Document:

Exhibit 4.1

 

This security is a
Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depository or a
nominee of a Depository, which may be treated by the Company, the Trustee and any agent thereof as owner and holder of this Security
for all purposes. This Global Security is exchangeable for securities registered in the name of a person other than the Depository
or its nominee only in the limited circumstances hereinafter described and may not be transferred except as a whole by the Depository
to a nominee of the Depository or by a nominee of the Depository to the Depository.

 

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

 

	No. 1	 
	CUSIP No. 494368 CA9 	PRINCIPAL AMOUNT: $500,000,000
	ISIN No. US494368CA98	 

 

KIMBERLY-CLARK CORPORATION

 

2.875% NOTES DUE FEBRUARY 7, 2050

 

Kimberly-Clark Corporation,
a corporation duly incorporated and existing under the laws of the State of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of FIVE HUNDRED MILLION DOLLARS ($500,000,000) on February 7,
2050, and to pay interest thereon from February 7, 2020, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for semi-annually on February 7 and August 7 of each year, commencing August 7, 2020, at the rate of 2.875%
per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be January 23 and July 23 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.

 

Any interest not punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

Reference is hereby
made to the further provisions of this Security 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 Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

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

 

DATED: February 7, 2020

 

	 	KIMBERLY-CLARK CORPORATION
	 	 	 
	 	By:	 
	 	 	Flavio Costa
	 	 	Vice President and Treasurer
	 	 	 
	 	Attest:  	 
	 	 	Grant B. McGee
	 	 	Corporate Secretary

 

	TRUSTEE'S CERTIFICATE OF AUTHENTICATION	 
	This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.	 
	 	 
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,	 
	as successor Trustee	 
	 	 
	By:	 	 
	 	Authorized Officer	 

 

     

     

    

 

[Reverse of Note]

 

KIMBERLY-CLARK CORPORATION

 

2.875% NOTES DUE FEBRUARY 7, 2050

 

This Security is one
of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in
one or more series under a First Amended and Restated Indenture dated as of March 1, 1988, as amended or supplemented from time
to time (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as
successor Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, limited in aggregate principal amount to $500,000,000.

 

Prior to the Par Call
Date, the Securities will be redeemable as a whole or in part, at the option of the Company at any time, at a redemption price
equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed and (ii) the sum of the present values
of the Remaining Scheduled Payments (as hereinafter defined) thereon, discounted to the redemption date on a semiannual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, plus in either case accrued interest
on the principal amount being redeemed to the redemption date. On or after the Par Call Date, the Securities will be redeemable,
at the option of the Company, at any time, in whole or in part, at a redemption price equal to 100% of the principal amount of
the Securities to be redeemed, plus accrued and unpaid interest to the date of redemption.

 

The calculation of
the redemption price and accrued interest payable upon a redemption shall be made by the Company or on behalf of the Company by
such persons as the Company may designate; provided that such calculation shall not be the duty or obligation of the Trustee unless
otherwise expressly agreed.

 

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

 

“Business Day”
means any day that is not a Saturday or Sunday and that is not a day on which banking institutions are generally authorized or
obligated by law, regulation or executive order to close in the City of New York and, for any place of payment outside of the City
of New York, in such place of payment.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities
mature on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing a new issue of corporate debt securities of comparable maturity to the remaining term of such
Securities.

 

     

     

    

 

“Comparable Treasury
Price” means, with respect to any redemption date, the arithmetic average, as determined by the Independent Investment Banker,
of the Reference Treasury Dealer Quotations for such redemption date.

 

“Independent
Investment Banker” means each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
and their respective successors as may be appointed from time to time by the Company; provided, however, that if any of the foregoing
shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute
therefor another Primary Treasury Dealer.

 

“Par Call Date” means August
7, 2049, (the date that is six months prior to the maturity date of the Securities).

 

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

 

“Reference Treasury
Dealer” means each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC and their
respective successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company
shall substitute therefor another Primary Treasury Dealer.

 

“Remaining Scheduled
Payments” mean with respect to any Security, the remaining scheduled payments of the principal thereof to be redeemed and
interest thereon that would be due after the related redemption date if such Security matured on the Par Call Date; provided, however,
that, if such redemption date is not an interest payment date with respect to such Security, the amount of the next scheduled interest
payment thereon will be reduced by the amount of interest accrued thereon to such redemption date.

 

Notice of any redemption
will be sent at least 15 days but not more than 45 days before the redemption date to each holder of Securities to be redeemed.

 

Unless the Company
defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Securities or
portions thereof called for redemption.

 

The Securities will
not be entitled to any sinking fund.

 

If an Event of Default,
as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

    2

     

    

 

If a Change of Control
Repurchase Event occurs, unless the Company has exercised its right to redeem this series of Securities, the Company will make
an offer to each Holder of Securities to repurchase all or any part (in denominations of $2,000 or integral multiples of $1,000
in excess thereof) of that Holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount
of Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to the date of repurchase. Within
30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but
after the public announcement of an impending Change of Control, the Company will mail a notice to each Holder, with a copy to
the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event
and offering to repurchase Securities on the payment date specified in the notice, which date will be no earlier than 30 days and
no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the
Change of Control, state that the offer to repurchase is conditioned on the Change of Control Repurchase Event occurring on or
prior to the payment date specified in the notice. The Trustee shall have no duty to determine whether a Change of Control Repurchase
Event has occurred or is continuing.

 

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

 

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

 

		•	accept for payment all Securities or portions of Securities (in denominations of $2,000 or integral
multiples of $1,000 in excess thereof) properly tendered pursuant to the Company’s offer;

 

		•	deposit with the Trustee an amount equal to the aggregate repurchase price in respect of all Securities
or portions of Securities properly tendered; and

 

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

 

The Trustee will promptly
pay to each Holder of Securities properly tendered the repurchase price for the Securities, and the Trustee will promptly authenticate
and mail (or cause to be transferred by book-entry) to each Holder a new Security equal in principal amount to any unpurchased
portion of any Securities surrendered; provided, that each new Security will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof.

 

    3

     

    

 

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

 

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

 

“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 subsidiaries; (2) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section
13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number
of shares of the Company’s Voting Stock; or (3) the first day on which a majority of the members of the Company’s Board
of Directors are not Continuing Directors.

 

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

 

“Continuing Directors”
means, as of any date of determination, any member of the Board of Directors of the Company who (1) was a member of such Board
of Directors on the date of the issuance of the Securities; or (2) was nominated for election or elected to such Board of Directors
with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination
or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as
a nominee for election as a director).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Fitch”
means Fitch Ratings Inc. and its successors.

 

    4

     

    

 

“Investment Grade”
means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s); a
rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and a rating of BBB-
or better by Fitch (or its equivalent under any successor rating categories of Fitch); or the equivalent investment grade credit
rating from any additional Rating Agency or Rating Agencies selected by the Company.

 

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

 

“Rating Agency”
means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Securities
or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act, selected by the
Company as a replacement agency for Fitch, Moody’s or S&P, as the case may be.

 

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

 

“Voting Stock”
means the Company’s 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 the Company, even if the right so to
vote has been suspended by the happening of such a contingency.

 

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 of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than 66 2/3% in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this 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.

 

The Indenture contains
provisions for defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and
certain Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to
this Security.

 

Upon due presentment
for registration of transfer of this Security at the office or agency of the Trustee maintained for that purpose in the Borough
of Manhattan, The City of New York, a new Security or Securities of this series in authorized denominations for an equal aggregate
principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations
provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed
in connection therewith.

 

This Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, or (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof. If
this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in
registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof, registered in such names as
such Depositary shall direct, bearing interest at the same rate, having the same date of issuance, redemption provisions,
Stated Maturity and other terms and of differing denominations aggregating a like amount.

 

    5

     

    

 

This Security may not
be transferred except as a whole by the Depositary to a nominee of the Depositary, or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary, or by the Depositary or any such nominee to a successor of the Depositary or a nominee of
such successor. Except as provided above, owners of beneficial interests in this global Security will not be entitled to receive
physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed, except that in the event the Company deposits money or Government Obligations
as provided in Section 402 of the Indenture, such payments will be made only from proceeds of such money or Government Obligations.

 

Prior to due presentment
of this Security 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 Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

No recourse shall be
had for the payment of the principal of (or premium, if any) or the interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

All capitalized terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    6Exhibit 4.3

 

EXECUTION VERSION

 

KIMBERLY-CLARK CORPORATION

 

Officers' Certificate Pursuant to

Sections 102 and 301 of the Indenture

 

Flavio Costa, Vice
President and Treasurer, and Grant B. McGee, Corporate Secretary, of Kimberly-Clark Corporation, a Delaware corporation (the “Corporation”),
each hereby certifies, pursuant to Sections 102 and 301 of the First Amended and Restated Indenture, dated as of March 1, 1988,
between the Corporation and The Bank of New York Mellon Trust Company, N.A., as successor Trustee (the “Trustee”),
as heretofore supplemented and amended (as heretofore supplemented and amended, the “Indenture”), as follows:

 

There has been established,
pursuant to resolutions duly adopted by the Executive Committee of the Corporation’s Board of Directors, and the authorization
signed by the Treasurer of the Corporation, true, correct and complete copies of which resolutions and authorization certified
by the Secretary of the Corporation are being separately delivered on the date hereof at the closing to which this Certificate
relates, Securities (as that term is defined in the Indenture) to be issued under the Indenture, which Securities shall be in the
form attached to such Secretary's Certificate with such terms and in such form as determined by or pursuant to such resolutions,
as follows:

 

		(i)	The title of the Securities shall be:

 

		(A)	“2.875% Notes due February 7, 2050”;

 

		(ii)	The aggregate principal amount of the Securities that may be authenticated and delivered under
the Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities pursuant to or as contemplated by Section 304, 305, 306, 906 or 1107 of the Indenture) shall be $500,000,000;

 

		(iii)	The principal of the Securities shall be payable on February 7, 2050;

 

		(iv)	The Securities shall bear interest at 2.875% per annum, and such interest shall accrue from February
7, 2020; the Interest Payment Dates (as defined in the Indenture) on which such interest shall be payable shall be February 7 and
August 7 of each year commencing August 7, 2020; and the Regular Record Dates (as defined in the Indenture) for the interest payable
on any Interest Payment Dates shall be January 23 and July 23, respectively;

 

		(v)	Payment of principal of (and premium, if any) and interest on the Securities will be payable at
the office or agency of the Trustee (or such other of such bank offices as may be designated by such bank), and any bank or trust
company designated in writing by the Trustee, located in the City of New York, New York;

 

		(vi)	Prior to August 7, 2049 (the “Par Call Date”), the Securities will be redeemable
                                                                 as a whole or in part, at the option of the Corporation at any time, at a redemption price equal to the greater of (a) 100%
                                                                 of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, and (b) the sum of the present
                                                                 values of the Remaining Scheduled Payments (as defined in the Securities) thereon, discounted to the redemption date on a
                                                                 semi-annual basis, at a comparable United States Treasury security rate plus 15 basis points, plus accrued and unpaid
                                                                 interest. On or after the Par Call Date, the Securities will be redeemable as a whole or in part, at the option of the
                                                                 Corporation at any time, at a redemption price equal to 100%
of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest to the date of redemption;

 

     

     

    

 

		(vii)	If a Change of Control Repurchase Event (as defined in the Securities) occurs with respect to the
Securities, unless the Corporation has exercised its right to redeem the Securities (as described above), the Corporation will
make an offer to each Holder of Securities to repurchase all or any part (in denominations of $2,000 or integral multiples of $1,000
in excess thereof) of that Holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount
of Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to the date of repurchase;

 

		(viii)	The Securities shall be issued in denominations of $2,000
or integral multiples of $1,000 in excess thereof;

 

		(ix)	The Securities shall not be entitled to any sinking fund;

 

		(x)	The Securities shall be represented by one or more global notes registered in the name of The Depository
Trust Company or its nominee;

 

		(xi)	Sections 402 and 1006 of the Indenture, captioned “Defeasance and Discharge of Securities
of Any Series” and “Defeasance of Certain Obligations,” respectively, shall apply to the Securities;

 

		(xii)	The initial public offering price of the Securities shall be 99.680% of the principal amount thereof,
plus accrued interest, if any, from February 7, 2020; and

 

		(xiii)	In case of any conflict between this Certificate and the Securities in the form referred to above,
the Securities shall control.

 

Each of the aforesaid
officers further states pursuant to Section 102 of the Indenture that she or he has read the provisions of such Indenture setting
forth the covenants and conditions relating to the issuance, authentication and delivery of the Securities, including Sections
201, 301 and 303 of the Indenture, and the definitions relating thereto; that the statements made in this Certificate are based
upon the examination of such provisions of the Indenture and upon the relevant books and records of the Corporation; that she or
he has, in her or his opinion, made such examination or investigation as is necessary to enable her or him to express an informed
opinion as to whether or not the covenants and conditions relating to the issuance, authentication and delivery of the Securities
has been complied with; and that, in her or his opinion, such covenants and conditions, and all conditions precedent, have been
complied with.

 

As of the date hereof,
and after giving effect to the issuance of $500,000,000 aggregate principal amount of the Securities, the aggregate amount borrowed
or otherwise obtained from third parties by the Corporation and its consolidated subsidiaries under (1) the financing authorities
approved by the Executive Committee of the Corporation’s Board of Directors on May 3, 2016, (2) any other financing authorization,
structured financings and preferred securities of consolidated subsidiaries approved by the Board of Directors of the Corporation
or of any of its consolidated subsidiaries, and (3) capital lease obligations, is no more than $9.9 billion and is therefore below
the $10 billion borrowing authority established by the resolutions duly adopted by the Executive Committee of the Corporation’s
Board of Directors on May 3, 2016.

 

[Remainder of Page Left Intentionally
Blank]

 

     

     

    

 

IN WITNESS WHEREOF,
we have hereunto signed our names as of the 7th day of February 2020.

 

	 	 
	 	/s/ Flavio
    Costa
	 	Flavio Costa
	 	Vice President and Treasurer
	 	 
	 	 
	 	/s/ Grant
    B. McGee
	 	Grant B. McGee
	 	Corporate Secretary

 

[Signature Page to Indenture Officers’ Certificate]

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