Terms and Conditions dated as of March 28, 2022

Amount, Form, Denomination, Custodianship and Transfer of the Notes

The 2023 notes and 2027 notes will be issued in an aggregate principal amount of CHF100,000,000 and CHF150,000,000, respectively. The notes will be issued with minimum denominations of CHF5,000 and integral multiples thereof.

The Issuer reserves the right to reopen and increase the aggregate principal amount of the notes issued at any time and without prior consultation or permission of the holders of the notes (the “Noteholders” and, individually, a “Noteholder”) through the issuance of further notes which will be fungible with the notes (i.e., identical in respect of these Terms and Conditions of the notes, security number, final maturity and interest rate).

Each series of notes are documented in the form of a permanent global certificate (Globalurkunde auf Dauer)(the “Permanent Global Certificate”) in bearer form. Such Permanent Global Certificate shall be deposited by UBS AG, Bahnofstrasse 45, 8001 Zurich, Switzerland, acting as principal paying agent with respect to the notes (the “Principal Paying Agent”) with SIX SIS Ltd, Baslerstrasse 100, 4600 Olten, Switzerland, or any successor organization (“SIX SIS”) recognized by SIX Swiss Exchange Ltd, Selnaustrasse 30, 8001 Zurich, Switzerland (P.O. Box 1758, 8021 Zurich, Switzerland) or any successor exchange (“SIX Swiss Exchange”) for the entire duration of the notes and until their maturity date unless earlier redeemed, except as provided in this Condition 1 (Amount, Form, Denomination, Custodianship and Transfer of the Notes). As a matter of Swiss law, once the Permanent Global Certificate is deposited with SIX SIS and the notes are entered into the account of one or more participants in SIX SIS, the notes shall constitute intermediated securities (Bucheffekten) in accordance with the provisions of the Swiss Federal Intermediated Securities Act (Bucheffektengesetz). On behalf of the Issuer, SIX SIS shall maintain records of the number of notes held through each participant in SIX SIS for the entire duration of the notes and until their maturity date unless earlier redeemed, except as provided in this Condition 1 (Amount, Form, Denomination, Custodianship and Transfer of the Notes). The notes in the form of intermediated securities may only be transferred by the entry of the transferred notes in a securities account of the transferee in accordance with the Swiss Federal Intermediated Securities Act.

The records of SIX SIS will determine the number of notes held through each participant in SIX SIS. In respect of notes held in the form of intermediated securities, the Noteholders will be the persons holding the notes in a securities account (Effektenkonto) which is in their name, or in case of intermediaries (Verwahrungsstellen), the intermediaries holding the notes for their own account in a securities account which is in their name.

Neither the Issuer nor the Noteholders shall at any time have the right to effect or demand the conversion of the Permanent Global Certificate into, or the delivery of, notes as uncertificated securities (Wertrechte) or individually certificated securities (Wertpapiere).

To the extent that SIX SIS is no longer able act as depositary, the Principal Paying Agent, in consultation with the Issuer, will deposit the notes with another recognized depositary in accordance with the provisions of the Swiss Federal Intermediated Securities Act (Bucheffektengesetz) and such depositary shall be subject to all the obligations and requirements that apply to SIX SIS in respect of the notes. Individually certificated securities shall be issued only when no such depositary can be procured, and if they are to be issued, such securities will not be issued in in bearer form, but exclusively in registered form such that the notes qualify as being in “registered form” for United States federal income tax purposes whereby, inter alia, (i) the noteholders of the individually certificated securities shall be registered in a register (the “Register”) to be established and maintained by a registrar (the “Registrar”) appointed by the Issuer and acting on its behalf after consultation with the Principal Paying Agent and duly notified to the Noteholders in accordance with these Terms and Conditions, (ii) no transfer of the individually certificated securities shall be valid unless and until entered into the Register and (iii) any other requirement is satisfied to ensure that the notes are treated as issued exclusively in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Section 1.163-5(b) of the Proposed United States Treasury Regulations (or any successor provisions).

Guarantees

Digital Realty Trust, Inc. and Digital Realty Trust, L.P. each fully and unconditionally guarantee (the “Guarantees” and each, a “Guarantee”) the Issuer’s obligations under the notes on a senior unsecured basis, to each Noteholder and its successors and assigns that: (i) the principal of (including the redemption price upon redemption pursuant to Conditions 5 and 6), and premium, if any, and interest on the notes shall be duly and punctually paid in full when due, whether at the maturity date, upon acceleration, upon redemption, upon repurchase or otherwise, and interest on overdue principal and premium, if any, and (to the extent permitted by law) interest on any interest, if any, on the notes and all other obligations of the Issuer to the Noteholders or the Noteholders’ Representative hereunder or under the notes (including fees, expenses or other) shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension of time of payment or renewal of any notes or any of such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at the maturity date, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth herein (collectively, the “Guarantee Obligations”).

The Guarantees shall be senior unsecured obligations of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. and will rank equally in right of payment with other senior unsecured obligations of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. However, each Guarantee shall be effectively subordinated in right of payment to all of the applicable guarantor’s existing and future secured indebtedness (to the extent of the collateral securing the same) and to all existing and future liabilities and preferred equity, whether secured or unsecured, of the applicable guarantor’s subsidiaries.

Each Guarantor, and by its acceptance hereof each Noteholder, hereby confirms that it is the intention of all such parties that the Guarantee Obligations of such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing intention, the Noteholders and each Guarantor hereby irrevocably agree that the Guarantee Obligations of each Guarantor under this Condition 2 shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of such Guarantor, result in the Guarantee Obligations of such Guarantor under the Guarantee not constituting a fraudulent transfer or conveyance.

Each Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event of the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Issuer, such Guarantor shall not file (or join in any filing of), or otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even temporarily) execution on the Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy Law or otherwise.

Subject to the provisions of this Condition 2, each Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the notes or these Terms and Conditions, the absence of any action to enforce the same, any waiver or consent by any Noteholder with respect to any thereof, the entry of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each Guarantor hereby waives and relinquishes: (a) any right to require the Noteholder’s Representative, the Noteholders or the Issuer (each, a “Benefited Party”) to proceed against the Issuer or any other Person or to proceed against or exhaust any security held by a Benefited Party at any time or to pursue any other remedy in any secured party’s power before proceeding against such Guarantor; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any other Person or Persons or the failure of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other Person or Persons; (c) demand, protest and notice of any kind (except as expressly required by these Terms and Conditions), including but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of such Guarantor, the Issuer, any Benefited Party, any creditor of such Guarantor or the Issuer or on the part of any other Person whomsoever in connection with any obligations the performance of which are hereby guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed against such Guarantor for reimbursement; (e) any defense based upon

If any Noteholder or the Noteholders’ Representative is required by any court or otherwise to return to either the Issuer or the Guarantors, or any trustee or similar official acting in relation to either the Issuer or the Guarantors, any amount paid by the Issuer or the Guarantors to the Noteholders’ Representative or such Noteholder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Noteholders in respect of any Guarantee Obligations hereby until payment in full of all such obligations guaranteed hereby. Each Guarantor agrees that, as between it, on the one hand, and the Noteholders and the Noteholders’ Representative, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Condition 14 (Events of Default) hereof for the purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Condition 14 (Events of Default) hereof, such Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purpose of the Guarantee.

Interest and Paying Convention

Interest on the 2023 notes and the 2027 notes will accrue at the rate of 0.600% and 1.700% per year, respectively, in each case from and including March 30, 2022 or the most recent interest payment date to which interest has been paid or provided for, and will be payable annually in arrears on: (i) October 2 of each year, beginning on October 2, 2022 for the 2023 notes, and (ii) March 30 of each year, beginning on March 30, 2023 for the 2027 notes. The interest so payable will be paid to each Noteholder holding the notes in a securities account (Effektenkonto) which is in their name, or in case of intermediaries (Verwahrungsstellen), the intermediaries holding the notes for their own account in a securities account which is in their name at the close of business on the day that is one Business Day immediately preceding the applicable interest payment date. If any interest payment date, stated maturity date, redemption date or repurchase date is not a Business Day, the payment otherwise required to be made on such date will be made on the next Business Day without any additional payment as a result of such delay.

The amount of interest payable in respect of each note for any Interest Period shall be calculated by applying the interest rate to the principal amount of such note and rounding the resulting figure to the nearest cent (half a cent being rounded upwards). Interest will be computed on the basis of twelve 30-day months of a 360-day year.

If the Issuer redeems the notes in accordance with the terms of such notes, the Issuer shall pay accrued and unpaid interest and premium, if any, to the holder that surrenders such notes for redemption. However, if a redemption falls after a record date and on or prior to the corresponding interest payment date, the Issuer shall pay the full amount of accrued and unpaid interest and premium, if any, due on such interest payment date to the holder of record at the close of business on the corresponding record date.

The amounts required for the payment of interest on the notes and the principal amount of the notes and any other payments in cash to be made under these Terms and Conditions will be made available in good time in freely disposable CHF, which will be placed at the free disposal of the Principal Paying Agent in Switzerland. If the due date for any payment by the Issuer falls on a day which is not a Business Day, the relevant payment will be made on the first Business Day following such due date. Noteholders will not be entitled to demand additional interest or any other payment in respect of such delay.

Upon receipt of the funds in Switzerland and under the same conditions as received, the Principal Paying Agent will arrange for payment to the Noteholders.

The Issuer undertakes that payments shall be made in freely disposable CHF without collection cost to the Noteholders, and, unless otherwise provided for by applicable law, without any restrictions and whatever the circumstances may be, irrespective of nationality, residence or domicile of the Noteholders and without requiring any affidavit or the fulfilment of any other formality, at the counters of the Principal Paying Agent.

The receipt by the Principal Paying Agent of funds in CHF in Switzerland from the Issuer or a Guarantor shall release the Issuer from its obligations under the notes to the extent of amounts received by the Principal Paying Agent.

Maturity

Status

Optional Redemption at the Election of the Issuer

At any time on or after July 2, 2023(the date that is three months prior to the scheduled maturity date of the 2023 notes), the Issuer may redeem in whole, but not in part, the 2023 notes then outstanding at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. At any time on or after December 30, 2026 (the date that is three months prior to the scheduled maturity date of the 2027 notes), the Issuer may redeem in whole, but not in part, the 2027 notes then outstanding at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

At any time after the Issue Date and prior to the maturity date, the Issuer may redeem in whole, but not in part, any series of notes then outstanding at a redemption price equal to 100% of the principal amount of such series of notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption if seventy-five (75) percent or more of the aggregate principal amount of such series of notes have been redeemed or purchased and cancelled at the time of such notice.

The Issuer shall give notice to the Noteholders of any optional redemption in accordance with Condition 17 (Notices), at least 15, but not more than 45, days before the redemption date. The notice of redemption shall specify, among other items, the redemption price and the principal amount of the notes held by such holder to be redeemed.

[Reserved]

If the Principal Paying Agent holds funds sufficient to pay the redemption price of the notes on the redemption date, then on and after such date:

such notes will cease to be outstanding;

interest on such notes will cease to accrue; and

all rights of holders of such notes will terminate except the right to receive the redemption price.

Redemption Upon Changes in Withholding Taxes

If (i) as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) or treaties of the United States or the Netherlands (or, in each case, any political subdivision or taxing authority thereof or therein having power to tax) (a “Relevant Taxing Jurisdiction”), or any change in, or amendment to, any official position regarding the application, administration or interpretation of such laws, treaties, regulations or rulings (including by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published administrative practice), which change or amendment is announced as formally proposed on or after the date of this prospectus, the Issuer or any guarantor become or will become obligated to pay additional amounts as described herein under Condition 9 (Payment of Additional Amounts) or (ii) any act is taken by a Relevant Taxing Jurisdiction on or after the date of this prospectus, whether or not such act is taken with respect to the Issuer or any affiliate, that results in a substantial probability that the Issuer or any guarantor will or may be required to pay such additional amounts, then the Issuer may, at its option, redeem the applicable series of notes, as a whole but not in part, upon not less than 15 days’ nor more than 45 days’ published notice in accordance with Condition 17 (Notices) below, at 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption, if any; provided that the Issuer determines, in its business judgment, that the obligation to pay such additional amounts cannot be avoided by the use of reasonable measures available to the Issuer (which does not include substitution of the obligor or any guarantor under the notes).

For the purpose of the preceding clause, (A) changes or amendments announced as formally proposed on or after the date of this prospectus shall be considered to include any changes of, or amendments to, the Withholding Tax Act 2021 (Wet bronbelasting 2021) in the form adopted by the Upper House of the Dutch Parliament on 17 December 2019 and any official interpretations, including any judgments or orders by a court of competent jurisdiction or published administrative practice or policy, deviating from, or putting administrative obligations on the Issuer that exceed, what follows from the literal interpretation of this act, in each case if any such change, amendment or interpretation is announced as formally proposed on or after the date of this prospectus and (B) any taxes levied from or assessed on us, or that the Issuer is required to pay by the Relevant Taxing Jurisdiction, under the Withholding Tax Act 2021 (Wet bronbelasting 2021) shall be considered as additional amounts except if and to the extent such tax is levied in respect of payments on notes held by a holder or beneficiary (voordeelsgerechtigde) after the Issuer having become aware that such holder or beneficiary is related (gelieerd) to the Issuer for purposes of the Withholding Tax Act 2021 (Wet bronbelasting 2021).

No redemption pursuant to (i) or (ii) of Condition 7(a) above may be made unless the Issuer has received an opinion of independent counsel to the effect that as a result of such change or amendment the Issuer will, or that an act taken by a Relevant Taxing Jurisdiction has resulted in a substantial probability that the Issuer or any guarantor will, or may, be required to pay the additional amounts described herein under Condition 9 (Payment of Additional Amounts), or the taxes referred to in the preceding sentence, and the Issuer shall have delivered to the Noteholders an officers’ certificate, stating that based on such opinion the Issuer is entitled to redeem the applicable series of notes pursuant to their terms. Any such officers’ certificate and opinion of counsel described in the preceding sentence shall be accepted by the Noteholders as sufficient evidence of the existence and satisfaction of the conditions precedent as described above, in which event it will be conclusive and binding on the Noteholders.

Notice of Redemption

Payment of Additional Amounts

All payments of principal and interest on the notes will be made free and clear of and without withholding or deduction for or on account of any present or future tax, assessment or other governmental charge (collectively, “Taxes”) imposed by any Relevant Taxing Jurisdiction, unless the withholding of such Taxes is required by law or the official interpretation or administration thereof. The Issuer will, subject to the exceptions and limitations set forth below, pay such additional amounts as are necessary in order that the net payment of the principal of and interest on the notes to a holder, after deduction for any present or future Taxes of any Relevant Taxing Jurisdiction, imposed by withholding with respect to the payment, will not be less than the amount such holder would have received if such Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to pay additional amounts shall not apply:

The notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable thereto. Except as specifically provided under this Condition 9 (Payment of Additional Amounts), the Issuer shall not be required to make any payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein.

If the Issuer or any guarantor, as the case may be, becomes aware that the Issuer or it, as applicable, will be obligated to pay additional amounts with respect to any payment under or with respect to the notes or the Guarantees, the Issuer or the relevant guarantor, as the case may be, will deliver to the Principal Paying Agent on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay additional amounts arises less than 45 days prior to that payment date, in which case the Issuer or the guarantor shall notify the Noteholders promptly thereafter) an officers’ certificate stating the fact that additional amounts will be payable and the amount estimated to be so payable. The officers’ certificate must also set forth any other information reasonably requested by the Principal Paying Agent to enable the Principal Paying Agent to pay such additional amounts to holders on the relevant payment date.

Certain Covenants

Limitation on Total Outstanding Debt. Digital Realty Trust, L.P. will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness, other than Intercompany Indebtedness and guarantees of Indebtedness Incurred by Digital Realty Trust, L.P. or any of its Subsidiaries in compliance with these Terms and Conditions, if, immediately after giving effect to the Incurrence of such Indebtedness and the application of the proceeds thereof, Total Outstanding Debt would be greater than 60% of Total Assets as of the end of the fiscal quarter covered in Digital Realty Trust, L.P.’s annual or quarterly report most recently furnished to Noteholders or filed with the SEC, as the case may be.

Secured Debt. In addition to the preceding limitation on the Incurrence of Indebtedness, Digital Realty Trust, L.P. will not, and will not permit any of its Subsidiaries to, Incur any Secured Debt, other than guarantees of Secured Debt Incurred by Digital Realty Trust, L.P. or any of its Subsidiaries in compliance with these Terms and Conditions, if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds thereof, the aggregate principal amount of Secured Debt would be greater than 40% of Total Assets as of the end of the fiscal quarter covered in Digital Realty Trust, L.P.’s annual or quarterly report most recently furnished to Noteholders or filed with the SEC, as the case may be.

Unencumbered Assets. Digital Realty Trust, L.P. and its Subsidiaries will at all times maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of Unsecured Debt.

Ratio of Consolidated EBITDA to Interest Expense. In addition to the preceding limitations on the Incurrence of Indebtedness, Digital Realty Trust, L.P. will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness other than Intercompany Indebtedness and guarantees of Indebtedness Incurred by Digital Realty Trust, L.P. or any of its Subsidiaries in compliance with these Terms and Conditions, if the ratio of Consolidated EBITDA to Interest Expense for the most recent quarterly period covered in Digital Realty Trust, L.P.’s annual or quarterly report most recently furnished to Noteholders or filed with the SEC, as the case may be, in the manner described under Condition 10(e) (Reports), prior to such time, annualized (i.e., multiplied by four (4)) prior to the date on which such additional Indebtedness is to be Incurred shall have been less than 1.50:1.00 on a pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that:

such Indebtedness and any other Indebtedness Incurred by Digital Realty Trust, L.P. and its Subsidiaries since the first day of such quarterly period and the application of the proceeds therefrom, including to refinance other Indebtedness, had occurred at the beginning of such period;

the repayment or retirement of any Indebtedness (other than Indebtedness repaid or retired with the proceeds of any other Indebtedness, which repayment or retirement shall be calculated pursuant to the preceding bullet and not this bullet) by Digital Realty Trust, L.P. and its Subsidiaries since the first day of such quarterly period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be computed based upon the average daily balance of such Indebtedness during such period);

in the case of Acquired Indebtedness or Indebtedness Incurred in connection with any acquisition since the first day of such quarterly period, the related acquisition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and

in the case of any acquisition or disposition of any asset or group of assets or the placement of any assets in service or removal of any assets from service by Digital Realty Trust, L.P. or any of its Subsidiaries from the first day of such quarterly period to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, the acquisition, disposition, placement in service or removal from service had occurred as of the first day of such period with appropriate adjustments to Interest Expense with respect to the acquisition, disposition, placement in service or removal from service being included in that pro forma calculation.

Reports. Whether or not required by the rules and regulations of the SEC, so long as any notes are outstanding, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. will furnish to the Noteholders, within the time periods specified in the SEC’s rules and regulations:

All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K will include a report on Digital Realty Trust, Inc.’s and Digital Realty Trust, L.P.’s consolidated financial statements by Digital Realty Trust, Inc.’s and Digital Realty Trust, L.P.’s independent registered public accounting firm. In addition, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. will file a copy of each of the reports referred to in clauses (1) and (2) above with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing) and will make the reports available on Digital Realty Trust, Inc.’s website within those time periods. Notwithstanding the foregoing, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. may satisfy their obligation to furnish the reports described above by furnishing, or filing with the SEC for public availability, reports of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. within the time periods specified in the SEC’s rules and regulations.

If, at any time Digital Realty Trust, Inc. and Digital Realty Trust, L.P. are not subject to the periodic reporting requirements of the Exchange Act for any reason, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. will nevertheless continue filing the reports specified in the preceding paragraphs of this covenant with the SEC within the time periods specified above unless the SEC will not accept such a filing. We, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. will not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept Digital Realty Trust, Inc.’s or Digital Realty Trust, L.P.’s filings for any reason, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. will post the reports referred to in the preceding paragraphs on Digital Realty Trust, Inc.’s website within the time periods that would apply if Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were required to file those reports with the SEC.

Certain Definitions

Set forth below are certain defined terms used in this prospectus and these Terms and Conditions.

No Protection in the Event of a Change of Control

Merger, Consolidation or Sale

Digital Intrepid Holding B.V., Digital Realty Trust, Inc. or Digital Realty Trust, L.P., as the case may be, shall be the continuing entity, or the successor entity (if other than Digital Intrepid Holding B.V., Digital Realty Trust, Inc. or Digital Realty Trust, L.P., as the case may be) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall expressly assume payment of the principal of and interest on all of the notes and the due and punctual performance and observance of all of the covenants and conditions in these Terms and Conditions;

immediately after giving effect to the transaction, no Event of Default under these Terms and Conditions, and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and

an officers’ certificate covering these conditions shall be delivered to the Noteholders’ Representative.

Events of Default

The following events are “Events of Default” with respect to the notes:

default for 30 days in the payment of any installment of interest under the notes of such series;

default in the payment of the principal amount or redemption price due with respect to the notes of such series, when the same becomes due and payable;

the Issuer’s, Digital Realty Trust, Inc.’s, or Digital Realty Trust, L.P.’s failure to comply with any of its or their respective other agreements in the notes or these Terms and Conditions with respect to such series upon receipt by the Issuer or them of notice of such default from holders of not less than 25% in aggregate principal amount of the notes of such series then outstanding and the Issuer’s or their failure to cure (or obtain a waiver of) such default within 90 days after the Issuer receives such notice;

failure to pay any Indebtedness (other than Non-Recourse Indebtedness) that is (a) of the Issuer, Digital Realty Trust, Inc., Digital Realty Trust, L.P., any Subsidiary in which Digital Realty Trust, L.P. has invested at least $125,000,000 in capital (a “Significant Subsidiary”) or any entity in which Digital Realty Trust, L.P. is the general partner, and (b) in an outstanding principal amount in excess of $125,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which Indebtedness (other than Non-Recourse Indebtedness) is not discharged, or such default in payment or acceleration is not cured or rescinded, within 60 days after written notice to the Issuer or them from holders of at least 25% in principal amount of the outstanding notes of such series; or

the Issuer, the Guarantors or any Significant Subsidiary pursuant to or under or within meaning of any Bankruptcy Law:

commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Issuer, the Guarantors or a Significant Subsidiary or its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantors or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantors or a Significant Subsidiary; or

consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Issuer, the Guarantors or a Significant Subsidiary; or

consents to the appointment of a custodian of it or for all or substantially of its property; or

makes a general assignment for the benefit of creditors or;

an involuntary case or other proceeding shall be commenced against the Issuer, the Guarantors or any Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Issuer, the Guarantors or a Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantors or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantors or a Significant Subsidiary, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or

a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

is for relief against the Issuer, the Guarantors or any Significant Subsidiary in any involuntary case or proceeding; or

appoints a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantors or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantors or a Significant Subsidiary; or

(iii) orders the liquidation of the Issuer, the Guarantors or a Significant Subsidiary; and, in each case in this clause (vii), the order or decree remains unstayed and in effect for thirty (30) calendar days;

If an Event of Default under these Terms and Conditions with respect to the notes of a particular series occurs and is continuing (other than an Event of Default specified in the last bullet above, which shall result in an automatic acceleration), then, in every case, the Noteholders’ Representative or the holders of not less than 25% in principal amount of the outstanding notes of such series may declare the principal amount of all of the notes of such series to be due and payable immediately by written notice thereof to Digital Intrepid Holding B.V. (and to the Noteholders’ Representative if given by the holders). However, at any time after the declaration of acceleration with respect to the notes of such siers has been made, but before a judgment or decree for payment of the money due has been obtained by the Noteholders’ Representative, the holders of a majority in principal amount of outstanding notes of such series may rescind and annul the declaration and its consequences if:

the Issuer, Digital Realty Trust, Inc. or Digital Realty Trust, L.P. shall have deposited with the Principal Paying Agent all required payments of the principal of and interest and premium on the notes; and

all Events of Default, other than the non-payment of accelerated principal of (or specified portion thereof), or interest and premium on the notes of such series, have been cured or waived as provided in these Terms and Conditions.

At any time after such a declaration of acceleration with respect to the notes has been made and before a judgment or decree for payment of the money due has been obtained by the Principal Paying Agent or the Noteholders’ Representative, the Noteholders holding not less than a majority in principal amount of the outstanding notes of a particular series may, by written notice to the Issuer, with copy to the Principal Paying Agent, on behalf of all of the Noteholders, waive any and all past defaults with respect to the notes of such series and rescind and annul such declaration and its consequences, except a default in the payment of the principal of or interest, if any, on any note and in respect of a covenant or provision contained in these Terms and Conditions that cannot be modified or amended without the consent of the Noteholder of each outstanding note of such series affected thereby.

The holders of a majority in principal amount of the outstanding notes (or of all the notes then outstanding, as the case may be) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Noteholders’ Representative, or of exercising any trust or power conferred upon the Noteholders’ Representative; provided, however that: (i) such direction shall not be in conflict with any rule of law or with these Terms and Conditions of the notes or the notes, (ii) the Noteholders’ Representative may take any other action deemed proper by the Noteholders’ Representative which is not inconsistent with such direction, (iii) such direction is not unduly prejudicial to the rights of Noteholders not taking part in such direction and (iv) such direction would not involve the Noteholders’ Representative in personal liability.

Modification, Waiver and Meetings

Modifications and amendments of these Terms and Conditions of the notes with respect to a particular series of notes will be permitted to be made only with the consent of the Noteholders of not less than a majority in aggregate principal amount of all outstanding notes of such series; provided, however, that no modification or amendment may, without the consent of each holder affected:

reduce the amount of the notes whose holders must consent to an amendment or waiver;

reduce the rate of or extend the time for payment of interest (including default interest) on the notes;

reduce the principal of or premium on or change the fixed maturity of the notes;

waive a default in the payment of the principal of or premium or interest on the notes (except a rescission of acceleration of the notes by the holders of at least a majority in aggregate principal amount of the then outstanding notes and a waiver of the payment default that resulted from such acceleration);

make the principal of or premium or interest on the notes payable in a currency other than that stated in the notes;

make any change to certain provisions of these Terms and Conditions relating to, among other things, the right of Noteholders to receive payment of the principal of or premium or interest on the notes and to institute suit for the enforcement of any such payment and to waivers or amendments;

waive a redemption payment with respect to the notes; or

release Digital Realty Trust, Inc. or Digital Realty Trust, L.P. as guarantors of the notes other than as provided in these Terms and Conditions or modify the Guarantees in any manner adverse to the Noteholders.

Notwithstanding the foregoing, modifications and amendments of these Terms and Conditions with respect to a particular series of the notes will be permitted to be made by the Issuer, Digital Realty Trust, L.P., Digital Realty Trust, Inc. and the Noteholders’ Representative without the consent of any holder of the notes for any of the following purposes:

to cure any ambiguity, defect or inconsistency in these Terms and Conditions of the notes or the notes; provided that this action shall not adversely affect the interests of Noteholders of such series of notes in any material respect;

to evidence a successor to the Issuer as obligor or Digital Realty Trust, Inc. or Digital Realty Trust, L.P. as guarantors with respect to such series of notes;

to make any change that does not adversely affect the interests of the Noteholders of such series of notes then outstanding;

to provide for the issuance of additional notes of such series in accordance with the limitations set forth in these Terms and Conditions;

to provide for the acceptance of appointment by a successor Principal Paying Agent or Noteholders’ Representative;

to reflect the release of Digital Realty Trust, Inc. or Digital Realty Trust, L.P., as guarantors, in accordance with the provisions of the Guarantee;

to secure the notes of such series;

to add guarantors with respect to either series of notes; and

to conform the text of the notes of such series, the guarantee (including any Guarantee) to any provision of these Terms and Conditions to the extent that such provision in these Terms and Conditions was intended to be a verbatim recitation of a provision of the guarantee (including any Guarantee) or the notes (as certified in an officers’ certificate).

Notice of any such modification or amendment shall be published in accordance with Condition 17 (Notices).

In determining whether the holders of the requisite principal amount of outstanding notes of a particular series have given any request, demand, authorization, direction, notice, consent or waiver thereunder or whether a quorum is present at a meeting of holders of notes of such series, notes owned by Digital Intrepid Holding B.V. or any other obligor upon the notes or any affiliate of Digital Intrepid Holding B.V. or of the other obligor shall be disregarded.

A meeting of the Noteholders (a “Noteholders’ Meeting”) of the applicable series of notes may be called at any time and from time to time pursuant to this Condition 15(e) to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by these Terms and Conditions of the notes to be made, given or taken by the Noteholders.

A meeting will be permitted to be called at any time by the Noteholders’ Representative, and also, upon request, by the Issuer, Digital Realty Trust, Inc., Digital Realty Trust, L.P. or the holders of at least 10% in principal amount of the outstanding notes of a particular series, in any case upon notice given as provided in accordance with Condition 17 (Notices).

In case at any time the Issuer or any Guarantor, pursuant to a board resolution, or the Noteholders of at least 10% in principal amount of the outstanding notes of such series shall have requested the Noteholders’ Representative to call a Noteholders’ Meeting by written request setting forth in

To be entitled to vote at any Noteholders’ Meeting, a person shall be (1) a Noteholder or (2) a person appointed by an instrument in writing as proxy for a Noteholder or Noteholders. The only persons who shall be entitled to be present or to speak at any Noteholders’ Meeting shall be the persons entitled to vote at such Noteholders’ Meeting and their counsel, any representatives of the Noteholders’ Representative and its counsel and any representatives of the Issuer, any Guarantor and its counsel.

The persons entitled to vote a majority in principal amount of the outstanding notes shall constitute a quorum for a Noteholders’ Meeting. In the absence of a quorum within 30 minutes of the time appointed for any such Noteholders’ Meeting, the Noteholders’ Meeting shall, if convened at the request of the Noteholders, be dissolved. In any other case, the Noteholders’ Meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such Noteholders’ Meeting. In the absence of a quorum at any such adjourned Noteholders’ Meeting, such adjourned Noteholders’ Meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the Noteholders’ Meeting prior to the adjournment of such adjourned Noteholders’ Meeting. Notice of the reconvening of any adjourned Noteholders’ Meeting shall be given as provided in Condition 17 (Notices), except that such notice need be given only once not less than five days prior to the date on which the Noteholders’ Meeting is scheduled to be reconvened. Notice of the reconvening of any adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding notes of such series which shall constitute a quorum.

Except as limited by the proviso to Condition 15(a), any resolution presented to a Noteholders’ Meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Noteholders of a majority in principal amount of the outstanding notes; provided, however, that, except as limited by the proviso of Condition 15(a) any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which these Terms and Conditions expressly provide may be made, given or taken by the Noteholders of a specified percentage, which is less than a majority, in principal amount of the outstanding notes may be adopted at a Noteholders’ Meeting or an adjourned Noteholders’ Meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Noteholders of such specified percentage in principal amount of the outstanding notes.

Any resolution passed or decision taken at any Noteholders’ Meeting duly held in accordance with this Condition 15(e) shall be binding on all the Noteholders, whether or not present or represented at the Noteholders’ Meeting.

Notwithstanding any provisions of these Terms and Conditions, the Noteholders’ Representative may make such reasonable regulations as it may deem advisable for any Noteholders’ Meeting in regard to proof of the holding of notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination or proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the Noteholders’ Meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of notes shall be proved by each Noteholder producing a certificate by a bank in respect of such notes relating to that Noteholders’ Meeting confirming that such Noteholder is entitled to attend and to vote on the resolutions proposed at such Noteholders’ Meeting. Bank certificates shall be dated before the date of the Noteholders’ Meeting and confirm that the respective notes are deposited in a securities account (Effektenkonto) with that bank and will remain so deposited with such bank until and including the date of the Noteholders’ Meeting and that the bank has not issued any other such certificate with respect to such notes.

The Noteholders’ Representative shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the Noteholders’ Meeting shall have been called by the Issuer, any Guarantor or by the Noteholders as provided in paragraph (ii) of this Condition 15(e), in which case the Issuer, any Guarantor or the Noteholders calling the Noteholders’ Meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the Noteholders’ Meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of the outstanding notes represented at the Noteholders’ Meeting.

At any Noteholders’ Meeting each Noteholder or proxy shall be entitled to one vote for each CHF 5,000 principal amount of the outstanding note held or represented by it; provided, however, that no vote shall be cast or counted at any meeting in respect of any note challenged as not outstanding and ruled by the chairman of the Noteholders’ Meeting to be not outstanding. The chairman of the Noteholders’ Meeting shall have no right to vote, except as a Noteholder.

Any Noteholders’ Meeting duly called pursuant to Condition 17 (Notices) at which a quorum is present may be adjourned from time to time by persons entitled to vote a majority in principal amount of the outstanding notes represented at the Noteholders’ Meeting; and the Noteholders’ Meeting may be held as so adjourned without further notice.

The vote upon any resolution submitted to any Noteholders’ Meeting shall be by written ballots on which shall be subscribed the signatures of the Noteholders of such series of notes or of their representatives by proxy and the principal amounts and serial numbers of the outstanding notes held or represented by them. The permanent chairman of the Noteholders’ Meeting shall appoint two inspectors of votes who shall count all votes cast at the Noteholders’ Meeting for or against any resolution and who shall make and file with the secretary of the Noteholders’ Meeting their verified written reports in duplicate of all votes cast at the Noteholders’ Meeting. A record, at least in duplicate, of the proceedings of each Noteholders’ Meeting shall be prepared by the secretary of the Noteholders’ Meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the Noteholders’ Meeting and showing that said notice was given as provided in Condition 17 (Notices). Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the Noteholders’ Meeting and one such copy shall be delivered to the Issuer, and another to the Noteholders’ Representative to be preserved by the Noteholders’ Representative, the latter to have attached hereto the ballots voted at the Noteholders’ Meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

No Personal Liability of Directors, Officers, Employees and Stockholders

Notices

Prescription

Role of the Principal Paying Agent, Listing Agent and Noteholders’ Representative

Purchases of Notes; Cancellation

The Issuer, any Guarantor or any of their respective affiliates may at any time purchase notes at any price in the open market or otherwise. Any purchase shall be made in accordance with applicable laws and regulations, including applicable stock exchange regulations. Such acquired notes may be held, resold or surrendered to the Principal Paying Agent for cancellation.

All notes which are redeemed or surrendered to the Principal Paying Agent shall immediately be cancelled. All notes so cancelled cannot be reissued or resold.

If the Issuer elects to repurchase the notes pursuant to a tender offer or otherwise pursuant to this Condition 20 (Purchases of Notes; Cancellation), the Issuer may instruct the Principal Paying Agent to select notes to be repurchased and cancelled as required by SIX SIS or, if SIX SIS prescribes no method of selection, on a pro rata basis, by use of a pool factor. The Principal Paying Agent shall not be liable for any selections of notes made in accordance with this paragraph.

Severability

Governing Law and Jurisdiction