Document:

Exhibit 4.2

 

[FOR GLOBAL SECURITIES—THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON
DEPOSITARY OR A NOMINEE OF A COMMON DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE COMMON DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND, UNLESS AND UNTIL
IT IS EXCHANGED FOR SECURITIES IN DEFINITIVE CERTIFICATED FORM AS AFORESAID, MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON
DEPOSITARY TO A NOMINEE OF THE COMMON DEPOSITARY OR BY A NOMINEE OF THE COMMON DEPOSITARY TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE
OF THE COMMON DEPOSITARY OR BY THE COMMON DEPOSITARY OR ITS NOMINEE TO A SUCCESSOR COMMON DEPOSITARY OR ITS NOMINEE.]

 

[FOR GLOBAL SECURITIES—UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR,” WHICH TERM INCLUDES
ANY SUCCESSOR SECURITIES CLEARING AGENCY THERETO) OR CLEARSTREAM BANKING S.A. (“CLEARSTREAM,” WHICH TERM INCLUDES ANY
SUCCESSOR CLEARING AGENCY THERETO, AND TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY (AS DEFINED
BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF
THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM
(AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.]

 

 

PRINCIPAL AMOUNT:
£

REGISTERED NO.: R-

CUSIP NO.: 756109 AY0

ISIN NO.: XS2238341080

Common Code: 223834108

 

REALTY INCOME CORPORATION

 

1.625% NOTES DUE 2030

 

Realty Income Corporation, a Maryland
corporation (the “Company,” which term shall include any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to , or registered assigns, the principal sum of                  Pounds Sterling (as defined
below) on December 15, 2030 (the “Final Maturity Date”), and to pay interest thereon from and including October
1, 2020, or from and including the most recent date to which interest has been paid or duly provided for, annually in arrears
on December 15 of each year (each, an “Interest Payment Date”), commencing December 15, 2020, at the rate of
1.625% per annum, until the entire principal amount 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 Note (as defined below) (or one or more Predecessor Securities) is registered in the Security
Register applicable to the Notes at the close of business on the Regular Record Date (as defined below) immediately preceding
such Interest Payment Date (regardless of whether such Regular Record Date is a Business Day (as defined below)). Any such
interest not so punctually paid or duly provided for shall 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 Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest on
the Notes will be computed on the basis of the actual number of days in the period for which interest is being calculated and
the actual number of days from and including the last date on which interest was paid on the Notes (or from and including
October 1, 2020 if no interest has been paid on the Notes) to but excluding the next scheduled Interest Payment Date. This
payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market
Association. If any principal of, premium, if any, or interest on, or Additional Amounts (as defined below), if any, in
respect of, any of the Notes is not paid when due, then such overdue principal and, to the extent permitted by law, such
overdue premium, interest or Additional Amounts, as the case may be, shall bear interest, until paid or until such payment is
duly provided for, at the rate of 1.625% per annum.

 

    1

     

    

 

If any Interest Payment Date, the Final Maturity
Date, any Redemption Date, any Maturity or any other date on which the principal of, or premium, if any, or interest on, or Additional
Amounts, if any, in respect of, a Note becomes due and payable falls on a day that is not a Business Day, the required payment
may be made on the next succeeding Business Day with the same force and effect as if it were made on such Interest Payment Date,
Final Maturity Date, Redemption Date, Maturity or other date on which any such amount becomes due and payable and no interest will
accrue on the amount so payable for the period from and after such Interest Payment Date, Final Maturity Date, Redemption Date,
Maturity or other date on which any such amount becomes due and payable, as the case may be.

 

Except as provided in the next paragraph and
in the proviso to this sentence, all payments of principal of, and premium, if any, and interest on, and Additional Amounts, if
any, in respect of, the Notes will be made in GBP (as defined below); provided that if GBP is unavailable to the Company due to
the imposition of exchange controls or other circumstances beyond its control, then all payments in respect of the Notes will be
made in Dollars until GBP is again available to the Company. In such circumstances, the amount payable on any date in GBP will
be converted into Dollars at the rate mandated by the Board of Governors of the U.S. Federal Reserve System (or any successor thereto)
as of the close of business on the second Business Day prior to the relevant payment date or, if the Board of Governors of the
U.S. Federal Reserve System (or any successor thereto) has not mandated a rate of conversion, on the basis of the most recent Dollar/GBP
exchange rate published in The Wall Street Journal (or any successor thereto) on or prior to the second Business Day prior to the
relevant payment date. Any payment in respect of the Notes so made in Dollars under such circumstances will not constitute an Event
of Default with respect to the Notes under the Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility
for any calculation or conversion in connection with the foregoing.

 

The Notes may also be payable in a currency
other than GBP if (a) the Company effects defeasance or covenant defeasance with respect to the Notes pursuant to Article Fourteen
of the Indenture and (b) thereafter a Conversion Event occurs with respect to GBP and shall be continuing, all as more fully provided
in Section 1405 of the Indenture.

 

If this Note is a Global Security, all payments
of principal of, premium, if any, and interest on, and Additional Amounts, if any, in respect of, this Note will be made by the
Company by wire transfer of immediately available funds to an account maintained by the payee. If this Note is not a Global Security
(a “Certificated Note”), payments of interest on this Note may be made, at the Company’s option, by mailing a
check to the address of the Person entitled thereto, as such address appears in the Security Register for the Notes, or by wire
transfer to an account maintained by the payee, all on the terms set forth in the Indenture; provided, however, that a Holder of
 £4 million or more in aggregate principal amount of Certificated Notes will be entitled to receive payments of interest due
on any Interest Payment Date by wire transfer of immediately available funds to an account specified by such Holder so long as
such Holder has given appropriate wire transfer instructions to the Trustee or a Paying Agent for the Notes at least 10 calendar
days prior to the applicable Interest Payment Date. Any such wire transfer instructions will remain in effect until revoked by
such Holder or until such Person ceases to be a Holder of £4 million or more in aggregate principal amount of Certificated
Notes.

 

Payments of principal of, and premium,
if any, and interest on, and Additional Amounts, if any, in respect of, Certificated Notes that are due and payable on the
Final Maturity Date, any Redemption Date, any Maturity or any other date on which principal of such Notes is due and payable
will be made by wire transfer of immediately available funds to accounts specified by the Holders thereof, so long as such
Holders have given appropriate wire transfer instructions to the Trustee or a Paying Agent, against surrender of such Notes
to the Trustee or a Paying Agent; provided that installments of interest on Certificated Notes that are due and payable on
any Interest Payment Date falling on or prior to such Final Maturity Date, Redemption Date, Maturity or other date on which
principal of such Notes is payable will be paid in the manner described in the preceding paragraph to the Persons who were
the Holders of such Notes (or one or more Predecessor Securities) registered as such at the close of business on the relevant
Regular Record Date according to the terms and provisions of the Notes and the Indenture.

 

    2

     

    

 

This Note is one of a duly authorized issue
of Securities of the Company (herein called the “Notes”), issued as a series of Securities under an indenture dated
as of October 28, 1998 (herein called, together with all indentures supplemental thereto, the “Indenture”), between
the Company and The Bank of New York Mellon Trust Company, N.A. (successor trustee to The Bank of New York), as trustee (the “Trustee,”
which term includes any successor trustee under the Indenture with respect to the Notes), 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 Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of the duly authorized series designated as the “1.625% Notes due 2030.” All terms
used in this Note which are defined in the Indenture and not defined herein shall have the meanings assigned to them in the Indenture.

 

Optional Redemption

 

Prior to September 15, 2030 (the “Par
Call Date”), the Notes may be redeemed at any time in whole or from time to time in part at the option of the Company at
a Redemption Price equal to the greater of:

 

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

 

(b) the sum of the present values
of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to
the applicable Redemption Date), assuming that the Notes matured and that accrued and unpaid interest on the Notes was payable
on the Par Call Date, discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government
Bond Rate plus 25 basis points,

 

plus, in the case of both clauses (a) and (b) above, accrued
and unpaid interest on the principal amount of the Notes being redeemed to such Redemption Date.

 

On and after the Par Call Date, the Notes
may be redeemed at any time in whole or from time to time in part at the option of the Company at a Redemption Price equal to 100%
of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes being
redeemed to the applicable Redemption Date.

 

Notwithstanding the foregoing, installments
of interest on Notes whose Stated Maturity is on or prior to a Redemption Date for the Notes will be payable to the Persons who
were the Holders of such Notes (or one or more Predecessor Securities) registered as such at the close of business on the relevant
Regular Record Dates according to their terms and the provisions of the Indenture.

 

“Comparable
Government Bond Rate” means, with respect to any Redemption Date for the Notes, the price, expressed as a percentage
(rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed,
if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to
the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the
Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment
bank selected by the Company.

 

    3

     

    

 

“Comparable
Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent
investment bank selected by Company, a United Kingdom government bond whose maturity is closest to the Par Call Date or, if such
independent investment bank in its discretion determines that such similar bond is not in issue, such other United Kingdom government
bond as such independent investment bank may, with the advice of the three brokers of, and/or market makers in, United Kingdom
government bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond Rate. 

 

Redemption for Changes in Taxes

 

If (1)(a) as a result of any change in, or
amendment to, the laws (or any regulations or rulings promulgated thereunder) or treaties of the United States (as defined below)
or any political subdivision or taxing authority thereof or therein having power to tax (each, a “Relevant Taxing Jurisdiction”),
or any change in, or amendment to, any official position regarding the application, administration or interpretation of such laws,
treaties, regulations or rulings (including by virtue of a holding, judgment or order by a court of competent jurisdiction or a
change in published administrative practice), which change or amendment becomes effective on or after September 23, 2020, the Company
becomes or will become obligated to pay any Additional Amounts or (b) any act is taken by a Relevant Taxing Jurisdiction on or
after September 23, 2020, whether or not such act is taken with respect to the Company or any affiliate of the Company, that results
in a substantial probability that the Company will or may be required to pay any Additional Amounts, and (2) the Company determines,
in its business judgment, that the obligation to pay Additional Amounts cannot be avoided by taking reasonable measures available
to it, including by making payments through a different Paying Agent (provided that such reasonable measures do not include substitution
of another entity as the obligor under the Notes), then the Company may, at its option, redeem the Notes, in whole but not in part,
at a Redemption Price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to the
applicable Redemption Date. Notwithstanding the foregoing, installments of interest on Notes whose Stated Maturity is on or prior
to a Redemption Date for the Notes will be payable to the Persons who were the Holders of such Notes (or one or more Predecessor
Securities) registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions
of the Indenture. No redemption pursuant to this paragraph may be made unless the Company has received a written opinion of independent
counsel to the effect that, as a result of such change or amendment the Company has become or will become obligated to pay, or
that such act taken by a Relevant Taxing Jurisdiction has resulted in a substantial probability that the Company will or may be
required to pay, any Additional Amounts, and the Company shall have delivered to the Trustee such legal opinion together with an
Officers’ Certificate stating that, based on such opinion, the Company is entitled to redeem the Notes pursuant to the provisions
described in this paragraph and the other provisions of the Notes and the Indenture. The Trustee shall be entitled to rely on such
Officers’ Certificate and opinion of counsel as sufficient evidence of the existence and satisfaction of the conditions precedent
as described above in this paragraph, in which event it will be conclusive and binding on the Holders of the Notes.

 

As used in this Note, the term “United
States” means the United States of America (including the states and the District of Columbia), its territories, its possessions
and other areas subject to its jurisdiction.

 

Notice of Redemption

 

Notice of any redemption by the Company will
be mailed at least 15 days but not more than 60 days before the applicable Redemption Date to the Holders of Notes (or portions
of Notes) to be redeemed.

 

Payment of Additional Amounts

 

All payments of principal of, and premium,
if any, and interest on the Notes will be made free and clear of and without withholding or deduction for or on account of any
present or future tax, duty, assessment or other governmental charge of whatsoever nature (collectively, “Taxes”) imposed
by any Relevant Taxing Jurisdiction, unless the withholding or deduction of such Taxes is required by law or the official interpretation
or administration thereof.

 

    4

     

    

 

In the event that any withholding or deduction
from or on any payments on or in respect of the Notes for or on account of any Taxes is required by a Relevant Taxing Jurisdiction,
the Company will, subject to the exceptions and limitations set forth below, pay, as additional interest on the Notes, such additional
amounts (“Additional Amounts”) as will result in receipt by each holder of a Note that is not a United States Person
(as defined below) of such amounts (after all such withholding or deduction, including from or on any Additional Amounts) as would
have been received by such holder had no such withholding or deduction been required. The Company will not be required, however,
to make any payment of Additional Amounts for or on account of:

 

(1) any Taxes that are imposed or withheld by reason
of a holder of Notes (or the beneficial owner for whose benefit such holder holds such Note) (or a fiduciary, settlor, beneficiary,
member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a Person holding a power
over an estate or trust administered by a fiduciary holder) being considered as:

 

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

 

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

 

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

 

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

 

(e) being a controlled foreign corporation that is
related to us within the meaning of Section 864(d)(4) of the Code or any successor provision; or

 

(f) being or having been a bank receiving interest
described in section 881(c)(3)(A) of the Code or any successor provision;

 

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

 

(3) any Taxes that are imposed or withheld by reason
of the failure to (a) comply with certification, identification or information reporting requirements concerning the nationality,
residence, identity or connection with a Relevant Taxing Jurisdiction of the holder or beneficial owner of such Note, if compliance
is required by statute or by regulation of the Relevant Taxing Jurisdiction as a precondition to relief or exemption from such
Taxes (including the submission, if applicable, of a United States Internal Revenue Service (“IRS”) Form W-8 (with
any required attachments)) or (b) comply with any information gathering and reporting requirements or to take any similar action
(including entering into any agreement with the IRS), in each case, that are required to obtain the maximum available exemption
from withholding by a Relevant Taxing Jurisdiction that is available to payments received by or on behalf of the holder or beneficial
owner;

 

(4) any Taxes that are imposed otherwise than by withholding
from the payment;

 

    5

     

    

 

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

 

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

 

(7) any Taxes required to be withheld by any Paying
Agent from any payment of principal of, or premium, if any, or interest on, any Note, if such payment can be made without such
withholding by any other Paying Agent;

 

(8) any Taxes that are imposed or levied by reason of
the presentation (where presentation is required in order to receive payment) of such Notes for payment on a date more than 30
days after the date on which such payment became due and payable, except to the extent that the holder or beneficial owner thereof
would have been entitled to Additional Amounts had the Notes been presented for payment on any date during such 30-day period;

 

(9) any backup withholding or any Taxes imposed under
Sections 1471 through 1474 of the Code (or any successor provisions thereto), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code (or any successor provision thereto), or any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with
the implementation of such sections of the Code (or any successor thereto); or

 

(10) any combination of any items (1) through (9).

 

Except as specifically provided under this
caption “Payment of Additional Amounts,” the Company shall not be required to make any payment with respect to any
tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein
on any payment of principal of, premium, if any, or interest on, or Additional Amounts in respect of, the Notes.

 

If the Company becomes aware that it will
be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Company will deliver
to the Trustee and each Paying Agent on a date that is at least 30 days prior to the date of that payment (unless the obligation
to pay Additional Amounts arises less than 30 days prior to that payment date, in which case the Company shall notify the Trustee
and each Paying Agent promptly after the Company becomes aware that such obligation has arisen) an Officers’ Certificate
stating the fact that Additional Amounts will be payable and the amount to be so payable. The Officers’ Certificate must
also set forth any other information reasonably necessary to enable the Paying Agents to pay such Additional Amounts to Holders
on the relevant payment date. The Trustee and each Paying Agent shall be entitled to rely solely on such Officers’ Certificate
as conclusive proof that such payments are necessary.

 

As used in this Note, the term “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
U.S. Treasury Regulations), any estate the income of which is subject to United States federal income taxation regardless of its
source, or any trust if a court within the United States is able to exercise primary supervision over the administration of the
trust or one or more United States fiduciaries have the authority to control all substantial decisions of the trust.

 

Except as otherwise provided in the
proviso to this sentence, whenever there is mentioned, in any context, in the Notes the payment of principal of, or premium,
if any, or interest on, or any other amounts payable in respect of, any Note or Notes, such mention shall be deemed to
include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof pursuant to the terms of the Notes or the Indenture, and express mention of the payment
of Additional Amounts anywhere in the Notes shall not be construed as excluding Additional Amounts elsewhere in the Notes
where such express mention is not made; provided that, notwithstanding the foregoing and also notwithstanding anything in the
Indenture to the contrary, because, as set forth above under this caption “Payment of Additional Amounts,” the
Company will pay Additional Amounts, if any, as additional interest on the Notes, the references to “principal”
and “premium” appearing in clause (2) of the first paragraph of Section 501, clause (1)(B) of the second
paragraph of Section 502 and clause (2) of the first paragraph of Section 503 of the Indenture shall not include any
Additional Amounts that may be payable in respect of the principal of or premium, if any, on the Notes, and instead the
references to Additional Amounts appearing in clause (1) of the first paragraph of Section 501, clause (1)(A) of the second
paragraph of Section 502 and clause (1) of the first paragraph of Section 503 of the Indenture shall include all Additional
Amounts payable in respect of the Notes (including, without limitation, Additional Amounts payable in respect of principal
of, or premium, if any, or interest on, or Additional Amounts, if any, in respect of, the Notes).

 

    6

     

    

 

Notwithstanding any discharge of the Indenture
with respect to the Notes pursuant to Section 401 of the Indenture or any defeasance or covenant defeasance with respect to the
Notes pursuant to Article Fourteen of the Indenture, and without limitation to any of the provisions of the Indenture which, as
provided in Section 401 or Article Fourteen, as applicable, of the Indenture shall survive any such discharge, defeasance or covenant
defeasance, as the case may be, the provisions set forth under this caption “Payment of Additional Amounts” (including,
without limitation, the obligation of the Company to pay Additional Amounts) shall survive any such discharge, defeasance or covenant
defeasance, as the case may be, and remain in full force and effect and shall also survive any transfer by a Holder or beneficial
owner of its Notes or its beneficial interest in Global Securities.

 

Defeasance; Covenant Defeasance

 

The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of the Company on the Notes and (b) certain restrictive covenants and the related defaults
and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth
in the Indenture, which apply to this Note; provided that, as set forth in the immediately preceding paragraph and in the Indenture,
certain provisions of the Notes and the Indenture will survive any such defeasance or covenant defeasance, as the case may be,
and remain in full force and effect.

 

Additional Covenants

 

In addition to the covenants of the Company
contained in the Indenture and elsewhere in this Note, the Company makes the following covenants with respect to, and for the benefit
of the Holders of, the Notes:

 

Limitation on Incurrence of Total Debt.
The Company will not, and will not permit any Subsidiary to, incur any Debt, other than Intercompany Debt, if, immediately after
giving effect to the incurrence of such additional Debt and the application of the proceeds therefrom on a pro forma basis, the
aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance
with GAAP is greater than 60% of the sum of (i) the Company’s Total Assets as of the end of the latest fiscal quarter covered
in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with
the Commission (or, if such filing is not required under the Securities Exchange Act of 1934, as amended, with the Trustee) prior
to the incurrence of such additional Debt and (ii) the increase, if any, in Total Assets from the end of such quarter including,
without limitation, any increase in Total Assets caused by the application of the proceeds of such additional Debt (such increase
together with the Company’s Total Assets are referred to as the “Adjusted Total Assets”).

 

Limitation on Incurrence of Secured Debt.
The Company will not, and will not permit any Subsidiary to, incur any Secured Debt, other than Intercompany Debt, if, immediately
after giving effect to the incurrence of such additional Secured Debt and the application of the proceeds therefrom on a pro forma
basis, the aggregate principal amount of all outstanding Secured Debt of the Company and its Subsidiaries on a consolidated basis
determined in accordance with GAAP is greater than 40% of the Company’s Adjusted Total Assets.

 

    7

     

    

 

Debt Service Coverage. The Company
will not, and will not permit any Subsidiary to, incur any Debt, other than Intercompany Debt, if the ratio of Consolidated Income
Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters
most recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis
after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and calculated on the assumption
that (i) such Debt and any other Debt incurred by the Company or any of its Subsidiaries since the first day of such four-quarter
period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter
period) had occurred on the first day of such period, (ii) the repayment or retirement of any other Debt of the Company or any
of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that,
in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be
computed based upon the average daily balance of such Debt during such period), and (iii) in the case of any acquisition or disposition
by the Company or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without
limitation, by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition had occurred on the first
day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro
forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first
day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service
Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which would have
been in effect during the entire such four-quarter period had been the applicable rate for the entire such period.

 

Maintenance of Total Unencumbered Assets.
The Company will maintain at all times Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount
of the Unsecured Debt of the Company and its Subsidiaries, computed on a consolidated basis in accordance with GAAP.

 

Certain Additional Definitions

 

As used in this Note, the following terms
have the meanings set forth below:

 

“Annual Debt Service
Charge” as of any date means the amount which is expensed in any 12-month period for interest on Debt of the Company
and its Subsidiaries.

 

“Business Day”
means, unless otherwise expressly stated in this Note, any day, other than a Saturday or a Sunday, that is not a day on which banking
institutions in The City of New York or in London, England are authorized or required by law, regulation or executive order to
close.

 

“Clearstream”
means Clearstream Banking S.A., including any successor securities clearing agency thereto.

 

“Common Depositary”
means The Bank of New York Mellon, London Branch, as common depositary of the Notes for Clearstream and Euroclear, or any successor
in such capacity.

 

“Consolidated Income
Available for Debt Service” for any period means Consolidated Net Income plus, without duplication, amounts which have
been deducted in determining Consolidated Net Income during such period for (i) Consolidated Interest Expense, (ii) provisions
for taxes of the Company and its Subsidiaries based on income, (iii) amortization (other than amortization of debt discount)
and depreciation, (iv) provisions for losses from sales or joint ventures, (v) provisions for impairment losses, (vi) increases
in deferred taxes and other non-cash charges, (vii) charges resulting from a change in accounting principles, and (viii) charges
for early extinguishment of debt, and less, without duplication, amounts which have been added in determining Consolidated Net
Income during such period for (a) provisions for gains from sales or joint ventures, and (b) decreases in deferred taxes and other
non-cash items.

 

    8

     

    

 

“Consolidated Interest
Expense” for any period, and without duplication, means all interest (including the interest component of rentals on
finance leases, letter of credit fees, commitment fees and other like financial charges) and all amortization of debt discount
on all Debt (including, without limitation, payment-in-kind, zero coupon and other like securities) but excluding legal fees, title
insurance charges, other out-of-pocket fees and expenses incurred in connection with the issuance of Debt and the amortization
of any such debt issuance costs that are capitalized, all determined for the Company and its Subsidiaries on a consolidated basis
in accordance with GAAP.

 

“Consolidated Net Income”
for any period means the amount of consolidated net income (or loss) of the Company and its Subsidiaries for such period determined
on a consolidated basis in accordance with GAAP.

 

“Debt” means
any indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of (i) money borrowed or evidenced by
bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance,
trust deed, deed of trust, deed to secure debt, security agreement or any security interest existing on property owned by the Company
or any Subsidiary, (iii) letters of credit or amounts representing the balance deferred and unpaid of the purchase price of any
property except any such balance that constitutes an accrued expense or trade payable or (iv) any lease of property by the Company
or any Subsidiary as lessee that is reflected on the Company’s consolidated balance sheet as a finance lease or as indebtedness
in accordance with GAAP, in the case of items of indebtedness under (i) through (iii) above to the extent that any such items (other
than letters of credit) would appear as liabilities on the Company’s consolidated balance sheet in accordance with GAAP,
and also includes, to the extent not otherwise included, any obligation of the Company or any Subsidiary to be liable for, or to
pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), indebtedness
of another Person (other than the Company or any Subsidiary) of the type referred to in (i), (ii), (iii) or (iv) above (it being
understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof).

 

“Euroclear”
means Euroclear Bank SA/NV, including any successor securities clearing agency thereto.

 

“Executive Group”
means, collectively, those individuals holding the offices of Chairman, Vice Chairman, Chief Executive Officer, President, Chief
Operating Officer or any Vice President of the Company.

 

“GBP,” “Pounds
Sterling” and “£” mean the lawful currency of the United Kingdom.

 

“Intercompany Debt”
means indebtedness owed by the Company or any Subsidiary solely to the Company or any Subsidiary.

 

“Regular Record Date”
means (i) in the case of Notes represented by a Global Security, the business day (for this purpose, a day on which Clearstream
and Euroclear are open for business) immediately preceding the applicable Interest Payment Date and (ii) in all other cases, the
15th day prior to the applicable Interest Payment Date.

 

“Secured Debt”
means Debt secured by any mortgage, lien, charge, encumbrance, trust deed, deed of trust, deed to secure debt, security agreement,
pledge, conditional sale or other title retention agreement, finance lease, or other security interest or agreement granting or
conveying security title to or a security interest in real property or other tangible assets.

 

    9

     

    

 

“Subsidiary”
means (i) any corporation, partnership, joint venture, limited liability company or other entity the majority of the shares,
if any, of the non-voting capital stock or other equivalent ownership interests of which (except directors’ qualifying
shares) are at the time directly or indirectly owned by the Company, and the majority of the shares of the voting capital
stock or other equivalent ownership interests of which (except for directors’ qualifying shares) are at the time
directly or indirectly owned by the Company, any other Subsidiary or Subsidiaries, and/or one or more individuals of the
Executive Group (or, in the event of death or disability of any of such individuals, his/her respective legal
representative(s), or such individuals’ successors in office as an officer of the Company), and (ii) any other
entity the accounts of which are consolidated with the accounts of the Company. The foregoing definition of
 “Subsidiary” shall only be applicable with respect to the covenants set forth above under the captions
 “Additional Covenants—Limitation on Incurrence of Total Debt,” “Additional Covenants—Limitation
on Incurrence of Secured Debt,” “Additional Covenants—Debt Service Coverage,” and “Additional
Covenants—Maintenance of Total Unencumbered Assets,” this definition, the other definitions set forth herein
under this caption “Certain Additional Definitions,” and, insofar as Section 801 of the Indenture is applicable
to the Notes, the term “Subsidiary,” as that term is used in Section 801(2) of the Indenture, shall have the
meaning set forth in this definition (instead of the meaning set forth in Section 101 of the Indenture).

 

“Total Assets”
as of any date means the sum of (i) Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries
determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles).

 

“Total Unencumbered Assets”
as of any date means Total Assets minus the value of any properties of the Company and its Subsidiaries that are encumbered by
any mortgage, charge, pledge, lien, security interest, trust deed, deed of trust, deed to secure debt, security agreement, or other
encumbrance of any kind (other than those relating to Intercompany Debt), including the value of any stock of any Subsidiary that
is so encumbered, determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered
Assets as a percentage of outstanding Unsecured Debt for purposes of the covenant set forth above under “Additional Covenants—Maintenance
of Total Unencumbered Assets,” all investments in any Person that is not consolidated with the Company for financial reporting
purposes in accordance with GAAP shall be excluded from Total Unencumbered Assets to the extent that such investment would otherwise
have been included. For purposes of this definition, the value of each property shall be equal to the purchase price or cost of
each such property and the value of any stock subject to any encumbrance shall be determined by reference to the value of the properties
owned by the issuer of such stock as aforesaid.

 

“Undepreciated Real Estate
Assets” as of any date means the amount of real estate assets of the Company and its Subsidiaries on such date, before
depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

 

“Unsecured Debt”
means Debt of the Company or any Subsidiary that is not Secured Debt.

 

Other

 

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

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or
for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in principal
amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee indemnity reasonably satisfactory to it and the Trustee shall not have
received from the Holders of a majority in principal amount of the Notes at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer
of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment
of principal of, premium, if any, or interest on, or Additional Amounts, if any, in respect of, this Note on or after the respective
due dates therefor.

 

    10

     

    

 

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

 

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

 

As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this
Note for registration of transfer at the office or agency of the Company in Chicago, Illinois and in such other places where the
Company may from time to time maintain an office or agency for the registration of transfer and exchange of Notes, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar for the Notes
duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of authorized
denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject to
certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of
this series of different authorized denominations, as requested by the Holder surrendering the same.

 

The Notes of this series are issuable only
in registered form, without interest coupons, in denominations of £100,000 and integral multiples of £1,000 in excess
thereof. No Note shall be redeemed in part unless the unredeemed principal amount of such Note is an authorized denomination as
set forth in the immediately preceding sentence. No service charge shall be made for any registration of transfer or exchange of
Notes, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.

 

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

 

No recourse shall be had for the payment of
the principal of, premium, if any, or interest on, or Additional Amounts, if any, in respect of, this Note, 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 past, present or future stockholder, employee, officer or director, as such, of the Company or of any successor, either directly
or through the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

 

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

 

    11

     

    

 

Unless the certificate of authentication hereon
has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

 

The headings included in this Note are for
convenience only and shall not affect the construction hereof.

 

[Signature page follows]

 

    12

     

    

 

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

 

	 	 	REALTY INCOME CORPORATION
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	Attest:	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 Name: 	 	 	 
	 	 Title: 	 	 	 

 

[Company Signature Page to Note]

 

     

     

    

 

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 Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 
	 	 
	Dated:  	 
	 	 	 

 

 [Trustee Authentication Page to Note]

 

     

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers to

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

(Please Print or Typewrite Name and Address

including Zip Code of Assignee)

 

	the within Note of REALTY INCOME CORPORATION, and hereby does irrevocably constitute and appoint

 

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

 

Dated:

 

NOTICE: The signature to this assignment must correspond with
the name as it appears on the first page of the within Note in every particular, without alteration or enlargement or any change
whatever.

 

	Signature Guaranty	 	 	 
	 	 	(Signature must be guaranteed by
	 	 	a participant in a signature
	 	 	guarantee medallion program)Exhibit 4.3

 

Officers’ Certificate

Pursuant to Sections 201, 301 and 303 of the Indenture

 

Dated: October 1, 2020

 

The undersigned, Sean P. Nugent, Senior
Vice President, Principal Financial Officer and Treasurer, and Michael R. Pfeiffer, Executive Vice President, Chief Administrative
Officer, General Counsel and Secretary, of Realty Income Corporation, a Maryland corporation (the “Company”), hereby
certify as follows:

 

The undersigned, having read the appropriate
provisions of the Indenture dated as of October 28, 1998 (the “Indenture”) between the Company and The Bank of
New York Mellon Trust Company, N.A., as successor trustee (the “Trustee”), including Sections 201, 301 and 303
thereof and the definitions in such Indenture relating thereto, and certain other corporate documents and records, and having made
such examination and investigation as, in the opinion of the undersigned, each considers necessary to enable the undersigned to
express an informed opinion as to whether or not conditions set forth in the Indenture relating to the establishment of the title
and terms of the Company’s 1.625% Notes due 2030 (the “Securities”), which will constitute a new series of the
Company’s debt securities under the Indenture, and the form of certificate evidencing the Securities of such series have
been complied with, and whether the conditions in the Indenture relating to the authentication and delivery by the Trustee of the
Securities of such series have been complied with, certify that (i) the title and terms of the Securities of such series were
established by the undersigned pursuant to authority delegated to them by resolutions duly adopted by the Board of Directors of
the Company on October 16, 2018 and September 17, 2020 (the “Resolutions”) and such terms are set forth and incorporated
by reference in Annex A hereto, (ii) the form of certificate evidencing the Securities of such series was established
by the undersigned pursuant to authority delegated to them by the Resolutions and shall be in substantially the form attached hereto
as Annex B hereto (it being understood that, in the event that the Securities of such series are ever issued in definitive
certificated form, the legends appearing on the first page of such form of certificate evidencing the Securities of such series
may be removed), (iii) a true, complete and correct copy of the Resolutions, which were duly adopted by the Board of
Directors of the Company and are in full force and effect in the form adopted on the date hereof, are attached as Annex C
hereto and are also attached as an exhibit to the Certificate of the Secretary of the Company of even date herewith, (iv) the
form, title and terms of the Securities of such series have been established pursuant to and in accordance with Sections 201
and 301 of the Indenture and comply with the Indenture and, in the opinion of the undersigned, all conditions provided for in the
Indenture (including, without limitation, those set forth in Sections 201, 301 and 303 of the Indenture) relating to the establishment
of the title and terms of the Securities of such series, the form of certificate evidencing the Securities of such series and the
execution, authentication and delivery of the Securities of such series have been complied with and (v) to the best knowledge
of the undersigned, no Event of Default (as defined in the Indenture) has occurred and is continuing with respect to the Securities.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, we have hereunto set
our hands as of the date first written above.

 

	 	/s/
    Sean P. Nugent
	 	Sean P.
    Nugent
	 	Senior Vice President,
    Principal Financial Officer
	 	and Treasurer
	 	 
	 	/s/ Michael
    R. Pfeiffer
	 	Michael R. Pfeiffer
	 	Executive Vice President,
    Chief Administrative Officer, General Counsel and Secretary

 

Signature Page
to Officers’ Certificate 

Pursuant to Sections 201, 301 and 303 of the Indenture

 

     

     

    

 

ANNEX A

 

Terms
of the 1.625% Notes due 2030

 

For purposes of this Annex A, the term
 “Securities” shall have the meaning set forth in Section (1) below, the term “Form of Security” means
the form of certificate evidencing the Securities that is attached as Annex B to the Officers’ Certificate of which
this Annex A is a part; the term “Indenture” means the Indenture dated as of October 28, 1998 between the Company
and the Trustee, as amended or supplemented from time to time (including as provided in this Annex A) and including the terms of
the Securities of the series established hereby set forth and incorporated by reference in this Annex A; the terms “U.S.
dollars,” “USD” and “$” mean “Dollars” (as defined in the Indenture); and the terms “sterling”
 “£” and “GBP” mean the lawful currency of the United Kingdom. Other capitalized terms used in this
Annex A and not otherwise defined herein have the same definitions as in the Indenture.

 

(1)               
A series of debt securities is hereby established under the Indenture, and such series of debt securities shall be known
and designated as the “1.625% Notes due 2030” (the “Securities”).

 

(2)               
The aggregate principal amount of the Securities of such series which may be authenticated and delivered under the Indenture
is limited to £400,000,000, except for Securities of such series authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of such series pursuant to Sections 304, 305, 306, 906 or 1107 of
the Indenture; provided, however, that such series of Securities may be re-opened by the Company for the issuance of additional
Securities of such series, so long as any such additional Securities of such series have the same form and terms (other than, if
applicable, the offering price, underwriting or other discounts and commissions, the original date of issuance, the first date
on which interest thereon shall be payable and the date from which interest thereon shall begin to accrue), and carry the same
right to receive accrued and unpaid interest, as the Securities of such series theretofore issued; provided, however, that, notwithstanding
the foregoing, such series of Securities may not be reopened if the Company has effected defeasance or covenant defeasance with
respect to the Securities of such series pursuant to Section 1402 and 1403, respectively, of the Indenture or has effected
satisfaction and discharge with respect to the Securities of such series pursuant to Section 401 of the Indenture.

 

(3)               
The Securities of such series are issuable only as Registered Securities without coupons and may, but need not, bear a corporate
seal. The Securities of such series shall initially be issued in book-entry form and represented by one or more permanent Global
Securities of such series, the initial Common Depositary (as defined in the Form of Security) for the Global Securities of such
series shall be The Bank of New York Mellon, London Branch, as Common Depositary for Clearstream (as defined in the Form of Security)
and Euroclear (as defined in the Form of Security), and the depositary arrangements shall be those employed by Euroclear, Clearstream
and the Common Depositary from time to time. Notwithstanding the foregoing, certificated Securities of such series in definitive
form (“Certificated Securities”) may be issued in exchange for Global Securities of such series under the circumstances
contemplated by Section 305 (as amended and supplemented as provided in this Annex A) of the Indenture.

 

(4)                The
Securities of such series shall be sold by the Company to the several underwriters named in the Purchase Agreement dated
September 23, 2020 at a price equal to 98.566% of the principal amount thereof. The initial price to public of the
Securities shall be 99.191% of the principal amount thereof, plus accrued interest from October 1, 2020 if settlement
occurs after that date. Underwriting discounts and commissions shall be 0.625% of the principal amount of the Securities.

 

     

     

    

 

(5)               
The final maturity date of the Securities on which the principal thereof is due and payable shall be December 15, 2030.

 

(6)               
The interest rate on the Securities of such series, the manner in which the amount of interest payable on the Securities
of such series shall be calculated, the Persons to whom interest on the Securities of such series shall be payable and the Interest
Payment Dates and the Regular Record Dates of the Securities of such series shall all be as set forth in the Form of Security.

 

(7)               
London, England is hereby designated as a Place of Payment for the Securities of such series (provided that, anything in
the Indenture (including, without limitation, Sections 305 and 1002 thereof) to the contrary notwithstanding, the Company shall
not be required to maintain an office or agency for the registration of transfer or exchange of the Securities of such series,
nor shall it be required to maintain a Security Register or Security Registrar for the Securities of such series, in London, England),
and the place in London, England where the principal of, premium, if any, and interest on, and Additional Amounts (as defined below),
if any, in respect of, the Securities of such series shall be payable shall be the office or agency maintained by the Company for
such purpose in London, England from time to time, which shall initially be an office of The Bank of New York Mellon, London Branch
in London, England, which on the date hereof is located at The Bank of New York Mellon, London Branch, One Canada Square, London
E14 5AL, England. In addition, the Company shall maintain an office or agency in Chicago, Illinois where Securities of such series
may be surrendered for the registration of transfer or exchange, where a Security Register and Security Registrar for the Securities
of such series shall be maintained, and where notices or demands to or upon the Company in respect of the Securities of such series
and the Indenture may be served, which office or agency shall initially be an office of the Trustee in Chicago, Illinois, which
on the date hereof is located at The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, Suite 700, Chicago, Illinois
60602; provided, that, so long as any Certificated Securities are outstanding, the Borough of Manhattan, The City of New York shall
also be a Place of Payment for the Securities of such series and the Company will maintain an office or agency in the Borough of
Manhattan, The City of New York where the principal of and premium, if any, and interest on, and Additional Amounts, if any, in
respect of the Securities of such series shall be payable, where Securities of such series may be surrendered for registration
of transfer or exchange, and where notices or demands to or upon the Company in respect of the Securities of such series and the
Indenture may be served.

 

(8)               
The Securities of such series are redeemable at the option of the Company at the times and on the terms and subject to the
conditions set forth in the Form of Security and the Indenture. If less than all of the Outstanding Securities of such series (including,
without limitation, any Outstanding Securities of such series issued upon a re-opening of such series) are to be redeemed, the
Securities of such series (or portions thereof) to be redeemed shall be selected, in the case of Securities of such series in book-entry
form evidenced by one or more Global Securities, in accordance with the applicable procedures of Euroclear, Clearstream or the
Common Depositary, as applicable, or, in the case of any Certificated Securities of such series, by such method as the Trustee
shall deem fair and appropriate, all as further provided in the Indenture, and, for the avoidance of doubt, it is understood and
agreed that the foregoing selection of Securities of such series (or portions thereof) for redemption shall be made from among
all of the Outstanding Securities of such series (including, without limitation, any Outstanding Securities of such series issued
upon a re-opening of such series), treated as a single class. No Security of such series shall be redeemed in part unless the unredeemed
principal amount of such Security is an authorized denomination as set forth in Section (10) below.

 

    A-2

     

    

 

(9)               
 The Securities of such series shall not be repayable or redeemable at the option of the Holders prior to the final maturity
date of the principal thereof (except as provided in Article Five of the Indenture) and shall not be subject to a sinking
fund or analogous provision.

 

(10)           
The Securities of such series shall be issuable in minimum denominations of £100,000 and integral multiples of £1,000
in excess thereof.

 

(11)           
The Trustee shall be the initial trustee, Security Registrar and transfer agent for the Securities of such series in Chicago,
Illinois. The Bank of New York Mellon, London Branch shall be the initial Paying Agent for the Securities of such series in London,
England.

 

(12)           
The entire outstanding principal amount of the Securities of such series shall be payable upon declaration of acceleration
of the maturity of the Securities of such series pursuant to Section 502 of the Indenture.

 

(13)           
Except under the circumstances set forth in the Form of Security, payment of the principal of, premium, if any, and interest
on, and Additional Amounts, if any, in respect of, the Securities of such series shall be made in GBP, and the Securities of such
series shall be denominated in GBP.

 

(14)           
Other than (i) for purposes of calculating any Redemption Price pursuant to the terms set forth in the Form of Security
and (ii) currency exchange rates that may be used to convert amounts payable on the Securities of such series into other currencies
if amounts payable on the Securities of such series shall become payable in a currency other than GBP under the circumstances set
forth in the Form of Security, the amount of payments of principal of, premium, if any, and interest on, and Additional Amounts,
if any, in respect of, on the Securities of such series shall not be determined with reference to an index, formula or other similar
method.

 

(15)           
Neither the Company nor the Holders of the Securities of such series shall have any right to elect the currency in which
payments on the Securities of such series are made.

 

(16)           
With respect to the Securities of such series, in addition to the covenants of the Company set forth in the Indenture, the
covenants set forth in the Form of Security under the caption “Additional Covenants” (collectively, the “Additional
Covenants”) shall be and hereby are added to the Indenture for the benefit of the Securities of such series and the Holders
of the Securities of such series, and the Additional Covenants, together with the defined terms set forth in the Form of Security
under the caption “Certain Additional Definitions” (the “Additional Definitions”), are hereby incorporated
by reference in and made a part of this Annex A and the Indenture as if set forth in full herein and therein; provided that
the Additional Covenants and Additional Definitions set forth in the Securities of such series shall only be applicable with respect
to the Securities of such series; provided, further, that except as set forth in Section (24) below, the definition of “Subsidiary”
set forth in the Form of Security shall only be applicable with respect to the Additional Covenants and the Additional Definitions
set forth in the Securities of such series.

 

(17)           
The Securities of such series will not be issuable as Bearer Securities, and temporary global certificates will not be issued.

 

(18)            Except
as otherwise provided in the Indenture with respect to the payment of Defaulted Interest on the Securities of such series,
interest payable on any Security of such series on an Interest Payment Date (as such term is defined in the Form of Security)
for the Securities of such series shall be payable only to the Person in whose name that Security (or one or more Predecessor
Securities of such series) is registered at the close of business on the Regular Record Date (as such term is defined in the
Form of Security) for such interest.

 

    A-3

     

    

 

(19)           
Subject to the provisions of the immediately succeeding paragraph, Sections 1402 and 1403 of the Indenture shall apply
to the Securities of such series, provided that (i) the Company may effect defeasance and covenant defeasance pursuant to
Section 1402 and 1403, respectively, only with respect to all (and not less than all) of the Outstanding Securities of such
series and (ii) in addition to the covenants specifically referred to by section number in Section 1403 of the Indenture
(insofar as such covenants apply to the Securities of such series), the Additional Covenants applicable to the Securities of such
series shall also be subject to covenant defeasance pursuant to Section 1403.

 

Notwithstanding any
discharge of the Indenture with respect to the Securities of such series pursuant to Section 401 of the Indenture or any defeasance
or covenant defeasance with respect to the Securities of such series pursuant to Article Fourteen of the Indenture, and without
limitation to any of the provisions of the Indenture which, as provided in Section 401 or Article Fourteen of the Indenture, as
applicable, shall also survive any such discharge, defeasance or covenant defeasance, as the case may be, the provisions set forth
in the Form of Security under the caption “Payment of Additional Amounts” (including, without limitation, the obligation
of the Company to pay Additional Amounts) shall survive any such discharge, defeasance or covenant defeasance, as the case may
be, and remain in full force and effect and shall also survive any transfer by a Holder or beneficial owner of its Securities of
such series or its beneficial interest in Global Securities of such series.

 

(20)           
The Securities of such series will be authenticated and delivered as provided in Section 303 of the Indenture; provided
that, notwithstanding anything in Section 303 or elsewhere in the Indenture to the contrary, the Securities of such series may,
but need not, be executed under its corporate seal (or a facsimile thereof).

 

(21)           
The Company shall be required to pay Additional Amounts with respect to the Securities of such series on the terms and subject
to the conditions set forth in the Form of Security.

 

(22)           
The Securities of such series shall not be convertible or exchangeable into Common Stock or Preferred Stock.

 

(23)           
The Securities of such series will be senior obligations of the Company.

 

(24)           
Insofar as Section 801 of the Indenture is applicable to the Securities of such series, the term “Subsidiary,”
as such term is used in Section 801(2) of the Indenture, shall have the meaning set forth in the Form of Security (instead
of the meaning set forth in Section 101 of the Indenture), and the term “indebtedness,” as used in Section 801(2)
of the Indenture, shall be deemed to include, without limitation, “Debt” and “Secured Debt” (as such terms
are defined in the Form of Security).

 

(25)           
The provisions of Section 1011 of the Indenture shall be applicable with respect to any term, provision or condition
set forth in the Additional Covenants applicable to the Securities of such series, in addition to any term, provision and condition
set forth in Sections 1004 to 1008, inclusive, of the Indenture.

 

(26)           
The Securities of such series shall have such other terms and provisions as are set forth in the Form of Security, all of
which terms and provisions are incorporated by reference in and made a part of this Annex A and the Indenture as if set forth
in full herein and therein.

 

    A-4

     

    

 

(27)           
 As used in the Indenture with respect to the Securities of such series and in the certificates evidencing the Securities
of such series, all references to “premium” on the Securities of such series shall mean any amounts (other than accrued
interest) payable upon the redemption of any Securities of such series in excess of 100% of the principal amount of such Securities.

 

(28)           
Payments of principal of, premium, if any, and interest on, and Additional Amounts, if any, in respect of, Global Securities
of such series will be made by the Company by wire transfer of immediately available funds to an account maintained by the payee.
In the event that any Securities of such series are issued in the form of Certificated Securities of such series, payments of principal
of, premium, if any, and interest on, and Additional Amounts, if any, in respect of, such Certificated Securities of such series
shall be made in the manner set forth in the Form of Security and in the Indenture.

 

(29)           
The following provisions of the Indenture are hereby amended, amended and restated, deleted or supplemented, as the case
may be, as set forth below, provided that such amendments, amendments and restatements, deletions and supplements shall only be
applicable insofar as the Indenture relates to the Securities of such series and shall not be applicable with respect to any other
series of debt securities issued under the Indenture:

 

(a)               
The definition of the term “Additional Amounts” appearing in Section 101 of the Indenture shall have the
meaning set forth in the Form of Security instead of the meaning set forth in the definition of such term in Section 101 of the
Indenture.

 

(b)               
The definition of the term “Business Day” appearing in Section 101 of the Indenture shall have the meaning
set forth in the Form of Security instead of the meaning set forth in the definition of such term in Section 101 of the Indenture;

 

(c)               
The definition of the term “CEDEL” appearing in Section 101 of the Indenture is amended and restated to
read in full as follows:

 

“ “Clearstream” means Clearstream
Banking S.A. or any successor securities clearing agency thereto.”

 

All references to “CEDEL” appearing in the Indenture
are hereby amended to refer instead to “Clearstream”.

 

(d)               
The definition of the term “Common Depositary” appearing in Sections 101 and 304 of the Indenture shall have
the meaning set forth in the Form of Security instead of the meaning set forth in the definition of such term in Sections 101 and
304 of the Indenture.

 

(e)               
The definition of the term “Euroclear” appearing in Section 101 of the Indenture is hereby amended and
restated to read in full as follows:

 

“ “Euroclear” means Euroclear Bank
SA/NV or any successor securities clearing agency thereto.”

 

(f)                
The definition of “Government Obligations” appearing in Section 101 of the Indenture is hereby amended by replacing
the words “United States” wherever such words appear in such definition with the words “United States of America”.

 

    A-5

     

    

 

(g)               
 Clause (ii) of the proviso appearing in the definition of the term “Outstanding” in Section 101 of
the Indenture is hereby amended and restated to read in full as follows:

 

“(ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be Outstanding
for such purpose shall be equal to the Dollar equivalent of such principal amount, determined as of the second business day prior
to the date of determining whether Holders of the requisite principal amount of Outstanding Securities have given such request,
demand, authorization, direction, notice, consent or waiver or whether a quorum is present or the date of such calculation, as
applicable;”

 

(h)               
Section 101 of the Indenture is hereby supplemented by adding the following definition in appropriate alphabetical
order:

 

““Sterling,” “£”
and “GBP” mean the lawful currency of the United Kingdom.”

 

(i)                
The definitions of the terms “United States” and “United States Person” appearing in Section 101
of the Indenture shall have the respective meanings set forth in the Form of Security, instead of the meanings set forth in the
respective definitions of such terms in Section 101 of the Indenture.

 

(j)                
Notwithstanding the provisions of the last paragraph of Section 203 of the Indenture, the Global Securities may, but
need not, bear the legend set forth in such paragraph but may bear one or both of the legends appearing on the Form of Security
or such other or additional legends as may be required or permitted by the Common Depositary, Euroclear or Clearstream from time
to time.

 

(k)               
The first three sentences of the fifth paragraph of Section 305 of the Indenture are hereby deleted and replaced with
the following:

 

“Notwithstanding the
foregoing, except as otherwise specified pursuant to Section 301 of this Indenture, any permanent Global Security shall be
exchangeable and transferable only as provided in this paragraph. A Global Security may be transferred, in whole but not in
part, only to the Common Depositary for such Global Security or a nominee of the Common Depositary, or by a nominee of the
Common Depositary to the Common Depositary or to a successor Common Depositary for such Global Security or a nominee of such
successor Common Depositary. If at any time (i) Euroclear or Clearstream notifies the Company that it is unwilling or
unable to continue as a clearing agency for the Global Securities of any series or if Euroclear or Clearstream ceases to be a
clearing agency registered as such under the Securities Exchange Act of 1934, as amended (or any successor thereto), at any
time when it is required to be so registered in order to act as a clearing agency for the Global Securities of such series
and in either such case a successor clearing agency is not appointed within 90 days after the Company receives such
notice or learns of such ineligibility, (ii) the Company determines that the Securities of such series shall no longer
be represented by Global Securities and executes and delivers to the Trustee an Officers’ Certificate to such effect or
(iii) an Event of Default with respect to the Securities of such series shall have occurred and be continuing and
beneficial owners representing a majority in aggregate principal amount of the Outstanding Securities of such series advise
Euroclear and Clearstream to cease acting as clearing agencies for the Global Securities of such series, then the Company
shall execute, and the Trustee shall authenticate and deliver, definitive Securities of like series, rank, tenor and other
terms in definitive form in an aggregate principal amount equal to the aggregate principal amount of such Global Securities.
Any Securities of such series in definitive form issued in exchange for beneficial interests in Global Securities of such
series shall be issued in authorized denominations and will be registered in such name or names as Euroclear or Clearstream,
as applicable, shall instruct the Security Registrar for the Securities of such series.”

 

    A-6

     

    

 

(l)                
The Global Securities of such series need not include the provision that would otherwise be required by the third paragraph
of Section 307 of the Indenture.

 

(m)             
Section 704 is hereby amended by replacing the word “semiannually” each time it appears in such Section with
the word “annually”.

 

(n)               
Section 801 of the Indenture is hereby amended by replacing the words “United States” appearing in such
Section with the words “United States of America”.

 

(o)               
The provisions of the last paragraph of Section 1002 shall not be applicable with respect to the Securities of such
series unless the Company shall have effected defeasance or covenant defeasance of the Securities of such series pursuant to Article
Fourteen of the Indenture and thereafter a Conversion Event shall have occurred with respect to the Securities of such series,
in which case the Company shall maintain an exchange rate agent to determine the market exchange rate referred to in the second
paragraph of Section 1405 of the Indenture for so long as such Conversion Event shall be continuing. Such exchange rate agent shall
be a financial institution or a financial services firm (or a subsidiary of either of the foregoing) of recognized standing appointed
by the Company.

 

(p)               
Section 1002 of the Indenture is hereby supplemented by adding the following paragraph immediately after the last paragraph
that currently appears in such Section:

 

“If the Securities of any
series shall become or be payable in a currency (the “new currency”) other than the currency in which the Securities
of such series were originally payable, the Company shall maintain an office or agency where the Securities of such series may
be presented or surrendered for payment and where notices and demands to or upon the Company in respect of the Securities of such
series and the Indenture may be served in a major financial center or major city (selected by the Company in its reasonable discretion)
in the country which issues such new currency and maintain such office or agency for so long as the Securities of such series are
payable in such new currency or, if no single country is the issuer of such new currency, in a major financial center or major
city (selected by the Company in its reasonable discretion) in such country as the Company shall in its reasonable discretion deem
appropriate, and such financial center or city, as applicable, shall be deemed a Place of Payment for the Securities of such series
so long as the Securities of such series shall be payable in such new currency (except that the Company shall not be required to
maintain an office or agency in such Place of Payment where Securities of such series may be surrendered for registration of transfer
or exchange or a Securities Registrar or Securities Register in such Place of Payment); provided that the foregoing provisions
of this sentence shall not affect the obligations of the Company to maintain an office or agency where Securities of such series
may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or
exchange, where a Securities Register or Securities Registrar shall be maintained, or where notices and demands to or upon the
Company in respect of the Securities of such series and this Indenture may be served, as the case may be, in such place or places
as may be required pursuant to the terms of the Securities of such series or this Indenture.”

 

    A-7

     

    

 

(q)               
 Section 1010 of the Indenture is hereby amended by deleting the words “except in the case of Section 502(1)”
appearing in the first paragraph of such Section and by adding the following proviso at the end of the first paragraph of such
Section immediately after the words “express mention is not made” and immediately before the period at the end of such
paragraph:

 

“; provided that, notwithstanding the foregoing
and also notwithstanding anything in the Indenture to the contrary, if the Securities of any series (a) provide for the payment
of Additional Amounts and (b) further provide that such Additional Amounts, if any, shall be paid as additional interest on the
Securities of such series, then the references to “principal” and “premium” appearing in clause (2) of
the first paragraph of Section 501, clause (1)(B) of the second paragraph of Section 502 and clause (2) of the first paragraph
of Section 503 of this Indenture shall not include any Additional Amounts that may be payable in respect of the principal of or
premium, if any, on the Securities of such series, and instead the references to Additional Amounts appearing in clause (1) of
the first paragraph of Section 501, clause (1)(A) of the second paragraph of Section 502 and clause (1) of the first paragraph
of Section 503 of this Indenture shall include all Additional Amounts payable in respect of the Securities of such series (including,
without limitation, Additional Amounts payable in respect of principal of, or premium, if any, or interest on, or Additional Amounts,
if any, in respect of, the Securities of such series.

 

(r)                
Section 1010 of the Indenture is hereby amended and supplemented by deleting the last paragraph of such Section and
inserting the following two new paragraphs immediately after the first paragraph of such Section, such two new paragraphs to read
in full as follows:

 

“If the Securities of any
series provide for the payment of Additional Amount and the Company becomes aware that any deduction or withholding for or on account
of any tax, duty, assessment or other governmental charge set forth or provided for in the Securities of such series shall be required
with respect to payments on such Securities, the Company will deliver to the Trustee and each Paying Agent on a date that is at
least 30 days prior to the date such deduction or withholding will be required (unless the obligation to deduct or withhold
such taxes, assessments, duties or other governmental charges arises less than 30 days prior to that date that such deduction
or withholding will be required, in which case the Company shall notify the Trustee and each Paying Agent promptly after the Company
becomes aware that such requirement has arisen) an Officers’ Certificate stating the fact that such deduction or withholding
for or on account of any such taxes, duties, assessments or other governmental charges will be required and specifying by country
the amount, if any, required to be withheld on or deducted from such payments to the Holders of Securities of that series or related
coupons. If the Trustee or any Paying Agent, as the case may be, shall not so receive the above-mentioned Officers’ Certificate,
then the Trustee or such Paying Agent, as applicable shall be entitled (1) to assume that no such withholding or deduction
is required with respect to any payment of principal of, or premium, if any, or interest on, or Additional Amounts, if any, in
respect of the Securities of such series until such time as it shall have received an Officers’ Certificate advising otherwise
and (2) to make all payments of principal of, and premium, if any, and interest on, and Additional Amounts, if any, in respect
of, the Securities of such series and related coupons without withholding or deductions until otherwise advised.”

 

    A-8

     

    

 

“If the Securities of
any series provide for the payment of Additional Amounts and if, at the time of deposit of any funds or Government
Obligations as contemplated by Section 401 or Section 1404 of this Indenture in connection with the satisfaction
and discharge, defeasance or covenant defeasance of the Securities of such series, the Company is required, or is aware that
it will be required, to pay Additional Amounts in respect of any principal of, or premium, if any, or interest on, the
Securities of such series, then the funds and, if applicable, Government Securities so deposited must also be sufficient to
pay and discharge such Additional Amounts as and when the same shall become due and payable in accordance with the terms of
this Indenture and the Securities of such series.”

 

(s)                
The first sentence of Section 1104 of the Indenture is hereby amended by replacing the reference to “30 days”
with “15 days”.

 

(t)                
Clause (10) of the third paragraph of Section 1104 of the Indenture is hereby amended and restated to read in
full as follows:

 

“(10)the ISIN number, CUSIP number and Common
Code of such Securities, if any; and”.

 

(u)               
Article One of the Indenture is hereby supplemented by adding a new Section 115, which shall appear immediately after
Section 114 of the Indenture and shall read in full as follows:

 

“SECTION 115.            ELECTRONIC
SIGNATURES; CORPORATE SEAL

 

“The words “execution,”
 “signed,” “signature,” and words of like import in this Indenture shall include images of manually executed
signatures transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif”
or “jpg”) and electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronically
transmitted signatures, electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature that is delivered physically or use of a paper-based record-keeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law
based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing and anything
in this Indenture to the contrary notwithstanding, but subject, however, to the proviso to this sentence, (a) any Security,
supplemental indenture, Officers’ Certificate, Company Order, Company Request, Opinion of Counsel or other opinion of counsel,
instrument, agreement or other document delivered pursuant to this Indenture may be executed, attested and transmitted by any of
the foregoing electronic means and formats and (b) all references in Section 303 or elsewhere in this Indenture to the
execution, attestation or authentication of any Security or any certificate of authentication appearing on or attached to any Security
by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing
electronic means or formats; provided that, notwithstanding the foregoing, no Security, coupon or supplemental indenture may be
executed or attested by DocuSign or AdobeSign or other electronic signature and no certificate of authentication on any Security
may be executed by DocuSign, AdobeSign or other electronic signature and, as provided in the last paragraph of Section 303
of the Indenture, each certificate of authentication must be executed by the Trustee by manual signature of an authorized signatory.”

 

    A-9

     

    

 

(30)           
 Anything in the Indenture, the Form of Security or this Annex A to the contrary notwithstanding, in the event of any conflict
between the terms set forth in the Form of Security and the terms set forth in this Annex A, the terms set forth in the Form
of Security shall govern, and in the event of any conflict between the terms set forth in the Form of Security or this Annex A,
on the one hand, and the terms set forth in the Indenture, on the other hand, the terms of the Form of Security or this Annex A,
as applicable, shall govern.

 

    A-10

     

    

 

ANNEX B

 

Form
of 1.625% Note due 2030

 

     

     

    

 

[FOR GLOBAL SECURITIES—THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON
DEPOSITARY OR A NOMINEE OF A COMMON DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE COMMON DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND, UNLESS AND UNTIL
IT IS EXCHANGED FOR SECURITIES IN DEFINITIVE CERTIFICATED FORM AS AFORESAID, MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON
DEPOSITARY TO A NOMINEE OF THE COMMON DEPOSITARY OR BY A NOMINEE OF THE COMMON DEPOSITARY TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE
OF THE COMMON DEPOSITARY OR BY THE COMMON DEPOSITARY OR ITS NOMINEE TO A SUCCESSOR COMMON DEPOSITARY OR ITS NOMINEE.]

 

[FOR GLOBAL SECURITIES—UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR,” WHICH TERM INCLUDES
ANY SUCCESSOR SECURITIES CLEARING AGENCY THERETO) OR CLEARSTREAM BANKING S.A. (“CLEARSTREAM,” WHICH TERM INCLUDES ANY
SUCCESSOR CLEARING AGENCY THERETO, AND TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY (AS DEFINED
BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF
THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM
(AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.]

 

PRINCIPAL AMOUNT:
£

 

REGISTERED NO.: R-

CUSIP NO.: 756109 AY0

ISIN NO.: XS2238341080

Common Code: 223834108

 

REALTY INCOME CORPORATION

 

1.625% NOTES DUE 2030

 

Realty Income Corporation, a Maryland corporation
(the “Company,” which term shall include any successor under the Indenture hereinafter referred to), for value received,
hereby promises to pay to         , or registered assigns, the principal sum of                Pounds Sterling (as defined below) on December 15, 2030
(the “Final Maturity Date”), and to pay interest thereon from and including October 1, 2020, or from and including
the most recent date to which interest has been paid or duly provided for, annually in arrears on December 15 of each year (each,
an “Interest Payment Date”), commencing December 15, 2020, at the rate of 1.625% per annum, until the entire principal
amount 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 Note (as defined below) (or
one or more Predecessor Securities) is registered in the Security Register applicable to the Notes at the close of business on
the Regular Record Date (as defined below) immediately preceding such Interest Payment Date (regardless of whether such Regular
Record Date is a Business Day (as defined below)). Any such interest not so punctually paid or duly provided for shall 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 Note (or
one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.
Interest on the Notes will be computed on the basis of the actual number of days in the period for which interest is being calculated
and the actual number of days from and including the last date on which interest was paid on the Notes (or from and including October
1, 2020 if no interest has been paid on the Notes) to but excluding the next scheduled Interest Payment Date. This payment convention
is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. If any principal
of, premium, if any, or interest on, or Additional Amounts (as defined below), if any, in respect of, any of the Notes is not paid
when due, then such overdue principal and, to the extent permitted by law, such overdue premium, interest or Additional Amounts,
as the case may be, shall bear interest, until paid or until such payment is duly provided for, at the rate of 1.625% per annum.

 

    B-1

     

    

 

If any Interest Payment Date, the Final Maturity
Date, any Redemption Date, any Maturity or any other date on which the principal of, or premium, if any, or interest on, or Additional
Amounts, if any, in respect of, a Note becomes due and payable falls on a day that is not a Business Day, the required payment
may be made on the next succeeding Business Day with the same force and effect as if it were made on such Interest Payment Date,
Final Maturity Date, Redemption Date, Maturity or other date on which any such amount becomes due and payable and no interest will
accrue on the amount so payable for the period from and after such Interest Payment Date, Final Maturity Date, Redemption Date,
Maturity or other date on which any such amount becomes due and payable, as the case may be.

 

Except as provided in the next paragraph and
in the proviso to this sentence, all payments of principal of, and premium, if any, and interest on, and Additional Amounts, if
any, in respect of, the Notes will be made in GBP (as defined below); provided that if GBP is unavailable to the Company due to
the imposition of exchange controls or other circumstances beyond its control, then all payments in respect of the Notes will be
made in Dollars until GBP is again available to the Company. In such circumstances, the amount payable on any date in GBP will
be converted into Dollars at the rate mandated by the Board of Governors of the U.S. Federal Reserve System (or any successor thereto)
as of the close of business on the second Business Day prior to the relevant payment date or, if the Board of Governors of the
U.S. Federal Reserve System (or any successor thereto) has not mandated a rate of conversion, on the basis of the most recent Dollar/GBP
exchange rate published in The Wall Street Journal (or any successor thereto) on or prior to the second Business Day prior to the
relevant payment date. Any payment in respect of the Notes so made in Dollars under such circumstances will not constitute an Event
of Default with respect to the Notes under the Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility
for any calculation or conversion in connection with the foregoing.

 

The Notes may also be payable in a currency
other than GBP if (a) the Company effects defeasance or covenant defeasance with respect to the Notes pursuant to Article Fourteen
of the Indenture and (b) thereafter a Conversion Event occurs with respect to GBP and shall be continuing, all as more fully provided
in Section 1405 of the Indenture.

 

If this Note is a Global Security, all payments
of principal of, premium, if any, and interest on, and Additional Amounts, if any, in respect of, this Note will be made by the
Company by wire transfer of immediately available funds to an account maintained by the payee. If this Note is not a Global Security
(a “Certificated Note”), payments of interest on this Note may be made, at the Company’s option, by mailing a
check to the address of the Person entitled thereto, as such address appears in the Security Register for the Notes, or by wire
transfer to an account maintained by the payee, all on the terms set forth in the Indenture; provided, however, that a Holder of
 £4 million or more in aggregate principal amount of Certificated Notes will be entitled to receive payments of interest due
on any Interest Payment Date by wire transfer of immediately available funds to an account specified by such Holder so long as
such Holder has given appropriate wire transfer instructions to the Trustee or a Paying Agent for the Notes at least 10 calendar
days prior to the applicable Interest Payment Date. Any such wire transfer instructions will remain in effect until revoked by
such Holder or until such Person ceases to be a Holder of £4 million or more in aggregate principal amount of Certificated
Notes.

 

    B-2

     

    

 

Payments of principal of, and premium, if
any, and interest on, and Additional Amounts, if any, in respect of, Certificated Notes that are due and payable on the Final Maturity
Date, any Redemption Date, any Maturity or any other date on which principal of such Notes is due and payable will be made by wire
transfer of immediately available funds to accounts specified by the Holders thereof, so long as such Holders have given appropriate
wire transfer instructions to the Trustee or a Paying Agent, against surrender of such Notes to the Trustee or a Paying Agent;
provided that installments of interest on Certificated Notes that are due and payable on any Interest Payment Date falling on or
prior to such Final Maturity Date, Redemption Date, Maturity or other date on which principal of such Notes is payable will be
paid in the manner described in the preceding paragraph to the Persons who were the Holders of such Notes (or one or more Predecessor
Securities) registered as such at the close of business on the relevant Regular Record Date according to the terms and provisions
of the Notes and the Indenture.

 

This Note is one of a duly authorized issue
of Securities of the Company (herein called the “Notes”), issued as a series of Securities under an indenture dated
as of October 28, 1998 (herein called, together with all indentures supplemental thereto, the “Indenture”), between
the Company and The Bank of New York Mellon Trust Company, N.A. (successor trustee to The Bank of New York), as trustee (the “Trustee,”
which term includes any successor trustee under the Indenture with respect to the Notes), 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 Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of the duly authorized series designated as the “1.625% Notes due 2030.” All terms
used in this Note which are defined in the Indenture and not defined herein shall have the meanings assigned to them in the Indenture.

 

Optional Redemption

 

Prior to September 15, 2030 (the “Par
Call Date”), the Notes may be redeemed at any time in whole or from time to time in part at the option of the Company at
a Redemption Price equal to the greater of:

 

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

 

(b) the sum of the present values
of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to
the applicable Redemption Date), assuming that the Notes matured and that accrued and unpaid interest on the Notes was payable
on the Par Call Date, discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government
Bond Rate plus 25 basis points,

 

plus, in the case of both clauses (a) and (b) above, accrued
and unpaid interest on the principal amount of the Notes being redeemed to such Redemption Date.

 

On and after the Par Call Date, the Notes
may be redeemed at any time in whole or from time to time in part at the option of the Company at a Redemption Price equal to 100%
of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes being
redeemed to the applicable Redemption Date.

 

Notwithstanding the foregoing, installments
of interest on Notes whose Stated Maturity is on or prior to a Redemption Date for the Notes will be payable to the Persons who
were the Holders of such Notes (or one or more Predecessor Securities) registered as such at the close of business on the relevant
Regular Record Dates according to their terms and the provisions of the Indenture.

 

“Comparable
Government Bond Rate” means, with respect to any Redemption Date for the Notes, the price, expressed as a percentage
(rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed,
if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to
the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the
Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment
bank selected by the Company.

 

    B-3

     

    

 

“Comparable
Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent
investment bank selected by Company, a United Kingdom government bond whose maturity is closest to the Par Call Date or, if such
independent investment bank in its discretion determines that such similar bond is not in issue, such other United Kingdom government
bond as such independent investment bank may, with the advice of the three brokers of, and/or market makers in, United Kingdom
government bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond Rate. 

 

Redemption for Changes in Taxes

 

If (1)(a) as a result of any change in, or
amendment to, the laws (or any regulations or rulings promulgated thereunder) or treaties of the United States (as defined below)
or any political subdivision or taxing authority thereof or therein having power to tax (each, a “Relevant Taxing Jurisdiction”),
or any change in, or amendment to, any official position regarding the application, administration or interpretation of such laws,
treaties, regulations or rulings (including by virtue of a holding, judgment or order by a court of competent jurisdiction or a
change in published administrative practice), which change or amendment becomes effective on or after September 23, 2020, the Company
becomes or will become obligated to pay any Additional Amounts or (b) any act is taken by a Relevant Taxing Jurisdiction on or
after September 23, 2020, whether or not such act is taken with respect to the Company or any affiliate of the Company, that results
in a substantial probability that the Company will or may be required to pay any Additional Amounts, and (2) the Company determines,
in its business judgment, that the obligation to pay Additional Amounts cannot be avoided by taking reasonable measures available
to it, including by making payments through a different Paying Agent (provided that such reasonable measures do not include substitution
of another entity as the obligor under the Notes), then the Company may, at its option, redeem the Notes, in whole but not in part,
at a Redemption Price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest on the Notes to the
applicable Redemption Date. Notwithstanding the foregoing, installments of interest on Notes whose Stated Maturity is on or prior
to a Redemption Date for the Notes will be payable to the Persons who were the Holders of such Notes (or one or more Predecessor
Securities) registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions
of the Indenture. No redemption pursuant to this paragraph may be made unless the Company has received a written opinion of independent
counsel to the effect that, as a result of such change or amendment the Company has become or will become obligated to pay, or
that such act taken by a Relevant Taxing Jurisdiction has resulted in a substantial probability that the Company will or may be
required to pay, any Additional Amounts, and the Company shall have delivered to the Trustee such legal opinion together with an
Officers’ Certificate stating that, based on such opinion, the Company is entitled to redeem the Notes pursuant to the provisions
described in this paragraph and the other provisions of the Notes and the Indenture. The Trustee shall be entitled to rely on such
Officers’ Certificate and opinion of counsel as sufficient evidence of the existence and satisfaction of the conditions precedent
as described above in this paragraph, in which event it will be conclusive and binding on the Holders of the Notes.

 

As used in this Note, the term “United
States” means the United States of America (including the states and the District of Columbia), its territories, its possessions
and other areas subject to its jurisdiction.

 

Notice of Redemption

 

Notice of any redemption by the Company will
be mailed at least 15 days but not more than 60 days before the applicable Redemption Date to the Holders of Notes (or portions
of Notes) to be redeemed.

 

Payment of Additional Amounts

 

All payments of principal of, and premium,
if any, and interest on the Notes will be made free and clear of and without withholding or deduction for or on account of any
present or future tax, duty, assessment or other governmental charge of whatsoever nature (collectively, “Taxes”) imposed
by any Relevant Taxing Jurisdiction, unless the withholding or deduction of such Taxes is required by law or the official interpretation
or administration thereof.

 

    B-4

     

    

 

In the event that any withholding or deduction
from or on any payments on or in respect of the Notes for or on account of any Taxes is required by a Relevant Taxing Jurisdiction,
the Company will, subject to the exceptions and limitations set forth below, pay, as additional interest on the Notes, such additional
amounts (“Additional Amounts”) as will result in receipt by each holder of a Note that is not a United States Person
(as defined below) of such amounts (after all such withholding or deduction, including from or on any Additional Amounts) as would
have been received by such holder had no such withholding or deduction been required. The Company will not be required, however,
to make any payment of Additional Amounts for or on account of:

 

(1) any Taxes that are imposed or withheld by reason
of a holder of Notes (or the beneficial owner for whose benefit such holder holds such Note) (or a fiduciary, settlor, beneficiary,
member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a Person holding a power
over an estate or trust administered by a fiduciary holder) being considered as:

 

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

 

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

 

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

 

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

 

(e) being a controlled foreign corporation that is
related to us within the meaning of Section 864(d)(4) of the Code or any successor provision; or

 

(f) being or having been a bank receiving interest
described in section 881(c)(3)(A) of the Code or any successor provision;

 

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

 

(3) any Taxes that are imposed or withheld by reason
of the failure to (a) comply with certification, identification or information reporting requirements concerning the nationality,
residence, identity or connection with a Relevant Taxing Jurisdiction of the holder or beneficial owner of such Note, if compliance
is required by statute or by regulation of the Relevant Taxing Jurisdiction as a precondition to relief or exemption from such
Taxes (including the submission, if applicable, of a United States Internal Revenue Service (“IRS”) Form W-8 (with
any required attachments)) or (b) comply with any information gathering and reporting requirements or to take any similar action
(including entering into any agreement with the IRS), in each case, that are required to obtain the maximum available exemption
from withholding by a Relevant Taxing Jurisdiction that is available to payments received by or on behalf of the holder or beneficial
owner;

 

(4) any Taxes that are imposed otherwise than by withholding
from the payment;

 

    B-5

     

    

 

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

 

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

 

(7) any Taxes required to be withheld by any Paying
Agent from any payment of principal of, or premium, if any, or interest on, any Note, if such payment can be made without such
withholding by any other Paying Agent;

 

(8) any Taxes that are imposed or levied by reason of
the presentation (where presentation is required in order to receive payment) of such Notes for payment on a date more than 30
days after the date on which such payment became due and payable, except to the extent that the holder or beneficial owner thereof
would have been entitled to Additional Amounts had the Notes been presented for payment on any date during such 30-day period;

 

(9) any backup withholding or any Taxes imposed under
Sections 1471 through 1474 of the Code (or any successor provisions thereto), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code (or any successor provision thereto), or any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with
the implementation of such sections of the Code (or any successor thereto); or

 

(10) any combination of any items (1) through (9).

 

Except as specifically provided under this
caption “Payment of Additional Amounts,” the Company shall not be required to make any payment with respect to any
tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein
on any payment of principal of, premium, if any, or interest on, or Additional Amounts in respect of, the Notes.

 

If the Company becomes aware that it will
be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Company will deliver
to the Trustee and each Paying Agent on a date that is at least 30 days prior to the date of that payment (unless the obligation
to pay Additional Amounts arises less than 30 days prior to that payment date, in which case the Company shall notify the Trustee
and each Paying Agent promptly after the Company becomes aware that such obligation has arisen) an Officers’ Certificate
stating the fact that Additional Amounts will be payable and the amount to be so payable. The Officers’ Certificate must
also set forth any other information reasonably necessary to enable the Paying Agents to pay such Additional Amounts to Holders
on the relevant payment date. The Trustee and each Paying Agent shall be entitled to rely solely on such Officers’ Certificate
as conclusive proof that such payments are necessary.

 

As used in this Note, the term “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
U.S. Treasury Regulations), any estate the income of which is subject to United States federal income taxation regardless of its
source, or any trust if a court within the United States is able to exercise primary supervision over the administration of the
trust or one or more United States fiduciaries have the authority to control all substantial decisions of the trust.

 

    B-6

     

    

 

Except as otherwise provided in the proviso
to this sentence, whenever there is mentioned, in any context, in the Notes the payment of principal of, or premium, if any, or
interest on, or any other amounts payable in respect of, any Note or Notes, such mention shall be deemed to include mention of
the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof pursuant to the terms of the Notes or the Indenture, and express mention of the payment of Additional Amounts anywhere
in the Notes shall not be construed as excluding Additional Amounts elsewhere in the Notes where such express mention is not made;
provided that, notwithstanding the foregoing and also notwithstanding anything in the Indenture to the contrary, because, as set
forth above under this caption “Payment of Additional Amounts,” the Company will pay Additional Amounts, if any, as
additional interest on the Notes, the references to “principal” and “premium” appearing in clause (2) of
the first paragraph of Section 501, clause (1)(B) of the second paragraph of Section 502 and clause (2) of the first paragraph
of Section 503 of the Indenture shall not include any Additional Amounts that may be payable in respect of the principal of or
premium, if any, on the Notes, and instead the references to Additional Amounts appearing in clause (1) of the first paragraph
of Section 501, clause (1)(A) of the second paragraph of Section 502 and clause (1) of the first paragraph of Section 503 of the
Indenture shall include all Additional Amounts payable in respect of the Notes (including, without limitation, Additional Amounts
payable in respect of principal of, or premium, if any, or interest on, or Additional Amounts, if any, in respect of, the Notes).

 

Notwithstanding any discharge of the Indenture
with respect to the Notes pursuant to Section 401 of the Indenture or any defeasance or covenant defeasance with respect to the
Notes pursuant to Article Fourteen of the Indenture, and without limitation to any of the provisions of the Indenture which, as
provided in Section 401 or Article Fourteen, as applicable, of the Indenture shall survive any such discharge, defeasance or covenant
defeasance, as the case may be, the provisions set forth under this caption “Payment of Additional Amounts” (including,
without limitation, the obligation of the Company to pay Additional Amounts) shall survive any such discharge, defeasance or covenant
defeasance, as the case may be, and remain in full force and effect and shall also survive any transfer by a Holder or beneficial
owner of its Notes or its beneficial interest in Global Securities.

 

Defeasance; Covenant Defeasance

 

The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness of the Company on the Notes and (b) certain restrictive covenants and the related defaults
and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth
in the Indenture, which apply to this Note; provided that, as set forth in the immediately preceding paragraph and in the Indenture,
certain provisions of the Notes and the Indenture will survive any such defeasance or covenant defeasance, as the case may be,
and remain in full force and effect.

 

Additional Covenants

 

In addition to the covenants of the Company
contained in the Indenture and elsewhere in this Note, the Company makes the following covenants with respect to, and for the benefit
of the Holders of, the Notes:

 

Limitation on Incurrence of Total Debt.
The Company will not, and will not permit any Subsidiary to, incur any Debt, other than Intercompany Debt, if, immediately after
giving effect to the incurrence of such additional Debt and the application of the proceeds therefrom on a pro forma basis, the
aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance
with GAAP is greater than 60% of the sum of (i) the Company’s Total Assets as of the end of the latest fiscal quarter covered
in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with
the Commission (or, if such filing is not required under the Securities Exchange Act of 1934, as amended, with the Trustee) prior
to the incurrence of such additional Debt and (ii) the increase, if any, in Total Assets from the end of such quarter including,
without limitation, any increase in Total Assets caused by the application of the proceeds of such additional Debt (such increase
together with the Company’s Total Assets are referred to as the “Adjusted Total Assets”).

 

Limitation on Incurrence of Secured Debt.
The Company will not, and will not permit any Subsidiary to, incur any Secured Debt, other than Intercompany Debt, if, immediately
after giving effect to the incurrence of such additional Secured Debt and the application of the proceeds therefrom on a pro forma
basis, the aggregate principal amount of all outstanding Secured Debt of the Company and its Subsidiaries on a consolidated basis
determined in accordance with GAAP is greater than 40% of the Company’s Adjusted Total Assets.

 

    B-7

     

    

 

Debt Service Coverage. The Company
will not, and will not permit any Subsidiary to, incur any Debt, other than Intercompany Debt, if the ratio of Consolidated Income
Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters
most recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis
after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and calculated on the assumption
that (i) such Debt and any other Debt incurred by the Company or any of its Subsidiaries since the first day of such four-quarter
period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter
period) had occurred on the first day of such period, (ii) the repayment or retirement of any other Debt of the Company or any
of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that,
in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be
computed based upon the average daily balance of such Debt during such period), and (iii) in the case of any acquisition or disposition
by the Company or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without
limitation, by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition had occurred on the first
day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro
forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first
day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service
Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which would have
been in effect during the entire such four-quarter period had been the applicable rate for the entire such period.

 

Maintenance of Total Unencumbered Assets.
The Company will maintain at all times Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount
of the Unsecured Debt of the Company and its Subsidiaries, computed on a consolidated basis in accordance with GAAP.

 

Certain Additional Definitions

 

As used in this Note, the following terms
have the meanings set forth below:

 

“Annual Debt Service
Charge” as of any date means the amount which is expensed in any 12-month period for interest on Debt of the Company
and its Subsidiaries.

 

“Business Day”
means, unless otherwise expressly stated in this Note, any day, other than a Saturday or a Sunday, that is not a day on which banking
institutions in The City of New York or in London, England are authorized or required by law, regulation or executive order to
close.

 

“Clearstream”
means Clearstream Banking S.A., including any successor securities clearing agency thereto.

 

“Common Depositary”
means The Bank of New York Mellon, London Branch, as common depositary of the Notes for Clearstream and Euroclear, or any successor
in such capacity.

 

“Consolidated Income
Available for Debt Service” for any period means Consolidated Net Income plus, without duplication, amounts which have
been deducted in determining Consolidated Net Income during such period for (i) Consolidated Interest Expense, (ii) provisions
for taxes of the Company and its Subsidiaries based on income, (iii) amortization (other than amortization of debt discount)
and depreciation, (iv) provisions for losses from sales or joint ventures, (v) provisions for impairment losses, (vi) increases
in deferred taxes and other non-cash charges, (vii) charges resulting from a change in accounting principles, and (viii) charges
for early extinguishment of debt, and less, without duplication, amounts which have been added in determining Consolidated Net
Income during such period for (a) provisions for gains from sales or joint ventures, and (b) decreases in deferred taxes and other
non-cash items.

 

    B-8

     

    

 

“Consolidated Interest
Expense” for any period, and without duplication, means all interest (including the interest component of rentals on
finance leases, letter of credit fees, commitment fees and other like financial charges) and all amortization of debt discount
on all Debt (including, without limitation, payment-in-kind, zero coupon and other like securities) but excluding legal fees, title
insurance charges, other out-of-pocket fees and expenses incurred in connection with the issuance of Debt and the amortization
of any such debt issuance costs that are capitalized, all determined for the Company and its Subsidiaries on a consolidated basis
in accordance with GAAP.

 

“Consolidated Net Income”
for any period means the amount of consolidated net income (or loss) of the Company and its Subsidiaries for such period determined
on a consolidated basis in accordance with GAAP.

 

“Debt” means
any indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of (i) money borrowed or evidenced by
bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance,
trust deed, deed of trust, deed to secure debt, security agreement or any security interest existing on property owned by the Company
or any Subsidiary, (iii) letters of credit or amounts representing the balance deferred and unpaid of the purchase price of any
property except any such balance that constitutes an accrued expense or trade payable or (iv) any lease of property by the Company
or any Subsidiary as lessee that is reflected on the Company’s consolidated balance sheet as a finance lease or as indebtedness
in accordance with GAAP, in the case of items of indebtedness under (i) through (iii) above to the extent that any such items (other
than letters of credit) would appear as liabilities on the Company’s consolidated balance sheet in accordance with GAAP,
and also includes, to the extent not otherwise included, any obligation of the Company or any Subsidiary to be liable for, or to
pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), indebtedness
of another Person (other than the Company or any Subsidiary) of the type referred to in (i), (ii), (iii) or (iv) above (it being
understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof).

 

“Euroclear”
means Euroclear Bank SA/NV, including any successor securities clearing agency thereto.

 

“Executive Group”
means, collectively, those individuals holding the offices of Chairman, Vice Chairman, Chief Executive Officer, President, Chief
Operating Officer or any Vice President of the Company.

 

“GBP,” “Pounds
Sterling” and “£” mean the lawful currency of the United Kingdom.

 

“Intercompany Debt”
means indebtedness owed by the Company or any Subsidiary solely to the Company or any Subsidiary.

 

“Regular Record Date”
means (i) in the case of Notes represented by a Global Security, the business day (for this purpose, a day on which Clearstream
and Euroclear are open for business) immediately preceding the applicable Interest Payment Date and (ii) in all other cases, the
15th day prior to the applicable Interest Payment Date.

 

“Secured Debt”
means Debt secured by any mortgage, lien, charge, encumbrance, trust deed, deed of trust, deed to secure debt, security agreement,
pledge, conditional sale or other title retention agreement, finance lease, or other security interest or agreement granting or
conveying security title to or a security interest in real property or other tangible assets.

 

    B-9

     

    

 

“Subsidiary”
means (i) any corporation, partnership, joint venture, limited liability company or other entity the majority of the shares, if
any, of the non-voting capital stock or other equivalent ownership interests of which (except directors’ qualifying shares)
are at the time directly or indirectly owned by the Company, and the majority of the shares of the voting capital stock or other
equivalent ownership interests of which (except for directors’ qualifying shares) are at the time directly or indirectly
owned by the Company, any other Subsidiary or Subsidiaries, and/or one or more individuals of the Executive Group (or, in the event
of death or disability of any of such individuals, his/her respective legal representative(s), or such individuals’ successors
in office as an officer of the Company), and (ii) any other entity the accounts of which are consolidated with the accounts
of the Company. The foregoing definition of “Subsidiary” shall only be applicable with respect to the covenants set
forth above under the captions “Additional Covenants—Limitation on Incurrence of Total Debt,” “Additional
Covenants—Limitation on Incurrence of Secured Debt,” “Additional Covenants—Debt Service Coverage,”
and “Additional Covenants—Maintenance of Total Unencumbered Assets,” this definition, the other definitions set
forth herein under this caption “Certain Additional Definitions,” and, insofar as Section 801 of the Indenture is applicable
to the Notes, the term “Subsidiary,” as that term is used in Section 801(2) of the Indenture, shall have the meaning
set forth in this definition (instead of the meaning set forth in Section 101 of the Indenture).

 

“Total Assets”
as of any date means the sum of (i) Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries
determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles).

 

“Total Unencumbered Assets”
as of any date means Total Assets minus the value of any properties of the Company and its Subsidiaries that are encumbered by
any mortgage, charge, pledge, lien, security interest, trust deed, deed of trust, deed to secure debt, security agreement, or other
encumbrance of any kind (other than those relating to Intercompany Debt), including the value of any stock of any Subsidiary that
is so encumbered, determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered
Assets as a percentage of outstanding Unsecured Debt for purposes of the covenant set forth above under “Additional Covenants—Maintenance
of Total Unencumbered Assets,” all investments in any Person that is not consolidated with the Company for financial reporting
purposes in accordance with GAAP shall be excluded from Total Unencumbered Assets to the extent that such investment would otherwise
have been included. For purposes of this definition, the value of each property shall be equal to the purchase price or cost of
each such property and the value of any stock subject to any encumbrance shall be determined by reference to the value of the properties
owned by the issuer of such stock as aforesaid.

 

“Undepreciated Real Estate
Assets” as of any date means the amount of real estate assets of the Company and its Subsidiaries on such date, before
depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

 

“Unsecured Debt”
means Debt of the Company or any Subsidiary that is not Secured Debt.

 

Other

 

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

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or
for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in principal
amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee indemnity reasonably satisfactory to it and the Trustee shall not have
received from the Holders of a majority in principal amount of the Notes at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer
of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment
of principal of, premium, if any, or interest on, or Additional Amounts, if any, in respect of, this Note on or after the respective
due dates therefor.

 

    B-10

     

    

 

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

 

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

 

As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this
Note for registration of transfer at the office or agency of the Company in Chicago, Illinois and in such other places where the
Company may from time to time maintain an office or agency for the registration of transfer and exchange of Notes, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar for the Notes
duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of authorized
denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject to
certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of
this series of different authorized denominations, as requested by the Holder surrendering the same.

 

The Notes of this series are issuable only
in registered form, without interest coupons, in denominations of £100,000 and integral multiples of £1,000 in excess
thereof. No Note shall be redeemed in part unless the unredeemed principal amount of such Note is an authorized denomination as
set forth in the immediately preceding sentence. No service charge shall be made for any registration of transfer or exchange of
Notes, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.

 

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

 

No recourse shall be had for the payment of
the principal of, premium, if any, or interest on, or Additional Amounts, if any, in respect of, this Note, 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 past, present or future stockholder, employee, officer or director, as such, of the Company or of any successor, either directly
or through the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

 

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

 

    B-11

     

    

 

Unless the certificate of authentication hereon
has been executed by the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

 

The headings included in this Note are for
convenience only and shall not affect the construction hereof.

 

[Signature page follows]

 

    B-12

     

    

 

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

 

 

	 	 	REALTY INCOME CORPORATION
	 	 	 	 
	 	 	By:	 
	 	 	 	
        Name:

        Title:

	 	 	 	 
	Attest:	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Name: 	 	 	 
	 	Title: 	 	 	 

 

[Company Signature Page to Note]

 

    B-13

     

    

 

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 Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 
	 	 
	Dated:  	 
	 	 	 	 

 

[Trustee Authentication Page to Note]

 

    B-14

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers to

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

(Please Print or Typewrite Name and Address

including Zip Code of Assignee)

 

	the within Note of REALTY INCOME CORPORATION, and hereby does irrevocably constitute and appoint

 

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

 

Dated:

 

NOTICE: The signature to this assignment must correspond with
the name as it appears on the first page of the within Note in every particular, without alteration or enlargement or any change
whatever.

 

	Signature Guaranty	 	 	 
	 	 	(Signature must be guaranteed by
	 	 	a participant in a signature
	 	 	guarantee medallion program)

 

    B-15

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