferred shares, par value $0.01 per share, and Series H cumulative redeemable perpetual preferred shares, par value $0.01 per
share, have been duly and validly authorized and issued and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and have not been issued in violation of or subject to any preemptive right or other similar right of shareholders
arising by operation of law, under the charter or bylaws, each as amended, of the Company, under any agreement to which the Company is a party or otherwise; all of the ownership interests of each Company Subsidiary, including the outstanding
Class&nbsp;A common units of limited partnership interest of the Operating Partnership, the Class&nbsp;B common units of limited partnership interest of the Operating Partnership, the Series D convertible units of limited partnership interest of the
Operating Partnership, the Series E convertible units of limited partnership interest of the Operating Partnership, the Series F convertible units of limited partnership interest of the Operating Partnership, the Series G convertible units of
limited partnership interest of the Operating Partnership and the Series H convertible units of limited partnership interest of the Operating Partnership, have been duly and validly authorized and issued and unitholders have no obligation to make
any further payments for the purchase of such units or contributions to the Operating Partnership solely by reason of their ownership of such units and have not been issued in violation of or subject to any preemptive right or other similar right of
unitholders arising by operation of law, under the Agreement of Limited Partnership, dated as of November&nbsp;21, 2012, as amended, by and among the Company, as the general partner of the Operating Partnership, and the limited partners listed
therein, or under any agreement to which the Operating Partnership is a party or otherwise; except as disclosed in or contemplated by the Registration Statement and the Prospectus, there are no outstanding (i)&nbsp;securities or obligations of the
Company or any Company Subsidiary convertible into or exchangeable for any shares of beneficial interest (or limited liability company or partnership interests, as applicable) of the Company or any such Company Subsidiary, (ii)&nbsp;warrants, rights
or options to subscribe for or purchase from the Company or any such Company Subsidiary any such shares of beneficial interest (or limited liability company or partnership interests, as applicable) or any such convertible or exchangeable securities
or obligations or (iii)&nbsp;obligations of the Company or any such Company Subsidiary to issue or sell any shares of beneficial interest (or limited liability company or partnership interests, as applicable), any such convertible or exchangeable
securities or obligations, or any such warrants, rights or options. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Issuance Shares and the shares of
Class&nbsp;A Shares to be sold pursuant to any Forward Contract (the &#147;<U>Forward Settlement Shares</U>&#148;) have been duly authorized for issuance, sale and delivery pursuant to this Agreement or any Forward Contract and, when issued and
delivered by the Company against payment therefor in accordance with the terms of this Agreement or any Forward Contract, will be duly and validly issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security
interest or other claim; the issuance, sale and delivery of the Issuance Shares and the Forward Settlement Shares by the Company are not subject to any preemptive right, <FONT STYLE="white-space:nowrap">co-sale</FONT> right, registration right,
right of first refusal or other similar right of </P>
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shareholders arising by operation of law, under the charter or bylaws, as amended, of the Company, under any agreement to which the Company is a party or otherwise; and the forms of certificates,
if any, for the Issuance Shares and the Forward Settlement Shares, conform to the law of the jurisdiction of the Company&#146;s formation and to any requirements of the Company&#146;s charter, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each Company Subsidiary is duly qualified or licensed by, and is in good standing in, each
jurisdiction in which it conducts its business, or in which it owns or leases property or maintains an office and in which such qualification or licensing is necessary and in which the failure, individually or in the aggregate, to be so qualified or
licensed could reasonably be expected to have a material adverse effect on the business, condition (financial or otherwise), results of operations or prospects of the Company and the Company Subsidiaries taken as a whole (a &#147;<U>Material Adverse
Effect</U>&#148;); the Company and each Company Subsidiary has legal, valid and defensible title to all assets and properties reflected as owned by it in the Registration Statement and the Prospectus (whether through fee ownership or similar rights
of ownership), in each case free and clear of all liens, security interests, pledges, charges, encumbrances, mortgages and defects, except such as are disclosed in both the Registration Statement and the Prospectus or as could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect; any real property or personal property held under lease by the Company or any Company Subsidiary is held under a lease that is valid, existing and enforceable by the
Company or the Company Subsidiaries, as applicable, with such exceptions as are disclosed in the Registration Statement and the Prospectus or as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect;
neither the Company nor any Company Subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Company Subsidiary under any such lease, with such exceptions as
are disclosed in the Registration Statement and the Prospectus or as could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; no tenant under any lease to which the Company or any Company Subsidiary
leases any portion of its property is in default under such lease, except as could not otherwise be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect; neither the Company nor any Company Subsidiary has
knowledge of any pending or threatened condemnation, zoning change or other proceeding or action that will in any manner affect the size of, use of, improvements on, construction on, or access to the properties of any of the Company or any Company
Subsidiary except as disclosed in both the Registration Statement and the Prospectus or as could not otherwise be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect; title insurance in favor of the Company or
the applicable Company Subsidiary has been obtained with respect to each property owned by any such entity in an amount that is customary for companies engaged in the same or similar businesses, except where the failure to maintain such title
insurance could not otherwise be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect; and neither the Company nor any Company Subsidiary has sold or contracted to sell any real property except as disclosed in
both the Registration Statement and the Prospectus or as could not otherwise be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each Company Subsidiary owns or possesses such licenses or other rights to use all patents,
trademarks, service marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights and <FONT STYLE="white-space:nowrap">know-how</FONT> (collectively
&#147;<U>Intangibles</U>&#148;), as are necessary to entitle the Company and each Company Subsidiary to conduct their respective businesses described in the Registration Statement and the Prospectus, and none of the Company or any Company Subsidiary
has received written notice of any infringement of or conflict with (and, upon due inquiry, none of the Company or any Company Subsidiary knows of any such infringement of or conflict with) asserted rights of others with respect to any Intangibles
which could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;The
Company and the Company Subsidiaries own or have a valid right to access and use all information technology and computer systems, networks, hardware, software, databases, websites and equipment used to process, store, maintain and operate data,
information and functions used in connection with the business of the Company and the Company Subsidiaries, including the data of the Company&#146;s and the Company Subsidiaries&#146; respective customers, employees, suppliers, vendors and any third
party data maintained by or on behalf of them (collectively with such data, the &#147;<U>IT Systems and Data</U>&#148;). (i) Except as disclosed in both the Registration Statement and the Prospectus, the Company and the Company Subsidiaries are not
aware of any security breach or other compromise of or relating to the IT Systems and Data; (ii)&nbsp;the Company and the Company Subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be
expected to result in, any security breach or other compromise to their IT Systems and Data; (iii)&nbsp;the Company and the Company </P>
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Subsidiaries believe they have implemented commercially reasonable backup and disaster recovery technology, including with respect to enabling the Company and the Company Subsidiaries to fulfill
relevant contractual obligations; (iv)&nbsp;the IT Systems and Data are adequate for, and operate and perform in all material respects as required in connection with, the operation of the business of the Company and the Company Subsidiaries as
currently conducted; and (v)&nbsp;the Company and the Company Subsidiaries believe they are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or
regulatory authority relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of each of clauses
(i)-(v) above, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;None of the Company nor any Company Subsidiary has violated, or received notice of any violation with respect to,
any law, rule, regulation, order decree or judgment applicable to it and its business, including those relating to transactions with affiliates, environmental, safety or similar laws, federal or state laws relating to discrimination in the hiring,
promotion or pay of employees, federal or state wages and hours law, the Employee Retirement Income Security Act of 1974, as amended (&#147;<U>ERISA</U>&#148;), or the rules and regulations promulgated thereunder, except for those violations that
would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;None of
the Company, any Company Subsidiary, nor any of their respective officers, trustees, directors, agents, employees or affiliates purporting to act on behalf of the Company or any Company Subsidiary, has within the past five years, directly or
indirectly, (i)&nbsp;used corporate funds to make any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity, (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any
unlawful payment or benefit to any domestic or foreign governmental official or employee, or other person charged with similar public or quasi-public duties, other than payments required or allowed by applicable law (including the Foreign Corrupt
Practices Act of 1977, as amended (the &#147;<U>FCPA</U>&#148;)), (iii) engaged in any transactions, maintained any bank account or used any corporate funds except for transactions, bank accounts and funds which have been and are reflected in the
normally maintained books and records of the Company, (iv)&nbsp;violated or is in violation of any provision of the FCPA or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in
International Business Transactions, or any other applicable anti-bribery or anti-corruption law, or (v)&nbsp;made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without
limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company and the Company Subsidiaries have instituted, maintain and enforce, and reasonably expect to continue to maintain and enforce,
policies and procedures designed to ensure compliance with applicable anti-bribery and anti-corruption laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;The Company has made an election to be taxed as a &#147;real estate investment trust&#148; (a
&#147;<U>REIT</U>&#148;) under Sections 856 through 860 of the provisions of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the &#147;<U>Code</U>&#148;), commencing with its initial
taxable year ending December&nbsp;31, 2012; as of each Applicable Time, the Company will be organized in conformity with the requirements for qualification and taxation as a REIT; the proposed method of operation of the Company as described in the
Registration Statement and the Prospectus will enable the Company to meet the requirements for qualification and taxation as a REIT under the Code and no actions have been taken (or not taken which are required to be taken) by the Company that could
cause the Company to fail to qualify as a REIT; the Company has no intention of changing its operations or engaging in activities that could cause it to fail to qualify, or make economically undesirable its continued qualification, as a REIT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;Except as described in the Prospectus, including in the Incorporated Documents, there are no outstanding loans or
advances or guarantees of indebtedness by the Company or any Company Subsidiary to or for the benefit of any of the officers, trustees, directors, affiliates or representatives of the Company or any Company Subsidiary or any of the members of the
families of any of them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Registration Statement and the Prospectus and except with
respect to the Agents, the Forward Purchasers and the Forward Sellers, none of the Company nor any Company Subsidiary has incurred any liability for any finder&#146;s fees or similar payments in connection with the transactions contemplated hereby.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;None of the Company nor any Company Subsidiary is in breach or
violation of, or in default under (nor has any event occurred which with notice, lapse of time, or both would constitute a breach or violation of, or default under)&nbsp;(i) its respective charter, bylaws, limited liability company agreement,
partnership agreement or other organizational documents, in each case as amended as of the date hereof (collectively, the &#147;<U>Charter Documents</U>&#148;), (ii) the performance or observance of any obligation, agreement, covenant or condition
contained in any contract, license, indenture, mortgage, deed of trust, bank loan or credit agreement or other agreement or instrument to which the Company or such Company Subsidiary is a party or by which it or its respective properties may be
bound or affected or (iii)&nbsp;any federal, state, local or foreign law, regulation or rule or any decree, judgment, permit or order applicable to the Company or any Company Subsidiary, except, in the case of clauses (ii)&nbsp;and (iii) above, for
such breaches, violations or defaults which would not, individually or in the aggregate, have a Material Adverse Effect; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance (x)&nbsp;by the Company and the Operating Partnership of this Agreement and
the issuance, sale and delivery of the Issuance Shares by the Company and the offering and sale of the Forward Hedge Shares and the consummation of the transaction contemplated by this Agreement and (y)&nbsp;by the Company of each Master Forward
Confirmation and any Supplemental Confirmation thereunder and the consummation of the transactions contemplated by each Master Forward Confirmation and any Supplemental Confirmation thereunder, the use of the proceeds from the sale of the Placement
Shares as described in the Registration Statement and Prospectus and the consummation by the Company and the Company Subsidiaries of the transactions contemplated hereby and thereby, as applicable, and the compliance by the Company and the Company
Subsidiaries with the terms and provisions hereunder and thereunder will not conflict with, or result in any breach of or constitute a default under (nor constitute any event which with notice, lapse of time, or both would constitute a breach of, or
default under), (i) any provision of the Charter Documents of the Company or any Company Subsidiaries, (ii)&nbsp;any provision of any contract, license, indenture, mortgage, deed of trust, bank loan or credit agreement or other agreement or
instrument to which the Company or any Company Subsidiary is a party or by which it or its respective properties may be bound or affected or (iii)&nbsp;any federal, state, local or foreign law, regulation or rule or any decree, judgment, permit or
order applicable to the Company or any Company Subsidiary, except in the case of clauses (ii)&nbsp;or (iii) for such conflicts, breaches or defaults that have been validly waived or would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect or result in the creation or imposition of any material lien, charge, claim or encumbrance upon any property or asset of the Company or any Company Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;Each of this Agreement and each Master Forward Confirmation has been duly authorized, executed and delivered by the
Company and the Operating Partnership, as applicable, and constitutes a legal, valid and binding agreement of the Company and the Operating Partnership, as applicable, enforceable in accordance with its terms. When executed and delivered by the
Company, each Supplemental Confirmation to the applicable Master Forward Confirmation will be, at the time of execution and delivery thereof, duly authorized, executed and delivered by the Company and, assuming the due authorization, execution and
delivery thereof by the applicable Forward Purchaser, will constitute a legal, valid and binding agreement of the Company, enforceable in accordance with its terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;The Placement Shares conform in all material respects to the descriptions thereof contained in both the
Registration Statement and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;No approval, authorization, consent or order of or filing with any
federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency is required in connection with the execution, delivery and performance (x)&nbsp;by the Company and the Operating Partnership of this Agreement,
or the consummation by the Company and the Operating Partnership of the transactions contemplated hereby, or the issuance, sale and delivery of the Placement Shares as contemplated hereby or (y)&nbsp;by the Company of each Master Forward
Confirmation and any Supplemental Confirmation thereunder or the consummation of the transactions contemplated by each Master Forward Confirmation and any Supplemental Confirmation thereunder, other than in each case (i)&nbsp;the registration under
the Securities Act of the Placement Shares, (ii)&nbsp;the approval by the Financial </P>
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Industry Regulatory Authority (&#147;<U>FINRA</U>&#148;) of the underwriting terms and arrangements, if required, and (iii)&nbsp;any necessary qualification under the securities or blue sky laws
of the various jurisdictions in which the Issuance Shares are being offered by the Agents or the offering of the Forward Hedge Shares by the Forward Purchasers and the Forward Sellers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each Company Subsidiary have all necessary licenses, permits, certificates, authorizations,
consents and approvals and have made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and have obtained all necessary licenses, permits, certificates, authorizations, consents and approvals from
other persons required in order to conduct their respective businesses as described in both the Registration Statement and the Prospectus, except to the extent that any failure to have any such licenses, permits, certificates, authorizations,
consents or approvals, to make any such filings or to obtain any such licenses, permits, certificates, authorizations, consents or approvals would not, individually or in the aggregate, have a Material Adverse Effect; and none of the Company nor any
Company Subsidiary is in violation of, or in default under, any such license, permit, certificate, authorization, consent or approval or any federal, state, local or foreign law, regulation or rule or any decree, order or judgment applicable to the
Company or any Company Subsidiary, the effect of which could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t)&nbsp;&nbsp;&nbsp;&nbsp;The copies of all contracts, agreements, instruments, rent rolls and other documents (including governmental
licenses, authorizations, permits, consents and approvals and all amendments or waivers relating to any of the foregoing) that have been previously requested by and furnished to the Agents, the Forward Purchasers, the Forward Sellers or their
respective counsel are complete and genuine and include all material collateral and supplemental agreements thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u)&nbsp;&nbsp;&nbsp;&nbsp;Other than as set forth in both the Registration Statement and the Prospectus and other than those that would not,
individually or in the aggregate, have a Material Adverse Effect, there are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company or any Company Subsidiary, threatened against the Company or any
Company Subsidiary or any of their respective properties, trustees, directors, officers or affiliates at law or in equity, or before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency;
other than the Agents, the Forward Purchaser and the Forward Sellers, none of the Company nor any Company Subsidiary has authorized anyone other than the Company&#146;s trustees and officers to make any representations regarding the offer and sale
of the Placement Shares, or regarding the Company or such Company Subsidiary in connection therewith; and none of the Company nor any Company Subsidiary has received notice of any order or decree preventing the use of the Registration Statement or
the Prospectus or any amendment or supplement thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to the date of the Prospectus, and except as
may be otherwise stated in both the Registration Statement and the Prospectus, there has not been (i)&nbsp;any event, circumstance or change that has, or could reasonably be expected, individually or in the aggregate, to have, a Material Adverse
Effect, (ii)&nbsp;any transaction, other than in the ordinary course of business, which is material to the Company or any Company Subsidiary, contemplated or entered into by the Company or any Company Subsidiary, (iii)&nbsp;any obligation,
contingent or otherwise, directly or indirectly incurred by the Company, other than in the ordinary course of business, which is material to the Company or any Company Subsidiary, (iv)&nbsp;any dividend or distribution of any kind declared, paid or
made by the Company or any Company Subsidiary on any class of its equity shares (or limited liability company or partnership interests, as applicable) or any purchase by the Company or any Company Subsidiary of any of its outstanding shares of
beneficial interest (or limited liability company or partnership interests, as applicable), or (v)&nbsp;any change of the shares of beneficial interest (or limited liability company or partnership interests, as applicable) or indebtedness of the
Company or any Company Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any Company Subsidiary is nor, upon (i)&nbsp;the
sale of the Issuance Shares as contemplated herein and the application of the net proceeds therefrom or (ii)&nbsp;the offering and sale of any Forward Hedge Shares hereunder and the transactions contemplated by each Forward Contract (including the
application of the proceeds, if any, upon settlement thereof), in each case, as described in both the Registration Statement and the Prospectus under the caption &#147;Use of Proceeds,&#148; will be an &#147;investment company&#148; or an entity
&#147;controlled&#148; by an &#147;investment company&#148; (as such terms are defined in the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;There are no persons with registration or other similar rights to
have any securities registered by the Company under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y)&nbsp;&nbsp;&nbsp;&nbsp;None of the independent trustees named
in the Registration Statement and the Prospectus has, within the last five years, been employed by or affiliated, directly or indirectly, with the Company or any Company Subsidiary, whether by ownership of, ownership interest in, employment by, any
material business or professional relationship with, or serving as an officer, trustee or director of the Company or any Company Subsidiary or any of their respective affiliates other than as disclosed in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z)&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, any Company Subsidiary nor any of their respective affiliates (i)&nbsp;is required to register
as a &#147;broker&#148; or &#147;dealer&#148; in accordance with the provisions of the Exchange Act or the rules and regulations thereunder, or (ii)&nbsp;directly, or indirectly through one or more intermediaries, controls or has any other
association with (within the meaning of Article 1 of the Bylaws of FINRA) any member firm of FINRA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(aa)&nbsp;&nbsp;&nbsp;&nbsp;None of
the Company, any Company Subsidiary nor any of their respective directors, trustees, officers, representatives or affiliates has taken, directly or indirectly, any action intended, or that might reasonably be expected, to cause or result, under the
Securities Act, the Exchange Act or otherwise, in, or that has constituted, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(bb)&nbsp;&nbsp;&nbsp;&nbsp;The Company and each Company Subsidiary carries, or is covered by, insurance (issued by insurers of recognized
financial responsibility to the best knowledge of the Company) in such amounts and covering such risks as is appropriate for the conduct of their respective businesses and the value of the assets to be held by them upon the consummation of the
transactions contemplated by both the Registration Statement and the Prospectus and as is customary for companies engaged in businesses similar to the business of the Company and the Company Subsidiaries, all of which insurance is in full force and
effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(cc)&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of the Company, including the notes thereto, included or
incorporated by reference in both the Registration Statement and the Prospectus fairly present in all material respects the financial condition of the Company as of the respective dates thereof, and the results of its operations for the periods then
ended, correctly reflect and disclose all extraordinary items, and have been prepared in conformity with U.S. generally accepted accounting principles (&#147;<U>GAAP</U>&#148;) applied on a consistent basis. All disclosures contained in the
Registration Statement, the Base Prospectus and the Prospectus regarding <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial measures&#148; (as such term is defined by the rules and regulations of the Commission) comply with Regulation
G of the Exchange Act and Item 10 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> of the Securities Act, to the extent applicable. Any <I>pro forma</I> financial information, including the notes thereto, included or incorporated by
reference in both the Registration Statement and the Prospectus fairly present in all material respects the information shown therein, have been prepared in all material respects in accordance with the applicable requirements of the Securities Act
and the Exchange Act, as applicable, and the assumptions underlying such <I>pro forma</I> financial information are reasonable and the adjustments used therein are appropriate to give effect to the transactions or circumstances referred to therein.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(dd)&nbsp;&nbsp;&nbsp;&nbsp;Ernst&nbsp;&amp; Young LLP, who has certified certain financial statements included or incorporated by
reference in the Registration Statement and the Prospectus, whose reports with respect to such financial statements included or incorporated by reference in the Registration Statement and the Prospectus are included or incorporated by reference in
the Registration Statement and the Prospectus and who has delivered the applicable comfort letters referred to in <U>Section</U><U></U><U>&nbsp;7(n)</U> hereof, is currently an independent registered public accounting firm with respect to the
Company within the meaning of the Securities Act and the rules and regulations of the Commission thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ee)&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains systems of internal control over financial reporting (as such term is defined in Rule <FONT
STYLE="white-space:nowrap">13a-15(f)</FONT> under the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by the Company&#146;s principal executive officer and principal financial officer, or under their
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations,
(ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general
or specific authorization, (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and (v)&nbsp;the interactive data in eXtensible
Business Reporting Language included or incorporated by reference in the Registration Statement, the Base Prospectus and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with the
Commission&#146;s rules and guidelines applicable thereto. Except as disclosed in each of the Registration Statement and the Prospectus, there are no material weaknesses in the Company&#146;s internal controls; since the date of the latest audited
financial statements included or incorporated by reference in the Registration Statement and the Prospectus, there has been no change in the Company&#146;s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company&#146;s internal control over financial reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ff)&nbsp;&nbsp;&nbsp;&nbsp;The Company
maintains disclosure controls and procedures (as such term is defined in Rule <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures
are designed to ensure that material information relating to the Company and the Company Subsidiaries is made known to the Company&#146;s principal executive officer and principal financial officer by others within those entities; and such
disclosure controls and procedures are effective in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(gg)&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, any Company
Subsidiary, nor, to the knowledge of the Company or any Company Subsidiary, any director, trustee, officer, employee, agent or affiliate of the Company or any Company Subsidiary, has made any payment of funds of the Company or any Company Subsidiary
or received or retained any funds in violation of any law, rule or regulation, including without limitation the &#147;know your customer&#148; and anti-money laundering laws of any jurisdiction (collectively, the &#147;<U>Money Laundering
Laws</U>&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Company Subsidiary or, to the knowledge of the Company or any Company Subsidiary, any
director, trustee, officer, employee, agent or affiliate of the Company or any Company Subsidiary, with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Company Subsidiary, threatened; the Company
acknowledges that, in accordance with the requirements of the USA Patriot Act, the Agents, the Forward Purchaser and the Forward Sellers are required to obtain, verify and record information that identifies their respective clients, including the
Company, which information may include the name and address of their respective clients, as well as other information that will allow the Agents, the Forward Purchasers and the Forward Sellers to properly identify their respective clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(hh)&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, any Company Subsidiary, nor, to the knowledge of the Company or any Company Subsidiary, any
director, trustee, officer, agent, employee or affiliate of the Company or any Company Subsidiary is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department
of State (and including, without limitation, the designation as a &#147;specially designated national&#148; or &#147;blocked person&#148;), the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury or other relevant
sanctions authority (collectively, &#147;<U>Sanctions</U>&#148;), nor is controlled by an individual or entity that is currently subject to Sanctions, nor is the Company or any Company Subsidiary located, organized or resident in a country or
territory that is the subject or target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan and Syria (each, a &#147;<U>Sanctioned Country</U>&#148;); and neither the Company nor the Operating Partnership will directly or
indirectly use the proceeds of the offering of the Placement Shares hereunder or the Forward Settlement Shares under the Forward Contracts, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or
other person or entity, for the purpose of financing the activities of any person currently subject to any Sanctions or any activities in any Sanctioned Country or in any other manner that will result in a violation by any person (including any
person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, the Company and each Company Subsidiary have not knowingly engaged in and are not now knowingly engaged in any
dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any certificate signed by any officer of the Company or any
Company Subsidiary delivered to the Agents, the Forward Purchasers or the Forward Sellers or to their respective counsel pursuant to or in connection with this Agreement or the Forward Contracts shall be deemed a representation and warranty by the
Company or such Company Subsidiary to the Agents, the Forward Purchasers and the Forward Sellers as to the matters covered thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(jj)&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and the Company Subsidiaries have accurately prepared and timely filed any and all material
federal, state, foreign and other tax returns that are required to be filed by them, if any, and have paid or made provision for the payment of all material taxes, assessments, governmental or other similar charges, including without limitation, all
material sales and use taxes and all material taxes which the Company and the Company Subsidiaries are obligated to withhold from amounts owing to employees, creditors and third parties, with respect to the periods covered by such tax returns
(whether or not such amounts are shown as due on any tax return), except for any such tax, assessment, fine or penalty that is currently being contested in good faith by appropriate actions; (ii)&nbsp;no deficiency assessment with respect to a
proposed material adjustment of the federal, state, local or foreign taxes of the Company or any Company Subsidiary is pending or, to the best of the knowledge of the Company or any Company Subsidiary, threatened; and (iii)&nbsp;there is no material
tax lien, whether imposed by any federal, state, foreign or other taxing authority, outstanding against the assets, properties or business of the Company or any Company Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(kk)&nbsp;&nbsp;&nbsp;&nbsp;Except as described in both the Registration Statement and the Prospectus or as would not in the aggregate
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (i)&nbsp;neither the Company nor any Company Subsidiary is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment
(including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, &#147;<U>Hazardous Materials</U>&#148;) or to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &#147;<U>Environmental Laws</U>&#148;), (ii) the Company and the Company Subsidiaries have all permits, authorizations and approvals required under any
applicable Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there are no pending or, to the knowledge of the Company or any Company Subsidiary, threatened administrative, regulatory or judicial actions, suits,
demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against the Company or any Company Subsidiary, and (iv)&nbsp;to the knowledge of the Company or any Company
Subsidiary, there are no events or circumstances that would reasonably be expected to form the basis of an order for <FONT STYLE="white-space:nowrap">clean-up</FONT> or remediation, or an action, suit or proceeding by any private party or
governmental body or agency, against or affecting the Company or any Company Subsidiary relating to Hazardous Materials or any Environmental Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ll)&nbsp;&nbsp;&nbsp;&nbsp;Each employee benefit plan, within the meaning of Section&nbsp;3(3) of ERISA, that is maintained, administered or
contributed to by the Company, any Company Subsidiary or any of their affiliates for employees or former employees of the Company, any Company Subsidiary or any of their affiliates has been maintained in compliance in all material respects with its
terms and the requirements of any applicable statutes, orders, rules and regulations, including, but not limited to, ERISA and the Code; no prohibited transaction, within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code, has
occurred with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption, and transactions which, individually or in the aggregate, would not have a Material Adverse Effect, and no such plan is
subject to the funding rules of Section&nbsp;412 of the Code or Section&nbsp;302 of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(mm)&nbsp;&nbsp;&nbsp;&nbsp;No labor
disturbance by or dispute with employees of the Company or any Company Subsidiary exists or, to the knowledge of the Company or any Company Subsidiary, is contemplated or threatened, and none of the Company nor any Company Subsidiary is aware of any
existing or imminent labor disturbance by, or dispute with, the employees of any of the Company&#146;s or the Company Subsidiary&#146;s principal suppliers, contractors or customers, except as would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(nn)&nbsp;&nbsp;&nbsp;&nbsp;Nothing has come to the attention of the Company or any Company Subsidiary that has caused the Company or any
Company Subsidiary to believe that the statistical and market-related data included in each of the Registration Statement and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(oo)&nbsp;&nbsp;&nbsp;&nbsp;No forward-looking statement (within the meaning of
Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Exchange Act) contained in any of the Registration Statement or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(pp)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor any of the Company Subsidiaries has sustained since the date of the latest audited
financial statements included or incorporated by reference in the Registration Statement and Prospectus any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from
any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Registration Statement or the Prospectus; and, since the respective dates as of which information is given in the Registration
Statement and the Prospectus, there has not been any change in the equity shares (or limited liability company or partnership interests, as applicable) or long-term debt of the Company or any of the Company Subsidiaries or any material adverse
change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, financial position, shareholders&#146; equity or results of operations of the Company and the Company Subsidiaries, taken as
a whole, otherwise than as set forth or contemplated in the Registration Statement and Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(qq)&nbsp;&nbsp;&nbsp;&nbsp;The
statements set forth in the Registration Statement and the Prospectus under the captions &#147;Description of Equity Shares&#148; and &#147;Description of Common Shares,&#148; insofar as they summarize the terms of the Class&nbsp;A Shares, and under
the caption &#147;Certain U.S. Federal Income Tax Considerations,&#148; insofar as they summarize certain provisions of the laws and documents referred to therein, are accurate, complete and fair summaries of the matters referred to therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(rr)&nbsp;&nbsp;&nbsp;&nbsp; (i)&nbsp;(A) At the time of filing the Registration Statement, (B)&nbsp;at the time of the most recent amendment
thereto for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d) of the Exchange Act or form of
prospectus), and (C)&nbsp;at the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c) under the Securities Act) made any offer relating to the Placement Shares in reliance on the exemption of
Rule 163 under the Securities Act, the Company was a &#147;well-known seasoned issuer&#148; as defined in Rule 405 under the Securities Act; and (ii)&nbsp;at the earliest time after the filing of the Registration Statement that the Company or
another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Placement Shares, the Company was not an &#147;ineligible issuer&#148; as defined in Rule 405 under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ss)&nbsp;&nbsp;&nbsp;&nbsp;The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the
Registration Statement, the Base Prospectus and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(tt)&nbsp;&nbsp;&nbsp;&nbsp;The Class&nbsp;A Shares is an &#147;actively-traded&#148; security excepted from the requirements of Rule
101(c)(1) of Regulation M under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants of the Company</U>. The Company covenants and
agrees with the Agents, the Forward Purchasers and the Forward Sellers that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration Statement
Amendments</I>. After the date of this Agreement and during any period in which the Prospectus relating to any Placement Shares is required to be delivered by the Agents, the Forward Purchasers or the Forward Sellers under the Securities Act
(including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act) (the &#147;<U>Prospectus Delivery Period</U>&#148;), (i) the Company will notify the Agents, the Forward Purchasers and the Forward
Sellers promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference or amendments not related to any Placement, has been filed with the Commission and/or has become effective or
any subsequent supplement to the Prospectus, other than documents incorporated by reference, has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus related to the Placement or
for additional information related to the Placement, (ii)&nbsp;the Company will prepare and file with the Commission, promptly upon an Agent&#146;s, Forward Purchaser&#146;s or Forward Seller&#146;s request, any amendments or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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supplements to the Registration Statement or Prospectus that, in the Agent&#146;s, Forward Purchaser&#146;s or Forward Seller&#146;s reasonable opinion, may be necessary or advisable in
connection with the distribution of the Placement Shares (<I>provided, however</I>, that the failure of the Agents, the Forward Purchasers or the Forward Sellers to make such request shall not relieve the Company of any obligation or liability
hereunder, or affect each Agent&#146;s, Forward Purchaser&#146;s or Forward Seller&#146;s right to rely on the representations and warranties made by the Company in this Agreement or any Forward Contract); and (iii)&nbsp;the Company will cause each
amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with
the Commission as required pursuant to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this <U>Section</U><U></U><U>&nbsp;7(a)</U>, based on the
Company&#146;s reasonable opinion or reasonable objections, shall be made exclusively by the Company). Notwithstanding the foregoing, the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than
documents incorporated by reference, relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to the Agents, the Forward Purchasers and the Forward Sellers within a reasonable
period of time before the filing and the Agents, the Forward Purchasers and the Forward Sellers have not reasonably objected thereto (<I>provided</I>,<I> however</I>, that (A)&nbsp;the failure of the Agents, the Forward Purchaser or the Forward
Sellers to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect each Agent&#146;s, Forward Purchaser&#146;s or Forward Seller&#146;s right to rely on the representations and warranties made by the
Company in this Agreement or any Forward Contract and (B)&nbsp;the Company has no obligation to provide the Agents, the Forward Purchasers or the Forward Sellers with any advance copy of such filing or to provide the Agents, the Forward Purchasers
or the Forward Sellers with the opportunity to object to such filing if such filing does not name the Agent, the Forward Purchaser or the Forward Seller or does not relate to the transactions contemplated by this Agreement or any Forward Contract)
and the Company will furnish to the Agents, the Forward Purchasers and the Forward Sellers at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus,
except for those documents available via EDGAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice of Commission Stop Orders</I>. The Company will
advise the Agents, the Forward Purchasers and the Forward Sellers promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially
reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agents, the Forward Purchasers and the Forward Sellers promptly after the Company receives
any request by the Commission for any amendments to the Registration Statement or any amendments or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of the Placement Shares or
for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of Prospectus; Subsequent Changes</I>. During the Prospectus Delivery Period, the Company will use its
commercially reasonable efforts to comply in all material respects with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports and any definitive proxy
or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event occurs as a result of which the
Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during
such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Agents, the Forward Purchasers and the Forward Sellers to suspend the offering of
Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Listing of Issuance</I> <I>Shares</I>. During the Prospectus Delivery Period, the Company will use its
commercially reasonable efforts to cause the Issuance Shares and Forward Settlement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions in the United States as the Agents,
the Forward Purchasers or the Forward Sellers reasonably designate and to continue </P>
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such qualifications in effect so long as required for the distribution of the Placement Shares; <I>provided, however</I>, that the Company shall not be required in connection therewith to qualify
as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Delivery of Registration Statement and Prospectus</I>. The Company will furnish to the Agents, the Forward
Purchasers and the Forward Sellers and their respective counsel (at the expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein), Issuer Free Writing Prospectus and all
amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during the Prospectus Delivery Period (including all documents filed with the Commission during such period that are deemed to be incorporated
by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agents, the Forward Purchasers and the Forward Sellers may from time to time reasonably request and, at each Agent&#146;s, Forward Purchaser&#146;s
and Forward Seller&#146;s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; <I>provided, however</I>, that the Company shall not be required to furnish any document
(other than the Prospectus or any Issuer Free Writing Prospectus) to the Agents, the Forward Purchasers or the Forward Sellers to the extent such document is available on EDGAR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Earnings Statement</I>. The Company will make generally available to its security holders as soon as
practicable, but in any event not later than 45 days after the end of the Company&#146;s interim fiscal quarter, and not later than 90 days after the end of the Company&#146;s fiscal year, an earnings statement covering a <FONT
STYLE="white-space:nowrap">12-month</FONT> period that satisfies the provisions of Section&nbsp;11(a) and Rule 158 of the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Use of Proceeds</I>. The Company will use the Net Proceeds and the proceeds (if any) received upon settlement of
any Forward Contract as described in the Prospectus under the section entitled &#147;Use of Proceeds.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Notice of Other Sales</I>. Without the prior written consent of the Agents, the Forward Purchasers and the
Forward Sellers, the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Class&nbsp;A Shares (other than the Placement Shares offered pursuant to this Agreement) or
securities convertible into or exchangeable for Class&nbsp;A Shares, warrants or any rights to purchase or acquire, Class&nbsp;A Shares during the period beginning on the fifth (5th) Trading Day immediately prior to the date on which any Placement
Notice is delivered to an Agent or a Forward Purchaser and related Forward Seller hereunder, as applicable, and ending on the fifth (5th) Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to
such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination); and will not directly or indirectly in any
other &#147;at the market offering&#148; or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Class&nbsp;A Shares (other than the Placement Shares offered pursuant to this
Agreement) or securities convertible into or exchangeable for Class&nbsp;A Shares, warrants or any rights to purchase or acquire, Class&nbsp;A Shares prior to the termination of this Agreement and the Forward Contracts; <I>provided, however</I>,
that such restrictions will not apply to the Company&#146;s issuance or sale of (i)&nbsp;Class&nbsp;A Shares, options to purchase Class&nbsp;A Shares or Class&nbsp;A Shares issuable upon the exercise of options, pursuant to any employee or director
stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not Class&nbsp;A Shares subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company, as such plans are disclosed in filings by the
Company available on EDGAR; (ii)&nbsp;Class&nbsp;A Shares issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise
in writing to the Agents, the Forward Purchasers and the Forward Sellers; and (iii)&nbsp;Class&nbsp;A Shares, or securities convertible into or exercisable for Class&nbsp;A Shares, offered and sold in a privately negotiated transaction to vendors,
customers, consultants, strategic partners or potential strategic partners or other investors conducted in a manner so as not to be integrated with the offering of the Placement Shares hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Change of Circumstances</I>. The Company will, at any time during the pendency of a Placement Notice, advise the
Agents, the Forward Purchasers and the Forward Sellers promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or
other document required to be provided to the Agents, the Forward Purchasers or the Forward Sellers pursuant to this Agreement or any Forward Contract. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;<I>Due Diligence Cooperation</I>. The Company will cooperate with
any reasonable due diligence review conducted by the Agents, the Forward Purchasers and/or the Forward Sellers or their representatives in connection with the transactions contemplated hereby, including, without limitation, providing information and
making available documents and senior corporate officers, during regular business hours and at the Company&#146;s principal offices or such other location as may be mutually agreed upon by the parties, as the Agents, the Forward Purchasers or the
Forward Sellers may reasonably request. The obligation of the Company under this <U>Section</U><U></U><U>&nbsp;7(j)</U> shall be deferred for any Suspension Period and shall recommence upon the termination of such Suspension Period; <I>provided</I>,
<I>however</I>, that the obligation of the Company under this <U>Section</U><U></U><U>&nbsp;7(j)</U> shall not be deferred during any such Suspension Period during which the Company files a new automatic shelf registration statement relating to the
Placement Shares pursuant to <U>Section</U><U></U><U>&nbsp;7(s)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;<I>Required Filings Relating to Placement
of Placement Shares</I>. The Company agrees that on such dates as the Securities Act shall require, the Company will (i)&nbsp;file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act
(each and every filing under Rule 424(b), a &#147;<U>Filing Date</U>&#148;), which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold under this Agreement, the net proceeds to the Company and the
compensation payable by the Company to the Agents and the Forward Sellers with respect to such Placement Shares (provided that the Company may satisfy its obligations under this <U>Section</U><U></U><U>&nbsp;7(k)(i)</U> by effecting a filing in
accordance with the Exchange Act with respect to such information), and (ii)&nbsp;deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or
regulations of such exchange or market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;<I>Representation Dates; Certificate</I>. Upon commencement of the
offering of the Placement Shares under this Agreement (and upon the recommencement of the offering of the Placement Shares under this Agreement following the termination of a Suspension Period) and within two (2)&nbsp;Trading Days after any
Representation Date, and each time during the term of this Agreement and the Forward Contract that the Company (each date of filing of one or more of the documents referred to in clauses (i)&nbsp;through (iv) below shall be a &#147;<U>Representation
Date</U>&#148;): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;amends or supplements (other than a prospectus supplement relating solely to an offering of
securities other than the Placement Shares) the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into
the Registration Statement or the Prospectus relating to the Placement Shares; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;files an Annual Report on
Form <FONT STYLE="white-space:nowrap">10-K</FONT> under the Exchange Act (including any Form <FONT STYLE="white-space:nowrap">10-K/A</FONT> containing amended financial information or a material amendment to the previously filed <FONT
STYLE="white-space:nowrap">Form&nbsp;10-K);</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;files its Quarterly Reports on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> under the Exchange Act (including any Form <FONT STYLE="white-space:nowrap">10-Q/A</FONT> containing amended financial information or a material amendment to the previously filed
<FONT STYLE="white-space:nowrap">Form&nbsp;10-Q);</FONT> or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;files a Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> containing amended financial information, capsule financial information, financial statements, supporting schedules or other financial data (other than information &#147;furnished&#148; pursuant to Items 2.02 or
7.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> or to provide disclosure pursuant to Item 8.01 of Form <FONT STYLE="white-space:nowrap">8-K</FONT> relating to the reclassification of certain properties as discontinued operations in
accordance with Statement of Financial Accounting Standards No.&nbsp;144) under the Exchange Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company shall furnish the Agents,
the Forward Purchasers and the Forward Sellers with a certificate, in the form attached hereto as <U>Exhibit A</U>. The requirement to provide a certificate under this <U>Section</U><U></U><U>&nbsp;7(l)</U> shall be waived for any Representation
Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder </P>
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(which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell
Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Agents, the Forward Purchasers and the Forward Sellers with a certificate under this <U>Section</U><U></U><U>&nbsp;7(l)</U>, then before
the Company delivers the Placement Notice or any of the Agents, the Forward Purchasers or the Forward Sellers sells or offers any Placement Shares, the Company shall provide the Agents the Forward Purchasers and the Forward Sellers with a
certificate, in the form attached hereto as <U>Exhibit A</U>, dated the date of the Placement Notice. The obligation of the Company under this <U>Section</U><U></U><U>&nbsp;7(l)</U> shall be deferred for any Suspension Period and shall recommence
upon the termination of such Suspension Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal Opinion and Negative Assurance Letter</I>. Upon
commencement of the offering of the Placement Shares under this Agreement (and upon the recommencement of the offering of the Placement Shares under this Agreement following the termination of a Suspension Period), the Company shall cause to be
furnished to the Agents, the Forward Purchasers and the Forward Sellers (i)&nbsp;a written opinion of Hogan Lovells US LLP or other counsel selected by the Company and reasonably acceptable to Agents, the Forward Purchasers and the Forward Sellers
(&#147;<U>Company Corporate Counsel</U>&#148;) as to corporate and securities matters substantially in the form attached as <U>Exhibit <FONT STYLE="white-space:nowrap">B-1</FONT></U> hereto, dated as of the date of such commencement or
recommencement, as applicable, (ii)&nbsp;a negative assurance letter substantially in the form attached as <U>Exhibit <FONT STYLE="white-space:nowrap">B-2</FONT></U> hereto, dated as of the date of such commencement or recommencement, as applicable,
and (iii)&nbsp;a written opinion of Fried, Frank, Harris, Shriver&nbsp;&amp; Jacobson LLP or other counsel selected by the Company and reasonably acceptable to Agent, the Forward Purchasers and the Forward Sellers (&#147;<U>Company Tax
Counsel</U>&#148;, and together with Company Corporate Counsel, &#147;<U>Company Counsel</U>&#148;) as to tax matters substantially in the form attached as <U>Exhibit <FONT STYLE="white-space:nowrap">B-3</FONT></U> hereto, dated as of the date of
such commencement or recommencement, as applicable. Within two (2)&nbsp;Trading Days after any Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as <U>Exhibit A</U> for which no
waiver is applicable, the Company shall cause to be furnished to the Agents, the Forward Purchasers and the Forward Sellers the written opinions of Company Counsel in substantially the foregoing forms, dated as of the date that the opinion is
required to be delivered, as applicable; <I>provided</I>, <I>however</I>, that in lieu of such opinions, any Company Counsel may furnish to the Agents, the Forward Purchasers and the Forward Sellers letters (&#147;<U>Reliance Letters</U>&#148;)
substantially to the effect that the Agents, the Forward Purchasers and the Forward Sellers may rely on such Company Counsel&#146;s prior opinion delivered under this <U>Section</U><U></U><U>&nbsp;7(m)</U> to the same extent as if they were dated
the date of such Reliance Letters (except that statements in such prior opinions shall be deemed to relate to the Registration Statement and the Prospectus as then amended or supplemented). The obligation of the Company under this
<U>Section</U><U></U><U>&nbsp;7(m)</U> shall be deferred for any Suspension Period and shall recommence upon the termination of such Suspension Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;&nbsp;&nbsp;&nbsp;<I>Comfort Letters</I>. Upon commencement of the offering of the Placement Shares under this Agreement (and upon
the recommencement of the offering of the Placement Shares under this Agreement following the termination of a Suspension Period) and within two (2)&nbsp;Trading Days after any Representation Date with respect to which the Company is obligated to
deliver a certificate in the form attached hereto as <U>Exhibit A</U> for which no waiver is applicable, the Company shall cause Ernst&nbsp;&amp; Young LLP to furnish the Agents, the Forward Purchasers and the Forward Sellers letters with respect to
certain financial information of the Company, each dated as of the date of such commencement or recommencement or the date that the letter is required to be delivered, as applicable (the &#147;<U>Comfort Letter</U>&#148; and each, a &#147;<U>Comfort
Letter</U>&#148;) (for so long as such information is included or incorporated by reference in the Registration Statement or the Prospectus), each dated as of the date of such commencement or recommencement or the date that the letter is required to
be delivered, as applicable, which shall meet the requirements set forth in this <U>Section</U><U></U><U>&nbsp;7(n)</U>; <I>provided</I>, that the Agents, the Forward Purchasers and the Forward Sellers may reasonably request that the Company cause a
Comfort Letter to be furnished to the Agents, the Forward Purchasers and the Forward Sellers within ten (10)&nbsp;Trading Days of the date of occurrence of any material transaction or event, including the restatement of the Company&#146;s financial
statements. The Comfort Letters from the Company&#146;s independent accountants shall be in a form and substance reasonably satisfactory to the Agents, the Forward Purchasers and the Forward Sellers, (i)&nbsp;confirming that they are an independent
public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (the &#147;<U>PCAOB</U>&#148;), (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial
information and other matters ordinarily covered by accountants&#146; &#147;comfort letters&#148; to underwriters in connection with registered public offerings (the first such letter, the &#147;<U>Initial Comfort Letter</U>&#148;), and
(iii)&nbsp;updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified </P>
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as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. The obligation of the Company under this
<U>Section</U><U></U><U>&nbsp;7(n)</U> shall be deferred for any Suspension Period and shall recommence upon the termination of such Suspension Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;&nbsp;&nbsp;&nbsp;<I>Market Activities</I>. The Company will not, directly or indirectly, (i)&nbsp;take any action designed to cause
or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Class&nbsp;A Shares or (ii)&nbsp;sell, bid for, or
purchase Class&nbsp;A Shares in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agents, the Forward Purchasers or the Forward Sellers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment Company Act</I>. The Company will conduct its affairs in such a manner so that neither it nor any of
its subsidiaries will be or become, at any time prior to the termination of this Agreement or any Forward Contract, an &#147;investment company,&#148; as such term is defined in the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Offer to Sell</I>. Other than an Issuer Free Writing Prospectus approved in advance by the Company and the
Agents, the Forward Purchasers and the Forward Sellers, each in their capacity as principal or agent hereunder, neither the Agents, the Forward Purchasers and the Forward Sellers nor the Company (including its agents and representatives, other than
the Agents, the Forward Purchasers and the Forward Sellers, each in their capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed
with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;&nbsp;&nbsp;&nbsp;<I>Sarbanes-Oxley Act</I>. The Company and the Company Subsidiaries will use their commercially reasonable efforts
to comply with all effective applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(s)&nbsp;&nbsp;&nbsp;&nbsp;<I>Renewal of Registration Statement</I>. If immediately prior to the third anniversary (the &#147;<U>Renewal
Deadline</U>&#148;) of the initial effective date of the Registration Statement, any of the Placement Shares remain unsold by the Agents or the Forward Sellers, the Company will, prior to the Renewal Deadline file, if it has not already done so and
is eligible to do so, file a new automatic shelf registration statement relating to the Placement Shares, in a form satisfactory to the Agents, the Forward Purchasers and the Forward Sellers. If the Company is not eligible to file an automatic shelf
registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration statement relating to the Placement Shares, in a form satisfactory to the Agents, the Forward Purchasers and the
Forward Sellers, and will use its commercially reasonable efforts to cause such registration statement to be declared effective within 180 days after the Renewal Deadline. The Company will take all other action necessary or appropriate to permit the
public offering and sale of the Placement Shares to continue as contemplated in the expired registration statement. References herein to the Registration Statement shall refer to such new automatic shelf registration statement or such new shelf
registration statement, as the case may be, from the date of effectiveness thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(t)&nbsp;&nbsp;&nbsp;&nbsp;<I>Filing Fees</I>. The
Company shall pay the fees applicable to the Registration Statement in connection with the offering of the Placement Shares within the time required by Rule 456(b)(1)(i) under the Securities Act (without reliance on the proviso to Rule 456(b)(1)(i)
under the Securities Act) and in compliance with Rule 456(b) and Rule 457(r) under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(u)&nbsp;&nbsp;&nbsp;&nbsp;<I>Reservation of Class</I><I></I><I>&nbsp;A Shares</I>. The Company shall reserve and keep available sufficient
Class&nbsp;A Shares to provide for the issuance, free of any preemptive rights, out of its authorized but unissued Class&nbsp;A Shares, of the maximum aggregate number of Class&nbsp;A Shares authorized for issuance by the Company&#146;s board of
trustees pursuant to the terms of this Agreement and the Forward Contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;<I>Issuer Free Writing
Prospectus</I>. The Company shall comply with the requirements of Rule 433 applicable to any &#147;issuer free writing prospectus,&#148; as defined in such rule, including timely filing with the Commission where required, legending and
recordkeeping. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(w)&nbsp;&nbsp;&nbsp;&nbsp;<I>Conflict, Statement or Omission</I>. If at any time following
the issuance of an Issuer Free Writing Prospectus, any event occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement or the Prospectus or would include an untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company shall give prompt notice thereof to the Agents, the
Forward Purchasers and the Forward Sellers and, if requested by the Agents, the Forward Purchasers or the Forward Sellers, will prepare and furnish without charge to the Agents, the Forward Purchasers and the Forward Sellers an Issuer Free Writing
Prospectus or other document which will correct such conflict, statement or omission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;<I>Qualification as a
REIT</I>. The Company shall use commercially reasonable efforts to meet the requirements to continue to qualify as a REIT under the Code, unless the Company&#146;s board of trustees determines by resolution that it is in the best interests of the
Company&#146;s stockholders not to so qualify. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(y)&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligibility</I>. The Company shall cooperate with the
Agents, the Forward Purchasers and the Forward Sellers and use its commercially reasonable efforts to permit the Placement Shares and Forward Settlement Shares to be eligible for clearance and settlement through the facilities of DTC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(z)&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulation M</I>. If the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1)
of Regulation M under the Exchange Act are not satisfied with respect to the Company or the Class&nbsp;A Shares, it shall promptly notify each Agent, Forward Purchasers and Forward Sellers and sales of the Placement Shares under this Agreement and
any Forward Contract shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Covenants of the Agents</U>. Each Agent represents and warrants that it is duly registered as
a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Issuance Shares will be offered and sold, except such states in which the Agents are exempt from registration or such registration
is not otherwise required. Each Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Issuance Shares will
be offered and sold, except such states in which the Agents are exempt from registration or such registration is not otherwise required, during the term of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Expenses</U>. The Company will pay all expenses incident to the performance of its obligations under
this Agreement and any Forward Contract, including (i)&nbsp;the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of
each amendment and supplement thereto and each Issuer Free Writing Prospectus, in such number as the Agents, the Forward Purchasers and the Forward Sellers shall reasonably deem necessary, (ii)&nbsp;the printing and delivery to the Agents, the
Forward Purchasers and the Forward Sellers of this Agreement and any Forward Contract and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii)&nbsp;the
preparation, issuance and delivery of the certificates, if any, for the Placement Shares, including any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the
Placement Shares, (iv)&nbsp;the fees and disbursements of the counsel, accountants and other advisors to the Company, (v)&nbsp;the fees and expenses of the transfer agent and registrar for the Placement Shares, and (vi)&nbsp;the fees and expenses
incurred in connection with the listing of the Placement Shares on the Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to
Agents&#146;, Forward Purchasers&#146; and Forward Sellers&#146; Obligations</U>. The obligations of each Agent, Forward Purchaser and Forward Seller hereunder with respect to a Placement will be subject to the continuing accuracy and completeness
of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, and to the continuing satisfaction (or waiver by the Agents, the Forward Purchasers and the Forward Sellers in
their sole discretion) of the following additional conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Registration Statement Effective</I>. The
Registration Statement shall be effective and shall be available for the sale of all Placement Shares contemplated to be issued by any Placement Notice. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Material Notices</I>. None of the following events shall
have occurred and be continuing: (i)&nbsp;receipt by the Company of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the
response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental authority of any stop order suspending
the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii)&nbsp;receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any
of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv)&nbsp;the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus
or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the
Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Misstatement or Material Omission</I>. The Agents, the Forward Purchasers or the
Forward Sellers shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agents&#146;, Forward Purchasers&#146; or Forward
Sellers&#146; reasonable opinion is material, or omits to state a fact that in the Agents&#146;, Forward Purchasers&#146; or Forward Sellers&#146; opinion is material and is required to be stated therein or is necessary to make the statements
therein not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Material Changes</I>. Except as contemplated in the Prospectus, or disclosed in the
Company&#146;s reports filed with the Commission, there shall not have been any Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Representation Certificate</I>. The Agents, the Forward Purchasers and the Forward Sellers shall have received
the certificate required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;7(l)</U> on every date on which delivery of such certificate is required pursuant to <U>Section</U><U></U><U>&nbsp;7(l)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal Opinion and Negative Assurance Letter</I>. The Agents, the Forward Purchasers and the Forward Sellers
shall have received the opinion and negative assurance letter of Company Corporate Counsel and the opinion of Company Tax Counsel, in each case, required to be delivered pursuant <U>Section</U><U></U><U>&nbsp;7(m)</U> on every date on which such
delivery of such documents are required pursuant to <U>Section</U><U></U><U>&nbsp;7(m)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;<I>Comfort
Letters</I>. The Agents, the Forward Purchasers and the Forward Sellers shall have received the Comfort Letters required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;7(n)</U> on every date on which such delivery of such letter is
required pursuant to <U>Section</U><U></U><U>&nbsp;7(n)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion of Counsel for the Agents</I>. Upon
the commencement of the offering of the Placement Shares under this Agreement (and upon the recommencement of the offering of the Placement Shares under this Agreement following the termination of a Suspension Period), and on any such date that the
Company is obligated to deliver a legal opinion under <U>Section</U><U></U><U>&nbsp;7(m)</U> hereof, the Agents and the Forward Purchasers shall have received the written opinion and negative assurance letter of Paul Hastings LLP, counsel for the
Agents, each dated such date, with respect to such matters as the Agents and the Forward Purchasers may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;<I>Due Diligence</I>. At every date specified in <U>Section</U><U></U><U>&nbsp;7(l)</U> of this Agreement and on
such other dates as reasonably requested by the Agents, the Forward Purchasers and the Forward Sellers, the Company shall have conducted due diligence sessions, in form and substance satisfactory to the Agents, the Forward Purchasers and the Forward
Sellers, which shall include the participation of representatives of the management of the Company and the independent accountants of the Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;<I>No Suspension</I>. Trading in the Class&nbsp;A Shares shall
not have been suspended on the Exchange, and the Class&nbsp;A Shares shall not have been delisted from the Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Materials</I>. On each date on which the Company is required to deliver a certificate pursuant to
<U>Section</U><U></U><U>&nbsp;7(l)</U>, the Company shall have furnished to the Agents, the Forward Purchasers and the Forward Sellers such appropriate further information, certificates and documents as the Agents, the Forward Purchasers or the
Forward Sellers may reasonably request and which are usually and customarily furnished by an issuer of securities in connection with a securities offering. All such opinions, certificates, letters and other documents will be in compliance with the
provisions hereof. The Company will furnish the Agents, the Forward Purchasers and the Forward Sellers with such conformed copies of such opinions, certificates, letters and other documents as the Agents, the Forward Purchasers or the Forward
Sellers shall reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities Act Filings Made</I>. All filings with the Commission required
by Rule 424 or Rule 433 under the Securities Act to have been filed within the applicable time period prescribed for such filing by Rule 424 (without reliance on Rule 424(b)(8)) and Rule 433, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;<I>Approval for Listing</I>. The Issuance Shares and the Forward Settlement Shares shall either have been approved
for listing on the Exchange, subject only to notice of issuance, or the Company shall have filed an application for listing of the Issuance Shares and the Forward Settlement Shares on the Exchange, at, or prior to, the issuance of any Placement
Notice. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification and Contribution. </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<I>Company and Operating Partnership Indemnification</I>. The Company and the Operating Partnership agree, jointly
and severally, to indemnify and hold harmless each Agent, Forward Purchaser and Forward Seller, their respective affiliates (as such term is defined in Rule 405), directors and officers, agents and employees and each person, if any, who controls, is
under common control with or is controlled by, such Agent, Forward Purchaser or Forward Seller within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the
statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent that any such expense is not paid under clause (i)&nbsp;of this
<U>Section</U><U></U><U>&nbsp;11(a)</U>, against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, described in clause (i)&nbsp;of this
<U>Section</U><U></U><U>&nbsp;11(a)</U>; <I>provided</I>, that (subject to <U>Section</U><U></U><U>&nbsp;11(d)</U> below) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed or
withheld; <I>provided</I>, <I>however</I>, that for the avoidance of doubt, any indemnification provided under this <U>Section</U><U></U><U>&nbsp;11(a)</U> shall not be duplicative;<B> </B>and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent that any such expense is not paid under clause (i)&nbsp;or clause (ii)&nbsp;of this
<U>Section</U><U></U><U>&nbsp;11(a)</U>, against any and all expense whatsoever, as incurred (including the fees and disbursements of one counsel (in addition to any local counsel)), reasonably incurred in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission,
described in clause (i)&nbsp;of this <U>Section</U><U></U><U>&nbsp;11(a)</U>; <I>provided</I>, <I>however</I>, that for the avoidance of doubt, any indemnification provided under this <U>Section</U><U></U><U>&nbsp;11(a)</U> shall not be duplicative;
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided, however</I>, that this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished to the Company by the Agents, the Forward
Purchasers or the Forward Sellers expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<I>Agent, Forward Purchaser and Forward Seller Indemnification</I>. The Agents, the Forward Purchasers and the
Forward Sellers agree, severally and not jointly, to indemnify and hold harmless the Company and its trustees, the Operating Partnership and each officer of the Company who signed the Registration Statement, and each person, if any, who
(i)&nbsp;controls the Company or the Operating Partnership within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act or (ii)&nbsp;is controlled by or is under common control with the Company or the Operating
Partnership against any and all loss, liability, claim, damage and expense described in the indemnity contained in <U>Section</U><U></U><U>&nbsp;11(a)</U>, as incurred, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Registration Statement (or any amendments thereto), the Prospectus (or any amendment or supplement thereto), or any Issuer Free Writing Prospectus in reliance upon and in conformity with information relating to
the Agents, the Forward Purchasers and the Forward Sellers and furnished to the Company and the Operating Partnership in writing by the Agents, Forward Purchasers or Forward Sellers expressly for use therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Procedure</I>. Any party that proposes to assert the right to be indemnified under this
<U>Section</U><U></U><U>&nbsp;11</U> will, promptly as reasonably practicable after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this
<U>Section</U><U></U><U>&nbsp;11</U>, notify each such indemnifying party of the commencement of such action, but the obligation to notify such indemnifying party will not relieve the indemnifying party from (i)&nbsp;any liability that it might have
to any indemnified party otherwise than under this <U>Section</U><U></U><U>&nbsp;11</U>, and (ii)&nbsp;any liability that it may have to any indemnified party under the foregoing provision of this <U>Section</U><U></U><U>&nbsp;11</U> unless, and
only to the extent that, such omission results in the forfeiture or material impairment of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party, and it notifies the indemnifying party
of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the
indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified
party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by
the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party
unless (1)&nbsp;the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2)&nbsp;the indemnified party has reasonably concluded (based on advice of legal counsel to the indemnified party) that
there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3)&nbsp;a conflict or potential conflict exists (based on advice of legal counsel to the
indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party), or (4)&nbsp;the indemnifying party
has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be
at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying
party promptly after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected
without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to
the matters contemplated by this <U>Section</U><U></U><U>&nbsp;11</U> (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (x)&nbsp;includes an unconditional release of each indemnified party from
all liability arising out of such litigation, investigation, proceeding or claim, and (y)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Settlement Without Consent if Failure to Reimburse. </I>If an
indemnified party shall have requested an indemnifying party to reimburse the indemnified party for reasonable fees and expenses of counsel for which it is entitled to be reimbursed under <U>Section</U><U></U><U>&nbsp;11(c)(1)</U>,
<U>Section</U><U></U><U>&nbsp;11(c)(2)</U>, <U>Section</U><U></U><U>&nbsp;11(c)(3)</U> or <U>Section</U><U></U><U>&nbsp;11(c)(4)</U>, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
<U>Section</U><U></U><U>&nbsp;11(a)(ii)</U> effected without its written consent if (i)&nbsp;such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall
have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into, and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the
date of such settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<I>Contribution</I>. In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in the foregoing paragraphs of this <U>Section</U><U></U><U>&nbsp;11</U> is applicable in accordance with its terms but for any reason is held to be unavailable from the Company, the Operating
Partnership, the Agents, the Forward Purchasers and the Forward Sellers, then such parties will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in
connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company and the Operating Partnership and applied towards such losses, claims,
liabilities, expenses and damages from persons other than the Agents, the Forward Purchasers and the Forward Sellers, such as persons who control the Company and the Operating Partnership within the meaning of the Securities Act, officers of the
Company who signed the Registration Statement and directors of the Company and the Operating Partnership, who also may be liable for contribution) to which the Company, the Operating Partnership, the Agents, the Forward Purchasers and the Forward
Sellers may be subject in such proportion as shall be appropriate to reflect the relative benefits received by each of the Company, the Operating Partnership, the Agents, the Forward Purchasers and the Forward Sellers. The relative benefits received
by the Company, the Operating Partnership, the Agents, the Forward Purchasers and the Forward Sellers shall be deemed to be (a)&nbsp;in the case of the Company and the Operating Partnership, the sum of (x)&nbsp;the Aggregate Forward Hedge Price in
respect of each Forward Transaction under this Agreement, and (y)&nbsp;the aggregate sales price for the Issuance Shares sold by the Agents under this Agreement, less the amount of compensation to be paid by the Company to the Agents (before
deducting expenses) in connection with the sale of such Issuance Shares, (b)&nbsp;in the case of an Agent, the total amount of compensation to be paid by the Company to such Agent (before deducting expenses) in connection with the sale of such
Issuance Shares, (c)&nbsp;in the case of a Forward Seller, the number of Forward Hedge Shares sold by such Forward Seller in respect of each Forward Transaction under this Agreement, multiplied by the Forward Hedge Selling Commission for such
Forward Contract, and (d)&nbsp;in the case of a Forward Purchaser, the Actual Sold Forward Amount executed by it in connection with this Agreement multiplied by the net Spread (as such term is defined in the relevant Forward Contract and net of any
related stock borrow costs or other costs or expenses actually incurred) multiplied by the Forward Hedge Price for such Forward Hedge Shares. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the
allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, the Operating Partnership, the Agents, the
Forward Purchasers and the Forward Sellers with respect to the statements or omissions that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect
to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied
by the Company or the Operating Partnership, the Agents, the Forward Purchasers or the Forward Sellers, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Company, the Operating Partnership, the Agents, the Forward Purchasers and the Forward Sellers agree that it would not be just and equitable if contributions pursuant to this <U>Section</U><U></U><U>&nbsp;11(e)</U> were to be determined by pro
rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage,
or action in respect thereof, referred to above in this <U>Section</U><U></U><U>&nbsp;11(e)</U> shall be deemed to include, for the purpose of this <U>Section</U><U></U><U>&nbsp;11(e)</U>, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim to the extent consistent with <U>Section</U><U></U><U>&nbsp;11(c)</U> hereof. Notwithstanding the foregoing provisions of this
<U>Section</U><U></U><U>&nbsp;11(e)</U>, (A)(i) no Agent shall be required to </P>
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contribute any amount in excess of the amount by which the total price at which the Issuance Shares sold by it were offered to the public exceeds the amount of any damages that such Agent has
otherwise been required to pay, (ii)&nbsp;no Forward Seller shall be required to contribute any amount in excess of the aggregate Forward Hedge Selling Commission received by it under this Agreement and (iii)&nbsp;no Forward Purchaser shall be
required to contribute any amount in excess of Actual Sold Forward Amount executed by it in connection with this Agreement multiplied by the net Spread (as such term is defined in the relevant Forward Contract and net of any related stock borrow
costs or other costs or expenses actually incurred) multiplied by the Forward Hedge Price for the relevant Forward Hedge Shares, and (B)&nbsp;no person found guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the
Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this <U>Section</U><U></U><U>&nbsp;11(e)</U>, any person who controls a party to this Agreement or any Forward
Contract within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of the Agents, the Forward Purchasers or the Forward Sellers, will have the same rights to contribution as that party, and each officer and
director of the Company who signed the Registration Statement will have the same rights to contribution as the Company and the Operating Partnership, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after
receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this <U>Section</U><U></U><U>&nbsp;11(e)</U>, will notify any such party or parties from whom contribution may be
sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this <U>Section</U><U></U><U>&nbsp;11(e)</U> except to the extent that the failure
to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of <U>Section</U><U></U><U>&nbsp;11(c)</U>
hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section&nbsp;11(c) hereof. The Agents&#146;, Forward Purchasers&#146; and Forward
Sellers&#146; obligations in this subsection (e)&nbsp;are several in proportion to their respective obligations and are not joint. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Agreements with Respect to Indemnification and Contribution</I>. The provisions of this
<U>Section</U><U></U><U>&nbsp;11</U> shall not affect any agreements among the Company and the Operating Partnership, on the one hand, and the Agents, the Forward Purchasers and the Forward Sellers on the other hand, or their respective affiliates
with respect to indemnification of each other or contribution between themselves. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and
Agreements to Survive Delivery</U>. The indemnity and contribution agreements contained in <U>Section</U><U></U><U>&nbsp;11</U> of this Agreement and all representations and warranties of the Company and the Operating Partnership herein or in
certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of the Agents, the Forward Purchasers, the Forward Sellers, any controlling persons, or the Company or
the Operating Partnership (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor, or (iii)&nbsp;any termination of this Agreement or any Forward Contract.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Agent, Forward Purchaser or Forward Seller may terminate as to itself this Agreement, by notice to the Company,
as hereinafter specified at any time (i)&nbsp;if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any Material Adverse Effect, or any development has occurred that is
reasonably likely to have a Material Adverse Effect or, in the judgment of such Agent, the Forward Purchasers or the Forward Sellers, is material and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce
contracts for the sale of the Placement Shares, (ii)&nbsp;if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or
other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of such Agent, the
Forward Purchaser or the Forward Seller, impracticable or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (iii)&nbsp;if trading in the Class&nbsp;A Shares has been suspended or limited by the
Commission or the Exchange or Nasdaq, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (iv)&nbsp;if any suspension of trading of any securities of the Company on
any exchange or in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market shall have occurred and be continuing, (v)&nbsp;if a major disruption of securities settlements or clearance services in
the United States shall have occurred and be </P>
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continuing, or (vi)&nbsp;if a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be without liability of any party to any other party
except that the provisions of <U>Section</U><U></U><U>&nbsp;9</U> (Payment of Expenses), <U>Section</U><U></U><U>&nbsp;11</U> (Indemnification and Contribution), <U>Section</U><U></U><U>&nbsp;12</U> (Representations and Agreements to Survive
Delivery), <U>Section</U><U></U><U>&nbsp;18</U> (Governing Law and Time; Waiver of Jury Trial) and <U>Section</U><U></U><U>&nbsp;19</U> (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. If an
Agent, Forward Purchaser or Forward Seller elects to terminate this Agreement as provided in this <U>Section</U><U></U><U>&nbsp;13(a)</U>, such Agent, Forward Purchaser or Forward Seller shall provide the required notice as specified in
<U>Section</U><U></U><U>&nbsp;14</U> (Notices). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the right, by giving ten
(10)&nbsp;days&#146; notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the
provisions of <U>Section</U><U></U><U>&nbsp;9</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;12</U>, <U>Section</U><U></U><U>&nbsp;18</U> and <U>Section</U><U></U><U>&nbsp;19</U> hereof shall remain in full force and effect
notwithstanding such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Agent, Forward Purchaser and Forward Seller shall have the right, by
giving ten (10)&nbsp;days&#146; notice as hereinafter specified to terminate as to itself this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section</U><U></U><U>&nbsp;9</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;12</U>, <U>Section</U><U></U><U>&nbsp;18</U> and <U>Section</U><U></U><U>&nbsp;19</U> hereof shall remain in
full force and effect notwithstanding such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Unless earlier terminated pursuant to this
<U>Section</U><U></U><U>&nbsp;13</U>, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares through the Agents and/or Forward Sellers, on the terms and subject to the conditions set forth herein
except that the provisions of <U>Section</U><U></U><U>&nbsp;9</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;12</U>, <U>Section</U><U></U><U>&nbsp;18</U> and <U>Section</U><U></U><U>&nbsp;19</U> hereof shall remain in full
force and effect notwithstanding such termination; <I>provided</I> <I>that</I> if a &#147;Supplemental Confirmation&#148; required to be executed pursuant to <U>Section</U><U></U><U>&nbsp;3(b) </U>has not been executed on or prior to such date, then
the provisions of this Agreement as they relate to the Forward Contract for the relevant Forward Hedge Selling Period shall survive such termination until such &#147;Supplemental Confirmation&#148; has been executed or deemed effective pursuant to
such Forward Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall remain in full force and effect unless terminated pursuant to
<U>Sections 13(a)</U>, <U>Section</U><U></U><U>&nbsp;13(b)</U>, <U>Section</U><U></U><U>&nbsp;13(c)</U>, or <U>Section</U><U></U><U>&nbsp;13(d)</U> above or otherwise by mutual agreement of the parties; <I>provided, however</I>, that any such
termination by mutual agreement shall in all cases be deemed to provide that <U>Section</U><U></U><U>&nbsp;9</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;12</U>, <U>Section</U><U></U><U>&nbsp;18</U> and
<U>Section</U><U></U><U>&nbsp;19</U> shall remain in full force and effect. Upon termination of this Agreement, the Company shall not have any liability to the Agents, the Forward Purchasers, or the Forward Sellers, for any discount, commission or
other compensation with respect to any Placement Shares not otherwise sold by the Agents, the Forward Purchasers or the Forward Sellers under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;Any termination of this Agreement shall be effective on the date specified in such notice of termination;
<I>provided, however</I>, that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agents, Forward Purchasers or Forward Sellers or the Company, as the case may be. If such termination
shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All notices or other communications required or permitted to be given by any party to any other
party, pursuant to the terms of this Agreement, shall be in writing, unless otherwise specified, and if sent to an Agent, a Forward Purchaser or a Forward Seller, shall be delivered to the address for such Agent, Forward Purchaser or Forward Seller,
as applicable, set forth on <U>Schedule 6</U>, in each case, with a copy (which shall constitute notice) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Paul Hastings LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">515 South Flower Street, 25<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Los Angeles, CA 90071 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attention:
Jonathan Ko </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: jonathanko@paulhastings.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Facsimile: (213) <FONT STYLE="white-space:nowrap">996-3188</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">and if to the Company, shall be delivered to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">American Homes 4 Rent </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">30601
Agoura Road, Suite 200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Agoura Hills, California 91031 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attn: Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: clau@ah4r.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Facsimile
No.: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-456-7859</FONT></FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">and: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">American Homes 4 Rent </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">30601
Agoura Road, Suite 200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Agoura Hills, California 91031 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attn: Chief Governance Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: sheim@ah4r.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Facsimile
No.: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">805-456-7859</FONT></FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">with a copy (which shall not constitute
notice) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Hogan Lovells US LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">555 Thirteenth Street, N.W. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20004 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Attn:
Michael E. McTiernan </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Email: michael.mctiernan@hoganlovells.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (202) <FONT STYLE="white-space:nowrap">637-5910</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address
for such purpose. Each such notice or other communication shall be deemed given (i)&nbsp;when delivered personally, by email, or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a
Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii)&nbsp;on the next Business Day after timely delivery to a nationally-recognized overnight courier, and (iii)&nbsp;on the Business Day actually received if
deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement, &#147;<U>Business Day</U>&#148; shall mean any day on which the Exchange and commercial banks in the City of New
York are open for business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">An electronic communication (&#147;<U>Electronic Notice</U>&#148;) shall be deemed written notice for
purposes of this <U>Section</U><U></U><U>&nbsp;14</U> if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives
confirmation of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (&#147;<U>Nonelectronic Notic</U>e&#148;) which shall be sent to the
requesting party within ten (10)&nbsp;days of receipt of the written request for Nonelectronic Notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors and Assigns</U>. This Agreement shall inure to the benefit of and be binding upon the Company, the
Operating Partnership, the Agents, the Forward Purchasers and the Forward Sellers and their respective successors and the affiliates, controlling persons, partners, members, officers, directors, employees and agents referred to in
<U>Section</U><U></U><U>&nbsp;11</U> hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. No party
may assign its rights or obligations under this Agreement without the prior written consent of the other party. No purchaser of Issuance Shares from the Agents shall be deemed to be a successor by reason merely of such purchase. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments for Stock Splits</U>. The parties acknowledge and
agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event effected with respect to the Placement Shares.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement; Amendment; Severability</U>. This Agreement (including all schedules and exhibits
attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject
matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company, the Operating Partnership, the Agents, the Forward Purchasers and the Forward Sellers. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to
the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the
extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</U></B><B>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS <FONT STYLE="white-space:nowrap">5-1401</FONT> AND <FONT STYLE="white-space:nowrap">5-1402</FONT> OF THE NEW YORK GENERAL OBLIGATIONS LAW AND THE NEW YORK
CIVIL PRACTICE LAWS AND RULES 327(B). SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. THE COMPANY (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS AND AFFILIATES), THE OPERATING PARTNERSHIP, THE
AGENTS, THE FORWARD PURCHASERS AND THE FORWARD SELLERS HEREBY IRREVOCABLY WAIVE, 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 AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>CONSENT TO JURISDICTION</U></B><B>. EACH PARTY HEREBY IRREVOCABLY
SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY
IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE
VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED
MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE
DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by
facsimile or <FONT STYLE="white-space:nowrap">e-mail</FONT> transmission. The words &#147;execution,&#148; &#147;signed,&#148; &#147;signature,&#148; and words of like import in this Agreement or in any other certificate, agreement or document
related to this Agreement or the offering and sale of the Placement Shares shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, &#147;pdf&#148;, &#147;tif&#148; or
&#147;jpg&#148;) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent,
communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Headings</U>. The section and exhibit headings herein are for convenience only and shall not affect
the construction hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22.&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted Free Writing Prospectuses</U>. The Company represents, warrants and
agrees that, unless it obtains the prior consent of the Agents, the Forward Purchasers and the Forward Sellers and the Agents, the Forward Purchasers and the Forward Sellers represent, warrant and agrees that, unless they obtain the prior consent of
the Company they have not made and will not make any offer relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a &#147;free writing prospectus,&#148; as defined in Rule 405,
required to be filed with the Commission. Any such free writing prospectus consented to by the Agents, the Forward Purchasers and the Forward Sellers or by the Company, as the case may be, is hereinafter referred to as a &#147;<U>Permitted Free
Writing Prospectus</U>.&#148; The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an &#147;issuer free writing prospectus,&#148; as defined in Rule 433, and has complied and
will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto agree that
all free writing prospectuses, if any, listed in <U>Exhibit C</U> hereto are Permitted Free Writing Prospectuses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23.&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence of Fiduciary Relationship</U>. Each of the Company and the Operating Partnership acknowledge and agree
that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;each Agent, Forward Purchaser and Forward Seller is acting solely as agent and/or as principal in
connection with the public offering of the Placement Shares and in connection with each transaction contemplated by this Agreement and any Forward Contract and the process leading to such transactions, and no fiduciary or advisory relationship
between the Company, the Operating Partnership or any of their respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agents, the Forward Purchasers and the Forward Sellers
on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement and any Forward Contract, irrespective of whether or not the Agents, the Forward Purchasers or the Forward Sellers have advised or
are advising the Company on other matters, and the Agents, the Forward Purchasers and the Forward Sellers have no obligation to the Company or the Operating Partnership with respect to the transactions contemplated by this Agreement and any Forward
Contract except the obligations expressly set forth in this Agreement and any Forward Contract; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;the public
offering price of the Placement Shares sold pursuant to this Agreement was not established by the Agents, the Forward Purchasers or the Forward Sellers; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the
transactions contemplated by this Agreement and any Forward Contract; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;the Agents, the Forward Purchasers and
the Forward Sellers have not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement or any Forward Contract and they have consulted their own legal, accounting, regulatory and tax
advisors to the extent they have deemed appropriate; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;it is aware that the Agents, the Forward Purchasers and
the Forward Sellers and their respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company, and that the Agents, the Forward Purchasers and the Forward Sellers have no
obligation to disclose such interests and transactions to the Company or the Operating Partnership by virtue of any fiduciary, advisory or agency relationship or otherwise; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;it waives, to the fullest extent permitted by law, any claims it
may have against the Agents, the Forward Purchasers or the Forward Sellers for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and any Forward Contract and agrees that
the Agents, the Forward Purchasers and the Forward Sellers shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on
its behalf or in right of it or the Company or the Operating Partnership, employees or creditors of the Company or the Operating Partnership, other than in respect of each Agent&#146;s, Forward Purchaser&#146;s and Forward Seller&#146;s obligations
under this Agreement and any Forward Contract and to keep information provided by the Company and the Operating Partnership to the Agents, the Forward Purchasers and the Forward Sellers and theirs respective counsel confidential to the extent not
otherwise publicly-available. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24.&nbsp;&nbsp;&nbsp;&nbsp;<U>Recognition of the U.S. Special Resolution Regimes</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Agent, Forward Purchaser or Forward Seller that is a Covered Entity (as defined below) becomes
subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Agent, Forward Purchaser or Forward Seller of this Agreement, and any interest and obligation in or under this Agreement, will be effective to
the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Agent, Forward Purchaser or Forward Seller that is a Covered Entity (as defined below) or a
BHC Act Affiliate (as defined below) of such Agent, Forward Purchaser or Forward Seller becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such
Agent, Forward Purchaser or Forward Seller are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a
state of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this <U>Section</U><U></U><U>&nbsp;24</U>, (w) the term
&#147;<U>BHC Act Affiliate</U>&#148; has the meaning assigned to the term &#147;affiliate&#148; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k); (x) the term &#147;<U>Covered Entity</U>&#148; means any of the following:
(i)&nbsp;a &#147;<U>covered entity</U>&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#147;<U>covered bank</U>&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
&#167; 47.3(b); or (iii)&nbsp;a &#147;<U>covered FSI</U>&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b); (y) the term &#147;<U>Default Right</U>&#148; has the meaning assigned to that term in, and
shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable; and (z)&nbsp;the term &#147;U.S. Special Resolution Regime&#148; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations
promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">25.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Prior Sales Agreement</U>. The Company and each of the Agents mutually agree to terminate the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-the-Market</FONT></FONT> Issuance Sales Agreement, dated as of August&nbsp;10, 2017, effective as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">26.&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. As used in this Agreement, the following terms have the respective meanings set forth below:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Actual Forward Commission</U>&#148; means, for each Forward Contract, the Actual Sold Forward Amount for such Forward Contract,
multiplied by the Forward Hedge Selling Commission for such Forward Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Actual Sold Forward Amount</U>&#148; means, for
any Forward Hedge Selling Period for any Forward Contract or any portion thereof, as the context may require, the number of Forward Hedge Shares that the Forward Seller has sold during such Forward Hedge Selling Period or any portion thereof,
respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Aggregate Forward Hedge Price</U>&#148; means, for any Forward Contract, the product of (x)&nbsp;Forward Hedge
Price and (y)&nbsp;the Actual Sold Forward Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Time</U>&#148; means (i)&nbsp;each Representation Date,
(ii)&nbsp;the time of each sale of any Placement Shares pursuant to this Agreement and (iii)&nbsp;with respect to each offering of Forward Hedge Shares pursuant to this Agreement, the time of the Forward Seller&#146;s initial entry into contracts
with investors for the sale of such Forward Hedge Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Hedge Price</U>&#148; means, for any Forward Contract, the product of
(x)&nbsp;an amount equal to one (1)&nbsp;minus the Forward Hedge Selling Commission Rate for such Forward Contract and (y)&nbsp;the &#147;Volume-Weighted Hedge Price&#148; (as defined in the relevant Master Forward Confirmation) for such Forward
Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Hedge Selling Commission</U>&#148; means, for any Forward Contract, the product of (x)&nbsp;the Forward Hedge
Selling Commission Rate for such Forward Contract and (y)&nbsp;the &#147;Volume-Weighted Hedge Price&#148; (as defined in the relevant Master Forward Confirmation) for such Forward Contract. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Forward Hedge Selling Commission Rate</U>&#148; means, for any Forward Contract, a rate mutually agreed between the Company and a
Forward Seller, not to exceed 2.0%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Rule 163</U>,&#148; &#147;<U>Rule 164</U>,&#148; &#147;<U>Rule 172</U>,&#148; &#147;<U>Rule
405</U>,&#148; &#147;<U>Rule 415</U>,&#148; &#147;<U>Rule 424</U>,&#148; &#147;<U>Rule 424(b)</U>,&#148; &#147;<U>Rule</U><U></U><U>&nbsp;430B,</U>&#148; and &#147;<U>Rule 433</U>&#148; refer to such rules under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to financial statements and schedules and other information that is &#147;contained,&#148;
&#147;included&#148; or &#147;stated&#148; in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is
incorporated by reference in the Registration Statement or the Prospectus, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">All references in this Agreement to the
Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this
Agreement to &#147;supplements&#148; to the Prospectus shall include, without limitation, any supplements, &#147;wrappers&#148; or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the
Agents, Forward Purchasers or Forward Sellers outside of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Remainder of the page intentionally left blank] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth the understanding among the Company, the Operating
Partnership, the Agents, the Forward Purchasers and the Forward Sellers, please so indicate in the space provided below for that purpose, whereupon this Agreement shall constitute a binding agreement among the Company, the Operating Partnership, the
Agents, the Forward Purchasers and the Forward Sellers. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AMERICAN HOMES 4 RENT</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher C. Lau</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Christopher C. Lau</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>AMERICAN HOMES 4 RENT, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher C. Lau</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Christopher C. Lau</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-the-Market</FONT></FONT> Issuance Sales Agreement] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ACCEPTED as of the date first-above written: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MORGAN STANLEY&nbsp;&amp; CO. LLC, as Agent, Forward Purchaser and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jon Sierant</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Jon Sierant</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>B. RILEY FBR, INC., as Agent, Forward Purchaser and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Patrice McNicoll</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Patrice McNicoll</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Managing Director&nbsp;&amp; <FONT STYLE="white-space:nowrap">Co-Head</FONT> of Investment Banking</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BOFA SECURITIES, INC., as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Chris Porter</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chris Porter</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BANK OF AMERICA, N.A., as Forward Purchaser </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jake Mendelsohn</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Jake Mendelsohn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BTIG, LLC, as Agent </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joseph Passaro</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Joseph Passaro</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CANTOR FITZGERALD&nbsp;&amp; CO., as Agent </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Bala Murty</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Bala Murty</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">COO</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-the-Market</FONT></FONT> Issuance Sales Agreement] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CITIGROUP GLOBAL MARKETS INC., as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew T. Morris</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Matthew T. Morris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CITIBANK, N.A., as Forward Purchaser </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Heathcote</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">James Heathcote</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signatory</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EVERCORE GROUP L.L.C., as Agent </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Park</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">James Park</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GOLDMAN SACHS&nbsp;&amp; CO. LLC, as Agent, Forward Purchaser and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mike Voris</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mike Voris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JEFFERIES LLC, as Agent, Forward Purchaser and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael Magarro</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Magarro</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director, ECM</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-the-Market</FONT></FONT> Issuance Sales Agreement] </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JMP SECURITIES LLC, as Agent </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Eric Clark</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Eric Clark</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>J.P. MORGAN SECURITIES LLC, as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephanie Little</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Stephanie Little</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Forward Purchaser </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Stephanie Little</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Stephanie Little</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RAYMOND JAMES&nbsp;&amp; ASSOCIATES, INC., as Agent, Forward Purchaser and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jamie Graff</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Jamie Graff</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director and <FONT STYLE="white-space:nowrap">Co-Head,</FONT> Real Estate Investment Banking</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WELLS FARGO SECURITIES, LLC, as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Elizabeth Alvarez</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Elizabeth Alvarez</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WELLS FARGO BANK, NATIONAL ASSOCIATION, as Forward Purchaser </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Cathleen Burke</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Cathleen Burke</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-the-Market</FONT></FONT> Issuance Sales Agreement] </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Form of Representation Date Certificate </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;&nbsp;&nbsp;] </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Representation Date Certificate (this &#147;<U>Certificate</U>&#148;) is executed and delivered in connection with
<U>Section</U><U></U><U>&nbsp;7(l)</U> of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-the-Market</FONT></FONT> Issuance Sales Agreement, dated June&nbsp;17, 2020 (the &#147;<U>Agreement</U>&#148;), among American Homes 4
Rent, a Maryland real estate investment trust (the &#147;<U>Company</U>&#148;), American Homes 4 Rent, L.P., a Delaware limited partnership (the &#147;<U>Operating Partnership</U>&#148;), each of Morgan Stanley&nbsp;&amp; Co. LLC, B. Riley FBR,
Inc., BofA Securities, Inc., BTIG, LLC, Cantor Fitzgerald&nbsp;&amp; Co., Citigroup Global Markets Inc., Evercore Group L.L.C., Goldman Sachs&nbsp;&amp; Co. LLC, Jefferies LLC, JMP Securities LLC, J.P. Morgan Securities LLC, Raymond James&nbsp;&amp;
Associates, Inc. and Wells Fargo Securities, LLC, each in its capacity as agent for the Company (collectively, the &#147;<U>Agents</U>&#148; and individually, an &#147;<U>Agent</U>&#148;), each of B. Riley FBR, Inc., Bank of America, N.A., Citibank,
N.A., Goldman Sachs&nbsp;&amp; Co. LLC, Jefferies LLC, JPMorgan Chase Bank, National Association, Morgan Stanley&nbsp;&amp; Co. LLC, Raymond James&nbsp;&amp; Associates, Inc. and Wells Fargo Bank, National Association, each in its capacity as
purchaser under the relevant Forward Contract (collectively, the &#147;<U>Forward Purchasers</U>&#148; and individually, a &#147;<U>Forward Purchaser</U>&#148;), and each of B. Riley FBR, Inc., BofA Securities, Inc., Citigroup Global Markets, Inc.,
Goldman Sachs&nbsp;&amp; Co. LLC, Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Raymond James&nbsp;&amp; Associates, Inc. and Wells Fargo Securities, LLC, each in its capacity as agent for its affiliated Forward
Purchaser in connection with the offering and sale of any Forward Hedge Shares (collectively, the &#147;<U>Forward Sellers</U>&#148; and individually, a &#147;<U>Forward Seller</U>&#148;). All capitalized terms used but not defined herein shall have
the meanings given to such terms in the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned, a duly appointed and authorized officer of the Company, having made
reasonable inquiries to establish the accuracy of the statements below and having been authorized by the Company to execute this certificate on behalf of the Company, hereby certifies as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Certificate, (i)&nbsp;the Registration Statement does not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (ii)&nbsp;neither the Registration Statement nor the Prospectus contains any untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and (iii)&nbsp;no event has occurred as a
result of which it is necessary to amend or supplement the Prospectus in order to make this paragraph 1 true. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;Each of the representations and warranties of the Company and the Operating Partnership contained in the Agreement
were, when originally made, and are, as of the date of this Certificate, except for those representations and warranties that speak solely as of a specific date, true and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;Except as waived by the Agents, the Forward Purchasers and the Forward Sellers in writing, each of the covenants
required to be performed by the Company in the Agreement on or prior to the date of the Agreement, the Representation Date, and each such other date prior to the date hereof as set forth in the Agreement, has been duly, timely and fully performed in
all material respects and each condition required to be complied with by the Company on or prior to the date of the Agreement, the Representation Date, and each such other date prior to the date hereof as set forth in the Agreement has been duly,
timely and fully complied with in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent to the date of the most recent financial
statements in the Prospectus, and except as described in the Prospectus, including in the Incorporated Documents, there has been no Material Adverse Effect. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;No stop order suspending the effectiveness of the Registration
Statement or of any part thereof has been issued, and no proceedings for that purpose have been instituted or are pending or threatened by any securities or other governmental authority (including, without limitation, the Commission). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;No order suspending the effectiveness of the Registration Statement or the qualification or registration of the
Placement Shares under the securities or blue sky laws of any jurisdiction are in effect and no proceeding for such purpose is pending before, or threatened, to the Company&#146;s knowledge or in writing by, any securities or other governmental
authority (including, without limitation, the Commission). </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned has executed this Certificate as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">AMERICAN HOMES 4 RENT</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE></DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Permitted Issuer Free Writing Prospectuses </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT D </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Master Forward Confirmation </U></B></P>
</DIV></Center>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>FORM OF MASTER FORWARD CONFIRMATION </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="85%"></TD></TR>


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<TD VALIGN="top"><B>To:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">American Homes 4 Rent (&#147;<B>Counterparty</B>&#148;)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">30601 Agoura Road, Suite 200</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Agoura Hills, California
91031</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>From:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[DEALER] (&#147;<B>Dealer</B>&#148;) <BR>[DEALER CONTACT INFORMATION]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Master Confirmation for Issuer Share Forward Sale Transactions</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>], 20[<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The purpose of this communication (this &#147;<B>Master Confirmation</B>&#148;) is to set forth the terms and conditions of the transactions to
be entered into from time to time (each, a &#147;<B>Transaction</B>&#148; and, collectively, the &#147;<B>Transactions</B>&#148;) between [DEALER] (&#147;<B>Dealer</B>&#148;) and American Homes 4 Rent (&#147;<B>Counterparty</B>&#148;) in accordance
with the terms of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-The-Market</FONT></FONT> Issuance Sales Agreement (the &#147;<B>Sales Agreement</B>&#148;), dated as of June&nbsp;17, 2020, among Dealer, Counterparty,
American Homes 4 Rent, L.P., a Delaware limited partnership (the &#147;<B>Operating Partnership</B>&#148;) and the other parties thereto. Each Transaction will be evidenced by a supplemental confirmation substantially in the form of <U>Annex A</U>
hereto (each, a &#147;<B>Supplemental Confirmation</B>&#148;, and each such Supplemental Confirmation, together with this Master Confirmation, a &#147;<B>Confirmation</B>&#148; for purposes of the Agreement specified below). Each Confirmation will
be a confirmation for purposes of Rule <FONT STYLE="white-space:nowrap">10b-10</FONT> promulgated under the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;Each Confirmation is subject to, and incorporates, the 2002 ISDA Equity Derivatives Definitions (the &#147;<B>Equity
Definitions</B>&#148;), as published by the International Swaps and Derivatives Association, Inc. (&#147;<B>ISDA</B>&#148;). For purposes of the Equity Definitions, each Transaction to which this Master Confirmation relates will be deemed to be a
Share Forward Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each Confirmation shall supplement, form a part of and be subject to an agreement (the
&#147;<B>Agreement</B>&#148;) in the form of the 2002 ISDA Master Agreement (the &#147;<B>ISDA Form</B>&#148;), as published by ISDA, as if Dealer and Counterparty had executed the ISDA Form on the date hereof (but without any Schedule except for
(i)&nbsp;the election of New York law (without regard to New York&#146;s choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law) as the governing law and US Dollars (&#147;<B>USD</B>&#148;) as the
Termination Currency; (ii)&nbsp;the election that the &#147;Cross Default&#148; provisions of Section&nbsp;5(a)(vi) of the Agreement shall apply to Counterparty and Dealer, with a (X) &#147;Threshold Amount&#148; of USD 50&nbsp;million for
Counterparty; <I>provided</I> that with respect any default under Section&nbsp;5(a)(vi) relating to Specified Indebtedness consisting solely of Nonrecourse Indebtedness (as defined below), the &#147;Threshold Amount&#148; for Counterparty shall be
USD 100&nbsp;million and (Y) &#147;Threshold Amount&#148; equal to 3% of [shareholders&#146;][members&#146;] equity of [[Dealer][Dealer Parent]] as of the date hereof for Dealer; <I>provided </I>that (a)&nbsp;the phrase &#147;or becoming capable at
such time of being declared&#148; shall be deleted from clause (1)&nbsp;of such Section&nbsp;5(a)(vi) of the Agreement, (b)&nbsp;the following sentence shall be added to the end thereof: &#147;Notwithstanding the foregoing, a default under
subsection (2)&nbsp;hereof shall not constitute an Event of Default if (x)&nbsp;the default was caused solely by error or omission of an administrative or operational nature; (y)&nbsp;funds were available to enable the party to make the payment when
due; and (z)&nbsp;the payment is made within three Local Business Days of such party&#146;s receipt of written notice of its failure to pay&#148;; and (iii)&nbsp;the term &#147;Specified Indebtedness&#148; shall have the meaning specified in
Section&nbsp;14 of the Agreement, except that such term shall not include obligations in respect of deposits received in the ordinary course of a party&#146;s banking business). For purposes hereof, &#147;<B>Nonrecourse Indebtedness</B>&#148; means
indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar
customary exceptions to nonrecourse liability) is contractually limited to specific assets of such person encumbered by a lien securing such indebtedness; <I>provided</I> that if any event occurs after which recourse for payment for such
indebtedness is no longer limited to specific assets of such person, such indebtedness shall not be Nonrecourse Indebtedness after such event. All provisions contained in the Agreement are incorporated into and shall govern each
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Confirmation except as expressly modified below. Each Confirmation will evidence a complete and binding agreement between Dealer and Counterparty as to the terms of the relevant Transaction and
will replace any previous agreement between the parties with respect to the subject matter thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Transactions under this Master
Confirmation shall be the only Transactions under the Agreement. If there exists any ISDA Master Agreement between Dealer or any of its Affiliates and Counterparty or any confirmation or other agreement between Dealer or any of its Affiliates and
Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer or any of its Affiliates and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any
other agreement to which Dealer or any of its Affiliates and Counterparty are parties, none of the Transactions to which this Master Confirmation relates shall be considered a &#147;Transaction&#148; under, or otherwise governed by, such existing or
deemed ISDA Master Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the event of any inconsistency among the Agreement, this Master Confirmation, any Supplemental
Confirmation and the Equity Definitions, the following will prevail in the order of precedence indicated: (i)&nbsp;such Supplemental Confirmation; (ii)&nbsp;this Master Confirmation; (iii)&nbsp;the Equity Definitions; and (iv)&nbsp;the Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;The terms of the particular Transactions to which this Master Confirmation relates are as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General Terms</U></B>: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Trade&nbsp;Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be, subject to the
provisions under the heading &#147;Early Valuation&#148; in Section&nbsp;2 of this Master Confirmation and the provision in Section&nbsp;24 of this Master Confirmation, the last Trading Day (as defined in the Sales Agreement) of the Forward Hedge
Selling Period (as defined in the Sales Agreement) for such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Effective&nbsp;Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the date that is one
Settlement Cycle following the Trade Date for such Transaction, or such later date on which the conditions set forth in Section&nbsp;3 of this Master Confirmation shall have been satisfied or waived by Dealer, subject to the provision in
Section&nbsp;24 of this Master Confirmation.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Buyer:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Dealer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Seller:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Counterparty</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Maturity Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the date set forth in
the effective Forward Placement Notice (as defined in the Sales Agreement) as amended by any corresponding acceptance by Dealer for such Transaction (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading
Day).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Class&nbsp;A common shares of beneficial interest (&#147;<B>Shares</B>&#148;), par value $0.01 per Share, of
Counterparty (Ticker: &#147;<B>AMH</B>&#148;)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Number&nbsp;of&nbsp;Shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, initially, as specified in the Supplemental Confirmation for such Transaction, to be the number of
Shares equal to the aggregate number of Shares that are sold through the Forward Seller (as defined in the Sales Agreement) for the Forward Hedge Selling Period (as defined in the Sales Agreement) for such Transaction (the &#147;<B>Initial Number of
Shares</B>&#148;); <I>provided</I> that the Number of Shares is subject to reduction as provided in Section&nbsp;3 below.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On each Relevant Settlement Date, the Number of Shares shall be reduced by the number of Settlement Shares settled on
such date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Settlement&nbsp;Currency:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">USD</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Exchange:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The New York Stock Exchange</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Related Exchange:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All Exchanges</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Prepayment:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Not Applicable</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Variable Obligation:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Not Applicable</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Initial&nbsp;Forward&nbsp;Price:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the product of
(i)&nbsp;an amount equal to 1 minus the Forward Hedge Selling Commission Rate (as defined in the Sales Agreement and specified in the Supplemental Confirmation for such Transaction) applicable to such Transaction; and (ii)&nbsp;the Volume-Weighted
Hedge Price for such Transaction (such product adjusted as the Calculation Agent determines appropriate to (x)&nbsp;reflect on each day during the Forward Hedge Selling Period and through the Effective Date the sum of 1 and the Daily Rate for such
day multiplied by the then-Initial Forward Price as of such day and (y)&nbsp;reduce the then-Initial Forward Price by the relevant Forward Price Reduction Amount on each Forward Price Reduction Date, if any, occurring on or before the Trade
Date).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Forward Price:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For each Transaction, on the Effective Date of such Transaction, the Initial Forward Price, and on any day thereafter, the
product of the Forward Price on the immediately preceding calendar day and</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1 + the Daily Rate * (1/365);</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>provided</I> that the Forward Price on each Forward Price Reduction Date shall be the Forward Price otherwise in effect on such date
<I>minus</I> the Forward Price Reduction Amount for such Forward Price Reduction Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><FONT STYLE="white-space:nowrap">Volume-Weighted&nbsp;Hedge&nbsp;Price:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the volume-weighted
average of the prices per share of Forward Hedge Shares (as defined in the Sales Agreement) sold pursuant to the Sales Agreement on each Trading Day of the Forward Hedge Selling Period (as defined in the Sales Agreement) for such Transaction, as
determined by the Calculation Agent.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Daily Rate:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any day, the Overnight Bank Funding Rate <I>minus</I> the Spread.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Spread:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Overnight Bank Funding Rate:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any day, the rate set forth opposite the caption &#147;Overnight Bank Funding Rate&#148; for such day on the page
&#147;OBFR01 &lt;Index&gt; &lt;GO&gt;&#148; on the BLOOMBERG Professional Service, or any successor page; <I>provided</I> that if no such rate appears for such day on such page, Overnight Bank Funding Rate for such day will be determined by the
Calculation Agent based on its estimate of the prevailing USD overnight bank funding rate for such day.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Forward Price Reduction Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in Schedule I to the Supplemental Confirmation for such Transaction, to be each date set
forth under the heading &#147;Forward Price Reduction Dates&#148; in the effective Forward Placement Notice for such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Forward Price Reduction Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Forward Price Reduction Date of a Transaction, as specified in Schedule I to the Supplemental Confirmation for
such Transaction, to be the Forward Price Reduction Amount set forth opposite such date in the effective Forward Placement Notice for such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Valuation:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Valuation Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Settlement (as defined below) with respect to any Transaction, if Physical Settlement is applicable, as designated
in the relevant Settlement Notice (as defined below); or if Cash Settlement or Net Share Settlement is applicable, the last Unwind Date for such Settlement. Section&nbsp;6.6 of the Equity Definitions shall not apply to any Valuation Date. For the
avoidance of doubt, the last Unwind Date shall be determined by Dealer based on the completion of the unwinding of its hedge position.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Unwind Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, each day on which Dealer
(or its agent or affiliate) purchases Shares in the market in connection with unwinding its hedge position in connection with such Settlement, starting on the First Unwind Date for such Settlement.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">First Unwind Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, as designated in the
relevant Settlement Notice.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Unwind Period:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, the period starting on
the First Unwind Date for such Settlement and ending on the Valuation Date for such Settlement, subject to &#147;Early Valuation&#148; below. If any Trading Day during an Unwind Period for any Transaction is a Disrupted Day, the Calculation Agent
may make commercially reasonable adjustments to the terms of such Transaction (including, without limitation, the Cash Settlement Amount, the number of Net Share Settlement Shares and the Settlement Price) to account for the occurrence of such
Disrupted Day.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Market Disruption Event:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The definition of &#147;Market Disruption Event&#148; in Section&nbsp;6.3(a) of the Equity Definitions is hereby amended by
replacing clause (ii)&nbsp;in its entirety with &#147;(ii) an Exchange Disruption, or&#148; and inserting immediately following clause (iii)&nbsp;the phrase &#147;, in each case, that the Calculation Agent determines, in its commercially reasonable
judgement, is material.&#148;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.3(d) of
the Equity Definitions is hereby amended by deleting the remainder of the provision following the term &#147;Scheduled Closing Time&#148; in the fourth line thereof.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B><U>Settlement Terms:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Settlement:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">With respect to any Transaction, any Physical Settlement, Cash Settlement or Net Share Settlement of all or any portion
of such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Settlement Notice:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Transaction, subject to &#147;Early Valuation&#148; below, Counterparty may elect to effect a Settlement of all
or any portion of such Transaction by designating one or more Scheduled Trading Days following the Effective Date and on or prior to the Maturity Date for such Transaction to be Valuation Dates (or, with respect to Cash Settlements or Net Share
Settlements, First Unwind Dates, each of which First Unwind Dates shall occur no later than a number of Scheduled Trading Days as specified in the Supplemental Confirmation (&#147;<B>Notice Settlement Number</B>&#148;) immediately preceding the
Maturity Date for such Transaction) in a written notice to Dealer (a &#147;<B>Settlement Notice&#148;</B>) delivered no later than the applicable Settlement Method Election Date for such Transaction, which notice shall also specify (i)&nbsp;the
number of Shares (the &#147;<B>Settlement Shares</B>&#148;) for such Settlement (not to exceed the number of Undesignated Shares as of the date of such Settlement Notice) and (ii)&nbsp;the Settlement Method applicable to such Settlement;
<I>provided</I> that (A)&nbsp;Counterparty may not designate a First Unwind Date for a Cash Settlement or a Net Share Settlement of any Transaction if, as of the date of such Settlement Notice, any Shares have been designated as Settlement Shares
for a Cash Settlement or a Net Share Settlement of such Transaction for which the related Relevant Settlement Date has not occurred; and (B)&nbsp;if the number of Undesignated Shares as of the Maturity Date for such Transaction is not zero, then the
Maturity Date for such Transaction shall be a Valuation Date for a Physical Settlement of such Transaction and the number of Settlement Shares for such Settlement shall be the number of Undesignated Shares for such Transaction as of the Maturity
Date for such Transaction (<I>provided</I> that if such Maturity Date occurs during the period from the time any Settlement Notice is given for a Cash Settlement or Net Share Settlement of such Transaction until the related Relevant Settlement Date,
inclusive, then the provisions set forth below opposite &#147;Early Valuation&#148; shall apply to such Transaction as if the Maturity Date for such Transaction were the Early Valuation Date for such Transaction).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Undesignated Shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Transaction, as of any date, the Number of Shares for such Transaction <I>minus</I> the number of Shares
designated as Settlement Shares for Settlements of such Transaction for which the related Relevant Settlement Date has not occurred.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Settlement Method Election:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For any Transaction, applicable; <I>provided</I> that:</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) Net Share Settlement shall be deemed to be included as
an additional settlement method under Section&nbsp;7.1 of the Equity Definitions;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) Counterparty may elect Cash Settlement or Net Share Settlement for any Settlement of any Transaction only if Counterparty represents and
warrants to Dealer in the Settlement Notice containing such election that, as of the date of such Settlement Notice, (A)&nbsp;Counterparty is not aware of any material nonpublic information concerning itself or the Shares, (B)&nbsp;Counterparty is
electing the settlement method and designating the First Unwind Date specified in such Settlement Notice in good faith and not as part of a plan or scheme to evade compliance with Rule <FONT STYLE="white-space:nowrap">10b-5</FONT> under the Exchange
Act (&#147;<B>Rule <FONT STYLE="white-space:nowrap">10b-5</FONT></B>&#148;) or any other provision of the federal securities laws, (C)&nbsp;Counterparty is not &#147;insolvent&#148; (as such term is defined under Section&nbsp;101(32) of the U.S.
Bankruptcy Code (Title 11 of the United States Code) (the &#147;<B>Bankruptcy Code</B>&#148;)), (D) Counterparty would be able to purchase a number of Shares equal to the greater of (x)&nbsp;the number of Settlement Shares designated in such
Settlement Notice and (y)&nbsp;a number of Shares with a value as of the date of such Settlement Notice equal to the product of (I)&nbsp;such number of</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Settlement Shares and (II)&nbsp;the applicable Relevant Forward Price for such Cash Settlement or Net Share Settlement in
compliance with the laws of Counterparty&#146;s jurisdiction of organization, (E)&nbsp;Counterparty is not electing Cash Settlement or Net Share Settlement to create actual or apparent trading activity in the Shares (or any security convertible into
or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares), and (F)&nbsp;such election, and settlement in accordance therewith, does not and will
not violate or conflict with any law, regulation or supervisory guidance applicable to Counterparty, or any order or judgment of any court or other agency of government applicable to it or any of its assets, and any governmental consents that are
required to have been obtained by Counterparty with respect to such election or settlement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) Notwithstanding any election to the contrary in any
Settlement Notice, Physical Settlement shall be applicable for any Settlement of any Transaction:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(A) to all of the Settlement Shares designated in such Settlement Notice if, at any time from the date such Settlement Notice is received by
Dealer until the related First Unwind Date, inclusive, (I)&nbsp;the trading price per Share on the Exchange (as determined by Dealer in a commercially reasonable manner) is below the Threshold Price or (II)&nbsp;Dealer determines, in its good faith
and reasonable judgment, that it would, after using commercially reasonable efforts, be unable to purchase a number of Shares in the market sufficient to unwind its hedge position in respect of the portion of such Transaction represented by such
Settlement Shares and satisfy its delivery obligation hereunder, if any, by the Maturity Date (taking into account any additional share forward or other equity derivative transaction Counterparty has entered into)&nbsp;(x) in a manner that
(A)&nbsp;would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be subject to the safe harbor provided by Rule <FONT STYLE="white-space:nowrap">10b-18(b)</FONT> under the Exchange Act and (B)&nbsp;based on advice of counsel,
would not raise material risks under applicable securities laws or (y)&nbsp;due to the lack of sufficient liquidity in the Shares (each, a &#147;<B>Trading Condition</B>&#148;); or</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(B) to all or a portion of the Settlement Shares designated
in such Settlement Notice if, on any day during the relevant Unwind Period, (I)&nbsp;the trading price per Share on the Exchange (as determined by Dealer in a commercially reasonable manner) is below the Threshold Price or (II)&nbsp;Dealer
determines, in its good faith and reasonable judgment or based on advice of counsel, as applicable, that a Trading Condition has occurred with respect to such Transaction, in which case the provisions set forth below in the fourth paragraph opposite
&#147;Early Valuation&#148; shall apply as if such day were the Early Valuation Date and (x)&nbsp;for purposes of clause (i)&nbsp;of such paragraph, such day shall be the last Unwind Date of such Unwind Period and the &#147;Unwound Shares&#148;
shall be calculated to, and including, such day and (y)&nbsp;for purposes of clause (ii)&nbsp;of such paragraph, the &#147;Remaining Shares&#148; shall be equal to the number of Settlement Shares designated in such Settlement Notice minus the
Unwound Shares determined in accordance with clause (x)&nbsp;of this sentence.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Threshold Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be 50% of the Initial Forward
Price for such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Electing Party:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Counterparty</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Settlement Method Election Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">With respect to any Settlement of any Transaction, the 5th Scheduled Trading Day immediately preceding (x)&nbsp;the
Valuation Date for such Transaction, in the case of Physical Settlement, or (y)&nbsp;the First Unwind Date for such Transaction, in the case of Cash Settlement or Net Share Settlement.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Default Settlement Method:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Physical Settlement</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Physical Settlement:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Notwithstanding Section&nbsp;9.2(a)(i) of the Equity Definitions, on the Settlement Date for any Physical Settlement of any
Transaction, Dealer shall pay to Counterparty an amount (&#147;<B>Physical Settlement Amount</B>&#148;) equal to the Forward Price for such Transaction on the relevant Valuation Date <I>multiplied</I> by the number of Settlement Shares for such
Settlement, and Counterparty shall deliver to Dealer such Settlement Shares. If, on any Settlement Date, the Shares to be delivered by Counterparty to Dealer hereunder are not so delivered (the &#147;<B>Deferred Shares</B>&#148;), and a Forward
Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Dealer, then the portion of the Physical Settlement Amount payable by Dealer to Counterparty in
respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, <U>multiplied by</U> the number of Deferred Shares.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Settlement Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Settlement of any Transaction to which Physical Settlement is applicable, the Valuation Date for such
Settlement.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Net Share Settlement:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On the Net Share Settlement Date for any Settlement of any Transaction to which Net Share Settlement is applicable, if the
Net Share Settlement Amount for such Settlement is greater than zero, Counterparty shall deliver a number of Shares equal to such Net Share Settlement Amount (rounded down to the nearest integer) to Dealer, and if such Net Share Settlement Amount is
less than zero, Dealer shall deliver a number of Shares equal to the absolute value of such Net Share Settlement Amount (rounded down to the nearest integer) to Counterparty, in either case, in accordance with Section&nbsp;9.4 of the Equity
Definitions, with such Net Share Settlement Date deemed to be a &#147;Settlement Date&#148; for purposes of such Section&nbsp;9.4, and, in either case, plus cash in lieu of any fractional Shares included in such Net Share Settlement Amount but not
delivered due to rounding required hereby, valued at the Settlement Price. If, on any Net Share Settlement Date for any Transaction, the Shares to be delivered by Counterparty or Dealer hereunder upon Net Share Settlement are not so delivered (the
&#147;<B>Net Share Deferred Shares</B>&#148;), and a Forward Price Reduction Date with respect to such Transaction occurs during the period from, and including, such Net Share Settlement Date to, but excluding, the date such Shares are actually
delivered to such party, then the portion of the Net Share Settlement Shares for such Transaction deliverable by Dealer or Counterparty in respect of the Net Share Deferred Shares shall be adjusted by the Calculation Agent to reflect the occurrence
of such Forward Price Reduction Amount for such Forward Price Reduction Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Net Share Settlement Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Settlement of any Transaction to which Net Share Settlement is applicable, the date that follows the Valuation Date
for such Settlement by one Settlement Cycle.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Net Share Settlement Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Settlement of any Transaction to which Net Share Settlement is applicable, an amount equal to the Forward Cash
Settlement Amount for such Settlement <I>divided by</I> the Settlement Price.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Cash Settlement:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">On the Cash Settlement Payment Date in respect of which Cash Settlement applies, if the Forward Cash Settlement Amount is a
positive number, Counterparty will pay the Forward Cash Settlement Amount to Dealer.&nbsp;If the Forward Cash Settlement Amount is a negative number, Dealer will pay the absolute value of the Cash Settlement Amount to Counterparty.&nbsp;Such amounts
shall be paid on such Cash Settlement Payment Date by wire transfer of immediately available funds.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Forward Cash Settlement Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Notwithstanding Section&nbsp;8.5(c) of the Equity Definitions, the Forward Cash Settlement Amount for any Cash Settlement
or Net Share Settlement of any Transaction shall be equal to (i)&nbsp;the number of Settlement Shares for such Settlement <I>multiplied by</I> (ii)&nbsp;an amount equal to (A)&nbsp;the Settlement Price for such Settlement <I>minus</I> (B)&nbsp;the
Relevant Forward Price for such Settlement.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Relevant Forward Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Cash Settlement or Net Share Settlement of any Transaction, the weighted average of the Forward Prices for such
Transactions on each Unwind Date relating to such Settlement (weighted based on the number of Shares purchased by Dealer or its agent or affiliate on each such Unwind Date in connection with unwinding Dealer&#146;s hedge position in connection with
such Settlement, as determined by the Calculation Agent).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Settlement Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Cash Settlement or Net Share Settlement of any Transaction, the weighted average price of the purchases of Shares
made by Dealer (or its agent or affiliate) during the Unwind Period in connection with unwinding its hedge position relating to such Settlement (weighted based on the number of Shares purchased by Dealer or its agent or affiliate on each Unwind Date
in connection with unwinding its hedge position in connection with such Settlement, as determined by the Calculation Agent), <I>plus</I> USD 0.02 per Share.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Unwind Activities:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The times and prices at which Dealer (or its agent or affiliate) purchases any Shares during any Unwind Period in
connection with unwinding its hedge position in respect of each Transaction shall be determined by Dealer in a commercially reasonable manner. Without limiting the generality of the foregoing, in the event that Dealer concludes, in its reasonable
discretion based on advice of counsel, that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures generally applicable in similar situations and applied in a <FONT
STYLE="white-space:nowrap">non-discriminatory</FONT> manner (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer), for it to refrain from purchasing Shares in connection with
unwinding its hedge position in respect of such Transaction on any Scheduled Trading Day (a &#147;<B>Regulatory Disruption</B>&#148;) that would have been an Unwind Date but for the occurrence of a Regulatory Disruption, Dealer may (but shall not be
required to) notify Counterparty in writing that a Regulatory Disruption has occurred on such Scheduled Trading Day without specifying (and Dealer shall not otherwise communicate to Counterparty) the nature of such Regulatory Disruption, and, for
the avoidance of doubt, such Scheduled Trading Day shall not be an Unwind Date for such Transaction and such Regulatory Disruption shall be deemed to be a Market Disruption Event; <I>provided</I> that Dealer may exercise its right to suspend under
this sentence only in good faith in relation to events or circumstances that are not the result of actions of it or any of its Affiliates that are taken with the intent to avoid its obligations under the Transactions.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Relevant Settlement Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Settlement of any Transaction, the Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date for
such Settlement, as the case may be.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Other Applicable Provisions:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">To the extent Dealer is obligated to deliver Shares under any Transaction, the provisions of Sections 9.2 (last sentence
only), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if &#147;Physical Settlement&#148; applied to such Transaction; <I>provided</I> that the Representation and Agreement contained in Section&nbsp;9.11 of the Equity
Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the
Shares.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Share Adjustments:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Potential Adjustment Events:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">An Extraordinary Dividend shall not constitute a Potential Adjustment Event. For the avoidance of doubt, a cash dividend on
the Shares that differs from expected dividends as of the Trade Date of any Transaction shall not be a Potential Adjustment Event under Section&nbsp;11.2(e)(vii) of the Equity Definitions with respect to such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Extraordinary Dividend:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Transaction, any dividend or distribution declared by the Issuer with respect to the Shares that, in the
commercially reasonable determination of Dealer, is a payment or distribution by the Issuer to holders of Shares that the Issuer announces will be an &#147;extraordinary&#148; or &#147;special&#148; dividend or distribution.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Regular Dividend Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction and for each calendar quarter, the amount set forth under the heading &#147;Regular Dividend
Amounts&#148; in the Placement Notice as amended by any corresponding Forward Acceptance (each such term as defined in the Sales Agreement) for such Transaction and for such calendar quarter (or, if no such amount is specified, an amount determined
by Dealer in good faith), as specified in Schedule I to the Supplemental Confirmation for such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Method of Adjustment:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Calculation Agent Adjustment</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Additional Adjustment:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If, in Dealer&#146;s commercially reasonable judgment, the stock loan fee to Dealer (or an affiliate of Dealer), excluding
the federal funds or other interest rate component payable by the relevant stock lender to Dealer or such affiliate under the terms of the applicable stock lender agreements, for any 20 Scheduled Trading Days over a period of 30 consecutive
Scheduled Trading Days, of borrowing a number of Shares equal to the Number of Shares to hedge its exposure to any Transaction exceeds a weighted average rate equal to the Initial Stock Loan Rate for such Transaction, the Calculation Agent may,
without duplication, reduce the Forward Price for such Transaction in order to compensate Dealer for the amount by which such cost exceeded a weighted average rate equal to such Initial Stock Loan Rate during such period.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Extraordinary Events:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Extraordinary Events:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In lieu of the consequences that would otherwise apply under Article 12 of the Equity Definitions to any applicable
Extraordinary Event (excluding any Failure to Deliver, Increased Cost of Hedging, Increased Cost of Stock Borrow or any Extraordinary Event that also constitutes a Bankruptcy Termination Event, but including, for the avoidance of doubt, any other
applicable Additional Disruption Event), the provisions specified below under the heading &#147;Early Valuation&#148; paragraph below shall apply.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Merger Event:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable; <I>provided</I> that Section&nbsp;12.1(b) of the Equity Definitions is hereby amended by deleting the remainder
of such Section beginning with the words &#147;in each case if the Merger Date is on or before&#148; in the fourth to last line thereof.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Tender Offer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Delisting:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In addition to the provisions of Section&nbsp;12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting
if the Exchange is located in the United States and the Shares are not immediately <FONT STYLE="white-space:nowrap">re-listed,</FONT> <FONT STYLE="white-space:nowrap">re-traded</FONT> or <FONT STYLE="white-space:nowrap">re-quoted</FONT> on any of
the New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or their respective successors); if the Shares are immediately <FONT STYLE="white-space:nowrap">re-listed,</FONT>
<FONT STYLE="white-space:nowrap">re-traded</FONT> or <FONT STYLE="white-space:nowrap">re-quoted</FONT> on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Additional Disruption Events:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Change in Law:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">With respect to any Transaction, applicable; <I>provided</I> that (A)&nbsp;any determination as to whether (i)&nbsp;the
adoption of or any change in any applicable law or regulation (including, for the avoidance of doubt and without limitation, (x)&nbsp;any tax law or (y)&nbsp;adoption or promulgation of new regulations authorized or mandated by existing statute) or
(ii)&nbsp;the promulgation of or any change in or public announcement of the formal or informal interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken
by a taxing authority), in each case, constitutes a &#147;Change in Law&#148; shall be made without regard to Section&nbsp;739 of the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any
legislation enacted, or rule or regulation promulgated, on or after the Trade Date of such Transaction and (B)&nbsp;Section&nbsp;12.9(a)(ii) of the Equity Definitions is hereby amended (i)&nbsp;by replacing the parenthetical beginning after the word
&#147;regulation&#148; in the second line thereof with the phrase &#147;(including, for the avoidance of doubt and without limitation, (x)&nbsp;any tax law or (y)&nbsp;adoption or promulgation of new regulations authorized or mandated by existing
statute)&#148; and (ii)&nbsp;by replacing the words &#147;the interpretation&#148; with the words &#147;or public announcement of any formal or informal interpretation&#148; in the third line thereof and (C)&nbsp;the words &#147;, unless the
illegality is due to an act or omission of the party seeking to elect termination of the Transaction with the intent to avoid its obligations under the terms of the Transaction&#148; are added immediately following the word &#147;Transaction&#148;
in the fifth line thereof; and <I>provided further</I> that Section&nbsp;12.9(a)(ii) of the Equity Definitions is hereby amended by adding the phrase &#147;and/or Hedge Position&#148; after the word &#147;Shares&#148; in clause (X)&nbsp;thereof and
(iii)&nbsp;by immediately following the word &#147;Transaction&#148; in clause (X)&nbsp;thereof, adding the phrase &#147;in the manner contemplated by the Hedging Party on the Trade Date&#148;.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Failure to Deliver:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable with respect to a Transaction if Dealer is required to deliver Shares under such Transaction; otherwise, Not
Applicable.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Hedging Disruption:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Increased Cost of Hedging:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable; <I>provided</I> that Section&nbsp;12.9(b)(vi) of the Equity Definitions shall be amended by (i)&nbsp;adding
&#147;or&#148; before clause (B)&nbsp;of the second sentence thereof; (ii)&nbsp;deleting clause (C)&nbsp;of the second sentence thereof; and (iii)&nbsp;deleting the third and fourth sentences thereof.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Increased Cost of Stock Borrow:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable; <I>provided</I> that Section&nbsp;12.9(b)(v) of the Equity Definitions shall be amended by (i)&nbsp;adding the
word &#147;or&#148; immediately before subsection &#147;(B)&#148; and deleting the comma at the end of subsection (A); (ii) deleting clause (C)&nbsp;of the second sentence thereof and (iii)&nbsp;deleting the third, fourth and fifth sentences
thereof. For the avoidance of doubt, upon the announcement of any event that, if consummated, would result in a Merger Event or Tender Offer, the term &#147;rate to borrow Shares&#148; as used in Section&nbsp;12.9(a)(viii) of the Equity Definitions
shall include any commercially reasonable cost borne or amount payable by the Hedging Party in respect of maintaining or reestablishing its hedge position, including, but not limited to, any assessment or other amount payable by the Hedging Party to
a lender of Shares in respect of any merger or tender offer premium, as applicable.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Initial Stock Loan Rate:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Loss of Stock Borrow:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable; <I>provided</I> that Section&nbsp;12.9(b)(iv) of the Equity Definitions shall be amended by (i)&nbsp;deleting
clause (A)&nbsp;of the first sentence thereof in its entirety and (ii)&nbsp;deleting the words &#147;neither the <FONT STYLE="white-space:nowrap">Non-Hedging</FONT> Party nor the Lending Party lends Shares in the amount of the Hedging Shares
or&#148; in the second sentence thereof..</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maximum Stock Loan Rate:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Hedging Party:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For all applicable Additional Disruption Events, Dealer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Determining Party:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For all applicable Extraordinary Events, Dealer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Early Valuation:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Early Valuation:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For any Transaction, notwithstanding anything to the contrary herein, in the Agreement, in any Supplemental Confirmation or
in the Equity Definitions, at any time (x)&nbsp;concurrently with or following the occurrence of a Hedging Event with respect to such Transaction, the declaration by Issuer of Dividends and Other Distributions (as defined below), or an ISDA Event
with respect to such Transaction or (y)&nbsp;if an Excess Ownership Position, an Excess Charter Ownership Position or an Excess Regulatory Ownership Position exists, Dealer (or, in the case of an ISDA Event that is an Event of Default or Termination
Event, the party entitled to designate an Early Termination Date in respect of such event pursuant to Section&nbsp;6 of the Agreement) shall have the right to designate any Scheduled Trading Day to be the &#147;Early Valuation Date&#148; for such
Transaction, in which case the provisions set forth in this &#147;Early Valuation&#148; section shall apply to such Transaction, in the case of an Event of Default or Termination Event, in lieu of Section&nbsp;6 of the Agreement. For the avoidance
of doubt, any amount calculated pursuant to this &#147;Early Valuation&#148; section (in respect of which Counterparty satisfies its payment and/or delivery obligations under this &#147;Early Valuation&#148; section) as a result of an Extraordinary
Dividend shall not be adjusted by the value associated with such Extraordinary Dividend.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Dealer represents and warrants to and agrees with Counterparty, assuming the accuracy and completeness of the representations and warranties of
Counterparty hereunder and under the Sales Agreement and the compliance with, and satisfaction of, the covenants and undertakings of Counterparty hereunder and under the Sales Agreement, that (i)&nbsp;based upon advice of counsel, Dealer
(A)&nbsp;does not have actual knowledge of the existence as of the date hereof of an Excess Ownership Position or an Excess Regulatory Ownership Position and (B)&nbsp;based on good faith inquiry in</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">the ordinary course of Dealer&#146;s business does not have actual knowledge as of the date hereof of any event or
circumstance that will cause the occurrence of an Excess Ownership Position or an Excess Regulatory Ownership Position on any day during the term of the applicable Transaction; and (ii)&nbsp;assuming no event or circumstance by or within the control
of Counterparty or its affiliates occurs in connection with which the &#147;beneficial ownership&#148; (within the meaning of Section&nbsp;13 of the Exchange Act and the rules promulgated thereunder) of Shares by Dealer Group (as defined below)
and/or the &#147;ownership&#148; (howsoever defined under any Applicable Law) of Shares by Dealer Group or another Dealer Person (as defined below) would increase, Dealer will not knowingly cause the occurrence of an Excess Ownership Position or an
Excess Regulatory Ownership Position on any day during the term of the applicable Transaction with the specific intent of causing the occurrence of an Early Valuation Date.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>Dividends and Other Distributions</B>&#148; means
any dividend or distribution, on the Shares with an <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date occurring on any day following the Trade Date of such Transaction of (A)&nbsp;any cash dividend (other than an Extraordinary Dividend) to
the extent all cash dividends having an <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date during the period from, and including, any Forward Price Reduction Date (with the Trade Date being a Forward Price Reduction Date for purposes of this
clause only) to, but excluding, the next subsequent Forward Price Reduction Date exceeds, on a per Share basis, the Forward Price Reduction Amount set forth opposite the first date of any such period on <U>Schedule I</U> to the relevant Supplemental
Confirmation, (B)&nbsp;any Extraordinary Dividend, (C)&nbsp;any share capital or other securities of another issuer acquired or owned (directly or indirectly) by Counterparty as a result of a <FONT STYLE="white-space:nowrap">spin-off</FONT> or other
similar transaction or (D)&nbsp;any other type of securities (other than Shares), rights or warrants or other assets, in any case for payment (cash or other consideration) at less than the prevailing market price, as determined in a commercially
reasonable manner by Dealer.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the Early Valuation
Date for a Transaction occurs on a date that is not during an Unwind Period for such Transaction, then such Early Valuation Date shall be a Valuation Date for a Physical Settlement of such Transaction, and the number of Settlement Shares for such
Settlement shall be the Number of Shares on such Early Valuation Date; <I>provided</I> that Dealer may in its good faith and in a reasonable manner permit Counterparty to elect Cash Settlement or Net Share Settlement in respect of such Transaction,
in which case Dealer, as Hedging Party, will determine, in good faith and in a commercially reasonable manner, the Scheduled Trading Day that will be the First Unwind Date for such Cash Settlement or Net Share Settlement.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the Early Valuation Date for a Transaction occurs during
an Unwind Period for such Transaction, then (i)&nbsp;(A) the last Unwind Date of such Unwind Period shall be deemed to be such Early Valuation Date, (B)&nbsp;a Settlement shall occur in respect of such Unwind Period, and the Settlement Method
elected by Counterparty in respect of such Settlement shall apply (subject to the provisions under &#147;Settlement Terms&#148; above in respect of the applicable Settlement Method), and (C)&nbsp;the number of Settlement Shares for such Settlement
shall be the number of Unwound Shares for such Unwind Period on such Early Valuation Date, and (ii)&nbsp;(A) such Early Valuation Date shall be a Valuation Date for an additional Physical Settlement of such Transaction (<I>provided</I> that Dealer
may in its good faith and reasonable discretion elect that the Settlement Method elected by Counterparty for the Settlement described in clause (i)&nbsp;of this sentence shall apply, in which case Dealer, in its good faith and in a commercially
reasonable manner, will determine the Scheduled Trading Day that will be the First Unwind Date for such Cash Settlement or Net Share Settlement) and (B)&nbsp;the number of Settlement Shares for such additional Settlement shall be the number of
Remaining Shares on such Early Valuation Date.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing, in the case of a Nationalization or Merger Event, if at the time of the related Relevant
Settlement Date the Shares have changed into cash or any other property or the right to receive cash or any other property, the Calculation Agent may adjust the terms of the applicable Transaction as it determines appropriate to account for such
change to the nature of the Shares.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If, upon
designation of an Early Valuation Date by Dealer pursuant to this section, Counterparty fails to deliver the Settlement Shares relating to such Early Valuation Date when due or otherwise fails to perform obligations within its control in respect of
any Transaction, it shall be an Event of Default with respect to Counterparty and Section&nbsp;6 of the Agreement shall apply.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ISDA Event:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(i) Any Event of Default or Termination Event, other than an Event of Default or Termination Event that also constitutes
a Bankruptcy Termination Event, that gives rise to the right of either party to designate an Early Termination Date pursuant to Section&nbsp;6 of the Agreement or (ii)&nbsp;the announcement of any event or transaction that, if consummated, would
result in a Merger Event, Tender Offer, Nationalization, Delisting or Change in Law, in each case, as determined by the Calculation Agent.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Hedging Event:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(i)&nbsp;(x) A Loss of Stock Borrow or (y)&nbsp;a Hedging Disruption, (ii)&nbsp;(A) an Increased Cost of Stock Borrow or
(B)&nbsp;an Increased Cost of Hedging in connection with which, in the case of <FONT STYLE="white-space:nowrap">sub-clause</FONT> (A)&nbsp;or (B), Counterparty does not elect, and so notify the Hedging Party of its election, in each case, within the
required time period to either amend such Transaction pursuant to Section&nbsp;12.9(b)(v)(A) or Section&nbsp;12.9(b)(vi)(A) of the Equity Definitions, as applicable, or pay an amount determined by the Calculation Agent that corresponds to the
relevant Price Adjustment pursuant to Section&nbsp;12.9(b)(v)(B) or Section&nbsp;12.9(b)(vi)(B) of the Equity Definitions, as applicable, or (iii)&nbsp;the occurrence of a Market Disruption Event during an Unwind Period and the continuance of such
Market Disruption Event for at least eight Scheduled Trading Days.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Remaining Shares:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Transaction, on any day, the Number of Shares for such Transaction as of such day (or, if such day occurs during
an Unwind Period for such Transaction, the Number of Shares for such Transaction as of such day minus the Unwound Shares for such Transaction for such Unwind Period on such day).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Unwound Shares:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For any Transaction, for any Unwind Period in respect of such Transaction on any day, the aggregate number of Shares
with respect to which Dealer has unwound (as determined by Dealer in good faith) its hedge position in respect of such Transaction in connection with the related Settlement as of such day.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Acknowledgments:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Non-Reliance:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Agreements and Acknowledgments Regarding&nbsp;Hedging Activities:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Applicable</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Additional Acknowledgments:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Transfer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Notwithstanding anything to the contrary in the Agreement, Dealer may assign, transfer and set over all rights, title and
interest, powers, privileges and remedies of Dealer under any Transaction, in whole or in part, to an affiliate of Dealer without the consent of Counterparty; <I>provided</I> that under the applicable law effective on the date of such transfer or
assignment, Counterparty will not be required, as a result of such transfer or assignment, to pay an amount in respect of an Indemnifiable Tax greater than the amount, if any, that Counterparty would have been required to pay Dealer in the absence
of such transfer or assignment; and Counterparty will not receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional
amount, unless Counterparty would not have been entitled to receive any additional amount in respect or such payment in the absence of such transfer or assignment; <I>provided further</I> that no Termination Event with respect to which Dealer is the
Defaulting Party or an Affected Party, as the case may be, exists or would result therefrom, and no Extraordinary Event, Early Valuation, Market Disruption Event, ISDA Event, Excess Ownership Position or Excess Regulatory Ownership Position or other
event or circumstance giving rise to a right or responsibility to terminate or cancel a Transaction or to make an adjustment to the terms of a Transaction would result therefrom.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Notwithstanding the foregoing or any other provision of this Master Confirmation or any Supplemental Confirmation to the
contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities and
otherwise to perform Dealer obligations in respect of any Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty only to the extent of any such performance.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Calculation Agent:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Dealer; <I>provided</I> that, following the occurrence and during the continuation of an Event of Default pursuant to
Section&nbsp;5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty shall have the right to select an independent leading dealer in the market for U.S. corporate equity derivatives to replace Dealer as
Calculation Agent. Following any determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty, the Calculation Agent will, within five Business Days of its receipt of such written request, provide to
Counterparty by <FONT STYLE="white-space:nowrap">e-mail</FONT> to the <FONT STYLE="white-space:nowrap">e-mail</FONT> address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation
of financial data) displaying in reasonable detail the basis for such determination or calculation, as the case may be; <I>provided</I> that Dealer shall not be required to disclose any proprietary or confidential models of Dealer or any information
that is proprietary or subject to contractual, legal or regulatory obligations to not disclose such information.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Counterparty&nbsp;Payment Instructions:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">To be provided by Counterparty</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Dealer Payment Instructions:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">To be provided by Dealer</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<TD WIDTH="71%"></TD></TR>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Office of Counterparty for each Transaction is:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inapplicable, Counterparty is not a Multibranch Party</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Office of Dealer for each Transaction is:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[&#9679;]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Counterparty&#146;s Contact Details for Purpose of Giving Notice:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">American Homes 4 Rent <BR>[30601 Agoura Road, Suite 200 <BR>Agoura Hills, California 91031] <BR>Attn: [&#9679;] <BR>Email: [&#9679;] <BR>Facsimile No.: [&#9679;]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dealer&#146;s&nbsp;Contact&nbsp;Details&nbsp;for Purpose of Giving Notice:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[<I>Insert Dealer Name and Notice Information</I>.]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness</U>. The effectiveness of each Supplemental Confirmation and the
related Transaction on the Effective Date for such Supplemental Confirmation shall be subject to the satisfaction (or waiver by Dealer) of the following conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;the representations and warranties of Counterparty and the Operating Partnership contained in the
Sales Agreement, and any certificate delivered pursuant thereto by Counterparty or the Operating Partnership, shall be true and correct on such Effective Date as if made as of such Effective Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;each of Counterparty and the Operating Partnership shall have performed all of the obligations
required to be performed by it under the Sales Agreement on or prior to such Effective Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;all of the conditions set forth in Section&nbsp;10 of the Sales Agreement shall have been
satisfied; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;the effective date of the effective Forward Placement Notice (as defined in the
Sales Agreement) shall have occurred as provided in the Sales Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;all of the
representations and warranties of Counterparty hereunder and under the Agreement shall be true and correct on such Effective Date as if made as of such Effective Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty shall have performed all of the obligations required to be performed by it hereunder
and under the Agreement on or prior to such Effective Date, including without limitation its obligations under Section&nbsp;6 hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty shall have delivered to Dealer, an opinion of counsel in form and substance reasonably
satisfactory to Dealer, with respect to the matters set forth in Section&nbsp;3(a) of the Agreement and that the maximum number of Shares initially issuable under Transaction have been duly authorized and, upon issuance pursuant to the terms of such
Transaction, will be validly issued, fully paid and nonassessable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing or any other provision of this Master
Confirmation or any Supplemental Confirmation, if, in respect of any Transaction, (x)&nbsp;on or prior to 9:00 a.m., New York City time, on any Settlement Date (as defined in the Sales Agreement) for the sale of Forward Hedge Shares in connection
with Dealer establishing its hedge position (the &#147;<B>Forward Hedge Settlement Date</B>&#148;), Dealer, in its sole judgment, is unable, after using commercially reasonable efforts, to borrow and deliver for sale the full Number of Shares or
(y)&nbsp;in Dealer&#146;s sole judgment, it would incur a stock loan cost of more than a rate equal to the Maximum Stock Loan Rate for such Transaction with respect to all or any portion of such full Number of Shares, the effectiveness of the
related Supplemental Confirmation and such Transaction shall be limited to the number of Shares Dealer is so able to borrow in connection with establishing its hedge position for such Transaction at a cost of not more than a rate equal to the
Maximum Stock Loan Rate for such Transaction, which, for the avoidance of doubt, may be zero. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the Sales Agreement is terminated prior to any such sale of Shares thereunder during such
period, the parties shall have no further obligations in connection with the Master Confirmation, Supplemental Confirmation and the related Transaction, other than in respect of breaches of representations or covenants on or prior to such date. For
the avoidance of doubt, if the Sales Agreement is terminated prior to the Hedge Completion Date, this Master Confirmation and the related Supplemental Confirmation shall remain in effect with respect to any Shares that had been sold by the Forward
Seller for Dealer on or after the Trade Date and prior to such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Mutual
Representations and Warranties</U>. In addition to the representations and warranties in the Agreement, each party represents and warrants to the other party, as of the date hereof and as of each Forward Placement Date (as defined in the Sales
Agreement), Trade Date and Forward Hedge Settlement Date (as defined in the Sales Agreement), that it is an &#147;eligible contract participant&#148;, as defined in the U.S. Commodity Exchange Act (as amended), and an &#147;accredited investor&#148;
as defined in Section&nbsp;2(a)(15)(ii) of the Securities Act of 1933 (as amended) (the &#147;<B>Securities Act</B>&#148;), and is entering into each Transaction hereunder as principal and not for the benefit of any third party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Representations and Warranties of Counterparty</U>. In addition to the representations and warranties
in the Agreement and those contained elsewhere herein, Counterparty represents and warrants to Dealer, and agrees with Dealer, as of the date hereof and as of each Forward Placement Date (as defined in the Sales Agreement), Trade Date and Forward
Hedge Settlement Date, that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;without limiting the generality of Section&nbsp;13.1 of the
Equity Definitions, it acknowledges that Dealer is not making any representations or warranties with respect to the treatment of any Transaction, including without limitation ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging,
FASB Statements&nbsp;128, 133, as amended, 149 or&nbsp;150, <FONT STYLE="white-space:nowrap">EITF&nbsp;00-19,</FONT> <FONT STYLE="white-space:nowrap">01-6,</FONT> <FONT STYLE="white-space:nowrap">03-6</FONT>
<FONT STYLE="white-space:nowrap">or&nbsp;07-5,</FONT> ASC Topic 480, Distinguishing Liabilities from Equity, ASC <FONT STYLE="white-space:nowrap">815-40,</FONT> Derivatives and Hedging - Contracts in Entity&#146;s Own Equity (or any successor issue
statements) or under the Financial Accounting Standards Board&#146;s Liabilities&nbsp;&amp; Equity Project; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;it shall not take any action to reduce or decrease the number of authorized and unissued Shares
below the sum of (i)&nbsp;the aggregate Number of Shares across all Transactions plus (ii)&nbsp;the total number of Shares issuable upon settlement (whether by net share settlement or otherwise) of any other transaction or agreement to which it is a
party; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;it will not repurchase any Shares if, immediately following such repurchase, the
aggregate Number of Shares across all Transactions would be equal to or greater than 4.5% of the number of then-outstanding Shares and it will notify Dealer immediately upon the announcement or consummation of any repurchase of Shares in an amount
that, taken together with the amount of all repurchases since the date of the last such notice (or, if no such notice has been given, since the Trade Date), exceeds 0.5% of the number of then-outstanding Shares; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;it is not entering into this Master Confirmation or any Supplemental Confirmation to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares), or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) for the
purpose of inducing the purchase or sale of the Shares (or any security convertible into or exchangeable for Shares) by others; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;(i) neither it nor any of its officers or directors is aware of any material <FONT
STYLE="white-space:nowrap">non-public</FONT> information regarding itself or the Shares; (ii)&nbsp;it is entering into this Master Confirmation (and any Supplemental Confirmation) and will provide any Settlement Notice in good faith and not as part
of a plan or scheme to evade compliance with Rule <FONT STYLE="white-space:nowrap">10b-5</FONT> or any other provision of the federal securities laws; (iii)&nbsp;it has not entered into or altered any hedging transaction relating to the Shares
corresponding to or offsetting any Transaction; and (iv)&nbsp;it has consulted with its own advisors as to the legal aspects of its adoption and implementation of this Master Confirmation and any Supplemental Confirmations under Rule <FONT
STYLE="white-space:nowrap">10b5-1</FONT> under the Exchange Act (&#147;<B>Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT></B>&#148;); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;it is in compliance with its reporting
obligations under the Exchange Act, and its most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> together with all reports subsequently filed by it pursuant to the Exchange Act, taken together and as amended and
supplemented to the date of this representation, do not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;to its knowledge, no federal, state or local
(including <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdictions) law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation
a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares; <I>provided</I> that Counterparty makes no such representation or warranty regarding any such
requirement that is applicable generally to the ownership of equity securities by Dealer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;as
of any Trade Date and as of the date of any payment or delivery by Counterparty or Dealer hereunder, it is not and will not be &#147;insolvent&#148; (as such term is defined under Section&nbsp;101(32) of the Bankruptcy Code); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;it is not, and after giving effect to the transactions contemplated hereby will not be, required to
register as an &#147;investment company&#148; as such term is defined in the Investment Company Act of 1940, as amended; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;it: (i)&nbsp;is an &#147;institutional account&#148; as defined in FINRA Rule 4512(c); and
(ii)&nbsp;is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities, and will exercise independent judgment in evaluating any
recommendations of Dealer or its associated persons; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;ownership positions held by Dealer or any
of its affiliates solely in its capacity as a nominee or fiduciary (i)&nbsp;do not constitute &#147;ownership&#148; by Dealer and (ii)&nbsp;shall not result in Dealer being deemed or treated as the &#147;owner&#148; of such positions, in each case
for purposes of the Issuer&#146;s Articles of Amendment and Restatement of Declaration of Trust, as amended from time to time; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;it understands, agrees and acknowledges that no obligations of Dealer to it hereunder shall be
entitled to the benefit of deposit insurance and that such obligations shall not be guaranteed by any affiliate of Dealer (subject to Section&nbsp;8(b) of this Master Confirmation) or any governmental agency; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;in connection with this Master Confirmation, each Supplemental Confirmation, the Sales Agreement,
each Transaction and the other transactions contemplated hereunder and thereunder (the &#147;<B>Relevant Transactions</B>&#148;), Counterparty acknowledges that none of Dealer and/or its affiliates is advising Counterparty or any other person as to
any legal, tax, investment, accounting or regulatory matters in any jurisdiction (for the avoidance of doubt, notwithstanding any advisory relationship that Dealer and/or its affiliates may have, or may have had in the past, with Counterparty and/or
its affiliates). Counterparty shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the Relevant Transactions, and none of Dealer and/or its affiliates
shall have any responsibility or liability to Counterparty with respect thereto. Any review by the Dealer and/or its affiliates of Counterparty, the Relevant Transactions or other matters relating to the Relevant Transactions will be performed
solely for the benefit of Dealer and/or its affiliates, as the case may be, and shall not be on behalf of Counterparty. Counterparty waives to the full extent permitted by applicable law any claims it may have against Dealer and/or its affiliates
arising from an alleged breach of fiduciary duty in connection with the Relevant Transactions; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;IT UNDERSTANDS THAT THE TRANSACTIONS ARE SUBJECT TO COMPLEX RISKS WHICH MAY ARISE WITHOUT WARNING
AND MAY AT TIMES BE VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Covenants of Counterparty</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty acknowledges and agrees that any Shares delivered by Counterparty to Dealer on any
Settlement Date or Net Share Settlement Date will be (i)&nbsp;newly issued, (ii)&nbsp;approved for listing or quotation on the Exchange, subject to official notice of issuance, and (iii)&nbsp;registered under the Exchange Act, and, when delivered by
Dealer (or an affiliate of Dealer) to securities lenders from whom Dealer (or an affiliate of Dealer) borrowed Shares in connection with hedging its exposure to any Transaction, will be freely saleable without further registration or other
restrictions under the Securities Act in the hands of those securities lenders, irrespective of whether any such stock loan is effected by Dealer or an affiliate of Dealer. Accordingly, Counterparty agrees that any Shares so delivered will not bear
a restrictive legend and will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System. In addition, Counterparty represents and agrees that any such Shares shall be, upon such delivery, duly and
validly authorized, issued and outstanding, fully paid and nonassessable, free of any lien, charge, claim or other encumbrance. Counterparty agrees and acknowledges that such approval for listing or quotation on the Exchange shall be a condition
precedent for the purpose of Section&nbsp;2(a)(iii) of the Agreement with respect to each obligation of Dealer under Section&nbsp;2(a)(i) of the Agreement in respect of the relevant Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty agrees that Counterparty shall not enter into or alter any hedging transaction
relating to the Shares corresponding to or offsetting any Transaction. Without limiting the generality of the provisions set forth opposite the caption &#147;Unwind Activities&#148; in Section&nbsp;2 of this Master Confirmation, Counterparty
acknowledges that it has no right to, and agrees that it will not seek to, control or influence Dealer&#146;s decision to make any &#147;purchases or sales&#148; (within the meaning of Rule
<FONT STYLE="white-space:nowrap">10b5-1(c)(1)(i)(B)(3))</FONT> under or in connection with any Transaction, including, without limitation, Dealer&#146;s decision to enter into any hedging transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of
this Master Confirmation or any Supplemental Confirmation must be effected in accordance with the requirements for the amendment or termination of a &#147;plan&#148; as defined in Rule <FONT STYLE="white-space:nowrap">10b5-1(c).</FONT> Without
limiting the generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule <FONT STYLE="white-space:nowrap">10b-5,</FONT> and no
such amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director, manager or similar person of Counterparty is aware of any material <FONT STYLE="white-space:nowrap">non-public</FONT> information
regarding Counterparty or the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty shall promptly provide notice thereof to
Dealer (i)&nbsp;upon the occurrence of any event that would constitute an Event of Default or a Termination Event in respect of which Counterparty is a Defaulting Party or an Affected Party, as the case may be, and (ii)&nbsp;upon announcement of any
event that, if consummated, would constitute an Extraordinary Event or Potential Adjustment Event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Neither Counterparty nor any of its &#147;affiliated purchasers&#148; (as defined by Rule <FONT
STYLE="white-space:nowrap">10b-18</FONT> under the Exchange Act (&#147;<B>Rule <FONT STYLE="white-space:nowrap">10b-18</FONT></B>&#148;)) shall take any action that would cause any purchases of Shares by Dealer or any of its Affiliates in connection
with any Cash Settlement or Net Share Settlement of any Transaction not to meet the requirements of the safe harbor provided by Rule <FONT STYLE="white-space:nowrap">10b-18</FONT> if such purchases were made by Counterparty. Without limiting the
generality of the foregoing, during any Unwind Period, except with the prior written consent of Dealer, Counterparty will not, and will cause its affiliated purchasers (as defined in Rule <FONT STYLE="white-space:nowrap">10b-18)</FONT> not to,
directly or indirectly (including, without limitation, by means of a derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or announce or commence any tender offer relating to, any Shares
(or equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable for the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty will not take, or permit to be taken, any action to cause any &#147;restricted
period&#148; (as such term is defined in Regulation M promulgated under the Exchange Act (&#147;<B>Regulation M</B>&#148;)) to occur in respect of Shares or any security with respect to which the Shares are a &#147;reference security&#148; (as such
term is defined in Regulation M) during any Unwind Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty shall: (i)&nbsp;prior
to the opening of trading in the Shares on any day on which Counterparty makes, or expects to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction, notify Dealer of such public announcement;
(ii)&nbsp;promptly notify Dealer following any such announcement that such announcement has been made; (iii)&nbsp;promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Dealer with written notice
specifying (A)&nbsp;Counterparty&#146;s average daily Rule <FONT STYLE="white-space:nowrap">10b-18</FONT> Purchases (as defined in Rule <FONT STYLE="white-space:nowrap">10b-18)</FONT> during the three full calendar months
</P>
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immediately preceding the announcement date for the Merger Transaction that were not effected through Dealer or its affiliates and (B)&nbsp;the number of Shares purchased pursuant to the proviso
in Rule <FONT STYLE="white-space:nowrap">10b-18(b)(4)</FONT> under the Exchange Act for the three full calendar months preceding such announcement date. Such written notice shall be deemed to be a certification by Counterparty to Dealer that such
information is true and correct. In addition, Counterparty shall promptly notify Dealer of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders. Counterparty acknowledges that any such
notice may result in a Regulatory Disruption, a Trading Condition or, if such notice relates to an event that is also an ISDA Event, an Early Valuation, or may affect the length of any ongoing Unwind Period; accordingly, Counterparty acknowledges
that its delivery of such notice must comply with the standards set forth in Section&nbsp;6(c) above. &#147;Merger Transaction&#148; means any merger, acquisition or similar transaction involving a recapitalization with respect to the Counterparty
and/or the Shares as contemplated by Rule <FONT STYLE="white-space:nowrap">10b-18(a)(13)(iv)</FONT> under the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty shall promptly execute any Supplemental Confirmation delivered to Counterparty by
Dealer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination on Bankruptcy</U>. The parties hereto agree that, notwithstanding anything to the
contrary in the Agreement or the Equity Definitions, each Transaction constitutes a contract to issue a security of Counterparty as contemplated by Section&nbsp;365(c)(2) of the Bankruptcy Code and that each Transaction and the obligations and
rights of Counterparty and Dealer thereunder (except for any liability as a result of breach of any of the representations or warranties provided by Counterparty in Section&nbsp;4 or Section&nbsp;5 above) shall immediately terminate, without the
necessity of any notice, payment (whether directly, by netting or otherwise) or other action by Counterparty or Dealer, if, on or prior to the final Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date of any Transaction, an
Insolvency Filing occurs or any other proceeding commences with respect to Counterparty under the Bankruptcy Code (a &#147;<B>Bankruptcy Termination Event</B>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Provisions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Dealer acknowledges and agrees that Counterparty&#146;s obligations under the Transactions are not
secured by any collateral and that neither this Master Confirmation not any Supplemental Confirmations are not intended to convey to Dealer rights with respect to the transactions contemplated hereby that are senior to the claims of common
stockholders in any U.S. bankruptcy proceedings of Counterparty; <I>provided </I>that nothing herein shall limit or shall be deemed to limit Dealer&#146;s right to pursue remedies in the event of a breach by Counterparty of its obligations and
agreements with respect to this Master Confirmation, any Supplemental Confirmation or the Agreement; <I>provided further </I>that nothing herein shall limit or shall be deemed to limit Dealer&#146;s rights in respect of any transaction other than
the Transactions to which this Master Confirmation relates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto intend for:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;each Transaction to be a &#147;securities contract&#148; as defined in
Section&nbsp;741(7) of the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362 (b)(27), 362(o), 546(e), 546(j), 555 and 561 of the Bankruptcy Code; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;the rights given to Dealer pursuant to &#147;Early Valuation&#148; in
Section&nbsp;2 above to constitute &#147;contractual rights&#148; to cause the liquidation of a &#147;securities contract&#148; and to set off mutual debts and claims in connection with a &#147;securities contract&#148;, as such terms are used in
Sections 555 and 362(b)(6) of the Bankruptcy Code; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;any cash, securities or
other property provided as performance assurance, credit support or collateral with respect to any Transaction to constitute &#147;margin payments&#148; and &#147;transfers&#148; under a &#147;securities contract&#148; as defined in the Bankruptcy
Code; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;all payments for, under or in connection with any Transaction, all
payments for Shares and the transfer of Shares to constitute &#147;settlement payments&#148; and &#147;transfers&#148; under a &#147;securities contract&#148; as defined in the Bankruptcy Code; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;any or all obligations that
either party has with respect to this Master Confirmation, any Supplemental Confirmation or the Agreement to constitute property held by or due from such party to margin, guaranty or settle obligations of the other party with respect to the
transactions under the Agreement (including the Transactions) or any other agreement between such parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of the Agreement, this Master Confirmation or any Supplemental
Confirmation, in no event will Counterparty be required to deliver in the aggregate in respect of all Settlement Dates, Net Share Settlement Dates or other dates on which Shares are delivered in respect of any amount owed under a Transaction a
number of Shares greater than two times the Number of Shares for such Transaction as of the Trade Date for such Transaction (the &#147;<B>Capped Number</B>&#148;). The Capped Number shall be subject to adjustment only on account of
(x)&nbsp;Potential Adjustment Events of the type specified in (1)&nbsp;Sections 11.2(e)(i) through (vi)&nbsp;of the Equity Definitions or (2)&nbsp;Section&nbsp;11.2(e)(vii) of the Equity Definitions so long as, in the case of this <FONT
STYLE="white-space:nowrap">sub-clause</FONT> (2), such event is within Issuer&#146;s control, (y)&nbsp;Merger Events requiring corporate action of Issuer (or any surviving entity of the Issuer hereunder in connection with any such Merger Event) and
(z)&nbsp;Announcement Events that are not outside Issuer&#146;s control. Counterparty represents and warrants to Dealer (which representation and warranty shall be deemed to be repeated on each day that any Transaction is outstanding) that the
aggregate Capped Number of the Transactions is equal to or less than the number of authorized but unissued Shares that are not reserved for future issuance in connection with transactions in the Shares (other than the Transactions) on the date of
the determination of the Capped Number (such Shares, the &#147;<B>Available Shares</B>&#148;). In the event Counterparty shall not have delivered the full number of Shares otherwise deliverable as a result of this Section&nbsp;8(b) (the resulting
deficit, the &#147;<B>Deficit Shares</B>&#148;), Counterparty shall be continually obligated to deliver Shares, from time to time until the full number of Deficit Shares have been delivered pursuant to this paragraph, when, and to the extent that,
(A)&nbsp;Shares are repurchased, acquired or otherwise received by Counterparty or any of its subsidiaries after the applicable Trade Date (whether or not in exchange for cash, fair value or any other consideration), (B) authorized and unissued
Shares reserved for issuance in respect of other transactions prior to such date which prior to the relevant date become no longer so reserved and (C)&nbsp;Counterparty additionally authorizes any unissued Shares that are not reserved for other
transactions (such events as set forth in clauses (A), (B) and (C)&nbsp;above, collectively, the &#147;<B>Share Issuance Events</B>&#148;). Counterparty shall promptly notify Dealer of the occurrence of any of the Share Issuance Events (including
the number of Shares subject to clause (A), (B) or (C)&nbsp;and the corresponding number of Shares to be delivered) and, as promptly as reasonably practicable, deliver such Shares thereafter. Counterparty shall not, until Counterparty&#146;s
obligations under each Transaction have been satisfied in full, use any Shares that become available for potential delivery to Dealer as a result of any Share Issuance Event for the settlement or satisfaction of any transaction or obligation other
than the Transactions or reserve any such Shares for future issuance for any purpose other than to satisfy Counterparty&#146;s obligations to Dealer under the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;The parties intend for this Master Confirmation and each Supplemental Confirmation to constitute a
&#147;Contract&#148; as described in the letter dated October&nbsp;6, 2003 submitted on behalf of Goldman, Sachs&nbsp;&amp; Co. to Paula Dubberly of the staff of the Securities and Exchange Commission (the &#147;<B>Staff</B>&#148;) to which the
Staff responded in an interpretive letter dated October&nbsp;9, 2003. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;The parties intend for
each Transaction (taking into account purchases of Shares in connection with any Cash Settlement or Net Share Settlement of any Transaction) to comply with the requirements of Rule <FONT STYLE="white-space:nowrap">10b5-1(c)(1)(i)&nbsp;(A)</FONT>
under the Exchange Act and for this Master Confirmation and each Supplemental Confirmation to constitute a binding contract or instruction satisfying the requirements of <FONT STYLE="white-space:nowrap">10b5-1(c)</FONT> and to be interpreted to
comply with the requirements of Rule <FONT STYLE="white-space:nowrap">10b5-1(c).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty acknowledges that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;during the term of any Transaction, Dealer and its affiliates may buy or sell Shares
or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to any Transaction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Dealer and its affiliates may also be active in the market for the Shares and
derivatives linked to the Shares other than in connection with hedging activities in relation to any Transaction, including acting as agent or as principal and for its own account or on behalf of customers; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;Dealer shall make its own
determination as to whether, when or in what manner any hedging or market activities in Counterparty&#146;s securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the
Forward Price and the Settlement Price of any Transaction; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;any market
activities of Dealer and its affiliates with respect to the Shares may affect the market price and volatility of the Shares, as well as the Forward Price and the Settlement Price of any Transaction, each in a manner that may be adverse to
Counterparty; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;each Transaction is a derivatives transaction; Dealer may
purchase or sell shares for its own account at an average price that may be greater than, or less than, the price received by Counterparty under the terms of any Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>. Without duplication of any indemnification obligations under the Sales Agreement,
Counterparty agrees to indemnify and hold harmless Dealer, its affiliates and its assignees and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an &#147;<B>Indemnified
Party</B>&#148;) from and against any and all losses (excluding, for the avoidance of doubt, financial losses resulting from the economic terms of any Transaction), claims, damages and liabilities (or actions in respect thereof), joint or several,
incurred by or asserted against such Indemnified Party arising out of any breach of any covenant or representation made by Counterparty in this Master Confirmation, any Supplemental Confirmation or the Agreement. Counterparty will not be liable
under the foregoing indemnification provision to the extent that any loss, claim, damage, liability or expense is found in a nonappealable judgment by a court of competent jurisdiction to have resulted from Dealer&#146;s willful misconduct, gross
negligence or bad faith in performing the services that are subject of any Transaction. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty
shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Counterparty will reimburse any Indemnified Party for all reasonable
expenses (including reasonable counsel fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom,
whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. Counterparty also agrees that no Indemnified Party shall have any liability
to Counterparty or any person asserting claims on behalf of or in right of Counterparty in connection with or as a result of any matter referred to in this Master Confirmation or any Supplemental Confirmation except to the extent that any losses,
claims, damages, liabilities or expenses incurred by Counterparty result from the gross negligence, willful misconduct or bad faith of the Indemnified Party. The provisions of this Section&nbsp;9 shall survive the completion of the Transactions
contemplated by this Master Confirmation and any Supplemental Confirmation and any assignment and/or delegation of any Transaction made pursuant to the Agreement or this Master Confirmation (or any Supplemental Confirmation) shall inure to the
benefit of any permitted assignee of Dealer. For the avoidance of doubt, any payments due as a result of this provision may not be used to set off any obligation of Dealer upon settlement of any Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficial Ownership</U>. Notwithstanding anything to the contrary in the Agreement, this Master Confirmation or
any Supplemental Confirmation, in no event shall Dealer be entitled to receive, or be deemed to receive, Shares to the extent that, upon such receipt of such Shares, (i)&nbsp;the &#147;beneficial ownership&#148; (within the meaning of
Section&nbsp;13 of the Exchange Act and the rules promulgated thereunder) of Shares by Dealer, any other person that would have beneficial ownership of such Shares (any such person shall include without limitation any of Dealer&#146;s
affiliates&#146; business units subject to aggregation with Dealer for purposes of the &#147;beneficial ownership&#148; test under Section&nbsp;13 of the Exchange Act), and all persons who may form a &#147;group&#148; (within the meaning of Rule <FONT
STYLE="white-space:nowrap">13d-5(b)(1)</FONT> under the Exchange Act) with Dealer with respect to &#147;beneficial ownership&#148; of any Shares (collectively, &#147;<B>Dealer Group</B>&#148;), would be equal to or greater than 4.5% of the
outstanding Shares (such condition, an &#147;<B>Excess Ownership Position</B>&#148;), (ii) violation would occur in respect of any restriction on ownership and/or transfer set forth in Article VII of Counterparty&#146;s Articles of Amendment and
Restatement of Declaration of Trust, as amended from time to time, taking into account any waivers that are then in effect (such condition, the &#147;<B>Excess Charter Ownership Position</B>&#148;) or (iii)&nbsp;Dealer, any Dealer Group or any
person whose ownership position would be aggregated with that of Dealer or Dealer Group (any of Dealer, any Dealer Group or any such person, a &#147;<B>Dealer Person</B>&#148;) under Sections <FONT STYLE="white-space:nowrap">3-601</FONT> through <FONT
STYLE="white-space:nowrap">3-605</FONT> and <FONT STYLE="white-space:nowrap">3-701</FONT> to <FONT STYLE="white-space:nowrap">3-710</FONT> of the Maryland General Corporation Law or any state or federal bank holding company or banking laws, or any
federal, state or local laws, regulations or regulatory orders or organizational documents or contracts of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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Counterparty, in each case, applicable to ownership of Shares (&#147;<B>Applicable Laws</B>&#148;), would own, beneficially own, constructively own, control, hold the power to vote or otherwise
meet a relevant definition of ownership in excess of a number of Shares equal to (x)&nbsp;the lesser of (A)&nbsp;the maximum number of Shares that would be permitted under Applicable Laws and (B)&nbsp;the number of Shares that would give rise to
reporting or registration obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable Laws and with respect to which such requirements have not been met or the relevant
approval has not been received or that would give rise to any consequences under the constitutive documents of Counterparty or any contract or agreement to which Counterparty is a party, in each case <I>minus </I>(y) 1% of the number of Shares
outstanding on the date of determination (such condition described in clause (iii), an &#147;<B>Excess Regulatory Ownership Position</B>&#148;). If any delivery owed to Dealer hereunder is not made, in whole or in part, as a result of this
provision, (i)&nbsp;Counterparty&#146;s obligation to make such delivery shall not be extinguished and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business Day after, Dealer gives
notice to Counterparty that such delivery would not result in (x)&nbsp;any Dealer Person directly or indirectly so beneficially owning in excess of 4.5% of the outstanding Shares or (y)&nbsp;the occurrence of an Excess Charter Ownership Position or
Excess Regulatory Ownership Position and (ii)&nbsp;if such delivery relates to a Physical Settlement, notwithstanding anything to the contrary herein, Dealer shall not be obligated to satisfy the portion of its payment obligation corresponding to
any Shares required to be so delivered until the date Counterparty makes such delivery. Upon request of Dealer, Counterparty shall promptly confirm to Dealer the number of Shares then outstanding and Dealer shall then promptly advise Counterparty
with respect to any limitations under this Section&nbsp;10 applicable to any anticipated delivery of Shares hereunder; provided, however, that neither a failure by Counterparty to notify Dealer of the number of Shares then outstanding nor a failure
of Dealer to advise Counterparty with respect to any applicable limitations shall be deemed a default hereunder and notwithstanding such failure the remainder of this Section&nbsp;10 shall continue to apply. For the avoidance of doubt, any delivery
of Shares made by Counterparty to Dealer that Dealer was not entitled to receive under the terms of this Section&nbsp;10 shall not be deemed to satisfy any of the delivery obligations of Counterparty hereunder and Dealer shall promptly return such
Shares to Counterparty, pending which Dealer shall be deemed to hold any such Shares solely as custodian for the benefit of Counterparty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">Non-Confidentiality</FONT></U>. The parties hereby agree that
(i)&nbsp;effective from the date of commencement of discussions concerning any Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of such Transaction and all materials of any kind, including opinions or other tax analyses, provided by Dealer and its affiliates to Counterparty relating to such tax treatment and tax structure; <I>provided </I>that the
foregoing does not constitute an authorization to disclose the identity of Dealer or its affiliates, agents or advisers, or, except to the extent relating to such tax structure or tax treatment, any specific pricing terms or commercial or financial
information, and (ii)&nbsp;Dealer does not assert any claim of proprietary ownership in respect of any description contained herein or therein relating to the use of any entities, plans or arrangements to give rise to a particular United States
federal income tax treatment for Counterparty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Shares</U>. If Counterparty is unable to comply
with the covenant of Counterparty contained in Section&nbsp;6(a) above or Dealer otherwise determines in its reasonable opinion that any Shares to be delivered to Dealer by Counterparty under any Transaction may not be freely returned by Dealer to
securities lenders as described in the covenant of Counterparty contained in Section&nbsp;6(a) above, then delivery of any such Settlement Shares (the &#147;<B>Unregistered Settlement Shares</B>&#148;) shall be effected pursuant to <U>Annex B</U>
hereto, unless waived by Dealer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of Shares</U>. Dealer acknowledges and agrees that, except in the case
of a Private Placement Settlement, Dealer shall use any Shares delivered by Counterparty to Dealer on any Relevant Settlement Date with respect to any Transaction to return to securities lenders to close out borrowings created by Dealer (or its
agents or affiliates, as applicable) in connection with its hedging activities related to exposure under such Transaction in a manner that Dealer or otherwise believes in good faith to be in compliance with applicable securities law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. Notwithstanding anything to the contrary in the Agreement, the Agreement, this Master
Confirmation, any Supplemental Confirmation and all matters arising in connection with the Agreement, this Master Confirmation or any Supplemental Confirmation shall be governed by, and construed and enforced in accordance with, the laws of the
State of New York (without reference to its choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">15.&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">Set-Off</FONT></U>. Each
party waives any and all rights it may have to <FONT STYLE="white-space:nowrap">set-off</FONT> delivery or payment obligations it owes to the other party under any Transaction against any delivery or payment obligations owed to it by the other
party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Staggered Settlement</U>. Notwithstanding anything to the contrary herein, Dealer may, by prior notice to
Counterparty, satisfy its obligation to deliver any Shares or other securities on any date due (an &#147;<B>Original Delivery Date</B>&#148;) by making separate deliveries of Shares or such securities, as the case may be, at more than one time on or
prior to such Original Delivery Date, so long as the aggregate number of Shares and other securities so delivered on or prior to such Original Delivery Date is equal to the number required to be delivered on such Original Delivery Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Right to Extend</U>.&nbsp;Dealer may postpone any Relevant Settlement Date or any other date of valuation or
delivery, with respect to some or all of the relevant Settlement Shares, if Dealer determines, based on the advice of counsel, that such extension is reasonably necessary or appropriate to enable Dealer to effect purchases of Shares in connection
with its hedging activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal and regulatory requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Right to Trial by Jury</U>. <B>EACH OF DEALER AND COUNTERPARTY HEREBY IRREVOCABLY WAIVES (ON SUCH
PARTY&#146;S OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF SUCH PARTY&#146;S STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF
OR RELATING TO THIS MASTER CONFIRMATION OR ANY SUPPLEMENTAL CONFIRMATION OR THE ACTIONS OF DEALER, COUNTERPARTY OR THEIR AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">19.&nbsp;&nbsp;&nbsp;&nbsp;<U>Jurisdiction</U>. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Master Confirmation may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this Master Confirmation by signing and delivering one or more counterparts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery of Cash</U>. For the avoidance of doubt, nothing in this Master Confirmation or any Supplemental
Confirmation shall be interpreted as requiring Counterparty to deliver cash or other assets in respect of the settlement of any Transaction, except in circumstances where the required cash or other asset settlement thereof is permitted for
classification of the contract as equity by <I><FONT STYLE="white-space:nowrap">ASC&nbsp;815-40,</FONT> Derivatives and Hedging - Contracts in Entity&#146;s Own Equity</I>, as in effect on the Trade Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">22.&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership Limit</U>. Counterparty represents and undertakes to Dealer that Dealer, solely in its capacity as
&#147;Forward Purchaser&#148; or &#147;Forward Seller&#148; (each as defined in the Sales Agreement) and solely with respect to its entering into and consummating the transactions contemplated by this Master Confirmation, any Supplemental
Confirmation and the Sales Agreement, will not, either individually or collectively with any other Forward Purchasers or Forward Sellers, be subject to the ownership limitations set forth in Article VII of Counterparty&#146;s Articles of Amendment
and Restatement of Declaration of Trust, as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">23.&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Forwards</U>. Counterparty
agrees that it shall not (x)&nbsp;cause to occur, or permit to exist, any Forward Hedge Selling Period (as defined in the Sales Agreement) at any time there is (1)&nbsp;a &#147;Forward Hedge Selling Period&#148; (or equivalent concept) relating to
any other issuer forward sale or similar transaction (including, without limitation, any &#147;Transaction&#148; under (as and defined under) any substantially identical master forward confirmation) with any financial institution other than Dealer
(an &#147;<B>Other Forward Transaction</B>&#148;), (2) any &#147;Unwind Period&#148; (or equivalent concept) hereunder or under any Other Forward Transaction or (3)&nbsp;any other period in which Counterparty directly or indirectly issues and sells
Shares pursuant to an underwriting agreement (or similar agreement including, without limitation, any equity distribution agreement) (such period, a &#147;<B>Selling Period</B>&#148;) that Counterparty enters into with any
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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financial institution other than Dealer, or (y)&nbsp;cause to occur, or permit to exist, any Unwind Period at any time there is (1)&nbsp;an &#147;Unwind Period&#148; (or equivalent concept) under
any Other Forward Transaction, (2)&nbsp;a &#147;Forward Hedge Selling Period&#148; (or equivalent concept) under any Other Forward Transaction or (3)&nbsp;any Selling Period. Dealer acknowledges, however, that, pursuant to the Sales Agreement,
Counterparty may enter into one or more forward transactions (each, an &#147;<B>Other ATM Forward Transaction</B>&#148;) with another Forward Purchaser (as defined in the Sales Agreement) (an &#147;<B>Other Dealer</B>&#148;). Dealer and Counterparty
agree that if Counterparty designates a &#147;Relevant Settlement Date&#148; (or equivalent concept) with respect to one or more Other ATM Forward Transactions for which &#147;Cash Settlement&#148; (or equivalent concept) or &#147;Net Share
Settlement&#148; (or equivalent concept) is applicable, and the resulting &#147;Unwind Period&#148; (or equivalent concept) for such Other Forward Transaction coincides for any period of time with an Unwind Period for a Transaction (the
&#147;<B>Overlap Unwind Period</B>&#148;), Counterparty shall notify Dealer at least one Scheduled Trading Day prior to the commencement of such Overlap Unwind Period of the first Scheduled Trading Day and length of such Overlap Unwind Period, and
Dealer shall be permitted to purchase Shares to unwind its hedge in respect of a Transaction only on alternating Scheduled Trading Days during such Overlap Unwind Period, commencing on the first, second, third or later Scheduled Trading Day of such
Overlap Unwind Period, as notified to Dealer by Counterparty at least one Scheduled Trading Day prior to such Overlap Unwind Period (which alternating Scheduled Trading Days, for the avoidance of doubt, would be every other Scheduled Trading Day if
there is only one Other Dealer in such Overlap Unwind Period, every third Scheduled Trading Day if there are two Other Dealers,&nbsp;etc.). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">24.&nbsp;&nbsp;&nbsp;&nbsp;<U>Forward Placement Notices</U>. Counterparty and Dealer agree that, upon the effectiveness of any accepted
Forward Placement Notice relating to a Forward Transaction (as such term is defined in the Sales Agreement), in respect of the Transaction to which such accepted Forward Placement Notice relates, each of the representations, warranties, covenants,
agreements and other provisions of this Master Forward Confirmation and the Supplemental Confirmation for such Transaction (including, without limitation, Dealer&#146;s right to designate an Early Valuation Date in respect of such Transaction
pursuant to Section the provisions above in Section&nbsp;3 of this Master Forward Confirmation under the heading &#147;Early Valuation,&#148; and the termination of such Transaction following an Insolvency Filing pursuant to Section&nbsp;7 of this
Master Confirmation) shall govern, and be applicable to, such Transaction as of the first Trading Day of the Forward Hedge Selling Period for such Transaction as if the Trade Date for such Transaction were such first Trading Day. Notwithstanding
anything to the contrary in this Master Forward Confirmation, any Supplemental Confirmation, the Agreement, or the 2002 Definitions, if Dealer designates an Early Valuation Date with respect to a Transaction (1)&nbsp;following the occurrence of an
Event of Default or Termination Event, other than an Insolvency Filing, and such Early Valuation Date is to occur before the date that is one Settlement Cycle after the last day of the Forward Hedge Selling Period for such Transaction or
(2)&nbsp;prior to Counterparty&#146;s execution of the Supplemental Confirmation relating to such Transaction, then, for purposes of such Early Valuation Date, (i)&nbsp;a Supplemental Confirmation relating to such Transaction reasonably completed by
Dealer (as if the Trade Date for such Transaction were the last day of the Forward Hedge Selling Period on which the Forward Seller sold Forward Hedge Shares for such Transaction) shall, notwithstanding the provisions under &#147;Conditions to
Effectiveness&#148; above, be deemed to be immediately effective and (ii)&nbsp;in the case of (1), the Forward Price shall be deemed to be the Initial Forward Price (calculated assuming that the last Trading Day of such Forward Hedge Selling Period
were the day immediately following the date Dealer so notifies Counterparty of such designation of an Early Valuation Date for purposes of such Early Valuation Date). For the avoidance of doubt, in the event that this Section&nbsp;24&nbsp;is
triggered, the terms of such deemed Supplemental Confirmation shall be reviewed, confirmed or determined by the Calculation Agent to the same extent such terms would have been reviewed, confirmed or determined by the Calculation Agent if the parties
had entered into a Supplemental Confirmation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">25.&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of Section&nbsp;3(f) of the Agreement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Dealer makes the following representations: [<I>Insert dealer-specific tax
representations</I>.] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty makes the following representations: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A.&nbsp;&nbsp;&nbsp;&nbsp;It is a &#147;U.S. person&#148; (as that term is used in Treasury Regulation section <FONT
STYLE="white-space:nowrap">1.1441-4(a)(3)</FONT> (ii) for U.S. federal income tax purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">B.&nbsp;&nbsp;&nbsp;&nbsp;It is a real estate investment
trust for U.S. federal income tax purposes and is organized under the laws of the State of Maryland, and is an exempt recipient under Treasury Regulation section <FONT STYLE="white-space:nowrap">1.6049-4(c)(1)(ii)(J).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding Tax imposed on payments to <FONT STYLE="white-space:nowrap">non-US</FONT>
counterparties under the United States Foreign Account Tax Compliance Act</U>. &#147;Indemnifiable Tax&#148;, as defined in Section&nbsp;14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to
Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the &#147;<B>Code</B>&#148;), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section&nbsp;1471(b) of the
Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a &#147;<B>FATCA Withholding Tax</B>&#148;). For
the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section&nbsp;2(d) of the Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>871(m) Protocol</U>. To the extent that either party to the Agreement with respect to each
Transaction is not an adhering party to the ISDA 2015 Section&nbsp;871(m) Protocol published by the ISDA on November&nbsp;2, 2015 and available at <U>www.isda.org</U>, as may be amended, supplemented, replaced or superseded from time to time (the
&#147;<B>871(m) Protocol</B>&#148;), the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to the Agreement with respect to each Transaction as if set forth in full
herein. The parties further agree that, solely for purposes of applying such provisions and amendments to the Agreement with respect to each Transaction, references to &#147;each Covered Master Agreement&#148; in the 871(m) Protocol will be deemed
to be references to the Agreement with respect to each Transaction, and references to the &#147;Implementation Date&#148; in the 871(m) Protocol will be deemed to be references to the Trade Date of each Transaction. For greater certainty, if there
is any inconsistency between this provision and the provisions contained in any other agreement between the parties with respect to each Transaction, this provision shall prevail unless such other agreement expressly overrides the provisions of the
Attachment to the 871(m) Protocol. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax documentation</U>. For the purposes of Sections
4(a)(i) and 4(a)(ii) of the Agreement, Counterparty shall provide to Dealer a valid and duly executed U.S. Internal Revenue Service Form <FONT STYLE="white-space:nowrap">W-9,</FONT> or any successor thereto (i)&nbsp;on or before the date of
execution of this Master Confirmation; (ii)&nbsp;promptly upon reasonable demand by Dealer; and (iii)&nbsp;promptly upon learning that any such tax form previously provided has become invalid, obsolete, or incorrect. Additionally, Counterparty or
Dealer shall, promptly upon reasonable request by the other party, provide such other tax forms and documents reasonably requested by such other party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Change of Account</U>. Section&nbsp;2(b) of the Agreement is hereby amended by the addition of
the following after the word &#147;delivery&#148; in the first line thereof: &#147;to another account in the same legal and tax jurisdiction&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>[HIRE Act</U>. To the extent that either party to the Agreement with respect to a Transaction is
not an adhering party to the 871(m) Protocol, the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to the Agreement with respect to this Transaction as if set forth
in full herein. The parties further agree that, solely for purposes of applying such provisions and amendments to the Agreement with respect to this Transaction, references to &#147;each Covered Master Agreement&#148; in the 871(m) Protocol will be
deemed to be references to the Agreement with respect to this Transaction, and references to the &#147;Implementation Date&#148; in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction.]<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">26.&nbsp;&nbsp;&nbsp;&nbsp;<U>[U.S. Resolution Stay Protocol.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The parties acknowledge and agree that (i)&nbsp;to the extent that prior to the date hereof both parties have adhered to the
2018 ISDA U.S. Resolution Stay Protocol (the &#147;<B>Protocol</B>&#148;), the terms of the Protocol are incorporated into and form a part of the Agreement, and for such purposes the Agreement shall be deemed a Protocol Covered Agreement, Dealer
shall be deemed a Regulated Entity and Counterparty shall be deemed an Adhering Party; (ii)&nbsp;to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which is to amend the qualified </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Include, as applicable. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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financial contracts between them to conform with the requirements of the QFC Stay Rules (the &#147;<B>Bilateral Agreement</B>&#148;), the terms of the Bilateral Agreement are incorporated into
and form a part of the Agreement, and for such purposes the Agreement shall be deemed a Covered Agreement, Dealer shall be deemed a &#147;Covered Entity&#148; and Counterparty shall be deemed a &#147;Counterparty Entity&#148;; or (iii)&nbsp;if
clause (i)&nbsp;and clause (ii)&nbsp;do not apply, the terms of Section&nbsp;1 and Section&nbsp;2 and the related defined terms (together, the &#147;<B>Bilateral Terms</B>&#148;) of the form of bilateral template entitled &#147;Full-Length Omnibus
(for use between U.S. <FONT STYLE="white-space:nowrap">G-SIBs</FONT> and Corporate Groups)&#148; published by ISDA on November&nbsp;2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which
is available upon request), the effect of which is to amend the qualified financial contracts between the parties thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of the Agreement, and for
such purposes the Agreement shall be deemed a &#147;Covered Agreement,&#148; Dealer shall be deemed a &#147;Covered Entity&#148; and Counterparty shall be deemed a &#147;Counterparty Entity.&#148; In the event that, after the date of the Agreement,
both parties hereto become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this Section&nbsp;27. In the event of any inconsistencies between the Agreement and the terms of the Protocol, the Bilateral Agreement
or the Bilateral Terms (each, the &#147;<B>QFC Stay Terms</B>&#148;), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of
this paragraph, references to &#147;the Agreement&#148; include any related credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated
into any related covered affiliate credit enhancements, with all references to Dealer replaced by references to the covered affiliate support provider. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<B>QFC Stay Rules</B>&#148; mean the regulations codified at&nbsp;12 C.F.R. 252.2, 252.81&#150;8, 12 C.F.R. <FONT
STYLE="white-space:nowrap">382.1-</FONT> 7 and&nbsp;12 C.F.R. <FONT STYLE="white-space:nowrap">47.1-8,</FONT> which, subject to limited exceptions, require an express recognition of the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">stay-and-transfer</FONT></FONT> powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title&nbsp;II of the Dodd Frank Wall Street
Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.]
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">[<U>U.S. Resolution Stay Provisions</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Recognition of the U.S. Special Resolution Regimes </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;In the event that Dealer becomes subject to a proceeding under (i)&nbsp;the Federal
Deposit Insurance Act and the regulations promulgated thereunder or (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder (a &#147;<B>U.S. Special Resolution Regime</B>&#148;)
the transfer from Dealer of this Master Confirmation,<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>and any interest and obligation in or under, and any property securing, this Master Confirmation, will be effective to the same extent as the
transfer would be effective under the U.S. Special Resolution Regime if this Master Confirmation, and any interest and obligation in or under, and any property securing, this Master Confirmation were governed by the laws of the United States or a
state of the United States. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp; In the event that Dealer or an
Affiliate&nbsp;becomes subject to a proceeding under a U.S. Special Resolution Regime, any Default Rights (as defined in 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable (&#147;<B>Default Right</B>&#148;)) under this Master Confirmation
that may be exercised against Dealer are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Master Confirmation were governed by the laws of the United States
or a state of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Limitation on Exercise of Certain Default Rights Related to
an Affiliate&#146;s Entry Into Insolvency Proceedings.&nbsp;Notwithstanding anything to the contrary in this Master Confirmation, the parties expressly acknowledge and agree that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Counterparty shall not be permitted to exercise any Default Right with respect to
this Master Confirmation or any Affiliate Credit Enhancement that is related, directly or indirectly, to an Affiliate of the Dealer becoming subject to receivership, insolvency, liquidation, resolution, or similar proceeding (an &#147;<B>Insolvency
Proceeding</B>&#148;), except to the extent that the exercise of such Default Right would be permitted under the provisions of 12 C.F.R. 252.84, 12 C.F.R. 47.5 or 12 C.F.R. 382.4, as applicable; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Master
Confirmation shall prohibit the transfer of any Affiliate Credit Enhancement, any interest or obligation in or under such Affiliate Credit Enhancement, or any property securing such Affiliate Credit Enhancement, to a transferee upon or following an
Affiliate of Dealer becoming subject to an Insolvency Proceeding, unless the transfer would result in the Counterparty being the beneficiary of such Affiliate Credit Enhancement in violation of any law applicable to the Counterparty. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of this paragraph: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I.&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148; is defined in, and shall be interpreted in accordance
with, 12 U.S.C. &#167; 1841(k). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">II.&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Credit Enhancement</B>&#148; means any
credit enhancement or credit support arrangement in support of the obligations of Dealer under or with respect to this Master Confirmation, including any guarantee, collateral arrangement (including any pledge, charge, mortgage or other security
interest in collateral or title transfer arrangement), trust or similar arrangement, letter of credit, transfer of margin or any similar arrangement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;U.S. Protocol.&nbsp;If<B> </B>Counterparty has previously adhered to, or subsequently adheres to,
the ISDA 2018 U.S. Resolution Stay Protocol as published by the International Swaps and Derivatives Association, Inc. as of July&nbsp;31, 2018 (the &#147;<B>ISDA U.S. Protocol</B>&#148;), the terms of such protocol shall be incorporated into and
form a part of this Confirmation and<SUP STYLE="font-size:85%; vertical-align:top"> </SUP>the terms of the ISDA U.S. Protocol shall supersede and replace the terms of this section. For purposes of incorporating the ISDA U.S. Protocol, Dealer shall
be deemed to be a Regulated Entity, Counterparty shall be deemed to be an Adhering Party, and this Master Confirmation shall be deemed to be a Protocol Covered Agreement. Capitalized terms used but not defined in this paragraph shall have the
meanings given to them in the ISDA U.S. Protocol. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;Pre-existing
<FONT STYLE="white-space:nowrap">In-Scope</FONT> Agreements.&nbsp;Dealer and Counterparty agree that to the extent there are any outstanding <FONT STYLE="white-space:nowrap">&#147;in-scope</FONT> QFCs,&#148; as defined in 12 C.F.R. &#167; 252.82(d),
that are not excluded under 12 C.F.R. &#167; 252.88, between Dealer and Counterparty that do not otherwise comply with the requirements of 12 C.F.R. &#167; 252.2, 252.81&#150;8 (each such agreement, a &#147;<B>Preexisting <FONT
STYLE="white-space:nowrap">In-Scope</FONT> Agreement</B>&#148;), then each such Preexisting <FONT STYLE="white-space:nowrap">In-Scope</FONT> Agreement is hereby amended to include the foregoing provisions in this section, with references to
&#147;this Master Confirmation&#148; being understood to be references to the applicable Preexisting <FONT STYLE="white-space:nowrap">In-Scope</FONT> Agreement.]<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">27.&nbsp;&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;]<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Include, as applicable. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If applicable, additional representations and covenants related to Forward Purchaser regulatory requirements
such as Forward Purchaser&#146;s use of agents, Company acknowledgement of risk disclosure, Company consent to transaction reporting, etc. to be added to particular master confirmations as customary. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Please confirm that the foregoing correctly sets forth the terms of the
agreement between Dealer and Counterparty by executing this Master Confirmation and returning such copy to Dealer. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Yours faithfully,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>[DEALER]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Master Confirmation] </P>
</DIV></Center>


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<TR>

<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Agreed and accepted by:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AMERICAN HOMES 4 RENT</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Master Confirmation] </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ANNEX A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF SUPPLEMENTAL CONFIRMATION </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>To:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">American Homes 4 Rent (&#147;<B>Counterparty</B>&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>From:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[DEALER] (&#147;<B>Dealer</B>&#148;) <BR>[DEALER CONTACT INFORMATION]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Issuer Share Forward Sale Transactions</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The purpose of this Supplemental Confirmation is to confirm the terms and conditions of the Transaction entered into between [Dealer]
(&#147;<B>Dealer</B>&#148;) and American Homes 4 Rent (&#147;<B>Counterparty</B>&#148;) on the Trade Date specified below. This Supplemental Confirmation is a binding contract between Dealer and Counterparty as of the relevant Trade Date for the
Transaction referenced below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Confirmation supplements, forms part of, and is subject to the
Master Confirmation dated as of [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <U>&nbsp;&nbsp;&nbsp;&nbsp;</U> , 20<U>&nbsp;&nbsp;&nbsp;&nbsp; </U>] (the &#147;<B>Master Confirmation</B>&#148;) between Dealer and Counterparty, as amended
and supplemented from time to time. All provisions contained in the Master Confirmation govern this Supplemental Confirmation except as expressly modified below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;The terms of the Transaction to which this Supplemental Confirmation relates are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Trade&nbsp;Date</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Effective Date</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Number of Shares</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Maturity Date</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Forward Hedge Selling</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Commission Rate</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>]%</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Initial Forward Price</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">USD
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Threshold Price</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">USD
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Volume-Weighted</U></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Hedge
Price</U>:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Spread</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>]% per annum</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Notice Settlement</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Number</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] Scheduled
Trading Days</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Initial Stock Loan Rate</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>Maximum Stock</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><U>Loan Rate</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</P></TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Please confirm that the foregoing correctly sets forth the terms of the
agreement between Dealer and Counterparty by executing this Supplemental Confirmation and returning such copy to Dealer. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Yours faithfully,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>[DEALER]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Supplemental Confirmation] </P>
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<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreed and accepted by:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>AMERICAN HOMES 4 RENT</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Supplemental Confirmation] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Schedule I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">FORWARD PRICE REDUCTION AMOUNTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Forward Price Reduction Date:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Forward Price Reduction Amount:</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">USD[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">USD[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REGULAR DIVIDEND AMOUNTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">For any calendar quarter:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">USD[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ANNEX B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRIVATE PLACEMENT PROCEDURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If Counterparty delivers Unregistered Settlement Shares pursuant to Section&nbsp;12 above (a &#147;<B>Private Placement Settlement</B>&#148;),
then: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;all Unregistered Settlement Shares shall be delivered to Dealer (or any affiliate of
Dealer designated by Dealer) pursuant to the exemption from the registration requirements of the Securities Act provided by Section&nbsp;4(a)(2) thereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;as of or prior to the date of delivery, Dealer and any potential purchaser of any such shares from
Dealer (or any affiliate of Dealer designated by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence investigation with respect to Counterparty customary in scope for private placements of
equity securities of issuers comparable to Counterparty (including, without limitation, the right to have made available to them for inspection all financial and other records, pertinent corporate documents and other information reasonably requested
by them); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;as of the date of delivery, Counterparty shall enter into an agreement (a
&#147;<B>Private Placement Agreement</B>&#148;) with Dealer (or any affiliate of Dealer designated by Dealer) in connection with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of such
shares by Dealer (or any such affiliate), substantially similar to private placement purchase agreements customary for private placements of equity securities of similar size, in form and substance commercially reasonably satisfactory to Dealer,
which Private Placement Agreement shall include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements relating, without limitation, to the indemnification of, and contribution in
connection with the liability of, Dealer and its affiliates and the provision of customary opinions, accountants&#146; comfort letters and lawyers&#146; negative assurance letters, and shall provide for the payment by Counterparty of all reasonable
fees and expenses in connection with such resale, including all reasonable fees and expenses of counsel for Dealer, and shall contain representations, warranties, covenants and agreements of Counterparty reasonably necessary or advisable to
establish and maintain the availability of an exemption from the registration requirements of the Securities Act for such resales; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;in connection with the private placement of such shares by Counterparty to Dealer (or any such
affiliate) and the private resale of such shares by Dealer (or any such affiliate), Counterparty shall, if so requested by Dealer, prepare, in cooperation with Dealer, a private placement memorandum in form and substance reasonably satisfactory to
Dealer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the case of a Private Placement Settlement, Dealer shall, in its good faith discretion, adjust the amount of
Unregistered Settlement Shares to be delivered to Dealer hereunder in a commercially reasonable manner to reflect the fact that such Unregistered Settlement Shares may not be freely returned to securities lenders by Dealer and may only be saleable
by Dealer at a discount to reflect the lack of liquidity in Unregistered Settlement Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If Counterparty delivers any
Unregistered Settlement Shares in respect of any Transaction, Counterparty agrees that (i)&nbsp;such Shares may be transferred by and among Dealer and its affiliates and (ii)&nbsp;after the minimum &#147;holding period&#148; within the meaning of
Rule 144(d) under the Securities Act has elapsed after the applicable Settlement Date (or earlier, if applicable), Counterparty shall promptly remove, or cause the transfer agent for the Shares to remove, any legends referring to any transfer
restrictions from such Shares upon delivery by Dealer (or such affiliate of Dealer) to Counterparty or such transfer agent of seller&#146;s and broker&#146;s representation letters customarily delivered by Dealer or its affiliates in connection with
resales of restricted securities pursuant to Rule 144 under the Securities Act, each without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax stamps
or payment of any other amount or any other action by Dealer (or such affiliate of Dealer). </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g935525g0616202429346.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hogan Lovells US LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Columbia Square</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">555 Thirteenth Street NW</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20004</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T +1 202 637 5600</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">F +1 202 637 5910</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.hoganlovells.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;17, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Board of
Trustees </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">American Homes 4 Rent </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">30601 Agoura Road, Suite 200
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agoura Hills, California 91301 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are acting as counsel to American Homes 4 Rent, a Maryland real estate investment trust (the &#147;<B>Company</B>&#148;), in connection with the public
offering of up to $500,000,000 in aggregate value of the Company&#146;s Class&nbsp;A common shares of beneficial interest, $0.01 par value per share (the &#147;<B>Shares</B>&#148;), all of which Shares are to be offered and sold by the Company from
time to time in accordance with the terms of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">At-the-Market</FONT></FONT> Issuance Sales Agreement, dated June&nbsp;17, 2020, by and among the Company, American Homes 4 Rent, L.P.,
a Delaware limited partnership (the &#147;<B>Operating Partnership</B>&#148;), each of Morgan Stanley&nbsp;&amp; Co. LLC, B. Riley FBR, Inc., BTIG, LLC, BofA Securities, Inc., Cantor Fitzgerald&nbsp;&amp; Co., Citigroup Global Markets Inc., Evercore
Group L.L.C., Goldman Sachs&nbsp;&amp; Co. LLC, Jefferies LLC, JMP Securities LLC, J.P. Morgan Securities LLC, Raymond James&nbsp;&amp; Associates, Inc. and Wells Fargo Securities, LLC, in their capacities as agents for the Company, and each of B.
Riley FBR, Inc., BofA Securities, Inc., Citigroup Global Markets, Inc., Goldman Sachs&nbsp;&amp; Co. LLC, Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Raymond James&nbsp;&amp; Associates, Inc. and Wells Fargo
Securities, LLC, in their capacities as forward sellers (the &#147;<B>Sales Agreement</B>&#148;), which, among other things, contemplates that the Company may from time to time enter into one or more letter agreements with each of B. Riley FBR,
Inc., Bank of America, N.A., Citibank, N.A., Goldman Sachs&nbsp;&amp; Co. LLC, Jefferies LLC, JPMorgan Chase Bank, National Association, Morgan Stanley&nbsp;&amp; Co. LLC, Raymond James&nbsp;&amp; Associates, Inc. and Wells Fargo Bank, National
Association, in their capacities as forward purchasers, the form of which is attached as Exhibit D of the Sales Agreement (the &#147;<B>Forward Contracts</B>&#148; and, together with the Sales Agreement, the &#147;<B>Agreements</B>&#148;). The
offering of the Shares by the Company is being made pursuant to a prospectus supplement dated June&nbsp;17, 2020 (the &#147;<B>Prospectus Supplement</B>&#148;) and the accompanying prospectus dated June&nbsp;17, 2020 (together with the Prospectus
Supplement, the &#147;<B>Prospectus</B>&#148;) that form part of the Company&#146;s effective registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-239227)</FONT> (the
&#147;<B>Registration Statement</B>&#148;). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item&nbsp;601(b)(5) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> 17&nbsp;C.F.R.
&#167;&nbsp;229.601(b)(5), in connection with the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hogan Lovells US LLP is a limited liability partnership registered in the
District of Columbia. &#147;Hogan Lovells&#148; is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Birmingham Boston Brussels Colorado
Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Johannesburg London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Moscow Munich New York Northern Virginia Paris Perth
Philadelphia Rome San Francisco S&atilde;o Paulo Shanghai Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C.&nbsp;&nbsp;&nbsp;&nbsp;Associated Offices: Budapest Jakarta Riyadh Shanghai FTZ Ulaanbaatar
Zagreb.&nbsp;&nbsp;&nbsp;&nbsp;Business Service Centers: Johannesburg Louisville.&nbsp;&nbsp;&nbsp;&nbsp;Legal Services Center: Berlin. For more information see www.hoganlovells.com </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents
as we have deemed an appropriate basis on which to render the opinion hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy
and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). We also have assumed that the Shares will
not be issued in violation of the ownership limits contained in the Company&#146;s Articles of Amendment and Restatement of Declaration of Trust, as amended.&nbsp;As to all matters of fact, we have relied on the representations and statements of
fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter is based as to matters of law solely on the applicable provisions of Title 8 of the Corporations and Associations Article of the Annotated
Code of Maryland, as amended, currently in effect. We express no opinion herein as to any other statutes, rules or regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon, subject to
and limited by the foregoing, we are of the opinion that following (i)&nbsp;execution and delivery by the Company and the Operating Partnership of the Sales Agreement, (ii)&nbsp;execution and delivery by the Company of each Forward Contract relating
to any forward purchase pursuant to the Sales Agreement in the form attached as Exhibit D to the Sales Agreement, together with the relevant supplemental confirmation thereto (the &#147;<B>Supplemental Confirmation</B>&#148;),
(iii)&nbsp;authorization by the Company&#146;s Board of Trustees, or authorization by a duly authorized pricing committee thereof, within the limitations established by resolutions duly adopted by the Company&#146;s Board of Trustees and duly
authorized pricing committee thereof and in each case made available to us, of the terms pursuant to which the Shares may be sold pursuant to the Agreements, (iv)&nbsp;authorization by a duly authorized executive officer, designated by the pricing
committee to approve instruction notices (each, an &#147;<B>Instruction Notice</B>&#148;) under the Agreements, of the terms of the applicable Instruction Notice and Supplemental Confirmation (if any) executed in a manner consistent with the
foregoing and pursuant to which the Shares may be sold pursuant to the Agreements, (v)&nbsp;issuance of the Shares pursuant to the terms established by the Board of Trustees and the pricing committee thereof and the terms of the applicable
Instruction Notice and Supplemental Confirmation (if any) and (vi)&nbsp;receipt by the Company of the proceeds for the Shares sold pursuant to such terms and such applicable Instruction Notice and Supplemental Confirmation (if any), the Shares will
be validly issued, fully paid, and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter has been prepared for use in connection
with the filing by the Company of a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> relating to the offer and sale of the Shares, which Form <FONT STYLE="white-space:nowrap">8-K</FONT> will be incorporated by reference into the
Registration Statement and Prospectus, and speaks as to the date hereof. We assume no obligation to advise of any changes in the foregoing subsequent to the delivery of this letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the above-described Form <FONT STYLE="white-space:nowrap">8-K</FONT> and to the
reference to this firm under the caption &#147;Legal Matters&#148; in the Prospectus. In giving this consent, we do not thereby admit that we are an &#147;expert&#148; within the meaning of the Securities Act of 1933, as amended. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">/s/ Hogan Lovells US LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">HOGAN LOVELLS US LLP</TD></TR>
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<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
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<TYPE>EX-101.DEF
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<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
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<XBRL>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
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    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
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    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
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    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>amh-20200617_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6666027520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Jun. 17, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_amh_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001562401<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun. 17,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AMERICAN HOMES 4 RENT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-36013<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">46-1229660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">30601 Agoura Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Agoura Hills<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">91301<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(805)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">413-5300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Common Class A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_amh_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Class A common shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember', window );">Series D Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_amh_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Series D perpetual preferred shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH-D<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesEPreferredStockMember', window );">Series E Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_amh_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Series E perpetual preferred shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH-E<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember', window );">Series F Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_amh_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Series F perpetual preferred shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember', window );">Series G Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_amh_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Series G perpetual preferred shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH-G<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesHPreferredStockMember', window );">Series H Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_amh_DocumentAndEntityInformationLineItems', window );"><strong>Document And Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Series H perpetual preferred shares of beneficial interest, $.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AMH-H<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_amh_DocumentAndEntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">amh_DocumentAndEntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>amh_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
