Document:

Exhibit 4.2

 

EXECUTION
VERSION

 

 

 

 

 

 

 

 

 

 

THE ROYAL
BANK OF SCOTLAND GROUP PLC

 

as Company

 

and

 

THE BANK
OF NEW YORK MELLON, ACTING THROUGH ITS LONDON BRANCH

 

as Trustee

 

 

THIRD
SUPPLEMENTAL INDENTURE

 

dated as
of September 12, 2016

 

to the

 

AMENDED
AND RESTATED INDENTURE

 

dated as
of September 13, 2011

 

$2,650,000,000
3.875% Senior Notes due 2023

 

 

 

 

 

 

 

 

 

 

 

 

     

    

    

 

This THIRD
SUPPLEMENTAL INDENTURE, dated as of September 12, 2016, among THE ROYAL BANK OF SCOTLAND GROUP PLC, a corporation incorporated
in Scotland with registered number SC045551, as issuer (the “Company”) and THE BANK OF NEW YORK MELLON, acting
through its London Branch, a banking corporation duly organized and existing under the laws of the State of New York, as trustee
(the “Trustee”) having its Corporate Trust Office at One Canada Square, London E14 5AL.

 

WITNESSETH:

 

WHEREAS,
the Company and the Trustee have executed and delivered an amended and restated Indenture dated as of September 13, 2011 (the
“Amended and Restated Indenture”), as amended and supplemented in respect of all series of senior debt securities
issued thereunder, by the First Supplemental Indenture dated as of April 1, 2014 (the “First Supplemental Indenture”)
and the Second Supplemental Indenture dated as of April 5, 2016 (the “Second Supplemental Indenture” and, together
with the Amended and Restated Indenture and the First Supplemental Indenture, the “Base Indenture”) to provide
for the issuance of the Company’s Senior Debt Securities from time to time;

 

WHEREAS,
Section 9.01(f) of the Base Indenture provides that the Company and the Trustee may enter into a supplemental indenture to establish
the forms or terms of the Senior Debt Securities of any series without the consent of Holders as permitted under Sections 2.01
and 3.01 of the Base Indenture;

 

WHEREAS,
the Company desires to issue, as a further series of Senior Debt Securities under the Base Indenture, $2,650,000,000 3.875% Notes
due 2023 (the “Senior Notes”), to be issued pursuant to this Third Supplemental Indenture dated as of September
12, 2016 (the “Third Supplemental Indenture” and, together with the Base Indenture, the “Indenture”);

 

WHEREAS,
to the extent that the terms of the Base Indenture are inconsistent with the provisions of this Third Supplemental Indenture,
the terms of this Third Supplemental Indenture shall govern;

 

WHEREAS,
there are no debt securities outstanding of any series created prior to the execution of this Third Supplemental Indenture which
are entitled to the benefit of the provisions set forth herein or would be adversely affected by such provisions;

 

WHEREAS,
the entry into of this Third Supplemental Indenture has been authorized pursuant to a Board Resolution as required by Section
9.01 of the Base Indenture;

 

WHEREAS,
the Company has requested that the Trustee execute and deliver this Third Supplemental Indenture, and whereas all actions
required by it to be taken in order to make this Third Supplemental Indenture a valid, binding
and enforceable instrument in accordance with its terms have been taken and performed, and the execution and delivery of this
Third Supplemental Indenture has been duly authorized in all respects; and

 

    1

    

    

 

 

NOW, THEREFORE,
the Company and the Trustee mutually covenant and agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.01.Definition
of Terms. For all purposes of this Third Supplemental Indenture:

 

(a)a
term defined anywhere in this Third Supplemental Indenture has the same meaning throughout;

 

(b)capitalized
terms used but not otherwise defined herein shall have the meanings assigned to them in the Base Indenture;

 

(c)the
singular includes the plural and vice versa;

 

(d)headings
are for convenience of reference only and do not affect interpretation; and

 

(e)for
purposes of this Third Supplemental Indenture and the Base Indenture, the term “series” shall mean the series
of securities designated as the Senior Notes.

 

Article
2

THE SENIOR DEBT SECURITIES

 

Section 2.01.Terms
of the Senior Notes. The following terms relating to the Senior Notes are hereby established pursuant to Section 3.01 of the
Base Indenture:

 

(a)The
title of the Senior Notes shall be the “3.875% Senior Notes due 2023”;

 

(b)The
aggregate principal amount of the Senior Notes that may be authenticated and delivered under the Indenture shall not initially
exceed $2,650,000,000 (except as otherwise provided in the Indenture);

 

(c)Principal
on the Senior Notes shall be payable on September 12, 2023;

 

    2 

     

    

 

(d)The
Senior Notes shall be issued in global registered form on September 12, 2016; and shall bear interest from September 12, 2016
at an annual rate of 3.875%, payable semi-annually in arrear on September 12 and March 12 in each year commencing on March 12,
2017 (each, an “Interest Payment Date”). Interest on the Senior Notes will be calculated on the basis of a
360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed
in such period. The Regular Record Dates for the Senior Notes will be the 24th day of each February and August in each
year, whether or not a Business Day, immediately preceding the relevant Interest Payment Date.

 

(e)No
premium, upon redemption or otherwise, shall be payable by the Company on the Senior Notes;

 

(f)Principal
of and any interest on the Senior Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent of the
Company having offices in London, United Kingdom;

 

(g)The
Senior Notes shall not be redeemable except as provided in Article 11 of the Base Indenture as amended by Section 3.07 of the
Second Supplemental Indenture. In connection with any redemption of Senior Notes pursuant to Section 11.08 of the Amended and
Restated Indenture, as amended by Section 3.07 of the Second Supplemental Indenture, the date referenced therein shall be September
12, 2016;

 

(h)The
Company shall have no obligation to redeem or purchase the Senior Notes pursuant to any sinking fund or analogous provision;

 

(i)The
Senior Notes shall be issued only in denominations of $200,000 and integral multiples of $1,000 in excess thereof;

 

(j)The
principal amount of, and any accrued interest on, the Senior Notes shall be payable upon the declaration of acceleration thereof
pursuant to Section 5.02 of the Base Indenture;

 

(k)Additional
Amounts shall only be payable on the Senior Notes pursuant to Section 10.04 of the Base Indenture, as amended by Section 3.06
of the Second Supplemental Indenture;

 

(l)The
Senior Notes shall not be converted into or exchanged at the option of the Company for stock or other securities of the Company;

 

(m)The
Senior Notes shall be denominated in U.S. Dollars;

 

(n)The
payment of principal of and interest, if any, on the Senior Notes shall be payable in U.S. Dollars;

 

    3 

     

    

 

(o)The
payment of principal of and interest, if any, on the Senior Notes shall be payable only in the coin or currency in which the Senior
Notes are denominated which, pursuant to (m) above, shall be U.S. Dollars;

 

(p)The
Senior Notes will be issued in the form of one or more global securities in registered form, without coupons attached, and the
initial Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository Trust Company;

 

(q)Except
in limited circumstances, the Senior Notes will not be issued in definitive form;

 

(r)There
is no Calculation Agent for the Senior Notes;

 

(s)The
Events of Default on the Senior Notes are as set forth in Section 5.01 of the Base Indenture as amended by Section 3.02 of this
Third Supplemental Indenture;

 

(t)The
form of the Senior Notes shall be evidenced by one or more global notes in registered form (each, a “Global Note”)
substantially in the form of Exhibit A attached to this Third Supplemental Indenture and made a part thereof; and

 

(u)The
Company may issue additional Senior Notes (“Additional Senior Notes”) after the date hereof having the same
ranking and same interest rate, maturity date, redemption terms and other terms as the Senior Notes except for the price to the
public and issue date, provided however that if such additional notes have the same CUSIP, ISIN and/or Common Code as the outstanding
Senior Notes, such additional notes must be fungible with the Senior Notes for U.S. federal income tax purposes. Any such Additional
Senior Notes, together with the Senior Notes will constitute a single series of securities under the Indenture. There is no limitation
on the amount of notes or other debt securities that the Company may issue under the Indenture.

 

Article
3

AMENDMENTS TO THE BASE INDENTURE

 

Section 3.01.Addition
of Definitions. With respect to the Senior Notes only, Section 1.01 of the Base Indenture is amended to include the following
definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order):

 

“Beneficial
Owners” shall mean (a) if the Senior Notes are in global form, the beneficial owners of the Senior Notes (and any interest
therein) and (b) if the Senior Notes are held in definitive

 

    4 

     

    

 

form, the holders in whose names the Senior Notes are registered in
the Senior Debt Security Register and any beneficial owners holding an interest in such Senior Notes held in definitive form.

 

“relevant
U.K. resolution authority” means any authority with the ability to exercise a U.K. bail-in power.

 

“U.K.
bail-in power” means any write-down, conversion, transfer, modification or suspension power existing from time to time
under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions
and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to the Company or other
members of the Group, including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted
or enacted within the context of a European Union directive or regulation of the European Parliament and of the Council establishing
a framework for the recovery and resolution of credit institutions and investment firms and/or within the context of a U.K. resolution
regime under the Banking Act 2009, as the same has been or may be amended from time to time (whether pursuant to the U.K. Financial
Services (Banking Reform) Act 2013 (the “Banking Reform Act 2013”), secondary legislation or otherwise, the
“Banking Act”), pursuant to which any obligations of a bank, banking group company, credit institution or investment
firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted into shares or other securities
or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant to which any right in a contract
governing such obligations may be deemed to have been exercised.

 

Section 3.02.Events
of Default. With respect to the Senior Notes only, Section 5.01 of the Base Indenture is amended by adding the following sentence
at the end of the section:

 

The
exercise of any U.K. bail-in power by the relevant U.K. resolution authority shall not constitute a default or an Event of Default
under this Section 5.01.

 

Section 3.03.Compensation
and Reimbursement. With respect to the Senior Notes only, Section 6.07 of the Base Indenture is amended in part to add the
following sentence at the end of the section:

 

    5 

     

    

 

The
Trustee’s right to reimbursement and indemnity under this Section 6.07 shall survive the payment in full of the Senior Debt
Securities, the discharge of this Amended and Restated Indenture, the resignation or removal of the Trustee and any termination
of the Amended and Restated Indenture, including any termination under any bankruptcy law and (without prejudice to Section 5.07
of this Third Supplemental Indenture if, and to the extent applicable, as set out therein) any exercise of the U.K. bail-in power
by the relevant U.K. resolution authority with respect to the obligations owed or owing to Holders pursuant to or in connection
with the Senior Debt Securities.

 

To
the extent the Company’s obligations to reimburse and indemnify the Trustee pursuant to this Section 6.07 are excluded liabilities
under the Banking Act or otherwise excluded from any exercise of the U.K. bail-in power by the relevant U.K. resolution authority
by legislation, rule, regulation or regulatory technical standard, such liabilities shall survive the application of such U.K.
bail-in power.

 

Article
4

 

Section 4.01.Agreement
with Respect to Exercise of U.K. Bail-In Power. The following provisions relate solely to the Senior Notes established pursuant
to this Third Supplemental Indenture:

 

(a)Notwithstanding
any other term of any Senior Notes, the Indenture, or any other agreements, arrangements, or understandings between the Company
and any Holder or Beneficial Owner, by its acquisition of the Senior Notes, each Holder (including each Beneficial Owner) of the
Senior Notes acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of,
or interest on, the Senior Notes; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Senior
Notes into ordinary shares or other securities or other obligations of the Company or another person; and (iii) the amendment
or alteration of the maturity of the Senior Notes, or amendment of the amount of interest due on the Senior Notes, or the dates
on which interest becomes payable, including by suspending payment for a temporary period; which U.K. bail-in power may be exercised
by means of variation of the terms of the Senior Notes solely to give effect to the exercise by the relevant U.K. resolution authority
of such U.K. bail-in power. Each Holder (including each Beneficial Owner) of the Senior Notes further acknowledges and agrees
that the rights of the Holders and/or Beneficial Owners under the Senior Notes are subject to, and will be varied, if necessary,
solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

 

    6 

     

    

 

(b)By
its acquisition of the Senior Notes each Holder (including each Beneficial Owner) of the Senior Notes:

 

(i)acknowledges
and agrees that upon the exercise of the U.K. bail-in power by the relevant U.K. resolution authority it shall not give rise to
a Default or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the
Trustee in Case of Default) of the Trust Indenture Act;

 

(ii)to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or
abstains from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Senior Notes; and

 

(iii)acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (x) the Trustee shall
not be required to take any further directions from holders of the Senior Notes under Section 5.12 of the Base Indenture, and
(y) neither the Base Indenture nor this Third Supplemental Indenture shall impose any duties upon the Trustee whatsoever with
respect to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

 

(c)Notwithstanding
paragraph (b), if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority,
the Senior Notes remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down
of the principal of the Senior Notes), then the Trustee’s duties under the Indenture shall remain applicable with respect
to the Senior Notes following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental
indenture or an amendment to this Third Supplemental Indenture.

 

(d)By
its acquisition of the Senior Notes, each Holder and Beneficial Owner shall be deemed to have:

 

(i)consented
to the exercise of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. resolution authority
of its decision to exercise such power with respect to the Senior Notes; and

 

(ii)authorized,
directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Senior Notes to
take any and all necessary action, if required, to implement the exercise of any U.K. bail-in power with respect to the

 

    7 

     

    

 

Senior
Notes as it may be imposed, without any further action or direction on the part of such Holder or Beneficial Owner.

 

(e)Upon
the exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes, the Company
shall provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of
notifying Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.

 

(f)No
repayment of the principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable
after the exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment
or payment, respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under
the laws and regulations of the United Kingdom and the European Union applicable to the Company and the Group.

 

(g)If
the Company has elected to redeem the Senior Notes but prior to the payment of the redemption amount with respect to such redemption
the relevant U.K. resolution authority exercises its U.K. bail-in power with respect to any Senior Notes, the relevant redemption
notices shall be automatically rescinded and shall be of no force and effect, and no payment of the redemption amount will be
due and payable.

 

(h)Any
Holder (including each Beneficial Owner) that acquires Senior Notes in the secondary market shall be deemed to acknowledge and
agree to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial
Owners of the Senior Notes that acquire the Senior Notes upon their initial issuance, including, without limitation, with respect
to the acknowledgement and agreement to be bound by and consent to the terms of the Senior Notes related to the U.K. bail-in power.

 

Article
5

MISCELLANEOUS

 

Section 5.01.Effect
of Supplemental Indenture. Upon the execution and delivery of this Third Supplemental Indenture by the Company and the Trustee,
and the delivery of the documents referred to in ‎Section 5.02 herein, the Base Indenture shall be amended and supplemented
in accordance herewith, and this Third Supplemental Indenture shall form a part of the Base Indenture for all purposes in respect
of the Senior Notes.

 

Section 5.02.Other
Documents to Be Given to the Trustee. As specified in Section 9.03 of the Base Indenture and subject to the provisions of
Section 6.03

 

    8 

     

    

 

of the Base Indenture, the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of
Counsel stating the recitals contained in Section 1.02 of the Base Indenture, and in the case of such Opinion of Counsel, that
this Third Supplemental Indenture is permitted by the Base Indenture, conforms to the requirements of the Trust Indenture Act,
and (subject to Section 1.03 of the Base Indenture) constitutes valid and binding obligations of the Company enforceable in accordance
with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts
of reasonableness and equitable principles of general applicability and may be subject to possible judicial or regulatory actions
giving effect to governmental actions or foreign laws affecting creditors’ rights, as conclusive evidence that this Third
Supplemental Indenture complies with the applicable provisions of the Base Indenture.

 

Section 5.03.Confirmation
of Indenture. The Base Indenture and this Third Supplemental Indenture with respect to the Senior Notes, is in all respects
ratified and confirmed, and the Base Indenture, this Third Supplemental Indenture and all indentures supplemental thereto shall,
in respect of the Senior Notes, be read, taken and construed as one and the same instrument. This Third Supplemental Indenture
constitutes an integral part of the Base Indenture with respect to the Senior Notes. In the event of a conflict between the terms
and conditions of the Base Indenture and the terms and conditions of this Third Supplemental Indenture, the terms and conditions
of this Third Supplemental Indenture shall prevail with respect to the Senior Notes.

 

Section 5.04.Concerning
the Trustee. The Trustee does not make any representations as to the validity or sufficiency of this Third Supplemental Indenture.
The recitals and statements herein are deemed to be those of the Company and not the Trustee. In entering into this Third Supplemental
Indenture, the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or
affecting the liability of or affording protection to the Trustee.

 

Section 5.05.Governing
Law. This Third Supplemental Indenture and the Senior Notes shall be governed by and construed in accordance with the laws
of the State of New York, irrespective of conflicts of laws principles, except as stated in Section 1.12 of the Base Indenture,
and except that the authorization and execution by the Company of this Third Supplemental Indenture and the Senior Notes shall
be governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of the Company
and the Trustee, as the case may be.

 

Section 5.06.Reparability.
In case any provision contained in this Third Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,

 

    9 

     

    

 

legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 5.07.Concerning
BRRD Liability. Notwithstanding and to the exclusion of any other term of this Third Supplemental Indenture or the Base Indenture
or any other agreements, arrangements, or understanding between the Company and the Trustee, the Trustee acknowledges and accepts
that a BRRD Liability arising under this Indenture with respect to the Senior Notes may be subject to the exercise of Bail-in
Powers by the Relevant Resolution Authority, and acknowledges, accepts and agrees to be bound by:

 

(a)the
effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of the Company
to the Trustee under this Third Supplemental Indenture or the Base Indenture, that (without limitation) may include and result
in any of the following, or some combination thereof:

 

(i)the
reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

 

(ii)the
conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Company or another
person (and the issue to or conferral on the Trustee of such shares, securities or obligations)

 

(iii)the
cancellation of the BRRD Liability; and/or

 

(iv)the
amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including
by suspending payment for a temporary period; and

 

(b)the
variation of the terms of this Third Supplemental Indenture or the Base Indenture, as deemed necessary by the Relevant Resolution
Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

 

“Bail-in
Legislation” means Part I of the U.K. Banking Act 2009 and any other law, regulation, rule or requirement applicable
from time to time in the U.K. relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

“Bail-in
Powers” means any Write-down and Conversion Powers as defined in relation to the Bail-in Legislation.

 

    10 

     

    

 

“BRRD”
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

 

“BRRD
Liability” has the same meaning as in such laws, regulations, rules or requirements implementing the BRRD under the
applicable Bail-in Legislation.

 

“Relevant
Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to
the Issuer or the Guarantor.

 

“Write-down
and Conversion Powers” means the powers under the Bail-In Legislation to cancel, transfer or dilute shares issued by
a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the
form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of
that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or
instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

 

Section 5.08.FATCA.
The Paying Agent shall be entitled to make any FATCA Withholding, and neither the Company nor the Paying Agent shall have any
obligation to gross-up any payment hereunder or under the Senior Notes as a result of any such FATCA Withholding. Each of the
Company and the Paying Agent shall provide to the other party, upon request, such forms and documentation as may be reasonably
necessary for the other party to determine whether it has any withholding or reporting obligations pursuant to FATCA in relation
to the Senior Notes, provided that the requested information is within the first party’s possession and such party is legally
entitled to provide such information.

 

“FATCA”
means (i) sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended, any U.S. Treasury regulations promulgated
thereunder, or any official guidance with respect thereto; (ii) any intergovernmental agreement between the United States and
any other jurisdiction which facilitates the implementation of clause (i), or any law, regulation or other official guidance enacted
or issued in any jurisdiction to implement such intergovernmental agreement; or (iii) any agreement entered into with the U.S.
Internal Revenue Service, the U.S. Treasury or any governmental or taxation authority in any other jurisdiction for the implementation
of clauses (i) or (ii).

 

    11 

     

    

 

“FATCA
Withholding” means any amount required to be deducted or withheld from any payment under the Senior Notes or this Third
Supplemental Indenture pursuant to FATCA.

 

Section 5.09.Counterparts.
This Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

 

[Signature
Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

 

IN WITNESS
WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of the date first written above.

 

	 	THE ROYAL BANK OF SCOTLAND GROUP PLC, as Company
	 	 
	 	 
	 	By:	/s/ Ian Merriman
	 	 	Name: Ian Merriman
	 	 	Title: Head of Balance Sheet Management

 

 

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH, as Trustee
	 	 
	 	 
	 	By:	/s/ Thomas Vanson
	 	 	Name: Thomas Vanson
	 	 	Title: Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
[Signature Page to Third Supplemental Indenture]

    

    

 

EXHIBIT
A

 

FORM OF
SENIOR NOTE

 

THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

CUSIP
No. [•]

ISIN
No. [•]

 

THE ROYAL
BANK OF SCOTLAND GROUP plc

 

[●]%
Senior Notes due [●]

 

		No.[●]	$[●]

 

THE ROYAL
BANK OF SCOTLAND GROUP plc (herein called the “Company,” which term includes any successor person under the
Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assignees,
the principal sum of $[●] ([●] million dollars) on [●] or on such earlier date as the principal hereof may become
due in accordance with the terms hereof and to pay interest thereon semi-annually in arrear on [●] and [●] of each
year, commencing [●], and ending on [●] (each, an “Interest Payment Date”). Interest so payable
on any Interest Payment Date shall be paid to the holder in whose name this Senior Note is registered on the [●] day of
[●] and [●] of each year (each a “Regular Record Date”). Any interest which is payable, but is
not punctually paid or duly provided for, on any Interest Payment Date is herein called “Default Interest”.
Default Interest shall cease to be payable to the registered holder on the relevant Regular Record Date by virtue then of having
been such holder, and such Default Interest may be paid by the Company, at its election in each case, as provided in clause (x)
or (y) below: (x) the Company may elect to make payment of any Default Interest to registered holders at the close of business
on a Special Record Date (a “Special Record Date”) for the payment of such Default Interest, such Special Record
Date to be fixed in accordance with Section

 

    
(Face of Security continued on next page)

    

    

 

3.07(a) of the Indenture or, (y) the Company may make payment of any Default Interest
in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Note may be listed,
and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment, such manner of payment shall be deemed practicable by the Trustee.

 

Interest
shall accrue on this Senior Note from day to day from the date of issuance hereof or from the most recent Interest Payment Date
at the rate of [●]% per annum, until the principal amount hereof is paid or made available for payment.

 

Payments
of interest on this Senior Note shall be computed on the basis of a 360-day year divided into twelve months of 30 days each and,
in the case of an incomplete month, the actual number of days elapsed in such period.

 

Payment of
the principal amount of, and any interest on, this Senior Note will be made in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including
through a Paying Agent of the Company outside the United Kingdom for collection by the Holder. If the date for payment of the
principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the Indenture) such payment shall
be made on the next succeeding Business Day with the same force and effect as if made on such date for payment and without any
interest or other payment in respect of such delay.

 

Prior to
due presentment of this Senior 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 Senior Note is registered as the owner of such Senior Note for the purpose of
receiving payment of principal and interest, if any, on such Senior Note and for all other purposes whatsoever, whether or not
such Senior Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected
by notice to the contrary.

 

Reference
is hereby made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Notwithstanding
any other term of any Senior Notes, the Indenture, or any other agreements, arrangements, or understandings between the Company
and any Holder or

 

    
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Beneficial Owner, by its acquisition of the Senior Notes, each Holder (including each Beneficial Owner) of the
Senior Notes acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority that may result in (i) the reduction or cancellation of all, or a portion, of the principal amount of,
or interest on, the Senior Notes; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Senior
Notes into ordinary shares or other securities or other obligations of the Company or another person; and (iii) the amendment
or alteration of the maturity of the Senior Notes, or amendment of the amount of interest due on the Senior Notes, or the dates
on which interest becomes payable, including by suspending payment for a temporary period; which U.K. bail-in power may be exercised
by means of variation of the terms of the Senior Notes solely to give effect to the exercise by the relevant U.K. resolution authority
of such U.K. bail-in power. Each Holder (including each Beneficial Owner) of the Senior Notes further acknowledges and agrees
that the rights of the Holders and/or Beneficial Owners under the Senior Notes are subject to, and will be varied, if necessary,
solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

 

For these
purposes, “U.K. bail-in power” means any write-down, conversion, transfer, modification or suspension power
existing from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group
companies, credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United
Kingdom to the Company or other members of the Group, including but not limited to any such laws, regulations, rules or requirements
which are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament
and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and/or
within the context of a U.K. resolution regime under the Banking Act 2009, as the same has been or may be amended from time to
time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013 (the “Banking Reform Act 2013”),
secondary legislation or otherwise, the “Banking Act”), pursuant to which any obligations of a bank, banking
group company, credit institution or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred
and/or converted into shares or other securities or obligations of the obligor or any other person (or suspended for a temporary
period) or pursuant to which any right in a contract governing such obligations may be deemed to have been exercised, “relevant
U.K. resolution authority” means any authority with the ability to exercise a U.K. bail-in power.

 

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

 

Dated: September 12, 2016

 

	 	Executed by 

    

    THE ROYAL BANK OF SCOTLAND GROUP PLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:    Authorized
                                Signatory

 

	 	 	 
	 	 	Name:
	 	 	Title:Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

 

CERTIFICATE
OF AUTHENTICATION

 

This is one
of the Senior Notes of the series designated herein referred to in the within-mentioned Indenture.

 

Dated: September 12, 2016

 

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH
	 	as Trustee
	 	 
	 	By: 	
	 	 	Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

 

[Reverse
of Note]

 

This
note is one of a duly authorized issue of securities of the Company (herein called the “Senior Notes”) issued
and to be issued in one or more series under an amended and restated Indenture dated as of
September 13, 2011 (the “Amended and Restated Indenture”), as amended and supplemented in respect of all series
of senior debt securities issued thereunder, by the First Supplemental Indenture dated as of April 1, 2014 (the “First
Supplemental Indenture”) and the Second Supplemental Indenture dated as of April 5, 2016 (the “Second Supplemental
Indenture” and, together with the Amended and Restated Indenture and the First Supplemental Indenture, the “Base
Indenture”) and as amended and supplemented by the Third Supplemental Indenture dated as of September [•], 2016
(the “Third Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
in each case among the Company, as issuer, and The Bank of New York Mellon,
acting through its London Branch as trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture). Reference is hereby made to the Indenture and all indentures supplemental thereto for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Senior Notes and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered.

 

This Senior
Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $[·].

 

The Company
may, from time to time, without the consent of the holders of the Senior Notes, issue Additional Senior Debt Securities having
the same ranking and interest rate, maturity date, redemption terms and other terms as the Senior Notes of this series, except
for the price to the public and issue date. Any such Additional Senior Debt Securities, together with the Senior Notes of this
series, will constitute a single series of Senior Notes under the Indenture and shall be included in the definition of “Senior
Debt Securities” in the Indenture where the context requires; provided, however, that if such Additional Senior Debt Securities
are not fungible with the Outstanding Senior Notes of this series for U.S. federal income tax purposes, the Additional Senior
Debt Securities must have a CUSIP, ISIN and/or other identifying number (as the case may be) different from those used for the
Outstanding Senior Notes of this series.

 

The Senior
Notes will initially be issued in the form of one or more global Senior Notes (each, a “Global Senior Note”).
Except as provided in the Indenture, a Global Senior Note shall not be exchangeable for one or more definitive Senior Notes.

 

The Senior
Notes of this series will constitute direct, unconditional, unsecured and unsubordinated obligations of the Company, as described
herein, ranking pari passu without any preference among themselves, and equally with all other outstanding unsecured and
unsubordinated obligations, present and future of the Company, except such obligations as are preferred by operation of law.

 

    
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If an Event
of Default with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee or the Holder or
Holders of not less than 25% in aggregate principal amount of the Outstanding Senior Notes of this series may declare the principal
amount of, and any accrued interest on, all the Senior Notes to be due and payable immediately, in the manner, with the effect
and subject to the conditions provided in the Indenture.

 

If a Default
with respect to the Senior Notes of this series shall have occurred and be continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of Holders of Senior Notes by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in the Indenture or in aid of the exercise of any power granted thereon, or to enforce any other proper remedy, including the
institution of proceedings in Scotland (but not elsewhere) for the winding up of the Company.

 

All amounts
of principal, premium, if any, and interest on the Senior Notes will be paid by the Company without deduction or withholding for,
or on account of, any and all present and future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions
or withholdings now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any
political subdivision or any authority thereof or therein having the power to tax (the “U.K. Taxing Jurisdiction”),
unless such deduction or withholding is required by law.

 

If deduction
or withholding of any such taxes, levies, imposts, duties, charges, fees, deductions or withholdings shall at any time be required
by the U.K. Taxing Jurisdiction, the Company will pay such additional amounts with respect to the principal of and premium, if
any, and interest on the Senior Notes (“Additional Amounts”) as may be necessary in order that the net amounts
paid to the Holders of the Senior Notes, after such deduction or withholding, shall equal the amounts of such payments which would
have been payable in respect of such Senior Notes had no such deduction or withholding been required; provided, however, that
the foregoing will not apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding that would not have been
payable or due but for the fact that:

 

(i) the Holder
or the beneficial owner of the Senior Note is a domiciliary, national or resident of, or engaging in business or maintaining a
permanent establishment or physically present in, the U.K. Taxing Jurisdiction or otherwise has some connection with the U.K.
Taxing Jurisdiction other than the mere holding or ownership of a Senior Note, or the collection of the payment on any Senior
Note,

 

(ii) except
in the case of a winding-up of the Company in the United Kingdom, the Senior Note is presented (where presentation is required)
for payment in the United Kingdom,

 

    
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(iii) the
Senior Note is presented (where presentation is required) for payment more than 30 days after the date payment became due or was
provided for, whichever is later, except to the extent that the Holder would have been entitled to such Additional Amount on presenting
(where presentation is required) the Senior Note for payment at the close of such 30 day period,

 

(iv) the
Holder or the beneficial owner of the Senior Note or the payment on such Senior Note failed to comply with a request by the Company
or its liquidator or other authorized person addressed to the Holder (x) to provide information concerning the nationality, residence
or identity of the Holder or such beneficial owner or (y) to make any declaration or other similar claim to satisfy any requirement,
which in the case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice of the U.K.
Taxing Jurisdiction as a precondition to exemption or relief from all or part of such deduction or withholding,

 

(v) the withholding
or deduction is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any
Directive amending, supplementing or replacing such Directive, or any law implementing or complying with, or introduced in order
to conform to, such Directive or Directives,

 

(vi) the
withholding or deduction is required to be made pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986,
as amended, any agreement with the U.S. Treasury entered into with respect thereto, any U.S. Treasury regulation issued thereunder
or any other official interpretations or guidance issued with respect thereto; any intergovernmental agreement entered into with
respect thereto, or any law, regulation, or other official interpretation or guidance promulgated pursuant to such an intergovernmental
agreement,

 

(vii) the
Senior Note is presented (where presentation is required) for payment by or on behalf of a Holder who would have been able to
avoid such withholding or deduction by presenting (where presentation is required) the Senior Note to another paying agent in
a Member State of the European Union, or

 

(viii) any
combination of subclauses (i) through (vii) above,

 

nor shall
Additional Amounts be paid with respect to a payment on the Senior Notes to any Holder who is a fiduciary or partnership or person
other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the U.K. Taxing
Jurisdiction to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had it been the Holder.

 

Whenever
in the Indenture there is mentioned, in the context of Senior Notes, the payment of the principal, premium, if any, or interest
on, or in respect of, any Senior

 

    
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Notes, such mention shall be deemed to include mention of the payment of Additional Amounts provided
for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant
to the provisions of the foregoing paragraph and as if express mention of the payment of Additional Amounts (if applicable) were
made in any provisions hereof where such express mention is not made.

 

The Company
will have the option to redeem the Senior Notes in whole but not in part, on not less than 5 business days nor more than 60 calendar
days’ notice, on any Interest Payment Date, at a redemption price equal to 100% of the principal amount, together with accrued
but unpaid interest, if any, in respect of the Senior Notes to the date fixed for redemption, if, at any time, the Company shall
determine that as a result of a change in or amendment to the laws or regulations of the U.K. Taxing Jurisdiction (including any
treaty to which a U.K. Taxing Jurisdiction is a party), or any change in the official application or interpretation of such laws
or regulations (including a decision of any court or tribunal) which change or amendment becomes effective on or after [●]:

 

(a)in
making any payment under the Senior Notes, including any payment in respect of principal or premium, if any, or interest, the
Company has or will or would on the next Interest Payment Date become obligated to pay Additional Amounts;

 

(b)payment
of interest on the next Interest Payment Date in respect of any of the Senior Notes would be treated as a “distribution”
within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment
thereof for the time being); or

 

(c)on
the next Interest Payment Date the Company would not be entitled to claim a deduction in respect of such payment of interest in
computing its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially reduced).

 

In any case
where the Company shall determine that as a result of any change in the official application or interpretation of any laws or
regulations it is entitled to redeem the Senior Notes, the Company shall be required to deliver to the Trustee prior to the giving
of any notice of redemption a written legal opinion of independent United Kingdom counsel of recognized standing (selected by
the Company) in a form satisfactory to the Trustee confirming that the relevant change in the official application or interpretation
of such laws or regulations has occurred and that the Company is entitled to exercise its right of redemption.

 

If the Company
elects to redeem the Senior Notes of this series, the Senior Notes will cease to accrue interest from the date of redemption,
provided the redemption price has been paid in accordance with the Indenture.

 

    
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Upon
payment of (i) the amount of principal
so declared due and payable and (ii) accrued and unpaid interest, all of the Company’s obligations in respect of the payment
of the principal of, and accrued and unpaid interest on, the Senior Notes of this series shall terminate.

 

The Indenture
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 Senior Debt Securities of each series to be affected thereby by the Company
and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Senior Debt Securities
at the time outstanding of each such series. The Indenture also contains provisions permitting the Holders of a majority in aggregate
principal amount of the outstanding Senior Debt Securities of each series, on behalf of the Holders of all Senior Debt Securities
of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past Events of Default
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note.

 

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

 

As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Senior Note of this series will have the right to institute
any proceeding with respect to the Indenture, this Senior Note or any remedy thereunder; provided, however, that such limitations
do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal or interest as and when
the same shall have become due and payable in accordance with the terms hereof and the Indenture.

 

The Holders
of Senior Notes by their acceptance thereof will be deemed to have waived any right of set-off or counterclaim or combination
of accounts with respect to the Senior Notes or the Indenture (or between the obligations under or in respect of any Senior Notes
and any liability owed by a Holder to the Company) that they might otherwise have against the Company, whether before or during
a winding up of the Company.

 

Notwithstanding
any other term of any Senior Notes, the Indenture, or any other agreements, arrangements, or understandings between the Company
and any Holder or Beneficial Owner, by its acquisition of the Senior Notes, each Holder (including each Beneficial Owner) of the
Senior Notes acknowledges, accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant
U.K. resolution authority that may result in (i) the reduction or cancellation of all, or a portion, of the

 

    
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principal amount of,
or interest on, the Senior Notes; (ii) the conversion of all, or a portion, of the principal amount of, or interest on, the Senior
Notes into ordinary shares or other securities or other obligations of the Company or another person; and (iii) the amendment
or alteration of the maturity of the Senior Notes, or amendment of the amount of interest due on the Senior Notes, or the dates
on which interest becomes payable, including by suspending payment for a temporary period; which U.K. bail-in power may be exercised
by means of variation of the terms of the Senior Notes solely to give effect to the exercise by the relevant U.K. resolution authority
of such U.K. bail-in power. Each Holder (including each Beneficial Owner) of the Senior Notes further acknowledges and agrees
that the rights of the Holders and/or Beneficial Owners under the Senior Notes are subject to, and will be varied, if necessary,
solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

 

For these
purposes, “U.K. bail-in power” means any write-down, conversion, transfer, modification or suspension power
existing from time to time under any laws, regulations, rules or requirements relating to the resolution of banks, banking group
companies, credit institutions and/or investment firms incorporated in the United Kingdom in effect and applicable in the United
Kingdom to the Company or other members of the Group, including but not limited to any such laws, regulations, rules or requirements
which are implemented, adopted or enacted within the context of a European Union directive or regulation of the European Parliament
and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and/or
within the context of a U.K. resolution regime under the Banking Act 2009, as the same has been or may be amended from time to
time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013 (the “Banking Reform Act 2013”),
secondary legislation or otherwise, the “Banking Act”), pursuant to which any obligations of a bank, banking
group company, credit institution or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred
and/or converted into shares or other securities or obligations of the obligor or any other person (or suspended for a temporary
period) or pursuant to which any right in a contract governing such obligations may be deemed to have been exercised, “relevant
U.K. resolution authority” means any authority with the ability to exercise a U.K. bail-in power.

 

By its acquisition
of the Senior Notes each Holder (including each Beneficial Owner) of the Senior Notes:

 

(a)acknowledges
and agrees that upon the exercise of the U.K. bail-in power by the relevant U.K. resolution authority it shall not give rise to
a Default or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee
in Case of Default) of the Trust Indenture Act;

 

(b)to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or

 

    
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abstains from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. resolution
authority with respect to the Senior Notes; and

 

(c)acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. resolution authority, (a) the Trustee shall
not be required to take any further directions from holders of the Senior Notes under Section 5.12 of the Base Indenture, and
(b) neither the Base Indenture nor the Third Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect
to the exercise of any U.K. bail-in power by the relevant U.K. resolution authority.

 

Notwithstanding
the foregoing, if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. resolution authority,
the Senior Notes remain outstanding (for example, if the exercise of the U.K. bail-in power results in only a partial write-down
of the principal of the Senior Notes), then the Trustee’s duties under the Indenture shall remain applicable with respect
to the Senior Notes following such completion to the extent that the Company and the Trustee shall agree pursuant to a supplemental
indenture or an amendment to the Third Supplemental Indenture.

 

The exercise
of any U.K. bail-in power by the relevant U.K. resolution authority shall not constitute a default or an Event of Default under
Section 5.01 of the Indenture.

 

By its acquisition
of the Senior Notes, each Holder and Beneficial Owner shall be deemed to have:

 

(i)consented
to the exercise of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. resolution authority
of its decision to exercise such power with respect to the Senior Notes and

 

(ii)authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Senior
Notes to take any and all necessary action, if required, to implement the exercise of any U.K. bail-in power with respect to the
Senior Notes as it may be imposed, without any further action or direction on the part of such Holder or Beneficial Owner.

 

No repayment
of the principal amount of the Senior Notes or payment of interest on the Senior Notes shall become due and payable after the
exercise of any U.K. bail-in power by the relevant U.K. resolution authority unless, at the time that such repayment or payment,
respectively, is scheduled to become due, such repayment or payment would be permitted to be made by the Company under the laws
and regulations of the United Kingdom and the European Union applicable to the Company and the Group.

 

Upon the
exercise of the U.K. bail-in power by the relevant U.K. resolution authority with respect to the Senior Notes, the Company shall
provide a written notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for

 

    
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purposes of notifying
Holders of such occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.

 

If the Company
has elected to redeem the Senior Notes but prior to the payment of the redemption amount with respect to such redemption the relevant
U.K. resolution authority exercises its U.K. bail-in power with respect to any Senior Notes, the relevant redemption notices shall
be automatically rescinded and shall be of no force and effect, and no payment of the redemption amount will be due and payable.

 

Any Holder
(including each Beneficial Owner) that acquires Senior Notes in the secondary market shall be deemed to acknowledge and agree
to be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial
Owners of the Senior Notes that acquire the Senior Notes upon their initial issuance, including, without limitation, with respect
to the acknowledgement and agreement to be bound by and consent to the terms of the Senior Notes related to the U.K. bail-in power.

 

This Senior
Note will be governed by the laws of the State of New York.

 

Unless otherwise
defined herein, all terms used in this Senior Note which are defined in the Indenture shall have the meanings assigned to them
in the Indenture.EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
 THERMO FISHER SCIENTIFIC INC. 

as Issuer 
 AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
 THIRTEENTH
SUPPLEMENTAL INDENTURE 
 Dated as of September 12, 2016 

€1,000,000,000 of 0.750% Senior Notes due 2024 

€600,000,000 of 1.375% Senior Notes due 2028 
  

 

 THIS THIRTEENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) is dated
as of September 12, 2016 between THERMO FISHER SCIENTIFIC INC., a Delaware corporation (the “Company”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the
“Trustee”). 
 RECITALS 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of November 20, 2009 (the “Base
Indenture” and, as supplemented by this Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of unsubordinated debt securities evidencing its unsecured indebtedness. 

WHEREAS, the Company has authorized the issuance of €1,000,000,000 aggregate principal amount of 0.750% Senior Notes due 2024 (the
“2024 Notes”) and €600,000,000 aggregate principal amount of 1.375% Senior Notes due 2028 (the “2028 Notes” and together with the 2024 Notes, the “Notes”). 

WHEREAS, the entry into this Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Base
Indenture. 
 WHEREAS, the Company desires to enter into this Supplemental Indenture pursuant to Section 9.01 of the Base Indenture to
establish the terms of the Notes in accordance with Section 2.01 of the Base Indenture and to establish the form of the Notes in accordance with Sections 2.01(a)(10) and 2.02 of the Base Indenture. 

WHEREAS, all things necessary to make this Supplemental Indenture a valid and legally binding agreement according to its terms have been done.

 NOW, THEREFORE, for and in consideration of the foregoing premises, the Company and the Trustee, mutually covenant and agree for the
equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 
 ARTICLE I 

 

	Section 1.1	Defined Terms. 

 (1) Capitalized terms used but not defined in this Supplemental
Indenture shall have the meanings ascribed thereto in the Base Indenture. 
 (2) A term defined anywhere in this Supplemental Indenture has
the same meaning throughout. 
 (3) The singular includes the plural and vice versa. 

(4) Headings are for convenience of reference only and do not affect the interpretation. 

  
 1 

 (5) As used herein, the following defined terms shall have the following meanings with respect to
the Notes and this Supplemental Indenture only: 
 “2024 Par Call Date” means June 12, 2024. 

“2028 Par Call Date” means June 12, 2028. 

“Additional Amounts” has the meaning set forth in Section 1.4(2). 

“Below Investment Grade Rating Event” means, with respect to a series of Notes, such Notes are downgraded below Investment
Grade Rating by any two of the Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of the occurrence of a Change of Control (or pending Change
of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period shall be extended so long as the rating of such Notes is under publicly announced consideration for possible downgrade by at least two of such
Rating Agencies on such 60th day, such extension to last with respect to each such Rating Agency until the date on which such Rating Agency considering such possible downgrade either (x) rates such Notes below Investment Grade or
(y) publicly announces that it is no longer considering such Notes for possible downgrade, provided that no such extension will occur if on such 60th day such Notes of the applicable series are rated Investment Grade by at least two of
such Rating Agencies in question and are not subject to review for possible downgrade by such Rating Agencies). 
 “Business
Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New York or London are authorized or required by law, regulation or executive order to close and (2) on which
the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open. 

“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 its subsidiaries taken as a whole to any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its direct or indirect wholly-owned subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) as a result of which any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares;
(3) the Company consolidates with, or merges with or into, any “person” or “group” (as that term is used in Section 13(d)(3) of the Exchange Act), or any “person” or “group” consolidates with, or
merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than
any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting

  
 2 

 
Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; or (4) the adoption of a plan relating to
the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control with respect to any series of Notes if (a) the Company becomes a direct or indirect wholly-owned
subsidiary of a holding company (which shall include a parent company) and (b)(i) the holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of our Voting Stock
immediately prior to that transaction or (ii) no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding company satisfying the requirements of this sentence) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the voting power of the Voting Stock of such holding company immediately following such transaction. 

“Change of Control Triggering Event” means, with respect to any series of Notes, the occurrence of both a Change of Control
and a Below Investment Grade Rating Event. 
 “Common Depositary” means The Bank of New York Mellon, London Branch, as
common depositary for the Depositary. 
 “Comparable Bond Rate” means, for any Optional Redemption Date, the rate per annum
equal to the annual equivalent yield to maturity or interpolated yield to maturity (on a day count basis), computed as of the third Business Day immediately preceding that Optional Redemption Date, of the Comparable Government Issue, assuming a
price for the Comparable Government Issue (expressed as a percentage of its principal amount) equal to the Comparable Price for that Optional Redemption Date. 

“Comparable Government Issue” means the euro-denominated security issued by the German government selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (in the case of the 2024 Notes, assuming that the 2024 Notes matured on the 2024 Par Call Date and, in the case of the 2028
Notes, assuming that the 2028 Notes matured on the 2028 Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of the Notes to be redeemed. 
 “Comparable Price” means, with respect to any Optional Redemption Date,
(a) the average of the Reference Dealer Quotations for such Optional Redemption Date, after excluding the highest and lowest of the Reference Dealer Quotations, (b) if the Company obtains fewer than four Reference Dealer Quotations, the
arithmetic average of those quotations or (c) if the Company obtains only one Reference Dealer Quotation, such Reference Dealer Quotation. 

“Depositary” means each of Clearstream Banking, société anonyme, Luxembourg and Euroclear Bank S.A./N.V.
as operator of the Euroclear System. 
 “euro” or “€” means the single currency introduced at the
third stage of the European Monetary Union pursuant to the Treaty establishing the European Community, as amended. 

  
 3 

 “Fitch” means Fitch Ratings, Limited, and any successor to its rating agency
business. 
 “ICMA” means the International Capital Markets Association. 

“Independent Investment Banker” means each Reference Dealer appointed by the Company as Independent Investment Banker
(initially, J.P. Morgan Securities plc). 
 “Internal Revenue Code” means the U.S. Internal Revenue Code of 1986, as
amended. 
 “Investment Grade Rating” means a rating by Moody’s equal to or higher than Baa3 (or the equivalent under
a successor rating category of Moody’s) or a rating by S&P equal to or higher than BBB- (or the equivalent under any successor rating category of S&P) or a rating by Fitch equal to or higher than BBB- (or the equivalent under any
successor rating category of Fitch). 
 “Moody’s” means Moody’s Investors Service, Inc., and any successor to its
rating agency business. 
 “Optional Redemption Date” when used with respect to any Note to be redeemed at the
Company’s option, means the date fixed for such redemption by or pursuant to Section 1.3 of this Supplemental Indenture. 

“Optional Redemption Price” when used with respect to any Note to be redeemed at the Company’s option, means the price,
calculated by the Company, at which it is to be redeemed pursuant to Section 1.3 of this Supplemental Indenture. 
 “Paying
Agency Agreement” means the Paying Agency Agreement, dated as of September 12, 2016, between the Company and the Paying Agent. 

“Paying Agent” means The Bank of New York Mellon, London Branch, or any successor. 

“Primary Bond Dealer” means a broker or dealer of, and/or a market maker in German government bonds. 

“Rating Agencies” means (1) Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or Fitch
ceases to rate the applicable series of Notes or fails to make a rating of such Notes publicly available for any reason, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the
Exchange Act, selected by the Company (as certified by a resolution of its Board of Directors) as a replacement agency for any of Moody’s, S&P or Fitch, or all of them, as the case may be. 

“Reference Dealer” means each of (i) J.P. Morgan Securities plc, Barclays Bank PLC, Mizuho International plc and Morgan
Stanley & Co. International plc and their respective affiliates or successors and (ii) one other nationally recognized investment banking firm (or its affiliates) that is a Primary Bond Dealer that the Company selects in connection
with the 

  
 4 

 
particular redemption, and each of their respective successors, provided that if at any time any of the above is not a Primary Bond Dealer, the Company will substitute that entity with
another nationally recognized investment banking firm that the Company selects that is a Primary Bond Dealer. 
 “Reference Dealer
Quotations” means, with respect to each Reference Dealer and any Optional Redemption Date, the arithmetic average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Government Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Dealer at 11:00 a.m., London time, on the third Business Day preceding such Optional Redemption Date. 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the
principal thereof and interest thereon that would be due after the related Optional Redemption Date for such redemption (in the case of the 2024 Notes, assuming that the 2024 Notes matured on the 2024 Par Call Date and, in the case of the 2028
Notes, assuming that the 2028 Notes matured on the 2028 Par Call Date); provided, however, that, if such Optional Redemption Date is not an interest payment date with respect to such Note, the amount of the next succeeding scheduled interest
payment thereon will be reduced by the amount of interest accrued thereon to such Optional Redemption Date. 
 “S&P”
means S&P Global Ratings, a division of S&P Global, Inc., and any successor to its rating agency business. 
 “Specified
Office of the Paying Agent” means, initially, the London Branch of The Bank of New York Mellon, located at One Canada Square, London E14 5AL, England. 

“Treasury Regulations” means the U.S. Treasury Regulations promulgated under the Internal Revenue Code. 

“United States person” means any individual who is a citizen or resident of the United States for U.S. federal income tax
purposes, 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. 

“United States” means the United States of America, the states of the United States, and the District of Columbia. 

“Voting Stock” means with respect to any specified person (as that term is used in Section 13(d)(3) of the Exchange Act)
Capital Stock of any class or kind the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right to vote has been
suspended by the happening of such a contingency. 

  
 5 

	Section 1.2	Terms of the Notes. 

 The following terms relate to the Notes: 

(1) The 2024 Notes shall constitute a separate series of Notes having the title “0.750% Senior Notes due 2024” and the 2028 Notes
shall constitute a separate series of Notes having the title “1.375% Senior Notes due 2028”. 
 (2) The aggregate principal amount
of the 2024 Notes (the “Initial 2024 Notes”) and the 2028 Notes (the “Initial 2028 Notes”, and together with the Initial 2024 Notes, the “Initial Notes”) that may be initially authenticated and
delivered under the Indenture shall be €1,000,000,000 and €600,000,000, respectively. The Company may from time to time, without the consent of the Holders, issue additional 2024 Notes (in any such case, the “Additional 2024
Notes”) or additional 2028 Notes (in any such case, the “Additional 2028 Notes”) having the same terms (except for the issue date, offering price and, if applicable, the first interest payment date) as the Initial 2024
Notes or Initial 2028 Notes, as the case may be. Any Additional 2024 Notes and the Initial 2024 Notes and any Additional 2028 Notes and the Initial 2028 Notes, as the case may be, shall each constitute a single series under the Indenture and all
references to the 2024 Notes shall include both the Initial 2024 Notes and any Additional 2024 Notes and all references to the 2028 Notes shall include both the Initial 2028 Notes and any Additional 2028 Notes, unless the context otherwise requires.
The aggregate principal amount of each of the 2024 Notes and the 2028 Notes shall be unlimited. The entire Outstanding principal amount of the 2024 Notes and the 2028 Notes shall be payable on September 12, 2024 and on September 12, 2028,
respectively. The principal of each of the Notes payable at maturity or upon earlier redemption shall be paid against presentation and surrender of such Note at the office or agency maintained for such purposes in London, initially, the Specified
Office of the Paying Agent. 
 (3) The rate at which the 2024 Notes shall bear interest shall be 0.750% per annum and the rate at which
the 2028 Notes shall bear interest shall be 1.375% per annum. The date from which interest shall accrue on the Notes shall be the most recent Interest Payment Date to which interest has been paid or provided for or, if no interest has been
paid, from September 12, 2016. The Interest Payment Dates for the Notes shall be September 12 of each year, beginning September 12, 2017, until the principal is paid or made available for payment. Interest shall be payable in arrears
on each Interest Payment Date to the holders of record at the close of business on the August 28 prior to each Interest Payment Date, whether or not a Business Day, as the case may be (each such date being a “regular record
date”). Interest on the notes shall be computed on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of ICMA) day count convention. 

(4) The Notes shall be issuable in whole in the form of one or more registered Global Securities, without coupons, which shall be deposited
with, or on behalf of, the applicable Depositary and shall be registered in the name of the Common Depositary for, and in respect of interests held through, the applicable Depositary. The Notes shall be substantially in the form attached hereto as
Exhibit A (2024 Notes) and Exhibit B (2028 Notes), the terms of which are herein incorporated by reference. The Notes shall be issuable in denominations of €100,000 or any integral multiple of €1,000 in excess thereof. 

  
 6 

 (5) The Notes may be redeemed at the option of the Company prior to the maturity date, as
provided in Section 1.3 hereof. 
 (6) The Notes shall not have the benefit of any sinking fund. 

(7) Except as provided herein, the Holders shall have no special rights in addition to those provided in the Base Indenture upon the
occurrence of any particular events. 
 (8) The Notes shall be general unsecured and unsubordinated obligations of the Company and shall be
ranked equally among themselves. 
 (9) The Notes are not convertible into shares of common stock or other securities of the Company. 

(10) The covenants set forth in Section 1.4 hereof shall be applicable to the Notes. 

(11) The transfer and exchange provisions set forth in Section 2.05 of the Base Indenture shall be applicable to the Notes. 

(12) All payments of principal of, and interest (including Additional Amounts, if any) and premium (if any) on, the Notes shall be payable in
euro; provided, however, that if, on or after September 7, 2016, euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being
used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of
the Notes shall be made in U.S. dollars until the euro is again available to the Company or so used. In such circumstances, the amount payable on any date in euro shall be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve
Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate
published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the Notes so made in U.S. dollars shall not constitute an Event of Default under the Notes or the Indenture.
Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. Any references elsewhere in the Indenture or the Notes to payments being made in euro notwithstanding,
payments shall be made in U.S. dollars to the extent set forth in this Section 1.2(12). 
 (13) The Company hereby initially designates
the Specified Office of the Paying Agent as the office to be maintained by it where Notes may be presented for payment, registration of transfer or exchange, and where notices to or demands upon the Company in respect of the Notes or the Indenture
may be served. The Security Registrar for the Notes shall initially be the Trustee. Upon notice to the Trustee, the Company may at any time vary or terminate the appointment of any Paying Agent or Security Registrar, to appoint additional or other
Paying Agents or Security Registrars and to approve any change in the office through which any Paying Agent or Security Registrar acts. 

  
 7 

 (14) In order to provide for all payments due on the Notes as the same shall become due, the
Company shall cause to be paid to the Paying Agent, no later than 10:00 a.m. London time on the Business Day prior to the payment date of each Note, at such bank as the Paying Agent shall previously have notified the Company, in immediately
available funds sufficient to meet all payments due on such Notes. 
 (15) Notwithstanding any other provision of this Supplemental
Indenture, the Trustee and Paying Agent shall be entitled to make a deduction or withholding from any payment which it makes under this Supplemental Indenture for or on account of any present or future taxes, duties or charges if and to the extent
so required by any applicable law and any current or future regulations or agreements thereunder or official interpretations thereof or any law implementing an intergovernmental approach thereto or by virtue of the relevant Holder failing to satisfy
any certification or other requirements in respect of the Notes, in which event the Trustee or Paying Agent shall make such payment after such withholding or deduction has been made and shall account to the relevant authorities for the amount so
withheld or deducted and shall have no obligation to gross up any payment hereunder or pay any additional amount as a result of such withholding tax. 
  

	Section 1.3	Optional Redemption. 

 (a) The provisions of Article III of the Base Indenture, as
amended by the provisions of this Supplemental Indenture, shall apply to the Notes with respect to this Section 1.3. 
 (b) Prior to
the 2024 Par Call Date, in the case of the 2024 Notes, and prior to the 2028 Par Call Date, in the case of the 2028 Notes, the Notes shall be redeemable, in whole at any time or in part from time to time, at the Company’s option. Upon
redemption of the Notes, the Company shall pay an Optional Redemption Price equal to the greater of: 
  

	 	(i)	100% of the principal amount of the Notes to be redeemed, and 

  

	 	(ii)	the sum of the present values of the Remaining Scheduled Payments of the Notes to be redeemed, discounted to the Optional Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) using a discount rate equal to the
Comparable Bond Rate, plus 20 basis points, in the case of the 2024 Notes, or 25 basis points, in the case of the 2028 Notes. 

 plus,
in addition to such Optional Redemption Price, accrued and unpaid interest on the Notes redeemed, if any, to, but excluding, the Optional Redemption Date. 

In addition, on or after the 2024 Par Call Date, in the case of the 2024 Notes, and on or after the 2028 Par Call Date, in the case of the
2028 Notes, the Notes shall be redeemable, in whole at any time or in part from time to time, at the Company’s option, at an Optional Redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus, accrued and unpaid
interest, if any, to, but excluding, the Optional Redemption Date. 
 The Notes of any series shall also be redeemable, in whole, but not in
part, at any time at the Company’s option, at an Optional Redemption Price equal to 100% of the principal amount of the Notes, plus, accrued and unpaid interest and any Additional Amounts thereon, if the

  
 8 

 
Company determines that (A) as a result of any change or amendment to the laws, treaties, regulations or rulings of the United States of America or any political subdivision or taxing
authority thereof, which change or amendment is announced and becomes effective on or after September 7, 2016, there is a material probability that the Company has or will become obligated to pay Additional Amounts of such series or (B) on
or after September 7, 2016, any change in the official application, enforcement or interpretation of those laws, treaties, regulations or rulings, including a holding by a court of competent jurisdiction in the United States or any other
action, taken by any taxing authority or a court of competent jurisdiction in the United States, whether or not such action was taken or made with respect to the Company, results in a material probability that the Company has or will become
obligated to pay Additional Amounts on any Notes of such series; provided that the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by use of reasonable measures available to
the Company, not including substitution of the obligor under such Notes. Prior to the mailing of any notice of such a redemption, the Company shall deliver to the Trustee (1) an Officer’s Certificate stating that the Company is entitled to
effect such a redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Company to so redeem have occurred and (2) an Opinion of Counsel to such effect based on such statement of facts. 

(c) Notwithstanding the foregoing, installments of interest whose Stated Maturity is on or prior to the Optional Redemption Date shall be
payable on the applicable Interest Payment Date to the Holders of such Notes registered as such at the close of business on the applicable regular record date pursuant to the Notes and the Indenture. 

(d) On and after the Optional Redemption Date for the Notes, interest shall cease to accrue on the Notes or any portion thereof called for
redemption, unless the Company defaults in the payment of the Optional Redemption Price and accrued and unpaid interest and Additional Amounts, if any. No later than 10:00 am London time on the Business Day prior to the Optional Redemption Date for
the Notes, the Company shall deposit with the Trustee or a paying agent, funds sufficient to pay the Optional Redemption Price of the Notes to be redeemed on the Optional Redemption Date, and (except if the date fixed for redemption shall be an
Interest Payment Date) accrued and unpaid interest and Additional Amounts, if any. If less than all of the Notes of any series are to be redeemed, the Notes to be redeemed shall be selected, in the case of global securities, in accordance with
applicable Depositary procedures and in the case of definitive securities in a manner the trustee deems fair and appropriate, unless otherwise required by law or applicable stock exchange requirements. 

(e) Notice of any optional redemption shall be transmitted at least 15 days but not more than 60 days before the Optional Redemption Date to
each Holder of the Notes to be redeemed; provided, however, that the Company shall notify the Trustee of the Optional Redemption Date at least 15 days prior to the date of the giving of such notice (unless a shorter notice shall be
satisfactory to the Trustee). Such notice shall be provided in accordance with Section 3.02 of the Base Indenture. If the Optional Redemption Price cannot be determined at the time such notice is to be given, the actual Optional Redemption
Price applicable to the Notes that are being redeemed, calculated as described above in clause (b) shall be set forth in an Officers’ Certificate of the Company delivered to the Trustee no later than two (2) Business Days prior to the
Optional Redemption Date. Notice of redemption having been given as 

  
 9 

 
provided in the Indenture, the Notes called for redemption shall, on the Optional Redemption Date, become due and payable at the Optional Redemption Price, plus accrued and unpaid interest and
Additional Amounts, if any, to, but excluding, the Optional Redemption Date. 
  

	Section 1.4	Additional Covenants. 

 The following additional covenants shall apply with respect to
the Notes so long as any of the Notes remain Outstanding: 
 (1) Change of Control Triggering Event. 

(a) If a Change of Control Triggering Event occurs with respect to any series of the Notes, unless the Company shall have redeemed such series
of the Notes in full, as set forth in Section 1.3 of this Supplemental Indenture or the Company shall have defeased such series of the Notes or have satisfied and discharged such series of the Notes, as set forth in Article XI of the Base
Indenture, the Company shall make an offer (a “Change of Control Offer”) to each Holder of the applicable series of the Notes to repurchase any and all of such Holder’s Notes of such series at a repurchase price in cash equal
to 101% of the aggregate principal amount of the Notes to be repurchased (such principal amount to be equal to €100,000 or any integral multiple of €1,000 in excess thereof), plus accrued and unpaid interest, if any, on the Notes to be
repurchased up to, but excluding, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, notice shall be delivered to the Holders of such series describing the
transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice, which date will be no earlier than 15 days and no later than 60 days from the date such
notice is delivered (the “Change of Control Payment Date”). Notwithstanding the foregoing, installments of interest whose Stated Maturity is on or prior to the Change of Control Payment Date shall be payable on the applicable
Interest Payment Date to the Holders of such Notes registered as such at the close of business on the applicable regular record date pursuant to the Notes and the Indenture. 

(b) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

 

	 	(i)	accept for payment all Notes or portions of Notes of the applicable series properly tendered pursuant to the Change of Control Offer; 

 

	 	(ii)	deposit with the Trustee or a paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes of the applicable series properly tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officer’s Certificate stating (1) the aggregate principal amount of such series of Notes or portions of such series
of Notes being repurchased, (2) that all conditions precedent contained herein to make a Change of Control Offer have been complied with and (3) that the Change of Control Offer has been made in compliance with the Indenture.

  
 10 

 The Company shall comply in all material respects with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the
provisions of any such securities laws or regulations conflict with this Section 1.4, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this
Section 1.4 by virtue of any such conflict. 
 (2) Additional Amounts. 

(a) All payments of principal and interest in respect of the Notes shall be made free and clear of, and without deduction or withholding for
or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the
United States, unless such withholding or deduction is required by law. 
 (b) The Company shall pay to a Holder who is not a United States
person additional amounts as may be necessary so that every net payment of the principal of and premium, if any, and interest on the Notes to such Holder, after deduction or withholding for or on account of any present or future tax, assessment or
other governmental charge imposed upon such Holder by the United States of America or any taxing authority thereof or therein, shall not be less than the amount provided in the Note to be then due and payable (such amounts, the “Additional
Amounts”); provided, however, that the Company shall not be required to make any payment of Additional Amounts for or on account of: 
  

	 	(i)	any tax, assessment or other governmental charge that would not have been imposed but for (A) the existence of any present or former connection (other than a connection arising solely from the ownership of those
Notes or the receipt of payments in respect of those Notes) between that Holder (or the beneficial owner for whose benefit such Holder holds such Notes), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a
power over, that Holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, and the United States, including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member,
shareholder or possessor being or having been a citizen or resident or treated as a resident of the United States or being or having been engaged in trade or business or present in the United States or having had a permanent establishment in the
United States or (B) the presentation of a debt security for payment on a date more than 30 days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for; 

 

	 	(ii)	any estate, inheritance, gift, sales, transfer, excise, personal property, wealth, capital gains, interest equalization or similar tax, assessment or other governmental charge; 

  
 11 

	 	(iii)	any tax, assessment or other governmental charge imposed on foreign personal holding company income or by reason of a Holder (or the beneficial owner for whose benefit such Holder holds such Notes), or a fiduciary,
settlor, beneficiary of, member or shareholder of, or possessor of a power over, the Holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, being or having been a passive foreign investment
company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or a corporation that accumulates earnings to avoid U.S. federal income tax; 

 

	 	(iv)	any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of or premium, if any, or interest on the Notes of that Holder; 

 

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

  

	 	(vi)	any tax, assessment or other governmental charge which would not have been imposed but for the failure of a Holder (or the beneficial owner for whose benefit such Holder holds the Notes), or a fiduciary, settlor,
beneficiary of, member or shareholder of, or possessor of power over, the holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, or any intermediary through which a beneficial owner holds
Notes to comply with certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of America of the beneficial owner or any Holder (including, but not
limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, Forms W-8BEN-E, Forms W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable
income tax treaty); 

  

	 	(vii)	any tax, assessment or other governmental charge imposed as a result of a Holder (or the beneficial owner for whose benefit such Holder holds such Notes), or a fiduciary, settlor, beneficiary of, member or shareholder
of, or possessor of a power over, the Holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, being or having been (A) a 10% shareholder (as defined in Section 871(h)(3)(B) of the
Internal Revenue Code, and the regulations that may be promulgated thereunder) of the Company or (B) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the Internal Revenue Code or
(C) a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code; 

  
 12 

	 	(viii)	any tax, assessment or other governmental charge that would not have been imposed but for 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; 

  

	 	(ix)	any taxes payable under Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor version of such Sections), any current or future regulations or other guidance thereunder, or any agreement
(including any intergovernmental agreement) entered into in connection therewith; or 

  

	 	(x)	any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above; 

nor shall any Additional Amounts be paid to any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a
fiduciary, partnership or limited liability company to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to the fiduciary or a member of that partnership, limited liability company or a beneficial
owner thereof would not have been entitled to the payment of those Additional Amounts had that beneficiary, settlor, member or beneficial owner received directly its beneficial or distributive share of the payment. 

 

	Section 1.5	Events of Default. 

 (a) The provisions of Article VI of the Base Indenture shall be
applicable to each series of the Notes, except that clauses (1) through (7) of Section 6.01(a) shall be modified with respect to Notes of a series as follows: 

(1) default in the payment of the principal or any premium on the Notes of such series when due (whether at maturity, upon
acceleration, redemption or otherwise); 
 (2) default for 30 days in the payment of interest on the Notes of such series
when due; 
 (3) (i) failure by the Company to comply with Section 1.4(1) of this Supplemental Indenture or
(ii) failure by the Company to observe or perform any term of the Indenture applicable to such series of Notes (other than those referred to in (1) or (2) above or (3)(i) above) for a period of 90 days after the Company receives
a notice of default stating that the Company is in breach. The notice required under 3(ii) above must be sent by either the Trustee or Holders of 25% of the principal amount of the applicable series of Notes; 

(4) (A) failure by the Company to pay indebtedness for money borrowed by the Company or for which the Company has guaranteed
the payment, in an aggregate principal amount of at least $100,000,000, at the later of final maturity and the expiration of any related applicable grace period and such defaulted payment shall not have been made, waived or extended within 30 days
or (B) acceleration of the maturity of any indebtedness for money borrowed by the Company or for which the Company has 

  
 13 

 
guaranteed the payment, in an aggregate principal amount of at least $100,000,000, if such indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled
within 30 days; provided, however, that, if the default under the instrument is cured by the Company, or waived by the holders of the indebtedness, in each case as permitted by the governing instrument, then the Event of Default under
the Indenture caused by such default will be deemed likewise to be cured or waived; 
 (5) the entry by a court having
competent jurisdiction of: 
 (A) an order for relief in respect of the Company as debtor in an involuntary proceeding under
any applicable Bankruptcy Law and such order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(B) a final and non-appealable order appointing a Custodian of the Company, or ordering the winding up or liquidation of the
affairs of the Company, and such order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (6) the
commencement by the Company of a voluntary proceeding under any applicable Bankruptcy Law or the consent by the Company as debtor to the entry of a decree or order for relief in an involuntary proceeding under any applicable Bankruptcy Law, or the
filing by the Company as debtor of a consent to an order for relief in any involuntary proceeding under any Bankruptcy Law, or to the appointment of a Custodian or the making by the Company of an assignment for the benefit of creditors. 

ARTICLE II 
 MISCELLANEOUS 

 

	Section 2.1	Business Day 

 If any Interest Payment Date, maturity date or earlier date of redemption
falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date the payment to Holders was due and no interest shall accrue on the amount so payable for the period from and after
that Interest Payment Date, that maturity date or that date of redemption, as the case may be. 
  

	Section 2.2	[Reserved]. 

  

	Section 2.3	Confirmation of Indenture. 

 The Base Indenture, as supplemented and amended by this
Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture, this Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as one and the same instrument. 

  
 14 

	Section 2.4	Concerning the Trustee. 

 In carrying out its responsibilities hereunder, the Trustee
shall have all of the rights, protections and immunities which it possesses under the Indenture. The recitals contained herein and in the Notes, except the Trustee’s certificate of authentication, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or
application by the Company of the Notes or the proceeds thereof. 
  

	Section 2.5	Governing Law. 

 This Supplemental Indenture and the Notes shall be deemed to be a
contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State. 
  

	Section 2.6	Separability. 

 In case any provision in this Supplemental Indenture shall for any reason
be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

	Section 2.7	Counterparts. 

 This Supplemental Indenture may be executed in any number of counterparts
each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
  

	Section 2.8	No Benefit. 

 Nothing in this Supplemental Indenture, express or implied, shall give to
any Person other than the parties hereto and their successors or assigns, and the Holders, any benefit or legal or equitable rights, remedy or claim under this Supplemental Indenture or the Base Indenture. 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed all as of the day and year first above written. 
  

			
	THERMO FISHER SCIENTIFIC INC.
		
	By:	 	/s/ Anthony H. Smith
		 	Name: Anthony H. Smith
		 	Title: Vice President, Tax and Treasury and Treasurer

  
 [Thirteenth
Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	/s/ Valere Boyd
		 	Name: Valere Boyd
		 	Title: Vice President

  
 [Thirteenth
Supplemental Indenture] 

 EXHIBIT A 

[Insert the Global Security legend, if applicable] 

0.750% SENIOR NOTES DUE 2024 
  

			
	 No. [    ]
	  	€[    ]
	 ISIN No. XS1405775708
	  	

 THERMO FISHER SCIENTIFIC INC. 

promises to pay to [    ] or registered assigns, the principal sum of [    ] Euro on September 12, 2024. 

Interest Payment Date: September 12 
 Record Date:
August 28 
 Each holder of this Security (as defined below), by accepting the same, agrees to and shall be bound by the provisions
hereof and of the Indenture described herein, and authorizes and directs the Trustee described herein on such holder’s behalf to be bound by such provisions. Each holder of this Security hereby waives all notice of the acceptance of the
provisions contained herein and in the Indenture and waives reliance by such holder upon said provisions. 
 This Security shall not be
entitled to any benefit under the Indenture, or be valid or become obligatory for any purpose, until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. The provisions of this Security are continued on the
reverse side hereof, and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 1 

 IN WITNESS WHEREOF, the Company has caused this instrument to be signed in accordance with Section 2.04 of
the Base Indenture. 
 Date: [            ] 

 

			
	THERMO FISHER SCIENTIFIC INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

  
 2 

 CERTIFICATE OF AUTHENTICATION 

This is one of the 0.750% Senior Notes due 2024 issued by Thermo Fisher Scientific Inc. of the series designated therein, referred to in the within-mentioned
Indenture. 
 Date: [            ] 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 3 

 Thermo Fisher Scientific Inc. 

0.750% Senior Notes due 2024 
 This
security is one of a duly authorized series of debt securities of Thermo Fisher Scientific Inc., a Delaware corporation (the “Company”), issued or to be issued in one or more series under and pursuant to an Indenture for the
Company’s unsubordinated debt securities, dated as of November 20, 2009 (the “Base Indenture”), duly executed and delivered by and among the Company and The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”), as supplemented by the Thirteenth Supplemental Indenture, dated as of September 12, 2016 (the “Supplemental Indenture”), between the Company and the Trustee. The Notes are subject to a Paying Agency
Agreement, dated as of September 12, 2016 (the “Paying Agency Agreement”), between the Company and The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”). The Base Indenture as
supplemented and amended by the Supplemental Indenture is referred to herein as the “Indenture.” By the terms of the Base Indenture, the debt securities issuable thereunder are issuable in series that may vary as to amount, date of
maturity, rate of interest and in other respects as provided in the Base Indenture. This security is one of the series designated on the face hereof (individually, a “Security,” and collectively, the “Securities”),
and reference is hereby made to the Indenture for a description of the rights, limitations of rights, obligations, duties and immunities of the Trustee, the Company and the holders of the Securities (the “Securityholders”).
Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Base Indenture or the Supplemental Indenture, as applicable. 

1. Interest. The Company promises to pay interest on the principal amount of this Security at an annual rate of 0.750%. The Company
will pay interest annually in arrears on September 12 of each year (each such day, an “Interest Payment Date”) until the principal is paid or made available for payment. If any Interest Payment Date, redemption date or maturity
date of this Security is not a Business Day, then payment of interest or principal (and premium, if any) shall be made on the next succeeding Business Day with the same force and effect as if made on the date such payment was due, and no interest
shall accrue for the period after such date to the date of such payment on the next succeeding Business Day. Interest on the Securities will accrue from the most recent date to which interest has been paid or duly made available for payment or, if
no interest has been paid, from the date of issuance; provided that, if there is no existing Default in the payment of interest, and if this Security is authenticated between a regular record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; and provided, further, that the first Interest Payment Date shall be September 12, 2017. Interest on the Securities shall be
computed on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of ICMA) day count convention. In order to provide for all payments due on the Securities as the same shall become due, the Company shall cause to be paid to the Paying
Agent, no later than 10:00 a.m. London time on the Business Day prior the payment date of each Security, at such bank as the Paying Agent shall previously have notified to the Company, in immediately available funds sufficient to meet all payments
due on such Securities. 
 2. Method of Payment. The Company will pay interest on the Securities (except defaulted interest), if any,
to the persons in whose name such Securities are registered at the 

  
 4 

 
close of business on the regular record date referred to on the facing page of this Security for such interest installment. In the event that the Securities or a portion thereof are called for
redemption pursuant to an optional redemption or there is a Change of Control Offer, and the Optional Redemption Date or the Change of Control Payment Date, as applicable, is subsequent to a regular record date with respect to any Interest Payment
Date and prior to such Interest Payment Date, interest on such Securities shall instead be paid upon presentation and surrender of such Securities as provided in the Indenture. Subject to Section 1.2 of the Supplemental Indenture, all payments
of principal of, and interest (including Additional Amounts, if any) and premium (if any) on, the Securities shall be payable in euro. 
 3.
Paying Agent and Registrar. Initially, The Bank of New York Mellon, London Branch, shall act as the Paying Agent in accordance with the terms of the Paying Agency Agreement and the Trustee shall act as Security Registrar. Upon prior notice to
the Trustee, the Company may change or appoint any Paying Agent or Security Registrar without notice to any Securityholder. The Company or any of its Subsidiaries may act in any such capacity. 

4. Indenture. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (“TIA”) as in effect on the date the Indenture is qualified. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and TIA for a statement of such
terms. In the event of a conflict between the terms of the Securities and the terms of the Indenture, the terms of the Indenture shall prevail. The Securities are unsecured general obligations of the Company and constitute the series designated on
the face hereof as the “0.750% Senior Notes due 2024”, initially limited to €1,000,000,000 in aggregate principal amount. The Company shall furnish to any Securityholder upon written request and without charge a copy of the Base
Indenture and the Supplemental Indenture. Requests may be made to: Thermo Fisher Scientific Inc., 168 Third Avenue, Waltham, Massachusetts, Attention: Seth H. Hoogasian. 

5. Redemption. The Securities may be redeemed at the option of the Company prior to the maturity date, as provided in Section 1.3
of the Supplemental Indenture. The Company shall not be required to make sinking fund payments with respect to the Securities. 
 6.
Payment of Additional Amounts. All payments of principal and interest in respect of the Securities shall be made free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, assessments or
other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by
law. The Company shall pay to a Holder of Securities who is not a United States person additional amounts as may be necessary so that every net payment of the principal of and premium, if any, and interest on the Securities to such Holder, after
deduction or withholding for or on account of any present or future tax, assessment or other governmental charge imposed upon such Holder by the United States of America or any taxing authority thereof or therein, shall not be less than the amount
provided in the Securities to be then due and payable (such amounts, the “Additional Amounts”); provided, however, that the Company shall not be required to make any payment of Additional Amounts under certain circumstances
provided in Section 1.4(2)(b) of the Supplemental Indenture. 

  
 5 

 7. Change of Control Triggering Event. Upon the occurrence of a Change of Control
Triggering Event, unless the Company has redeemed this Security or the Company has defeased this Security or satisfied and discharged this Security, the holder of this Security shall have the right to require that the Company purchase all or a
portion (such principal amount to be equal to €100,000 or any integral multiple of €1,000 in excess thereof) of this Security at a purchase price equal to 101% of the aggregate principal amount repurchased plus accrued and unpaid interest,
if any, on the amount to be repurchased up to but excluding the date of purchase. Within 30 days following any Change of Control Triggering Event, the Company shall send, by first class mail, a notice to each Holder, in accordance with
Section 1.4(1)(a) of the Supplemental Indenture, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. 

8. Denominations, Transfer, Exchange. The Securities are in registered form without coupons in the denominations of €100,000 or
any integral multiple of €1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Securities may be presented for exchange or for registration of transfer (duly
endorsed or with the form of transfer endorsed thereon duly executed if so required by the Company or the Security Registrar) at the office of the Paying Agent or at the office of any transfer agent designated by the Company for such purpose. No
service charge shall be made for any registration of transfer or exchange, but a Securityholder may be required to pay any applicable taxes or other governmental charges. If the Securities are to be redeemed, the Company shall not be required to:
(i) issue, register the transfer of, or exchange any Security during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of less than all of the outstanding Securities and ending at the
close of business on the day of such mailing; (ii) register the transfer of or exchange any Security or portions thereof selected for redemption, in whole or in part, except the unredeemed portions of any such Security being redeemed in part;
nor (iii) register the transfer of or exchange of a Security between the applicable record date and the next succeeding Interest Payment Date. 

9. Persons Deemed Owners. The registered Securityholder may be treated as its owner for all purposes. 

10. Repayment to the Company. Any funds or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the
Company, in trust for payment of principal of, premium, if any, or interest on the Securities that are not applied but remain unclaimed by the holders of such Securities for at least one year after the date upon which the principal of, premium, if
any, or interest on such Securities shall have respectively become due and payable, shall be repaid to the Company, as applicable, or (if then held by the Company) shall be discharged from such trust. After return to the Company, Holders entitled to
the money or securities must look to the Company, as applicable, for payment as unsecured general creditors. 
 11. Amendments,
Supplements and Waivers. The Indenture 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 to be affected
under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding to be affected. The 

  
 6 

 
Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities at the time Outstanding, on behalf of the Holders of all Securities, 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 Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security 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 Security. 

12. Defaults and Remedies. If an Event of Default with respect to the Securities occurs and is continuing, the Trustee or the holders
of at least 25% in aggregate principal amount of the Securities then Outstanding, by notice in writing to the Company (and to the Trustee if notice is given by such holders), may declare the entire principal of, premium, if any, and accrued
interest, if any, of such Securities due and payable immediately. Subject to the terms of the Indenture, if an Event of Default under the Indenture shall occur and be continuing, the Trustee shall be under no obligation to exercise any of its rights
or powers under the Indenture at the request or direction of any of the holders, unless such holders have offered the Trustee indemnity satisfactory to it. Upon satisfaction of certain conditions set forth in the Indenture, the holders of a majority
in principal amount of the Outstanding Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities. 
 13. Trustee, Paying Agent and Security Registrar May Hold Securities. The Trustee, subject to certain
limitations imposed by the TIA, or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security
Registrar. 
 14. No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement of the Indenture, or of
any Security, or for any claim based thereon or otherwise in respect hereof or thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that the Indenture and the obligations issued hereunder and thereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness authorized by the Indenture, or under or by reason of the obligations, covenants or agreements
contained in the Indenture or in the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims
against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness authorized by the Indenture, or under or by reason of the obligations, covenants or agreements contained in the Indenture or in
the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the acceptance of the Securities. 

  
 7 

 15. Discharge of Indenture. The Indenture contains certain provisions pertaining to
discharge and defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 
 16. Authentication.
This Security shall not be valid until the Trustee signs the certificate of authentication attached to the other side of this Security. 

17. Additional Amounts. The Company is obligated to pay Other Additional Amounts on this Security to the extent provided in
Section 10.03 of the Base Indenture. 
 18. Abbreviations. Customary abbreviations may be used in the name of a Securityholder
or an assignee, such as: TEN COM(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A(= Uniform Gifts to Minors Act). 

19. Governing Law. The Base Indenture, the Supplemental Indenture and this Security shall be deemed to be a contract made under the
internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State. 

  
 8 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
             agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

Date:
                                        

 Your Signature
                                         
                                    

(Sign exactly as your name appears on the face of this Security) 

Signature Guarantee:
                                         
                        

  
 A-1 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 1.4(l) of the Supplemental Indenture, check the
box: 
  

	 ̈	1.4(l) Change of Control Triggering Event 

 If you want to elect to have only part of this
Security purchased by the Company pursuant to Section 1.4(l) of the Supplemental Indenture, state the amount:
€                                        
 
  

			
	
Date:                  
                           
	  	 Your
Signature                                       
                      
 (Sign exactly as
your name appears on the face of
 this Security)

 Tax I.D.
Number:                                      

Signature
Guarantee:                                       
                                         
                              

(Signature must be guaranteed by a 

participant in a recognized signature 

guarantee medallion program) 

  
 A-2 

 EXHIBIT B 

[Insert the Global Security legend, if applicable] 

1.375% SENIOR NOTES DUE 2028 
  

			
	 No. [    ]
	  	€[    ]
	 ISIN No. XS1405775534
	  	

 THERMO FISHER SCIENTIFIC INC. 

promises to pay to [    ] or registered assigns, the principal sum of [    ] Euro on September 12, 2028. 

Interest Payment Date: September 12 
 Record Date:
August 28 
 Each holder of this Security (as defined below), by accepting the same, agrees to and shall be bound by the provisions
hereof and of the Indenture described herein, and authorizes and directs the Trustee described herein on such holder’s behalf to be bound by such provisions. Each holder of this Security hereby waives all notice of the acceptance of the
provisions contained herein and in the Indenture and waives reliance by such holder upon said provisions. 
 This Security shall not be
entitled to any benefit under the Indenture, or be valid or become obligatory for any purpose, until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. The provisions of this Security are continued on the
reverse side hereof, and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 1 

 IN WITNESS WHEREOF, the Company has caused this instrument to be signed in accordance with Section 2.04 of
the Base Indenture. 
 Date: [            ] 

 

			
	THERMO FISHER SCIENTIFIC INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

  
 2 

 CERTIFICATE OF AUTHENTICATION 

This is one of the 1.375% Senior Notes due 2028 issued by Thermo Fisher Scientific Inc. of the series designated therein, referred to in the within-mentioned
Indenture. 
 Date: [            ] 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 3 

 Thermo Fisher Scientific Inc. 

1.375% Senior Notes due 2028 
 This
security is one of a duly authorized series of debt securities of Thermo Fisher Scientific Inc., a Delaware corporation (the “Company”), issued or to be issued in one or more series under and pursuant to an Indenture for the
Company’s unsubordinated debt securities, dated as of November 20, 2009 (the “Base Indenture”), duly executed and delivered by and among the Company and The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”), as supplemented by the Thirteenth Supplemental Indenture, dated as of September 12, 2016 (the “Supplemental Indenture”), between the Company and the Trustee. The Notes are subject to a Paying Agency
Agreement, dated as of September 12, 2016 (the “Paying Agency Agreement”), between the Company and The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”). The Base Indenture as
supplemented and amended by the Supplemental Indenture is referred to herein as the “Indenture.” By the terms of the Base Indenture, the debt securities issuable thereunder are issuable in series that may vary as to amount, date of
maturity, rate of interest and in other respects as provided in the Base Indenture. This security is one of the series designated on the face hereof (individually, a “Security,” and collectively, the “Securities”),
and reference is hereby made to the Indenture for a description of the rights, limitations of rights, obligations, duties and immunities of the Trustee, the Company and the holders of the Securities (the “Securityholders”).
Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Base Indenture or the Supplemental Indenture, as applicable. 

1. Interest. The Company promises to pay interest on the principal amount of this Security at an annual rate of 1.375%. The Company
will pay interest annually in arrears on September 12 of each year (each such day, an “Interest Payment Date”) until the principal is paid or made available for payment. If any Interest Payment Date, redemption date or maturity
date of this Security is not a Business Day, then payment of interest or principal (and premium, if any) shall be made on the next succeeding Business Day with the same force and effect as if made on the date such payment was due, and no interest
shall accrue for the period after such date to the date of such payment on the next succeeding Business Day. Interest on the Securities will accrue from the most recent date to which interest has been paid or duly made available for payment or, if
no interest has been paid, from the date of issuance; provided that, if there is no existing Default in the payment of interest, and if this Security is authenticated between a regular record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; and provided, further, that the first Interest Payment Date shall be September 12, 2017. Interest on the Securities shall be
computed on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of ICMA) day count convention. In order to provide for all payments due on the Securities as the same shall become due, the Company shall cause to be paid to the Paying
Agent, no later than 10:00 a.m. London time on the Business Day prior the payment date of each Security, at such bank as the Paying Agent shall previously have notified to the Company, in immediately available funds sufficient to meet all payments
due on such Securities. 
 2. Method of Payment. The Company will pay interest on the Securities (except defaulted interest), if any,
to the persons in whose name such Securities are registered at the 

  
 4 

 
close of business on the regular record date referred to on the facing page of this Security for such interest installment. In the event that the Securities or a portion thereof are called for
redemption pursuant to an optional redemption or there is a Change of Control Offer, and the Optional Redemption Date or the Change of Control Payment Date, as applicable, is subsequent to a regular record date with respect to any Interest Payment
Date and prior to such Interest Payment Date, interest on such Securities shall instead be paid upon presentation and surrender of such Securities as provided in the Indenture. Subject to Section 1.2 of the Supplemental Indenture, all payments
of principal of, and interest (including Additional Amounts, if any) and premium (if any) on, the Securities shall be payable in euro. 
 3.
Paying Agent and Registrar. Initially, The Bank of New York Mellon, London Branch, shall act as the Paying Agent in accordance with the terms of the Paying Agency Agreement and the Trustee shall act as Security Registrar. Upon prior notice to
the Trustee, the Company may change or appoint any Paying Agent or Security Registrar without notice to any Securityholder. The Company or any of its Subsidiaries may act in any such capacity. 

4. Indenture. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (“TIA”) as in effect on the date the Indenture is qualified. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and TIA for a statement of such
terms. In the event of a conflict between the terms of the Securities and the terms of the Indenture, the terms of the Indenture shall prevail. The Securities are unsecured general obligations of the Company and constitute the series designated on
the face hereof as the “1.375% Senior Notes due 2028”, initially limited to €600,000,000 in aggregate principal amount. The Company shall furnish to any Securityholder upon written request and without charge a copy of the Base
Indenture and the Supplemental Indenture. Requests may be made to: Thermo Fisher Scientific Inc., 168 Third Avenue, Waltham, Massachusetts, Attention: Seth H. Hoogasian. 

5. Redemption. The Securities may be redeemed at the option of the Company prior to the maturity date, as provided in Section 1.3
of the Supplemental Indenture. The Company shall not be required to make sinking fund payments with respect to the Securities. 
 6.
Payment of Additional Amounts. All payments of principal and interest in respect of the Securities shall be made free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, assessments or
other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by
law. The Company shall pay to a Holder of Securities who is not a United States person additional amounts as may be necessary so that every net payment of the principal of and premium, if any, and interest on the Securities to such Holder, after
deduction or withholding for or on account of any present or future tax, assessment or other governmental charge imposed upon such Holder by the United States of America or any taxing authority thereof or therein, shall not be less than the amount
provided in the Securities to be then due and payable (such amounts, the “Additional Amounts”); provided, however, that the Company shall not be required to make any payment of Additional Amounts under certain circumstances
provided in Section 1.4(2)(b) of the Supplemental Indenture. 

  
 5 

 7. Change of Control Triggering Event. Upon the occurrence of a Change of Control
Triggering Event, unless the Company has redeemed this Security or the Company has defeased this Security or satisfied and discharged this Security, the holder of this Security shall have the right to require that the Company purchase all or a
portion (such principal amount to be equal to €100,000 or any integral multiple of €1,000 in excess thereof) of this Security at a purchase price equal to 101% of the aggregate principal amount repurchased plus accrued and unpaid interest,
if any, on the amount to be repurchased up to but excluding the date of purchase. Within 30 days following any Change of Control Triggering Event, the Company shall send, by first class mail, a notice to each Holder, in accordance with
Section 1.4(1)(a) of the Supplemental Indenture, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. 

8. Denominations, Transfer, Exchange. The Securities are in registered form without coupons in the denominations of €100,000 or
any integral multiple of €1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Securities may be presented for exchange or for registration of transfer (duly
endorsed or with the form of transfer endorsed thereon duly executed if so required by the Company or the Security Registrar) at the office of the Paying Agent or at the office of any transfer agent designated by the Company for such purpose. No
service charge shall be made for any registration of transfer or exchange, but a Securityholder may be required to pay any applicable taxes or other governmental charges. If the Securities are to be redeemed, the Company shall not be required to:
(i) issue, register the transfer of, or exchange any Security during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of less than all of the outstanding Securities and ending at the
close of business on the day of such mailing; (ii) register the transfer of or exchange any Security or portions thereof selected for redemption, in whole or in part, except the unredeemed portions of any such Security being redeemed in part;
nor (iii) register the transfer of or exchange of a Security between the applicable record date and the next succeeding Interest Payment Date. 

9. Persons Deemed Owners. The registered Securityholder may be treated as its owner for all purposes. 

10. Repayment to the Company. Any funds or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the
Company, in trust for payment of principal of, premium, if any, or interest on the Securities that are not applied but remain unclaimed by the holders of such Securities for at least one year after the date upon which the principal of, premium, if
any, or interest on such Securities shall have respectively become due and payable, shall be repaid to the Company, as applicable, or (if then held by the Company) shall be discharged from such trust. After return to the Company, Holders entitled to
the money or securities must look to the Company, as applicable, for payment as unsecured general creditors. 
 11. Amendments,
Supplements and Waivers. The Indenture 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 to be affected
under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding to be affected. The 

  
 6 

 
Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities at the time Outstanding, on behalf of the Holders of all Securities, 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 Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security 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 Security. 

12. Defaults and Remedies. If an Event of Default with respect to the Securities occurs and is continuing, the Trustee or the holders
of at least 25% in aggregate principal amount of the Securities then Outstanding, by notice in writing to the Company (and to the Trustee if notice is given by such holders), may declare the entire principal of, premium, if any, and accrued
interest, if any, of such Securities due and payable immediately. Subject to the terms of the Indenture, if an Event of Default under the Indenture shall occur and be continuing, the Trustee shall be under no obligation to exercise any of its rights
or powers under the Indenture at the request or direction of any of the holders, unless such holders have offered the Trustee indemnity satisfactory to it. Upon satisfaction of certain conditions set forth in the Indenture, the holders of a majority
in principal amount of the Outstanding Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities. 
 13. Trustee, Paying Agent and Security Registrar May Hold Securities. The Trustee, subject to certain
limitations imposed by the TIA, or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security
Registrar. 
 14. No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement of the Indenture, or of
any Security, or for any claim based thereon or otherwise in respect hereof or thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that the Indenture and the obligations issued hereunder and thereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness authorized by the Indenture, or under or by reason of the obligations, covenants or agreements
contained in the Indenture or in the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims
against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness authorized by the Indenture, or under or by reason of the obligations, covenants or agreements contained in the Indenture or in
the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the acceptance of the Securities. 

  
 7 

 15. Discharge of Indenture. The Indenture contains certain provisions pertaining to
discharge and defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 
 16. Authentication.
This Security shall not be valid until the Trustee signs the certificate of authentication attached to the other side of this Security. 

17. Additional Amounts. The Company is obligated to pay Other Additional Amounts on this Security to the extent provided in
Section 10.03 of the Base Indenture. 
 18. Abbreviations. Customary abbreviations may be used in the name of a Securityholder
or an assignee, such as: TEN COM(= tenants in common), TEN ENT (=tenants by the entireties), JT TEN(= joint tenants with right of survivorship and not as tenants in common), CUST (=Custodian), and U/G/M/A(= Uniform Gifts to Minors Act). 

19. Governing Law. The Base Indenture, the Supplemental Indenture and this Security shall be deemed to be a contract made under the
internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State. 

  
 8 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
             agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

Date:
                                        

 Your Signature
                                         
                                    

(Sign exactly as your name appears on the face of this Security) 

Signature Guarantee:
                                         
                        

  
 B-1 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 1.4(l) of the Supplemental Indenture, check the
box: 
  

	 ̈	1.4(l) Change of Control Triggering Event 

 If you want to elect to have only part of this
Security purchased by the Company pursuant to Section 1.4(l) of the Supplemental Indenture, state the amount:
€                                        
 
  

			
	
Date:                  
                           
	  	 Your
Signature                                       
                      
 (Sign exactly as
your name appears on the face of
 this Security)

 Tax I.D.
Number:                                      

Signature
Guarantee:                                       
                                         
                              

(Signature must be guaranteed by a 

participant in a recognized signature 

guarantee medallion program) 

  
 B-2

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