Exhibit
4.1


 


THE
ESTÉE LAUDER COMPANIES INC.


 


1.950%
Senior Notes due 2031



March 4, 2021


 


OFFICERS’
CERTIFICATE


 


THE
UNDERSIGNED, Tracey T. Travis and Spencer G. Smul, do hereby certify that they are the duly appointed, qualified and acting Executive
Vice President and Chief Financial Officer and Senior Vice President, Deputy General Counsel and Secretary, respectively, of The
Estée Lauder Companies Inc., a Delaware corporation (the “Company”), and they do hereby further certify that
there is hereby established pursuant to the authority granted by the resolutions adopted by the Board of Directors of the Company
at a duly held meeting of the Board of Directors on February 16, 2021 (the “Resolutions”) and Section 3.01 of the
Indenture, dated as of November 5, 1999 (the “Indenture”), between the Company and U.S. Bank Trust National Association,
as successor in interest to State Street Bank and Trust Company, N.A., as trustee (the “Trustee”), the series of Securities
(as that term is used in Section 3.01 of the Indenture) to be issued under the Indenture, which series of Securities shall have
the following terms and such additional terms as shall be set forth in the form of Notes (as defined below) attached hereto as
Exhibit A (unless otherwise defined herein, capitalized terms used herein have the meanings assigned thereto in the Indenture):


 


1.            The Securities shall be entitled the “1.950% Senior Notes due 2031” (the “Notes”).


 


2.            The initial aggregate principal amount of the Notes that are to be authenticated and delivered under the Indenture is $600,000,000,
(except for Notes authenticated and delivered upon registration of transfer of or in exchange for, or in lieu of other Notes pursuant
to Section 3.04, 3.06, 3.07, 9.06, 11.07 or 13.05 of the Indenture). This series may be reopened and additional Notes of this
series may be issued in accordance with the terms of the Indenture.


 


3.            The principal amount of the Notes shall mature on March 15, 2031, subject to the provisions of Section 5.02 of the Indenture respecting
acceleration.


 


4.            The Notes shall bear interest from March 4, 2021, or from the most recent Interest Payment Date to which interest has been paid
or provided for, at the rate of 1.950% per annum for the Notes, payable semiannually in arrears on March 15 and September 15 of
each year, commencing September 15, 2021, for payment to holders on the respective Regular Record Dates, which dates shall be
the next preceding March 1 and September 1, respectively.




    


     


    


5.            The principal of and interest on the Notes shall be payable at, and any Notes surrendered for registration of transfer or exchange
shall be delivered to, the office or agency maintained by the Company for that purpose, pursuant to the Indenture (initially the
Corporate Trust Office of the Trustee in the Borough of Manhattan, in the City of New York); except that at the option of the
Company, interest may be paid (a) by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register or (b) by wire transfer to an account maintained by the Person entitled thereto as specified in the Security
Register.


 


6.            The
Notes are redeemable, in whole or in part, at the Company’s option at any time prior to the Par Call Date at a redemption
price equal to the Make-Whole Price. The “Make-Whole Price” means an amount equal to the greater of (1) 100% of the
principal amount of the Notes being redeemed, or (2) an amount equal to, as determined by an Independent Investment Banker, the
sum of the present value of the remaining scheduled payments of principal and interest on the Notes being redeemed that would
be due on or after the date of redemption to, but excluding, the Par Call Date but for such redemption (not including any portion
of interest accrued on the Notes being redeemed as of the date of redemption), discounted to the date of redemption on a semi-annual
basis (assuming a 360-day year consisting of twelve 30 day months) at the Adjusted Treasury Rate, plus, in each case, accrued
and unpaid interest thereon to, but excluding, the date of redemption. 


 


The
Notes are redeemable, in whole or in part, at the Company’s option at any time on or after the Par Call Date at a redemption
price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding,
the date of redemption.


 


Notice
of any redemption will be provided at least 10 days but not more than 60 days before the date of redemption to each registered
holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the date of redemption,
interest will cease to accrue on the Notes or portion thereof called for redemption.


 


“Adjusted
Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) that is the same as the Comparable Treasury Price for such redemption date, plus 10 basis points.


 


“Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that (1) has the
maturity comparable to the remaining term of the Notes to be redeemed, calculated as if the maturity date of such Notes were the
Par Call Date (the “Remaining Life”) and (2) would be used, at the time of selection and in accordance with customary
financial practice, to price new issues of corporate debt securities with a maturity comparable to the Remaining Life of the Notes
to be redeemed.




    2


     


    


“Comparable
Treasury Price” means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (B) if the Trustee
obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Quotations, or
(C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation.


 


“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the Company.


 


“Par
Call Date” means December 15, 2030.


 


“Reference
Treasury Dealer” means (A) BofA Securities, Inc., BNP Paribas Securities Corp. or Goldman Sachs & Co. LLC (or their
respective affiliates which are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”),
the Company will substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer selected by the
Company.


 


“Reference
Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. (New York City time)
on the third business day preceding such redemption date.


 


7.            The
Notes shall not be subject to the operation of any sinking fund or an analogous provision.




    3


     


    


8.            There
shall be the following additions to the covenants of the Company set forth in Article 10 of the Indenture with respect to
the Notes:


 


 Limitation
on Liens. The Company covenants that, so long as any of the Notes remain outstanding, it shall not, nor shall it permit any
Consolidated Subsidiary to, create or assume any Indebtedness for money borrowed which is secured by a pledge, mortgage, lien,
charge, encumbrance or security interest (“liens”) of or upon any assets, whether now owned or hereafter acquired,
of the Company or any such Consolidated Subsidiary without equally and ratably securing the Notes by a lien ranking ratably with
and equal to (or at the option of the Company, senior to) such secured Indebtedness for as long as such Indebtedness remains outstanding
and is so secured, except that the foregoing restriction shall not apply to (a) liens on any assets of any corporation or
other business entity existing at the time such Person becomes a Consolidated Subsidiary; (b) liens on any assets (including,
without limitation, property, shares of stock or indebtedness) existing at the time of acquisition of such assets by the Company
or a Consolidated Subsidiary, or liens to secure the payment of all or any part of the purchase price of such assets upon the
acquisition of such assets by the Company or a Consolidated Subsidiary or to secure any indebtedness incurred or guaranteed by
the Company or a Consolidated Subsidiary prior to, at the time of, or within 360 days after such acquisition (or in the case
of real property, the completion of construction (including any improvements on an existing asset) or commencement of full operation
of such, property, whichever is later), which indebtedness is incurred or guaranteed for the purpose of financing all or any part
of the purchase price thereof or, in the case of real property, construction or improvements thereon; provided, however, that
in the case of any such acquisition, construction or improvement, the lien shall not apply to any assets theretofore owned by
the Company or a Consolidated Subsidiary, other than, in the case of any such construction or improvement, any real property on
which the property so constructed, or the improvement, is located; (c) liens on any assets securing indebtedness owed by
any Consolidated Subsidiary to the Company or another wholly owned Subsidiary; (d) liens existing on the date of initial issuance
of the Notes; (e) liens on any assets of a corporation or other business entity existing at the time such Person is merged
into or consolidated with the Company or a Subsidiary or at the time of a purchase, lease or other acquisition of the assets of
such Person as an entirety or substantially as an entirety by the Company or a Subsidiary; (f) liens on any assets of the
Company or a Consolidated Subsidiary in favor of the United States of America or any state thereof, or any department, agency
or instrumentality or political subdivision of the United States of America or any state thereof, or in favor of any other country,
or any political subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract or statute
or to secure any indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price (or, in
the case of real property, the cost of construction) of the assets subject to such liens (including, but not limited to, liens
incurred in connection with pollution control, industrial revenue or similar financing); (g) any extension, renewal or replacement
or successive extensions, renewals or replacements, in whole or in part, of any lien referred to in the foregoing clauses (a) to
(f), inclusive, including the refinancing thereof without increase of the principal of the indebtedness secured by such lien (except
to the extent of any fees or costs associated with any such extension, renewal or replacement); (h) liens imposed by law,
such as mechanics’, workmen’s, repairmen’s, materialmen’s, carriers’, warehousemen’s, vendors’
or other similar liens arising in the ordinary course of business, or governmental (federal, state or municipal) liens arising
out of contracts for the sale of products or services by the Company or any Consolidated Subsidiary, or deposits or pledges to
obtain the release of any of the foregoing liens; (i) pledges, liens or deposits under worker’s compensation laws or similar
legislation and liens or judgments thereunder which are not currently dischargeable, or in connection with bids, tenders, contracts
(other than for the payment of money) or leases to which the Company or any Consolidated Subsidiary is a party, or to secure public
or statutory obligations of the Company or any Consolidated Subsidiary, or in connection with obtaining or maintaining self-insurance
or to obtain the benefits of any law, regulation or arrangement pertaining to unemployment insurance, old age pensions, social
security or similar matters, or to secure surety, performance, appeal or customs bonds to which the Company or any Consolidated
Subsidiary is a party, or in litigation or other proceedings such as, but not limited to, interpleader proceedings, and other
similar pledges, liens or deposits made or incurred in the ordinary course of business; (j) liens created by or resulting
from any litigation or other proceeding which is being contested in good faith by appropriate proceedings, including liens arising
out of judgments or awards against the Company or any Consolidated Subsidiary with respect to which the Company or such Consolidated
Subsidiary is in good faith prosecuting an appeal or proceedings for review or for which the time to make an appeal has not yet
expired; or final unappealable judgment liens which are satisfied within 15 days of the date of judgment; or liens incurred by
the Company or any Consolidated Subsidiary for the purpose of obtaining a stay or discharge in the course of any litigation or
other proceeding to which the Company or such Consolidated Subsidiary is a party; (k) liens for taxes or assessments or governmental
charges or levies not yet due or delinquent, or which can thereafter be paid without penalty, or which are being contested in
good faith by appropriate proceedings; landlord’s liens on property held under lease; and any other liens or charges incidental
to the conduct of the business of the Company or any Consolidated Subsidiary or the ownership of the
assets of any of them which were not incurred in connection with the borrowing of money or the obtaining of advances or credit
and which do not, in the opinion of the Company, materially impair the use of such assets in the operation of the business of
the Company or such Consolidated Subsidiary or the value of such assets for the purposes thereof; or (l) liens relating to
accounts receivable of the Company or any of its Subsidiaries which have been sold, assigned or otherwise transferred to another
Person in a transaction classified as a sale of accounts receivable in accordance with generally accepted accounting principles
(to the extent the sale by the Company or the applicable Subsidiary is deemed to give rise to a lien in favor of the purchaser
thereof in such accounts receivable or the proceeds thereof).




    4


     


    



Notwithstanding
the above, the Company or any Consolidated Subsidiary may, without securing the Notes, create or assume any Indebtedness which
is secured by a lien which would otherwise be subject to the foregoing restrictions, provided that at the time of such creation
or assumption, after giving effect thereto, Exempted Debt does not exceed 15% of the total assets of the Company and its Subsidiaries
on a consolidated basis, determined in accordance with generally accepted accounting principles as reflected on the Company’s
most recent publicly available consolidated balance sheet.


 


Limitation
on Sale and Lease-Back Transactions. The Company covenants that, so long as any of the Notes remain outstanding, the Company
shall not, nor shall the Company permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction with respect
to any assets, other than any sale lease-back transaction (involving a lease for a term of not more than three years), unless
either (a) the Company or such Consolidated Subsidiary would be entitled to incur Indebtedness secured by a lien on the assets
to be leased in an amount at least equal to the Attributable Debt in respect of such transaction without equally and ratably securing
the Notes pursuant to clauses (a) through (l) inclusive of the covenant with respect to “Limitation on Liens”
above, or (b) the proceeds of the sale of the assets to be leased are at least equal to their fair market value (as determined
by the Board of Directors of the Company) and the proceeds are applied to the purchase or acquisition (or, in the case of real
property, the construction) of assets or to the retirement (other than at maturity or pursuant to a mandatory sinking fund or
mandatory redemption provision) of Indebtedness. The foregoing limitation shall not apply, if at the time the Company or any Consolidated
Subsidiary enters into such sale and lease-back transaction, and after giving effect thereto, Exempted Debt does not exceed 15%
of the total assets of the Company and its Subsidiaries on a consolidated basis, determined in accordance with generally accepted
accounting principles as reflected on the Company’s most recent publicly available consolidated balance sheet.




    5


     


    


The
term “Attributable Debt” in connection with a sale and lease-back transaction shall mean, as of the date of determination,
the lesser of (a) the fair value of the assets subject to such transaction, as determined by the Company’s Board of Directors,
or (b) the present value of the obligations of the lessee for net rental payments during the term of any lease discounted
at the rate of interest set forth or implicit in the terms of such lease or, if not practicable to determine such rate, the weighted
average interest rate per annum borne by the debt securities outstanding pursuant to the Indenture and subject to limitations
on sale and lease-back transaction covenants, compounded semi-annually in either case as determined by the Company’s principal
accounting or financial officer.


 


The
term “Consolidated Subsidiary” shall mean any Subsidiary substantially all the property of which is located, and substantially
all the operations of which are conducted, in the United States of America whose financial statements are consolidated with those
of the Company in accordance with generally accepted accounting principles, excluding any Subsidiary substantially all the assets
of which consist of stock or other securities of any Subsidiary substantially all the property of which and substantially all
the operations of which are conducted outside the United States of America.


 


The
term “Exempted Debt” shall mean the sum of the following as of the date of determination: (i) Indebtedness of
the Company and its Consolidated Subsidiaries incurred after the date of initial issuance of the Notes and secured by liens not
permitted to be created or assumed pursuant to the covenant with respect to “Limitation on Liens” above, and (ii) Attributable
Debt of the Company and its Consolidated Subsidiaries in respect of every sale and lease-back transaction entered into after the
date of initial issuance of the Notes, other than leases expressly permitted by the covenant with respect to “Limitation
on Sale and Lease-Back Transactions” above.


 


The
term “Indebtedness” shall mean all items classified as indebtedness on the most recent publicly available consolidated
balance sheet of the Company and its Consolidated Subsidiaries, in accordance with generally accepted accounting principles.


 


The
term “net rental payments” under any lease of any period shall mean the sum of the rental and other payments required
to be paid in such period by the lessee thereunder, not including, however, any amounts required to be paid by such lessee (whether
or not designated as rental or additional rental) on account of maintenance and repairs, reconstruction, insurance, taxes, assessments,
water rates or similar charges required to be paid by such lessee thereunder or any amounts required to be paid by such lessee
thereunder contingent upon the amount of sales, maintenance and repairs, reconstruction, insurance, taxes, assessments, water
rates or similar charges.




    6


     


    

The
term “Subsidiary” shall mean any corporation, association, partnership, joint venture, limited liability company or
other business entity of which at least a majority of the total voting power of the equity interest under ordinary circumstances
for the election of the board of directors, managers or trustees thereof shall at the time be owned by the Company or by the Company
and one or more Subsidiaries or by one or more Subsidiaries.


 


Purchase
of Notes Upon a Change of Control Repurchase Event. If a Change of Control Repurchase Event (defined below) occurs, unless
the Company has exercised its right to redeem the Notes as described in paragraph 6 above, the Company shall make an offer to
each holder of Notes to repurchase all or any part (in multiples of $2,000 principal amount) of that holder’s Notes at a
repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest
on the Notes repurchased to the date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the
option of the Company, prior to any Change of Control (defined below), but after the public announcement of the Change of Control,
the Company shall provide a notice to each holder stating:


 


		(i)	that
                                         a Change of Control has occurred or is about to occur and that such holder has the right
                                         to require the Company to purchase such holder’s Notes at a purchase price in cash
                                         equal to 101% of the principal amount thereof on the date of purchase, plus accrued and
                                         unpaid interest to, but not including, the date of purchase;



 


		(ii)	the
                                         circumstances and relevant facts regarding such Change of Control Repurchase Event or,
                                         if the Change of Control is about to occur, the circumstances and relevant facts regarding
                                         such Change of Control;



 


		(iii)	the
                                         purchase date (which shall be no earlier than 10 calendar days nor later than 60 calendar
                                         days from the date such notice is provided);



 


		(iv)	the
                                         instructions, as determined by the Company, that a holder must follow in order to have
                                         its Notes purchased; and



 


		(v)	that
                                         the offer to purchase is conditioned on the Change of Control Repurchase Event occurring
                                         on or prior to the specified purchase date, if provided prior to the date of consummation
                                         of the Change of Control.





    7


     


    


The
Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and any other securities laws and regulations to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company shall
comply with the applicable securities laws and regulations and shall not be deemed to have breached any obligations under the
Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.


 


On
the Change of Control Repurchase Event payment date, the Company shall, to the extent lawful:


 


		(i)	accept
                                         for payment all Notes or portions of Notes properly tendered pursuant to the Company’s
                                         offer;



 


		(ii)	deposit
                                         with the paying agent an amount equal to the aggregate purchase price in respect of all
                                         Notes or portions of Notes properly tendered; and



 


		(iii)	deliver
                                         or cause to be delivered to the Trustee the Notes properly accepted, together with an
                                         officers’ certificate stating the aggregate principal amount of Notes being purchased
                                         by the Company.



 


The
paying agent will promptly pay, from funds deposited by the Company for such purpose, to each holder of Notes properly tendered
the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry)
to each holder a new note equal in principal amount to any unpurchased portion of any Notes surrendered.


 


The
Company shall not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party
makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company
and such third party purchases all Notes properly tendered and not withdrawn under its offer.


 


“Change
of Control” means the occurrence of any of the following:


 


		(1)	the
                                         direct or indirect sale, transfer, conveyance or other disposition (other than by way
                                         of merger or consolidation), in one or a series of related transactions, of all or substantially
                                         all of the properties or assets of the Company and those of the subsidiaries of the Company,
                                         taken as a whole, to any “person” (individually and as that term is used
                                         in Section 13(d)(3) and Section 14(d)(2) of the Exchange Act), other than the Company
                                         or a wholly owned subsidiary of the Company;





    8


     


    


		(2)	the
                                         adoption of a plan relating to the liquidation or dissolution of the Company;



 


		(3)	the
                                         first day on which a majority of the members of the board of directors of the Company
                                         are not Continuing Directors;



 


		(4)	the
                                         consummation of any transaction or series of related transactions (including, without
                                         limitation, any merger or consolidation) the result of which is that any “person”
                                         (individually and as that term is used in Section 13(d)(3) and Section 14(d)(2) of the
                                         Exchange Act), other than the Company, a wholly owned subsidiary of the Company or Lauder
                                         Family Members, becomes the beneficial owner, directly or indirectly, of more than 50%
                                         of the Voting Stock of the Company, and following such transaction or transactions, Lauder
                                         Family Members beneficially own less than 50% of the Voting Stock of the Company, in
                                         each case, measured by voting power rather than number of shares; or



 


		(5)	the
                                         consummation of a so-called “going private/Rule 13e-3 Transaction” that results
                                         in any of the effects described in paragraph (a)(3)(ii) of Rule 13e-3 under the Exchange
                                         Act (or any successor provision), following which Lauder Family Members beneficially
                                         own, directly or indirectly, more than 50% of the Voting Stock of the Company, measured
                                         by voting power rather than number of shares.



 


Notwithstanding
the foregoing, a transaction effected to create a holding company for the Company that is subject to the provisions of Article
8 (Merger, Consolidation and Sale of Assets) of the Indenture will not be deemed to involve a Change of Control if (a) pursuant
to such transaction the Company becomes a wholly owned subsidiary of such holding company and (b) the holders of the Voting Stock
of such holding company immediately following such transaction are the same as the holders of the Voting Stock of the Company
immediately prior to such transaction.


 


“Below
Investment Grade Rating Event” means the Notes are rated below Investment Grade by both Rating Agencies on any date from
the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under
publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade
Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of
a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition
of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition
would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was
the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable
Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade
Rating Event).




    9


     


    


“Change
of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.


 


“Continuing
Directors” means, as of any date of determination, any member of the board of directors of the Company who:


 


		(1)	was
                                         a member of such board of directors on the first date that any of the Notes were issued;
                                         or



 


		(2)	was
                                         nominated for election or elected to the board of directors of the Company with the approval
                                         of a majority of the Continuing Directors who were members of the board of directors
                                         of the Company at the time of such nomination or election.



 


“Investment
Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s)
and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such
Rating Agency ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit
rating from any Rating Agency selected by the Company as a replacement Rating Agency).


 


“Lauder
Family Members” includes only the following persons: (i) the estate of Mrs. Estee Lauder; (ii) each descendant of Mrs. Lauder
(a “Lauder Descendant”) and their respective estates, guardians, conservators or committees; (iii) each “Family
Controlled Entity” (as defined below); and (iv) the trustees, in their respective capacities as such, of each “Family
Controlled Trust” (as defined below). The term “Family Controlled Entity” means (i) any not-for-profit corporation
if at least 80% of its board of directors is composed of Lauder Descendants; (ii) any other corporation if at least 80% of the
value of its outstanding equity is owned by Lauder Family Members; (iii) any partnership if at least 80% of the value of its partnership
interests are owned by Lauder Family Members; and (iv) any limited liability or similar company if at least 80% of the value of
the company is owned by Lauder Family Members. The term “Family Controlled Trust” includes the trusts existing on
November 16, 1995 and set forth on Schedule A to the Company’s Restated Certificate of Incorporation as in effect on the
date hereof and trusts the primary beneficiaries of which are Lauder Descendants, spouses of Lauder Descendants and/or charitable
organizations, provided that if the trust is a wholly charitable trust, at least 80% of the trustees of such trust consist of
Lauder Descendants.




    10


     


    


“Moody’s”
means Moody’s Investors Service, Inc.


 


“Rating
Agency” means:


 


		(1)	each
of Moody’s and S&P; and



 


		(2)	if
                                         either of Moody’s or S&P ceases to rate the Notes or fails to make a rating
                                         of the Notes publicly available for reasons outside of the control of the Company, a
                                         “nationally recognized statistical rating organization” within the meaning
                                         of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency
                                         for Moody’s or S&P, or both, as the case may be.



 


“S&P”
means S&P Global Ratings, a division of S&P Global Inc.


 


“Voting
Stock” as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest
(however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent)
of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.


 


9.            The
Indenture, with certain exceptions as therein provided, may be amended or modified by the Company and the Trustee with the consent
of the holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series
affected thereby, voting as a single class, whether or not consented to by any holder of the Notes.


 


Notwithstanding
the foregoing, holders of the Notes shall vote as a separate class with respect to modifications or amendments that affect only
the Notes, and the holders of other series of Outstanding Securities shall not have any voting rights with respect to such matters
as they relate to the Notes.


 


10.          The
Notes shall only be issued as Registered Securities.


 


11.          The
Notes shall be issued in permanent global form without interest coupons, initially issued to Cede & Co., as nominee of The
Depository Trust Company (the initial depository therefor), in accordance with Section 3.03 of the Indenture.


 


[signatures
appear on the following page]




    11


     


    





IN
WITNESS WHEREOF, the undersigned have executed this Certificate on the date written first above.


 





	 	/s/ Tracey T. Travis
	 	Name:	Tracey T. Travis
	 	Title:	Executive Vice President and
	 	 	Chief Financial Officer
	 	 	 
	 	/s/ Spencer G. Smul
	 	Name:	Spencer G. Smul
	 	Title:	Senior Vice President,
	 	 	Deputy General Counsel and Secretary







 


 [Signature
Page to Officers’ Certificate 2031 Notes]




    


     


    





Exhibit
A


 


THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER
THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.


 





	REGISTERED	$[•]
	 	 	 
	No.	[•]	CUSIP # 29736R AR1
	 	 	ISIN # US29736RAR12







  


THE
ESTéE LAUDER COMPANIES INC.


 


1.950%
SENIOR NOTES DUE 2031


 


The
Estée Lauder Companies Inc., a Delaware corporation (the “Company”), for value received, hereby promises to
pay to CEDE & CO., or registered assigns, the principal amount stated above on March 15, 2031 (the “Maturity Date”)
and to pay interest thereon at the rate per annum equal to 1.950% (the “Interest Rate”) until the principal hereof
is fully paid or duly made available for payment. The Company will pay interest (computed on the basis of a 360-day year of twelve
30-day months) semi-annually in arrears on March 15 and September 15 of each year (each an “Interest Payment Date”)
commencing September 15, 2021 and on the Maturity Date on said principal amount at the Interest Rate per annum specified above.
Interest on this Note will accrue from the most recent Interest Payment Date to which interest has been paid or duly provided
for or, if no interest has been paid, from March 4, 2021 until the principal hereof has been paid or made available for payment.
The interest so payable, and punctually paid or duly provided for, on the Interest Payment Dates, will, as provided in the Indenture
referred to below, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 whether or not a Business
Day, as the case may be, next preceding such Interest Payment Date; provided, however, that interest payable on
the Maturity Date will be payable to the Person to whom the principal hereof shall be payable; and provided, further,
however, that if such Interest Payment Date would fall on a day that is not a Business Day, such Interest Payment Date
shall be the following day that is a Business Day with the same force and effect as if made on the Interest Payment Date. Any
such interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith
cease to be payable to the Holder on such Regular Record Date, and may be paid to the Person in whose name this Note (or one or
more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not less than ten days prior to
such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture.




    A-1


     


    


Payment
of the principal of and interest on this Note shall be made at the office or agency of the Trustee maintained for that purpose
in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private debt; provided, however, that payment of interest
on any Interest Payment Date (other than the Maturity Date) may be made at the option of the Company by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security Register, or by wire transfer of immediately available
funds, if the registered holder has so requested by a notice in writing delivered to the Trustee not less than 16 days prior to
the Interest Payment Date on which such payment is due, which notice shall provide appropriate instructions for such transfer.


 


The
principal hereof and interest due at maturity will be paid upon maturity in immediately available funds against presentation of
this Note at the office or agency of the Trustee maintained for that purpose in the Borough of Manhattan, the City of New York.


 


REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF.


 


This
Note shall be governed by and construed in accordance with the laws of the State of New York.


 


Unless
the certificate of authentication hereon has been executed by U.S. Bank Trust National Association, as successor in interest to
State Street Bank and Trust Company, N.A., the Trustee under the Indenture, or its successor thereunder by the manual signature
of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose.




    A-2


     


    





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


 





	Dated March 4, 2021	THE ESTÉE LAUDER COMPANIES INC.
	 	 	 
	 	By:	 
	 	 	Name:	Tracey T. Travis
	 	 	Title:	Executive Vice President and
	 	 	Chief Financial Officer







  


CERTIFICATE
OF AUTHENTICATION


 


This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.


 





	 	U.S. BANK TRUST NATIONAL ASSOCIATION, as successor in interest to STATE STREET BANK AND TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory







 





[Signature Page to
Global Note] 




    A-3


     


    




[Reverse
of Note]


 


THE
ESTéE LAUDER COMPANIES INC.


 


1.950%
SENIOR NOTES DUE 2031


 


This
Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”)
of the Company of the series hereinafter specified, all such Securities issued and to be issued under the Indenture dated as of
November 5, 1999 (herein called the “Indenture”) between the Company and U.S. Bank Trust National Association, as
successor in interest to State Street Bank and Trust Company, N.A., as trustee (herein called the “Trustee,” which
term includes any successor trustee under the Indenture), to which Indenture and all indentures or officers’ certificates,
as applicable, supplemental thereto (including without limitation that certain Officers’ Certificate dated March 4, 2021
relating to the Company’s 1.950% Senior Notes due 2031) reference is hereby made for a statement of the respective rights
and limitations of rights thereunder of the Company, the Trustee and the Holders of the Securities, and the terms upon which the
Securities are, and are to be, authenticated and delivered. As provided in the Indenture, Securities may be issued in one or more
series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest,
if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different repayment provisions,
if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events
of Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated
as 1.950% Senior Notes due 2031 (the “Notes”). The Notes are unsecured and rank pari passu with all other unsecured
and unsubordinated indebtedness of the Company. The Notes are not subject to a sinking fund.


 


The
Notes are redeemable, in whole or in part, at the Company’s option at any time prior to the Par Call Date at a redemption
price equal to the Make-Whole Price. The “Make-Whole Price” means an amount equal to the greater of (1) 100% of the
principal amount of the Notes being redeemed, or (2) an amount equal to, as determined by an Independent Investment Banker, the
sum of the present value of the remaining scheduled payments of principal and interest on the Notes being redeemed that would
be due on or after the date of redemption to, but excluding, the Par Call Date but for such redemption (not including any portion
of interest accrued on the Notes being redeemed as of the date of redemption), discounted to the date of redemption on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus, in each case, accrued
and unpaid interest thereon to, but excluding, the date of redemption.


 


The
Notes are redeemable, in whole or in part, at the Company’s option at any time on or after the Par Call Date at a redemption
price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding,
the date of redemption.


 


Notice
of any redemption will be provided at least 10 days but not more than 60 days before the date of redemption to each registered
holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the date of redemption,
interest will cease to accrue on the Notes or portion thereof called for redemption.




    A-4


     


    



“Adjusted
Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) that is the same as the Comparable Treasury Price for such redemption date, plus 10 basis points.


 


“Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that (1) has the
maturity comparable to the remaining term of the Notes to be redeemed, calculated as if the maturity date of such Notes were the
Par Call Date (the “Remaining Life”) and (2) would be used, at the time of selection and in accordance with customary
financial practice, to price new issues of corporate debt securities with a maturity comparable to the Remaining Life of the Notes
to be redeemed.


 


“Comparable
Treasury Price” means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (B) if the Trustee
obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Quotations, or
(C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation.


 


“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the Company.


 


“Par
Call Date” means December 15, 2030.


 


“Reference
Treasury Dealer” means (A) BofA Securities, Inc., BNP Paribas Securities Corp. or Goldman Sachs & Co. LLC (or their
respective affiliates which are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”),
the Company will substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer selected by the
Company.


 


“Reference
Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. (New York City time)
on the third business day preceding such redemption date.


 


If
any Event of Default (as defined in the Indenture) with respect to the Notes shall occur and be continuing, the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Notes due and payable
in the manner and with the effect provided in the Indenture.


 


The
Indenture, as supplemented by an Officers’ Certificate in connection with the issuance of the Notes, permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of all series affected thereby, voting as a single class, whether or not consented to
by any Holder of this Note.




    A-5


     


    



Notwithstanding
the foregoing, Holders of the Notes shall vote as a separate class with respect to modifications or amendments that affect only
the Notes, and the Holders of other series of Outstanding Securities shall not have any voting rights with respect to such matters
as they relate to the Notes.


 


The
Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of each series, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note.


 


Holders
of Securities may not enforce their rights pursuant to the Indenture or the Securities except as provided in the Indenture. No
reference herein to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place, and rate, and in the
coin or currency, herein prescribed.


 


As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on
the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the
Company in the Borough of Manhattan, the City of New York, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company, and this Note duly executed by, the Holder hereof or by his attorney duly authorized in writing
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.


 


The
Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable
for a like aggregate principal amount of Notes of different authorized denominations as requested by the Holder surrendering the
same.


 


No
service charge will be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.


 


Prior
to the due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice of the contrary.




    A-6


     


    


All
capitalized terms used in this Note and not otherwise defined herein shall have the meanings assigned to them in the Indenture.





    A-7


     


    


ABBREVIATIONS


 


The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:


 


	TEN
    COM -	as
    tenants in common	 
	 	 	 
	TEN
    ENT -	as
    tenants by the entireties	 
	 	 	 
	JT
    TEN -	as
    joint tenants with right of survivorship and not as tenants in common	 
	 	 	 
	UNIF
    GIFT MIN ACT -	___________________
    Custodian                                                   
    

                 (Cust)                                                 
    (Minor)

    

    Under Uniform Gifts to Minors Act
	 
	 	 	 
	 	 (State)	 


Additional
abbreviations may also be used though not in the above list.




    A-8


     


    






ASSIGNMENT


 


FOR
VALUE RECEIVED, the undersigned

hereby sell(s), assign(s) and transfer(s) unto


 





 



PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 


 


 



 





 



 





 



 


 



PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 


 





 




the within Note and all rights thereunder, hereby irrevocably constituting and appointing


 





 



 





 



 


                                                                                                                                            Attorney
to transfer said Note on the books of the Company, with full power of substitution in the premises.


 





	Dated:	 	 
	 	 
	 	 
	(Signature
    Guarantee)	 






    A-9