Exhibit 4.1

  

  

  

  
    INTERNATIONAL BUSINESS MACHINES CORPORATION

    

    

    0.300% Note due 2028

    

    

    ISIN XS2115091717

    COMMON CODE 211509171

    

    

    No.: I-

    

    

    

    

    INTERNATIONAL BUSINESS MACHINES CORPORATION, a corporation duly organized and existing under the laws of the State of New York (herein called the
      “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Ltd. or registered assigns, the principal sum as
      set forth in the attached Schedule of Increases and Decreases, at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for that purpose, on February
      11, 2028, in such coin or currency of the member states of the European Monetary Union that have adopted or that adopt the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union
      as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, annually on February 11 of each year, commencing February 11, 2021, on said principal sum at said office or agency, in like coin or
      currency, at the rate of 0.300% per annum, from the February 11 next preceding the date of this Note to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Note, or
      unless no interest has been paid on the Notes (as defined on the reverse hereof), in which case from February 11, 2020, until payment of said principal sum has been made or duly provided for.  Notwithstanding the foregoing, if the date hereof is
      after the record date (as defined below) and before the following February 11, this Note shall bear interest from such February 11; provided, however, that if the Company shall default in the payment of interest due on February 11, then this Note
      shall bear interest from the next preceding February 11 to which interest has been paid, or, if no interest has been paid on the Notes, from February 11, 2020.  The interest so payable on February 11 will, subject to certain exceptions provided in
      the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the date (the “record date”) that is the clearing system business day (for these purposes, Monday to Friday
      inclusive except December 25th and January 1st) immediately preceding each February 11, unless the Company shall default in the payment of interest due on such interest payment date, in which case such defaulted interest, at the option of the
      Company, may be paid to the person in whose name this Note is registered at the close of business on a special record date for the payment of such defaulted interest established by notice to the registered holders of Notes not less than ten days
      preceding such special record date or may be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed.  Payment of interest may, at the option of the Company, be made by check
      mailed to the registered address of the person entitled thereto.  Interest on this Note will be

    

    

    
      
        


    

    

    

    calculated on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date
      on which interest was paid on this Note (or February 11, 2020 if no interest has been paid on this Note), to but excluding the next scheduled interest payment date.

    

    

    Reference is made to the further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes have the
      same effect as though fully set forth at this place.

    

    

    
      
        


    

    

    

    This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee
      under the Indenture referred to on the reverse hereof.

    

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

    

    

    
      	Dated:	
              INTERNATIONAL BUSINESS MACHINES 

              CORPORATION

            	 
	 	 	 
	 	[SEAL]

            	 
	 	 	 	 
	
              

              

            	
              by 

            	

            	 
	 	 	

            	 
	 	 	

            	 
	 	by

            	 	 


    

    

    

    

    

    

    
      
        


    

    

    

    TRUSTEE’S CERTIFICATE

    OF AUTHENTICATION

    

    

    This is one of the

    Securities of the Series

    designated herein issued

    under the within-

    mentioned Indenture.

    

    

    

    

    

    

    THE BANK OF NEW YORK MELLON, as Trustee

    

    

    

    

    

    

    
      	 	by

            	
               

            
	 	
               

            	Authorized Signatory
	 	
               

            	
               

            


    

    

    

    

    
      
        


    

    

    

    This security is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the Company (hereinafter called
      the “Securities”), of the series hereinafter specified, all issued or to be issued under an indenture dated as of October 1, 1993, duly executed and delivered by the Company to The Bank of New York Mellon, a New York banking corporation, as trustee
      (hereinafter called the “Trustee”), as supplemented by the First Supplemental Indenture dated as of December 15, 1995, between the Company and the Trustee, as trustee (hereinafter called the “Indenture”), to which Indenture and all indentures
      supplemental thereto reference is hereby made for a description of the respective rights and duties thereunder of the Trustee, the Company and the holders of the Securities.  The 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 at different rates, may have different conversion prices (if any), may be subject to different redemption provisions, may be subject to different
      sinking, purchase or analogous funds, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided.  This Security is one of a series designated as the 0.300% Notes due 2028 of the Company
      (hereinafter called the “Notes”) issued under the Indenture.

    

    

    In case an Event of Default with respect to the Notes, as defined in the Indenture, shall have occurred and be continuing, the principal hereof
      together with interest accrued thereon, if any, may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

    

    

    The Indenture contains provisions permitting 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 to be affected (acting as one class), to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture
      or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities of such series to be affected; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of
      the principal of, or any installment of principal of or interest on, or the currency of payment of, any Security; (ii) reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof;
      (iii) impair the right to institute suit for the enforcement of any such payment on or after the fixed maturity thereof (or, in the case of redemption, on or after the redemption date); (iv) reduce the percentage in principal amount of the
      outstanding Securities of any series, the consent of whose holders is required for any such supplemental indenture, or the consent of whose holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults
      thereunder and their consequences) provided for in the Indenture; (v) change any obligation of the Company, with respect to outstanding Securities of a series, to maintain an office or agency in the places and for the purposes specified in the
      Indenture for such series; or (vi) modify any of the foregoing provisions or the provisions for the waiver of certain covenants and defaults, except to increase any applicable percentage of the aggregate principal amount of outstanding Securities the
      consent of the holders of which is required or to provide with respect to any particular series the right to condition the effectiveness

    

    

    
      
        


    

    

    

    of any supplemental indenture as to that series on the consent of the holders of a specified percentage of the aggregate principal amount of outstanding Securities of
      such series or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each outstanding Security affected thereby.  It is also provided in the Indenture that the holders of a
      majority in aggregate principal amount of the Securities of a series at the time outstanding may on behalf of the holders of all the Securities of such series waive any past default under the Indenture with respect to such series and its
      consequences, except a default in the payment of the principal of, premium, if any, or interest, if any, on any Security of such series or in respect of a covenant or provision which cannot be modified without the consent of the Holder of each
      outstanding Security of the series affected.  Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and any Notes which may be issued in exchange or
      substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes.

    

    

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
      absolute and unconditional, to pay the principal of, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed.

    

    

    The Indenture permits the Company to Discharge its obligations with respect to the Notes on the 91st day following the satisfaction of the conditions
      set forth in the Indenture, which include the deposit with the Trustee of money or Foreign Government Securities or a combination thereof sufficient to pay and discharge each installment of principal of (including premium, if any, on) and interest,
      if any, on the outstanding Notes.

    

    

    If the Company shall, in accordance with Section 901 of the Indenture, consolidate with or merge into any other corporation or convey or transfer its
      properties and assets substantially as an entirety to any Person, the successor shall succeed to, and be substituted for, the Person named as the “Company” on the face of this Note, all on the terms set forth in the Indenture.

    

    

    The Notes are issuable in registered form without coupons in denominations of €100,000 and any integral multiple of €1,000 in excess thereof.  In the
      manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, Notes may be exchanged for an equal aggregate principal amount of Notes of other authorized denominations at the office or agency of the
      Company maintained for such purpose in the Borough of Manhattan, The City and State of New York.

    

    

    The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on this Note such additional amounts as are
      necessary in order that the net payment by the Company or a paying agent of the principal of and interest on the Notes to a holder who is not a United States person (as defined below), after deduction for any present or future tax, assessment or
      other governmental charge of the United States or a political subdivision or taxing authority of or in the United States, imposed by

    

    

    
      
        


    

    

    

    withholding with respect to the payment, will not be less than the amount provided in this Note to be then due and payable; provided, however, that the foregoing
      obligation to pay additional amounts shall not apply:

    

    

    (1)  to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the holder, or a
      fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:

    

    

    (a)  being or having been present or engaged in a trade or business in the United States or having had a permanent establishment in the United States;

    

    

    (b)  having a current or former relationship with the United States, including a relationship as a citizen or resident of the United States;

    

    

    (c)  being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation with respect to the
      United States or a corporation that has accumulated earnings to avoid United States federal income tax;

    

    

    (d)  being or having been a ‘‘10‐percent shareholder’’ of the Company as defined in section 871(h)(3) of the United States Internal Revenue Code of
      1986, as amended (the “Code”) or any successor provision; or

    

    

    (e)  being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or
      business;

    

    

    (2)  to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary or
      partnership, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership would not have been entitled to the payment of an additional amount had the beneficiary, settlor,
      beneficial owner or member received directly its beneficial or distributive share of the payment;

    

    

    (3)  to any tax, assessment or other governmental charge that is imposed otherwise or withheld solely by reason of a failure of the
      holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if
      compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental
      charge;

    

    

    
      
        


    

    

    

    (4)  to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a paying
      agent from the payment;

    

    

    (5)  to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of a change in law,
      regulation or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

    

    

    (6)  to any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or similar tax, assessment or other
      governmental charge;

    

    

    (7)  to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal
      of or interest on any Notes, if such payment can be made without such withholding by any other paying agent;

    

    

    (8)  to any taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code (or any amended or successor
      version of such Sections), any Treasury regulations promulgated thereunder, any official interpretations thereof or any agreements entered into in connection with the implementation thereof;

    

    

    (9)  with respect to any payment to the extent such payment could have been made without such deduction or withholding if the
      holder or beneficial owner of the Notes had presented the Notes for payment (where presentation is permitted or required for payment) within 30 days after the date on which such payment became due and payable or date on which payment thereof is duly
      provided for, whichever is later, except for additional amounts with respect to taxes that would have been imposed had the Holder or beneficial owner presented the Notes for payment within such 30-day period; and

    

    

    (10)   in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8) and (9).

    

    

    This Note is subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to this Note.
      Except as specifically provided in this Note, the Company shall not be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any
      government or political subdivision.

    

    

    As used in this Note, the term “United States” means the United States of America (including the states and the District of Columbia) and its
      territories, possessions and other areas subject to its jurisdiction, and the term “United States person” means any individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or
      under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a

    

    

    
      
        


    

    

    

    United States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation
      regardless of its source.

    

    

    If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any
      political subdivision or taxing authority of or in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced
      or becomes effective on or after February 4, 2020, the Company becomes, or based upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described above with respect to this Note, then
      the Company may at its option redeem, in whole, but not in part, this Note on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of its principal amount, together with interest accrued but unpaid on this Note to
      the date fixed for redemption.

    

    

    This Note will be redeemable, as a whole or in part, at the Company’s option, at any time or from time to time, on at least 30 days, but not more than
      60 days, prior notice to the holder of this Note given in accordance with the provisions of the Indenture, at a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; or (ii) the Optional Redemption
      Price, plus, in each case, accrued and unpaid interest on this Note to, but excluding, the Redemption Date.

    

    

    “Optional Redemption Price” means the price, expressed as a percentage (rounded to three decimal places, 0.0005 being rounded upwards), at which the
      yield (as calculated by the Trustee) on this Note, if it were to be purchased at such price on the third dealing day prior to the date fixed for redemption, would be equal to the yield on such dealing day of the Reference Bond on the basis of the
      average of four quotations of the average midmarket annual yield to maturity of the Reference Bond prevailing at 11:00 a.m. (Central European time) on such dealing day as determined by the Trustee plus 0.15%.

    

    

    “Reference Bond” means, in relation to any Optional Redemption Price calculation, the German Government DBR 0 1⁄2% due February 15, 2028, or if such
      bond is no longer in issue, such other European government bond as the Trustee may, with the advice of three brokers of, and/or market makers in, European government bonds selected by the Trustee, determine to be appropriate for determining the
      Optional Redemption Price.

    

    

    On and after the Redemption Date, interest will cease to accrue on this Note or any portion of this Note called for redemption (unless we default in
      the payment of the redemption price and accrued and unpaid interest). On or before the Redemption Date, we will deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued and unpaid interest on any
      portion of this Note to be redeemed on that date. If fewer than all of the Notes of this series are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by a method the Trustee deems to be fair and appropriate.

    

    

    
      
        


    

    

    

    Upon due presentation for registration of transfer of this Note at the office or agency of the Company for such registration in the Borough of
      Manhattan, The City and State of New York, or any other office or agency designated by the Company for such purpose, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange
      herefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith.

    

    

    Prior to due presentment for registration of transfer of this Note, the Company, the Trustee and any agent of the Company or the Trustee may deem and
      treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue) for the purpose of receiving payment of the principal of, premium, if any, and interest on this Note, as herein provided, and for all
      other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice of the contrary.  All payments made to or upon the order of such registered holder shall, to the extent of the sum or
      sums paid, effectually satisfy and discharge liability for moneys payable on this Note.

    

    

    No recourse for the payment of the principal of, premium, if any, or interest on this Note, or for any claim based hereon or otherwise in respect
      hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against
      any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute
      or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. Unless otherwise defined in this
      Note, all terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

    

    

    THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK

    

    

    
      
        


    

    

    

    SCHEDULE OF INCREASES OR DECREASES

    

    

    The initial principal amount of this Global Note is €                           .  The following increases or decreases in this Global Note have been
      made:

    

    

    	
            Date of

            Exchange

          	
            Amount of decrease in 

            Principal Amount of this 

            Global Note

          	
            Amount of increase in 

            Principal Amount of this 

            Global Note

          	
            Principal amount of this 

            Global Note following such 

            decrease or increase

          	
            Signature of authorized 

            signatory of Trustee or 

            Securities Custodian

          
	 	 	 	 	 


    

    

    

    

    

    

    

    

    
      
        


    

    

    

    Unless this certificate is presented by an authorized  representative of The Depository Trust Company, a New York corporation (“DTC”), to the issuer
      or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede &
      Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an
      interest herein.

    

    

    INTERNATIONAL BUSINESS MACHINES CORPORATION

    

    

    0.300% Note due 2028

    

    

    CUSIP 459200 KE0

    

    

    No.: DTC-

    

    

    

    

    INTERNATIONAL BUSINESS MACHINES CORPORATION, a corporation duly organized and existing under the laws of the State of New York (herein called the
      “Company”, which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum as set forth in the attached
      Schedule of Increases and Decreases, at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for that purpose, on February 11, 2028, in such coin or
      currency of the member states of the European Monetary Union that have adopted or that adopt the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union as at the time of payment
      shall be legal tender for the payment of public and private debts, and to pay interest, annually on February 11 of each year, commencing February 11, 2021, on said principal sum at said office or agency, in like coin or currency, at the rate of
      0.300% per annum, from the February 11 next preceding the date of this Note to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Note, or unless no interest has been
      paid on the Notes (as defined on the reverse hereof), in which case from February 11, 2020, until payment of said principal sum has been made or duly provided for.  Notwithstanding the foregoing, if the date hereof is after the record date (as
      defined below) and before the following February 11, this Note shall bear interest from such February 11; provided, however, that if the Company shall default in the payment of interest due on February 11, then this Note shall bear interest from the
      next preceding February 11 to which interest has been paid, or, if no interest has been paid on the Notes, from February 11, 2020.  The interest so payable on February 11 will, subject to certain exceptions provided in the Indenture referred to on
      the reverse hereof, be paid to the

    

    

    
      
        


    

    
    

    

    person in whose name this Note is registered at the close of business on the date (the “record date”) that is the clearing system business day (for these purposes,
      Monday to Friday inclusive except December 25th and January 1st) immediately preceding each February 11, unless the Company shall default in the payment of interest due on such interest payment date, in which case such defaulted interest, at the
      option of the Company, may be paid to the person in whose name this Note is registered at the close of business on a special record date for the payment of such defaulted interest established by notice to the registered holders of Notes not less than
      ten days preceding such special record date or may be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed.  Payment of interest may, at the option of the Company, be made
      by check mailed to the registered address of the person entitled thereto.  Interest on this Note will be calculated on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
      including the last date on which interest was paid on this Note (or February 11, 2020 if no interest has been paid on this Note), to but excluding the next scheduled interest payment date.

    

    

    Reference is made to the further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes have the
      same effect as though fully set forth at this place.

    

    

    
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    This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee
      under the Indenture referred to on the reverse hereof.

    

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

    
      

      

      
        	Dated:	
                INTERNATIONAL BUSINESS MACHINES 

                CORPORATION

              	 
	 	 	 
	 	[SEAL]

              	 
	 	 	 	 
	
                

                

              	
                by 

              	

              	 
	 	 	

              	 
	 	 	

              	 
	 	by

              	 	 


      

    

    

    

    

    

    

    
      3

      
        


    

    

    

    TRUSTEE’S CERTIFICATE

    OF AUTHENTICATION

    

    

    This is one of the

    Securities of the Series

    designated herein issued

    under the within-

    mentioned Indenture.

    

    

    

    

    

    

    THE BANK OF NEW YORK MELLON, as Trustee

    

    

    

    

    
      

      

      
        	 	by

              	
                 

              
	 	
                 

              	Authorized Signatory
	 	
                 

              	
                 

              


      

      

      

    

    

    

    

    
      4

      
        


    

    

    

    This security is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the Company (hereinafter called
      the “Securities”), of the series hereinafter specified, all issued or to be issued under an indenture dated as of October 1, 1993, duly executed and delivered by the Company to The Bank of New York Mellon, a New York banking corporation, as trustee
      (hereinafter called the “Trustee”), as supplemented by the First Supplemental Indenture dated as of December 15, 1995, between the Company and the Trustee, as trustee (hereinafter called the “Indenture”), to which Indenture and all indentures
      supplemental thereto reference is hereby made for a description of the respective rights and duties thereunder of the Trustee, the Company and the holders of the Securities.  The 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 at different rates, may have different conversion prices (if any), may be subject to different redemption provisions, may be subject to different
      sinking, purchase or analogous funds, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided.  This Security is one of a series designated as the 0.300% Notes due 2028 of the Company
      (hereinafter called the “Notes”) issued under the Indenture.

    

    

    In case an Event of Default with respect to the Notes, as defined in the Indenture, shall have occurred and be continuing, the principal hereof
      together with interest accrued thereon, if any, may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

    

    

    The Indenture contains provisions permitting 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 to be affected (acting as one class), to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture
      or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities of such series to be affected; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of
      the principal of, or any installment of principal of or interest on, or the currency of payment of, any Security; (ii) reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof;
      (iii) impair the right to institute suit for the enforcement of any such payment on or after the fixed maturity thereof (or, in the case of redemption, on or after the redemption date); (iv) reduce the percentage in principal amount of the
      outstanding Securities of any series, the consent of whose holders is required for any such supplemental indenture, or the consent of whose holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults
      thereunder and their consequences) provided for in the Indenture; (v) change any obligation of the Company, with respect to outstanding Securities of a series, to maintain an office or agency in the places and for the purposes specified in the
      Indenture for such series; or (vi) modify any of the foregoing provisions or the provisions for the waiver of certain covenants and defaults, except to increase any applicable percentage of the aggregate principal amount of outstanding Securities the
      consent of the holders of which is required or to provide with respect to any particular series the right to condition the effectiveness

    

    

    
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    of any supplemental indenture as to that series on the consent of the holders of a specified percentage of the aggregate principal amount of outstanding Securities of
      such series or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each outstanding Security affected thereby.  It is also provided in the Indenture that the holders of a
      majority in aggregate principal amount of the Securities of a series at the time outstanding may on behalf of the holders of all the Securities of such series waive any past default under the Indenture with respect to such series and its
      consequences, except a default in the payment of the principal of, premium, if any, or interest, if any, on any Security of such series or in respect of a covenant or provision which cannot be modified without the consent of the Holder of each
      outstanding Security of the series affected.  Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and any Notes which may be issued in exchange or
      substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes.

    

    

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
      absolute and unconditional, to pay the principal of, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed.

    

    

    The Indenture permits the Company to Discharge its obligations with respect to the Notes on the 91st day following the satisfaction of the conditions
      set forth in the Indenture, which include the deposit with the Trustee of money or Foreign Government Securities or a combination thereof sufficient to pay and discharge each installment of principal of (including premium, if any, on) and interest,
      if any, on the outstanding Notes.

    

    

    If the Company shall, in accordance with Section 901 of the Indenture, consolidate with or merge into any other corporation or convey or transfer its
      properties and assets substantially as an entirety to any Person, the successor shall succeed to, and be substituted for, the Person named as the “Company” on the face of this Note, all on the terms set forth in the Indenture.

    

    

    The Notes are issuable in registered form without coupons in denominations of €100,000 and any integral multiple of €1,000 in excess thereof.  In the
      manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, Notes may be exchanged for an equal aggregate principal amount of Notes of other authorized denominations at the office or agency of the
      Company maintained for such purpose in the Borough of Manhattan, The City and State of New York.

    

    

    The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on this Note such additional amounts as are
      necessary in order that the net payment by the Company or a paying agent of the principal of and interest on the Notes to a holder who is not a United States person (as defined below), after deduction for any present or future tax, assessment or
      other governmental charge of the United States or a political subdivision or taxing authority of or in the United States, imposed by

    

    

    
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    withholding with respect to the payment, will not be less than the amount provided in this Note to be then due and payable; provided, however, that the foregoing
      obligation to pay additional amounts shall not apply:

    

    

    (1)  to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the holder, or a
      fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:

    

    

    (a)  being or having been present or engaged in a trade or business in the United States or having had a permanent establishment in the United States;

    

    

    (b)  having a current or former relationship with the United States, including a relationship as a citizen or resident of the United States;

    

    

    (c)  being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation with respect to the
      United States or a corporation that has accumulated earnings to avoid United States federal income tax;

    

    

    (d)  being or having been a ‘‘10‐percent shareholder’’ of the Company as defined in section 871(h)(3) of the United States Internal Revenue Code of
      1986, as amended (the “Code”) or any successor provision; or

    

    

    (e)  being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or
      business;

    

    

    (2)  to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary or
      partnership, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership would not have been entitled to the payment of an additional amount had the beneficiary, settlor,
      beneficial owner or member received directly its beneficial or distributive share of the payment;

    

    

    (3)  to any tax, assessment or other governmental charge that is imposed otherwise or withheld solely by reason of a failure of the
      holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if
      compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental
      charge;

    

    

    
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    (4)  to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a paying
      agent from the payment;

    

    

    (5)  to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of a change in law,
      regulation or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

    

    

    (6)  to any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or similar tax, assessment or other
      governmental charge;

    

    

    (7)  to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal
      of or interest on any Notes, if such payment can be made without such withholding by any other paying agent;

    

    

    (8)  to any taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code (or any amended or successor
      version of such Sections), any Treasury regulations promulgated thereunder, any official interpretations thereof or any agreements entered into in connection with the implementation thereof;

    

    

    (9)  with respect to any payment to the extent such payment could have been made without such deduction or withholding if the
      holder or beneficial owner of the Notes had presented the Notes for payment (where presentation is permitted or required for payment) within 30 days after the date on which such payment became due and payable or date on which payment thereof is duly
      provided for, whichever is later, except for additional amounts with respect to taxes that would have been imposed had the Holder or beneficial owner presented the Notes for payment within such 30-day period; and

    

    

    (10)   in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8) and (9).

    

    

    This Note is subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to this Note.
      Except as specifically provided in this Note, the Company shall not be required to make any payment with respect to any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any
      government or political subdivision.

    

    

    As used in this Note, the term “United States” means the United States of America (including the states and the District of Columbia) and its
      territories, possessions and other areas subject to its jurisdiction, and the term “United States person” means any individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or
      under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a

    

    

    
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    United States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation
      regardless of its source.

    

    

    If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any
      political subdivision or taxing authority of or in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced
      or becomes effective on or after February 4, 2020, the Company becomes, or based upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described above with respect to this Note, then
      the Company may at its option redeem, in whole, but not in part, this Note on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of its principal amount, together with interest accrued but unpaid on this Note to
      the date fixed for redemption.

    

    

    This Note will be redeemable, as a whole or in part, at the Company’s option, at any time or from time to time, on at least 30 days, but not more than
      60 days, prior notice to the holder of this Note given in accordance with the provisions of the Indenture, at a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; or (ii) the Optional Redemption
      Price, plus, in each case, accrued and unpaid interest on this Note to, but excluding, the Redemption Date.

    

    

    “Optional Redemption Price” means the price, expressed as a percentage (rounded to three decimal places, 0.0005 being rounded upwards), at which the
      yield (as calculated by the Trustee) on this Note, if it were to be purchased at such price on the third dealing day prior to the date fixed for redemption, would be equal to the yield on such dealing day of the Reference Bond on the basis of the
      average of four quotations of the average midmarket annual yield to maturity of the Reference Bond prevailing at 11:00 a.m. (Central European time) on such dealing day as determined by the Trustee plus 0.15%.

    

    

    “Reference Bond” means, in relation to any Optional Redemption Price calculation, the German Government DBR 0 1⁄2% due February 15, 2028, or if such
      bond is no longer in issue, such other European government bond as the Trustee may, with the advice of three brokers of, and/or market makers in, European government bonds selected by the Trustee, determine to be appropriate for determining the
      Optional Redemption Price.

    

    

    On and after the Redemption Date, interest will cease to accrue on this Note or any portion of this Note called for redemption (unless we default in
      the payment of the redemption price and accrued and unpaid interest). On or before the Redemption Date, we will deposit with a paying agent (or the Trustee) money sufficient to pay the redemption price of and accrued and unpaid interest on any
      portion of this Note to be redeemed on that date. If fewer than all of the Notes of this series are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by a method the Trustee deems to be fair and appropriate.

    

    

    
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    Upon due presentation for registration of transfer of this Note at the office or agency of the Company for such registration in the Borough of
      Manhattan, The City and State of New York, or any other office or agency designated by the Company for such purpose, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange
      herefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith.

    

    

    Prior to due presentment for registration of transfer of this Note, the Company, the Trustee and any agent of the Company or the Trustee may deem and
      treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue) for the purpose of receiving payment of the principal of, premium, if any, and interest on this Note, as herein provided, and for all
      other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice of the contrary.  All payments made to or upon the order of such registered holder shall, to the extent of the sum or
      sums paid, effectually satisfy and discharge liability for moneys payable on this Note.

    

    

    No recourse for the payment of the principal of, premium, if any, or interest on this Note, or for any claim based hereon or otherwise in respect
      hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against
      any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute
      or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. Unless otherwise defined in this
      Note, all terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

    

    

    THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK

    

    

    
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    SCHEDULE OF INCREASES OR DECREASES

    

    

    The initial principal amount of this Global Note is €                           .  The following increases or decreases in this Global Note have been
      made:

    

    

    	
            Date of

            Exchange

          	
            Amount of decrease in 

            Principal Amount of this 

            Global Note

          	
            Amount of increase in 

            Principal Amount of this 

            Global Note

          	
            Principal amount of this 

            Global Note following such 

            decrease or increase

          	
            Signature of authorized 

            signatory of Trustee or 

            Securities Custodian

          
	 	 	 	 	 


    

    

    

    

    

    

    

    

    

    

  

  

  

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