Document:

Exhibit 4.3.4

                                 ACTIVCARD S.A.

                             STOCK OPTION PLAN 2000

(a)      Preamble

In compliance with sections 208-1 to 208-8-2 of French law n(degree)66-537 dated
July 24, 1966 (hereafter "Company Law"), an Extraordinary Shareholders Meeting
of ACTIVCARD (hereafter indiscriminately "ACTIVCARD S.A." or the "Company")
dated May 3, 2000, has authorized, in its 15th resolution, the Board of
Directors (hereafter the "Board") to implement a plan of options to subscribe
ACTIVARD shares (hereafter the "2000 Stock Option Plan") to the benefit of all
or part of the employees and managers (hereafter the "Beneficiaries") of
ACTIVCARD S.A. and of the linked companies as defined under section 208-4 of
Company Law (the Company and the linked companies, hereafter together the
"Group"), including the subsidiaries ACTVICARD EUROPE S.A. and ACTIVCARD Inc.
The purpose of this document is to define the conditions of allocation and the
exercise of the options to subscribe for ACTIVCARD shares allocated to the
Beneficiaries with respect to the 2000 Stock Option Plan (hereafter the
"Options"), as well as the conditions of transfer of the shares subscribed by
exercise of the Options (hereafter the "Shares"), pursuant to the decisions of
the Board.

Pursuant to the Extraordinary Shareholders Meeting' authorization of May 3,
2000, the maximum amount of Options authorized, shall not give the right, at
each date of allocation considered, to subscribe a number of Shares superior to
2,000,000 shares. Each Option allows the subscription of one Share. The Board
decided to adopt the principle of allocating in blocks: (a) Block A including
Options allocated to Beneficiaries who are French fiscal residents as of the
date of allocation by the Board of Directors ("Options A"), and (b) Block B
including Options allocated to Beneficiaries who are non-French fiscal residents
as of the date of allocation by the Board of Directors ("Options B").

The Options are not negotiable and, unless specified by the Board and permitted
by applicable law, can be transferred solely by succession.

(b)      Beneficiaries of the Options

The Board will fix, during its meetings (hereafter the "Date of Allocation"),
pursuant to the proposal of the Remuneration Committee, the list of
Beneficiaries of Options A and Options B, specifying the number of Options
allocated to each Beneficiary and the price of exercise of the Options. This
list will be divided into two sub-lists corresponding respectively to the
Beneficiaries of Options A and Options B. This list will be attached to the
minutes of the each Board's meeting proceeding to allocations.

<PAGE>

(c)      Price of exercise of the Options

Following the modalities of determination of the exercise price of the Options
fixed by the Extraordinary Shareholders Meeting dated May 3, 2000, the special
report of the statutory auditors to this meeting and the Board's report to this
meeting, the exercise price for the Options A and Options B will be fixed by the
Board of Directors as the date the Options are granted. The price shall be equal
to the average of the closing quotation price of the Share during the 20
quotation days on the EASDAQ preceding the day of allocation of Options by the
Board of Directors, converted in French francs at the applicable exchange rate
of the day preceding the allocation date by the Board of Directors.

This exercise price fixed for the duration of the validity of Options A and
Options B shall be, as the case may be, modified pursuant to the provisions of
section 208-5 of the Company Law.

(d)  Modalities of exercise of Options A and Options B and of transfer of the
     Shares subscribed to by exercise of the Options

     (A)    Block A

     (i)    Any Beneficiary, subject to remaining an employee or manager of a
            company of the Group will be able to exercise, in whole or in part,
            at once or in several blocks, the following quantities of Options A:

            o    Fifty percent (50%) of Options A as of the second (2nd)
                 anniversary of the Date of Allocation (indicated in the
                 notification of allocation sent to the Beneficiary); and

            o    one forty-eighth (1/48) additionally each month during the
                 following 24 months, subject to the Beneficiary remaining an
                 employee or manager of a company of the Group on each such
                 vesting date.

            After the seventh (7) anniversary of the Date of Allocation, all
            Options A not exercised shall be irrevocably null and void and shall
            be canceled without payment therefor.

     (ii)   Except as provided below, if the Beneficiary breaks his contract of
            employment or resigns from his managing position with a company of
            the Group, the right to exercise his Options A, which may be
            exercised pursuant to clause (i) hereabove, will cease automatically
            three (3) months after the date of breach of his contract of
            employment or resignation from his managing position with a company
            of the Group, as the case may be.

            As an exception, the right to exercise the Options A will remain, in
            the event of death or invalidity corresponding to the events
            provided in section 91 ter of Annexe II of the General French Tax
            Code, under the following conditions:

                                       2
<PAGE>

            o    in case of death, and to the extent that the Beneficiaries
                 could personally exercise the Options A as of the date of
                 death, the heirs shall have twelve (12) months from the date of
                 the death to exercise the allocated Options A;

            o    in case of invalidity and under the aforementioned conditions,
                 the Beneficiary will be able to, during the validity period of
                 the Options A, exercise all or part of the Options A that will
                 have been allocated to him with respect to this plan;

            o    with respect to the two paragraphs hereabove, the Options A
                 will be considered as open to exercise as of the Date of
                 Allocation

     (iii)  The Board will be able to temporarily suspend the exercise of the
            Options A during the periods of realization of operations of share
            capital or implying the detachment of a right.

     (iv)   The Shares subscribed by the exercise of the Options A will be
            allowed to transfer or to conversion into bearer form, except as
            provided in clause (ii) hereinabove, only after the fifth (5th)
            anniversary of the Date of Allocation.

     (B)    Block B

     (i)    Any Beneficiary, subject to remaining an employee or manager of a
            company of the Group will be able to exercise, in whole or part, at
            once or in several blocks, the Options B that were allocated to him
            pursuant to the following modalities:

            o    twenty five percent (25%) of Options B as of the first (1st)
                 anniversary of the Date of Allocation (indicated in the
                 notification of allocation sent to the Beneficiary); and

            o    one forty-eighth (1/48) additionally each month during the
                 following 36 months, subject to the Beneficiary remaining an
                 employee or manager of a company of the Group at those dates.

            After the seventh (7) anniversary of the Date of Allocation, the
            Options B not exercised shall be irrevocably null and void and shall
            be canceled without payment therefor.

     (ii)   Except as provided below, if the Beneficiary breaks his contract of
            employment or terminates his employment with a company of the Group,
            the right to exercise his Options B, which may be exercised pursuant
            to clause (i) hereabove, will cease automatically three (3) months
            after the date of breach of his contact of employment or his
            termination of employment with a company of the Group, as the case
            may be.

            As an exception, the right to exercise the Options B will remain, in
            the event of death or invalidity corresponding to the events
            provided in section 91 ter of Annexe II of the General French Tax
            Code, under the following conditions:

                                       3
<PAGE>

            o    in case of death, and to the extent that the Beneficiaries
                 could personally exercise the Options B as of the date of the
                 death, the heirs shall have a twelve (12) months period as of
                 the date of the death to exercise the allocated Options B;

            o    in case of invalidity and under the aforementioned conditions,
                 the Beneficiary will be able to, during the validity period of
                 the Options B, exercise all or part of the Options B that will
                 have been allocated to him with respect to this plan;

            o    with respect to the two paragraphs hereabove, the Options B
                 will be considered as open to exercise as of the Date of
                 Allocation

     (iii)  The Board will have the right to temporarily suspend the exercise of
            the Options B during the periods of realization of operations of
            share capital or implying the detachment of a right.

     (iv)   The Shares subscribed by the exercise of the Options B will be
            allowed to transfer or to conversion into bearer form, except as
            provided in clause (ii) hereinabove, as of their issuance.

     (v)    Any Beneficiary who will exercise his Options B in the United States
            will be required upon exercise of his Options, to provide the
            Company with an investor letter pursuant to which he represents and
            agrees (1) that he has subscribed to the Shares for investment and
            not with a view to the distribution thereof, and (2) that any resale
            of such shares will be made by such Beneficiary pursuant to a
            registration statement under the U.S. Securities Act of 1933, as
            amended, or applicable "blue sky" laws (or an exemption from
            registration) and (3) that such purchaser will deliver to each
            person to whom it transfers Shares a notice substantially to the
            effect of this legend.

     (vi)   The Board shall have the right to set any other terms and conditions
            with respect to the allocation, transfer or exercise of Options B.

(e)  Several provisions common to the Options A and Options B

     (i)    The Board was authorized by the Extraordinary General Meeting to
            determine the modalities of the Options A and Options B.

            The Board, using such authorization allowing it, notably to
            restrict, limit, or prohibit (a) the exercise of Options A and
            Options B or (b) the sale of the Shares resulting from the exercise
            of Options A and Options B, by the Beneficiaries during certain
            periods or as of certain events, has decided that the Options
            allocated with respect to Block A and Block B, shall not be
            exercised should the Company be subject to a spin-off, be part, as
            an absorbed company to a merger, or in the event of the sale of the
            majority of its assets.

                                       4

<PAGE>

            However, in the event of a merger or a spin-off of the Company by
            contribution of absorption, or of a sale of the majority of its
            assets, the successor of the Company shall grant an option on its
            own securities or on that of a linked company as defined under
            section 208-4 of Company Law for each Option A or Option B allocated
            or an equivalent right.

            Should the successor refuse to allocate the Options or to substitute
            them an equivalent, the Beneficiary may immediately exercise
            entirely the Options A or Options B, including those which could not
            be exercised yet. In such case, the Board or any person designated
            by it, shall inform the Beneficiary in writing that he disposes of a
            fifteen (15) day period following such notification to exercise his
            Options A and Options B. After such period, the Options A or Options
            B shall be null and void and canceled without payment therefor.

            Moreover, the Board or any person appointed by it for this purpose
            may, as the case may be, (a) require for the exercise of the Options
            A or Options B by the Beneficiary, that he provides all necessary
            elements so as to guarantee that he will carry out all tax and
            social obligations that will result from the exercise of the Options
            or the sale of Shares subscribed through the exercise of the Options
            and (b) after express authorization of the Beneficiary, retain on
            the gains of the sale of the Shares the potential quota of social
            charges or the tax due by the Beneficiary.

     (ii)   To the extent practicable, the Beneficiaries shall be informed at
            least one (1) week before the effectiveness of any temporary or
            definitive restriction, limitation or prohibition for the exercise
            of the Options A and Options B or the sale of the Shares resulting
            from the exercise of the Options A and Options B.

     (iii)  The Shares subscribed through the exercise of the Options A and
            Options B allocated with respect to this 2000 Stock Option Plan
            shall be in registered form and will receive dividends as of the
            first day of the fiscal year of their subscription.

     (iv)   The Board retains the right, as the case may be, and notwithstanding
            the provisions of clause d(A)(ii) hereabove, (a) to anticipate the
            dates of exercise of the Options allocated to all or part of the
            Beneficiaries of the Blocks A and B and (b) to maintain the
            possibility to exercise the Options A and Options B.

     (v)    The Board shall be able to, as the case may be, pursuant to the
            clauses (ii) and (iv) hereabove and the rules of the EASDAQ Dealing
            Code and any other applicable law, suspend or prolong during certain
            periods the exercise of the Options A and Options B.

     (vi)   Notwithstanding any provision in this Plan or the Option Agreement
            to the contrary, Options may not be transferred, pledged, assigned
            or otherwise disposed of except by will or the laws of descent and
            distribution; provided, however, that Options may be, with the
            approval of the Board (or its designee), transferred to a member or
            members of an Optionee's immediate family (as defined below) or to

                                       5

<PAGE>

            one or more trusts or partnerships established in whole or in part
            for the benefit of one or more of such immediate family members
            (collectively, "Permitted Transferees"), subject to such rules and
            procedures as may from time to time be adopted or imposed by the
            Board. If an Option is transferred to a Permitted Transferee, it
            shall be further transferable only by will or the laws of descent
            and distribution or, for no consideration, to another Permitted
            Transferee of the Optionee. An Optionee shall notify the Corporation
            (or its designee) in writing prior to any proposed transfer of an
            Option to a Permitted Transferee and shall furnish the Corporation,
            upon request, with information concerning such Permitted
            Transferee's financial condition and investment experience. For
            purposes of the Plan, an Optionee's "immediate family" means spouse,
            lineal descendant, father, mother, brother or sister of the
            transferor; provided, however, that if the Corporation adopts a
            different definition of "immediate family" (or similar term) in
            connection with the transferability of employee stock options
            awarded to Optionees, such definition shall apply, without further
            action by the Board, to the Plan.

                                       6
<PAGE>

                      ACTIVCARD S.A. STOCK OPTION PLAN 2000

                                  U.S. APPENDIX

1.   This Appendix governs the grant of Options to United States Participants

     This Appendix constitutes the part of the 2000 Stock Option Plan that will
     govern the subscription of Shares by, and the grant of Options to, United
     States Participants (the "U.S. Options") and incorporates all the terms of
     the 2000 Stock Option Plan (as set forth above) including as modified in
     accordance with the provisions of this Appendix.

2.   The limit on the number of Shares which can be issued

     The maximum aggregate number of Shares (which, for this purpose, means
     fully paid ordinary Shares in the capital of the Company) which may be
     issued under U.S. Options, intending to qualify as "incentive stock
     options" ("ISOs") within the meaning of Section 422 of the U.S. Internal
     Revenue Code of 1986, as amended (the "U.S. Tax Code"), under the 2000
     Stock Option Plan is 2,000,000, subject to such adjustments made in a
     manner consistent with Section 422 of the U.S. Tax Code in the event of any
     issue or reorganization, as determined by the Board in its sole discretion.
     To the extent permitted under Section 422 of the U.S. Tax Code, any Shares
     subject to an ISO Award (as defined in Section 7 below) which lapses,
     expires or is otherwise terminated without the issuance of such Shares may,
     in the sole discretion of the Board, again be available for purposes of
     this limit.

3.   How U.S. Options will be granted

     All U.S. Options shall be evidenced by an instrument(s) in such form or
     forms as may from time to time be approved by the Board that, among other
     things, shall set out the manner in which a Participant may exercise his
     U.S. Option and the form of payment for the Shares.

4.   Administration of this Appendix

     The Board shall (i) administer this Appendix, (ii) establish from time to
     time such rules and regulations as it may deem appropriate for the proper
     administration of this Appendix and (iii) make such determinations under
     (including, without limitation, factual determinations), and such
     interpretations of, and take such actions in connection with, this Appendix
     or the U.S. Options as it may deem necessary or advisable, including,
     without limitation, determinations, interpretations and actions to ensure
     that U.S. Options intended to qualify as ISOs shall so qualify.

5.   Section 16 Compliance

     If any officer, director or shareholder of the Company is awarded U.S.
     Options and therefore becomes subject to Section 16 of the U.S. Securities
     Exchange Act 1934, as amended (the "Exchange Act"), the Company shall take
     all appropriate action to ensure

<PAGE>

     that such awards under this Appendix are exempt from Section l6b under the
     Exchange Act.

6.   Form of U.S. Options

     U.S. Options may be either ISOs under Section 422 of the U.S. Tax Code or
     "nonqualified stock options". The Board shall have the sole authority and
     discretion as to whether and to whom to grant either type of U.S. Option;
     provided, however, that the terms of each U.S. Option shall specify clearly
     the type of U.S. Option granted and no U.S. Option shall permit a "tandem"
     exercise arrangement within the meaning of Temp. Treas. Reg. section
     14a.422A-1(Q/A-21), (Q/A-39).

7.   Compliance with the ISO Rules

     The following provisions shall apply to any U.S. Option that is intended to
     qualify as an ISO (each, an "ISO Award"):

     (a)  The aggregate fair market value (determined as of the date the ISO
          Award is granted in accordance with the requirements of Section 422 of
          the U.S. Tax Code) of the Shares underlying one or more ISO Award that
          is first exercisable in any calendar year (under all stock option
          plans of the Company and its Subsidiaries (within the meaning of
          Section 424 of the U.S. Tax Code) shall not exceed U.S. $100,000 (or
          the equivalent) and, in the event that such limit is exceeded, such
          U.S. Options shall be treated, to the extent of such excess, as
          nonqualified stock options.

     (b)  The exercise price of the Shares covered by each ISO Award shall not
          be less than 100% of the fair market value (determined as of the date
          the ISO Award is granted in accordance with the requirements of
          Section 422 of the U.S. Tax Code) of such Shares determined as of the
          date the ISO Award is granted in accordance with the requirements of
          Section 422 of the U.S. Tax Code (110% in the case of an ISO Award
          granted to a Ten Percent Shareholder).

     (c)  An ISO Award may not be exercisable more than 10 years after the date
          such ISO Award is granted (5 years in the case of an ISO granted to a
          Ten Percent Shareholder).

     (d)  The terms of such ISO Award shall provide that it is not transferable
          except by will or pursuant to the laws of descent and distribution,
          and shall not permit any U.S. Option designated to be an ISO to be
          exercised more than three months following the Participant's
          termination of employment with the Company or its Subsidiaries within
          the meaning of Section 424 of the U.S. Tax Code (more than 12 months
          following the Participant's death or disability, as disability is
          defined in Section 22(e)(3) of the U.S. Tax Code). The terms of such
          ISO Award shall further provide that, during the Participant's
          lifetime, such ISO Award shall only be exercisable by the Participant.

                                       2
<PAGE>

     (e)  This Appendix may be further modified to ensure that any U.S. Option
          that is intended to be an ISO under this Appendix will comply with the
          requirements of Section 422 of the U.S. Tax Code.

8.   Term of U.S. Option: addition of consistent provisions

     Subject to the provisions of Section 7 above, in the case of an ISO, the
     Company shall determine at the date the ISO Award is granted the term
     during which a U.S. Option may be exercised and whether any of the U.S.
     Option shall be exercisable in one or more installments. A U.S. Option may
     also be subject to any other provision imposed by the Company that is
     consistent with the purpose and intent of this Appendix.

9.   Exercise Method of U.S. Options

     A Participant may, in accordance with the terms of an applicable Award
     Agreement and subject to the sole discretion of the Board, exercise his
     U.S. Option, (i) by a cash payment to the Company of the exercise price(s)
     of all Shares purchased pursuant to the exercise of the U.S. Option, (ii)
     in Shares already owned by the Participant or (iii) by any combination of
     cash or Shares.

10.  U.S. Withholding Taxes: disqualifying dispositions

     It shall be a condition to the obligation of the Company to deliver Shares
     pursuant to any U.S. Option under the 2000 Stock Option Plan that the
     Participant pays to the Company (or the Subsidiary that employs the
     Participant) such amount as may be required by the Company or such
     Subsidiary for the purpose of satisfying any liability for any U.S.
     federal, state or local taxes of any kind required to be withheld with
     respect thereto. Any U.S. Option granted under the 2000 Stock Option Plan
     may require the Company (or the Subsidiary that employs the Participant),
     or, the Board, in its sole discretion, may permit the Participant to elect,
     in accordance with any applicable rules established by the Company, to
     withhold or to pay all or a part of the amount of the withholding taxes in
     Shares. Such election may be denied by the Company in its sole discretion,
     or may be made subject to certain conditions specified by the Board.

     The applicable ISO Award shall provide that if a Participant makes a
     disposition, within the meaning of Section 424(c) of the U.S. Tax Code and
     the regulations promulgated thereunder, of any Shares issued to such
     Participant pursuant to the exercise of an ISO Award within the two-year
     period commencing on the date of grant or within the one-year period
     commencing on the date of transfer of such Share to the Participant
     pursuant to such exercise, the Participant shall, within 10 days of such
     disposition, notify the Company of it (or the Subsidiary that employs the
     Participant), by delivery of written notice to the Company or such
     Subsidiary at its principal executive office.

                                       3
<PAGE>

11.  Securities Laws Compliance

     No Shares may be issued or transferred in connection with the exercise of a
     U.S. Option, unless the Company shall have determined that such issue or
     transfer is in compliance with or pursuant to an exemption from all
     applicable U.S. federal and state securities laws.

12.  Certain definitions

     For the purposes of the U.S. Options, the following terms shall have the
     following meanings (notwithstanding any contrary provision in the 2000
     Stock Option Plan):

     "Participants" means the Beneficiaries who are selected by the Board to
     receive U.S. Options.

     "Subsidiary" means any companies (other than the Company) in an unbroken
     chain of companies beginning with the Company, where each of the other than
     the last company in the unbroken chain owns stock possessing 50% or more of
     the total combined voting powers of all classes of stock in one or the
     other companies in such chain.

     "Ten Percent Shareholder" means a Participant who, at the date an ISO Award
     is granted, owns (within the meaning of Section 422(b)(6) of the U.S. Tax
     Code) stock possessing more than 10% of the total combined voting power of
     all classes of stock of the Company or its Subsidiaries (as such term is
     defined in Section 424 of the U.S. Tax Code).

                                       4FIXED RATE SENIOR NOTE

REGISTERED                                                      REGISTERED
No. FXR                                                         U.S.$
                                                                CUSIP: 617446GC7

     Unless this certificate is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the
issuer or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or such other name
as requested by an authorized representative of The Depository Trust Company
and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.

                                      A-1
<PAGE>

<TABLE>

                                         MORGAN STANLEY DEAN WITTER & CO.
                                     SENIOR GLOBAL MEDIUM-TERM NOTE, SERIES C
                                                   (Fixed Rate)

                                       % EXCHANGEABLE NOTE DUE NOVEMBER 30, 2007
                                    (EXCHANGEABLE FOR SHARES OF COMMON STOCK OF
                                            KIMBERLY-CLARK CORPORATION)

===================================================================================================================
<S>                           <C>                          <C>                          <C>
ORIGINAL ISSUE DATE:          INITIAL REDEMPTION           INTEREST RATE:               MATURITY DATE:
                  , 2000           DATE: See "MSDW              0.25% per annum              November 30, 2007
                                   Call Right" below
-------------------------------------------------------------------------------------------------------------------
INTEREST ACCRUAL              INITIAL REDEMPTION           INTEREST PAYMENT             OPTIONAL
     DATE: November 17,            PERCENTAGE:                  DATE(S): Each May            REPAYMENT
     2000                          100%                         30 and November 30,          DATE(S): N/A
                                                                beginning May 30,
                                                                2001
-------------------------------------------------------------------------------------------------------------------
SPECIFIED CURRENCY:           ANNUAL REDEMPTION            INTEREST PAYMENT             APPLICABILITY OF
     U.S. Dollars                  PERCENTAGE                   PERIOD:  Semi-               MODIFIED
                                   REDUCTION: N/A               annually                     PAYMENT UPON
                                                                                             ACCELERATION:
                                                                                             See "Alternate
                                                                                             Calculation in case of
                                                                                             an Event of Default"
                                                                                             below
-------------------------------------------------------------------------------------------------------------------
IF SPECIFIED                  REDEMPTION NOTICE            APPLICABILITY OF             If yes, state Issue Price:
     CURRENCY                      PERIOD: N/A                  ANNUAL
     OTHER THAN                                                 INTEREST
     U.S. DOLLARS,                                              PAYMENTS: N/A
     OPTION TO
     ELECT
     PAYMENT IN
     U.S. DOLLARS:
     N/A
-------------------------------------------------------------------------------------------------------------------
EXCHANGE RATE                                                                           ORIGINAL YIELD TO
     AGENT: N/A                                                                              MATURITY: N/A
-------------------------------------------------------------------------------------------------------------------
OTHER PROVISIONS:
     See below
===================================================================================================================

                                                       A-2
</TABLE>
<PAGE>

<TABLE>
<S>                                              <C>
Issue Price.................................     $           (     % of principal amount at maturity)

Exchange Right..............................     On any Exchange Date, subject to a prior call of this
                                                 Note for cash in an amount equal to the Call Price by
                                                 the Issuer as described under "MSDW Call Right"
                                                 below, the holder of this Note shall be entitled upon
                                                 (i) completion by the holder and delivery to the Issuer
                                                 and the Calculation Agent of an Official Notice of
                                                 Exchange (in the form of Annex A attached hereto)
                                                 prior to 11:00 a.m. New York City time on such date
                                                 and (ii) delivery on such date of this Note to the
                                                 Trustee, to exchange each $1,000 principal amount of
                                                 this Note for __________ shares (the "Exchange Ratio") of
                                                 the common stock, $1.25 par value (Kimberly-Clark
                                                 Stock"), of Kimberly-Clark Corporation ("Kimberly-
                                                 Clark"), subject to any adjustment (x) to the Exchange
                                                 Ratio or (y) in the stock, other securities or other
                                                 property or assets (including, without limitation, cash or
                                                 other classes of stock of Kimberly-Clark) ("Other
                                                 Exchange Property") to be delivered instead of or in
                                                 addition to such Kimberly-Clark Stock as a result of
                                                 any corporate event described under "Antidilution
                                                 Adjustments" below, in each case, required to be made
                                                 prior to the close of business on the second Business
                                                 Day after any such Exchange Date.  Upon any such
                                                 exchange, the Issuer may, at its sole option, either
                                                 deliver such Kimberly-Clark Stock (or such Other
                                                 Exchange Property to be delivered instead of or in
                                                 addition to such Kimberly-Clark Stock as aforesaid) or
                                                 pay an amount in cash for each $1,000 principal
                                                 amount of this Note equal to the Exchange Ratio as of
                                                 the close of business on such Exchange Date times the
                                                 Market Price of one share of Kimberly-Clark Stock (or
                                                 such Other Exchange Property) on the Exchange Date,
                                                 as determined by the Calculation Agent, in lieu of such
                                                 Kimberly-Clark Stock (or such Other Exchange
                                                 Property).  Such delivery or payment shall be made
                                                 3 Business Days after any Exchange Date, subject to
                                                 delivery of this Note to the Trustee on the Exchange
                                                 Date as aforesaid.  Upon any exercise of the Exchange
                                                 Right, the holder of this exchanged Note shall not be
                                                 entitled to receive any cash payment representing any
                                                 accrued but unpaid interest on this Note.

                                                       A-3
<PAGE>

                                                 Prior to 9:30 a.m. on the first Business Day
                                                 immediately succeeding any Exchange Date, the Issuer
                                                 shall cause the Calculation Agent to provide written
                                                 notice to the Trustee at its New York office and to
                                                 The Depository Trust Company, or any successor
                                                 depositary ("DTC"), on which notice the Trustee and
                                                 DTC may conclusively rely, (i) of its receipt of any
                                                 such "Official Notice of Exchange," (ii) of the
                                                 Issuer's determination to deliver Kimberly-Clark Stock
                                                 (or, if applicable, any Other Exchange Property to be
                                                 delivered as a result of any corporate event described
                                                 in paragraphs 5 or 6 under "Antidilution Adjustments"
                                                 below) or to pay cash for each $1,000 principal amount
                                                 of this Note and (iii) if Kimberly-Clark Stock (or, if
                                                 applicable, any Other Exchange Property) of the number
                                                 of Kimberly-Clark Stock (or the amount of such Other
                                                 Exchange Property), and of the amount of any cash to
                                                 be paid in lieu of fractional shares of Kimberly-Clark
                                                 Stock (or of any other securities included in Other
                                                 Exchange Property, if applicable) or, if cash is to be
                                                 paid, of the amount of such cash for each $1,000
                                                 principal amount of this Note. If, as a result of any
                                                 corporate event described under "Antidilution
                                                 Adjustments" occurring during the period from and
                                                 including the Exchange Date to but excluding the third
                                                 Business Day following the Exchange Date, the
                                                 Calculation Agent makes any adjustment to the Exchange
                                                 Ratio and consequent adjustment to the number of
                                                 shares of Kimberly-Clark Stock to be delivered or any
                                                 adjustment to the quantity of any Other Exchange
                                                 Property due to the holder of this Note, the
                                                 Calculation Agent shall give prompt notice of any such
                                                 adjustments to the Trustee at its New York office and
                                                 to DTC, on which notice the Trustee may conclusively
                                                 rely. No adjustments to the Exchange Ratio will be
                                                 made after the Exchange Date if the Issuer has given
                                                 notice that it will deliver cash for each $1,000
                                                 principal amount of this Note.

                                                 The Issuer shall, or shall cause the Calculation Agent
                                                 to, deliver any such Kimberly-Clark Stock (or any
                                                 Other Exchange Property) or such cash to the Trustee
                                                 for delivery to the holders.

                                                 A-4
<PAGE>

No Fractional Shares .......................     If upon any exchange of this Note the Issuer chooses to
                                                 deliver Kimberly-Clark Stock (and, if applicable, any
                                                 other stock or other securities), the Issuer shall pay cash
                                                 in lieu of delivering fractional shares of Kimberly-Clark
                                                 Stock (and, if applicable, of any other stock or
                                                 securities) in an amount  equal to the corresponding
                                                 fractional Market Price of such fraction of shares of
                                                 Kimberly-Clark Stock (or, if applicable, of such other
                                                 stock or other securities) as determined by the
                                                 Calculation Agent as of such Exchange Date.

Exchange Ratio..............................                 , subject to adjustment for certain corporate
                                                 events relating to Kimberly-Clark Corporation.  See
                                                 "Antidilution Adjustments" below.

Exchange Date...............................     Any Trading Day that falls during the period beginning
                                                 December 18, 2000 and ending on the day prior to the
                                                 earliest of (i) the last scheduled Trading Day prior to the
                                                 Maturity Date, (ii) the fifth scheduled Trading Day
                                                 prior to the Call Date and (iii) in the event of a call for
                                                 the cash Call Price as described under "--MSDW Call
                                                 Right" below, the last scheduled Trading Day prior to
                                                 the MSDW Notice Date.

MSDW Call Right ............................     On or after November 18, 2002, the Issuer may call this
                                                 Note, in whole but not in part, for mandatory exchange
                                                 into Kimberly-Clark Stock (and, if applicable, any
                                                 Other Exchange Property) at the Exchange Ratio;
                                                 provided that, if Parity on the Trading Day immediately
                                                 preceding the MSDW Notice Date, as determined by
                                                 the Calculation Agent, is less than the Call Price, the
                                                 Issuer shall (under those circumstances only) pay the
                                                 Call Price in cash on the Call Date.

                                                 On or after the MSDW Notice Date, unless the Issuer
                                                 has called this Note for cash, the holder of this Note
                                                 shall continue to be entitled to exercise the Exchange
                                                 Right and receive any amounts described under
                                                 "Exchange Right" above.

                                                 On the MSDW Notice Date, the Issuer shall give notice
                                                 of the Issuer's exercise of the MSDW Call Right (i) to
                                                 the holder of this Note by mailing notice of such
                                                 exercise by first class mail, postage prepaid, at
                                                 least 30

                                                 A-5

<PAGE>

                                                 days and not more than 60 days prior to the date (the
                                                 "Call Date") on which the Issuer shall effect such
                                                 exchange at the holder's last address as it shall
                                                 appear upon the registry books, (ii) to the Trustee by
                                                 telephone or facsimile confirmed by mailing such
                                                 notice to the Trustee by first class mail, postage
                                                 prepaid, at its New York office and (iii) to DTC in
                                                 accordance with the applicable procedures set forth in
                                                 the Letter of Representations related to this Note.
                                                 Any notice which is mailed in the manner herein
                                                 provided shall be conclusively presumed to have been
                                                 duly given, whether or not the holder of this Note
                                                 receives the notice. Failure to give notice by mail,
                                                 or any defect in the notice to the holder of any Note
                                                 shall not affect the validity of the proceedings for
                                                 the exercise of the MSDW Call Right with respect to
                                                 any other Note.

                                                 The notice of the Issuer's exercise of the MSDW Call
                                                 Right shall specify (i) the Call Date, (ii) whether
                                                 Parity on the Trading Date immediately prior to the
                                                 MSDW Notice Date is less than the Call Price so that
                                                 the Issuer will pay the Call Price in cash on the Call
                                                 Date, (iii) the place or places of payment in cash (in
                                                 the event of a call for the Call Price or if Parity,
                                                 as determined by the Calculation Agent, is equal to or
                                                 greater than the Call Price, the place or places of
                                                 delivery of the Kimberly- Clark Stock, and, if
                                                 applicable, of any Other Exchange Property to be
                                                 delivered as a result of any corporate event described
                                                 in paragraphs 5 or 6 under "Antidilution Adjustments"
                                                 (and of any cash to be paid in lieu of fractional
                                                 shares of Kimberly-Clark Stock (and, if applicable, of
                                                 any such other stock or securities)), (iv) the number
                                                 of shares of Kimberly- Clark Stock (and, if
                                                 applicable, the quantity of any other Exchange
                                                 Property) to be delivered per $1,000 principal amount
                                                 of this Note, (v) that such delivery will be made upon
                                                 presentation and surrender of this Note and (vi) that
                                                 such exchange is pursuant to the MSDW Call Right.

                                                 The notice of the Issuer's exercise of the MSDW Call
                                                 Right shall be given by the Issuer or, at the Issuer's
                                                 request, by the Trustee in the name and at the expense
                                                 of the Issuer.

                                                 A-6
<PAGE>

                                                 If shares of Kimberly-Clark Stock (and, if applicable,
                                                 any Other Exchange Property) are to be delivered and,
                                                 as a result of any corporate event described under
                                                 "Antidilution Adjustments" occurring during the period
                                                 from and including the MSDW Notice Date to the close
                                                 of business on the second Business Day prior to the
                                                 Call Date, the Calculation Agent makes any adjustment
                                                 to the Exchange Ratio and consequent adjustment to the
                                                 number of shares of Kimberly-Clark Stock to be
                                                 delivered or any adjustment to the quantity of any
                                                 Other Exchange Property due to the holder of this
                                                 Note, the Calculation Agent shall give prompt notice
                                                 of any such adjustments to the Trustee at its New York
                                                 office and to DTC, on which notice the Trustee and DTC
                                                 may conclusively rely. No adjustment to the Exchange
                                                 Ratio shall be made as a result of any corporate event
                                                 occurring after the close of business on the second
                                                 Business Day prior to the Call Date.

                                                 If this Note is so called for mandatory exchange by
                                                 the Issuer, then, unless the holder subsequently
                                                 exercises his Exchange Right (the exercise of which
                                                 shall not be available to the holder following a call
                                                 for cash in an amount equal to the Call Price), the
                                                 Kimberly-Clark Stock (and, if applicable, any Other
                                                 Exchange Property) or (in the event of a call for
                                                 cash, as described above) cash to be delivered to the
                                                 holder of this Note shall be delivered on the Call
                                                 Date fixed by the Issuer and set forth in its notice
                                                 of its exercise of the MSDW Call Right, upon delivery
                                                 of this Note to the Trustee. The Issuer shall, or
                                                 shall cause the Calculation Agent to, deliver such
                                                 Kimberly-Clark Stock or cash to the Trustee for
                                                 delivery to the holders.

                                                 If this Note is not surrendered for exchange on the
                                                 Call Date, it shall be deemed to be no longer
                                                 Outstanding under, and as defined in, the Senior
                                                 Indenture (as defined below) after the Call Date,
                                                 except with respect to the holder's right to receive
                                                 Kimberly-Clark Stock (and, if applicable, any Other
                                                 Exchange Property) or cash due in connection with the
                                                 MSDW Call Right.

MSDW Notice Date............................     The scheduled Trading Day on which the Issuer issues
                                                 its notice of mandatory exchange, which must be at

                                                 A-7

<PAGE>

                                                 least 30 but no more than 60 days prior to the Call
                                                 Date.

Call Date...................................     The scheduled Trading Day on or after November 18,
                                                 2002 specified by the Issuer in its notice of mandatory
                                                 exchange on which the Issuer shall deliver Kimberly-
                                                 Clark Stock or cash to the holder of this Note for
                                                 mandatory exchange.

Parity......................................     With respect to any Trading Day, an amount equal to
                                                 the Exchange Ratio times the Market Price (as
                                                 defined below) of Kimberly-Clark Stock on such
                                                 Trading Day.

Call Price..................................     $1,000 per Note

Market Price................................     If Kimberly-Clark Stock (or any other security for
                                                 which a Market Price must be determined) is listed on
                                                 national securities exchange, is a security of The
                                                 Nasdaq National Market or is included in the OTC
                                                 Bulletin Board Service ("OTC Bulletin Board")
                                                 operated by the National Association of Securities
                                                 Dealers, Inc. (the "NASD"), the Market Price for one
                                                 share of Kimberly-Clark Stock (or one unit of any such
                                                 other security) on any Trading Day means (i) the last
                                                 reported sale price, regular way, on such day on the
                                                 principal United States securities exchange  registered
                                                 under the Securities Exchange Act of 1934, as amended
                                                 (the "Exchange Act"), on which Kimberly-Clark Stock
                                                 (or any such other security) are listed or admitted to
                                                 trading or (ii) if not listed or admitted to trading on any
                                                 such securities exchange or if such last reported sale
                                                 price is not obtainable (even if Kimberly-Clark Stock
                                                 (or other such security) is listed or admitted to trading
                                                 on such securities exchanges), the last reported sale
                                                 price on the over-the-counter market as reported on The
                                                 Nasdaq National Market or OTC Bulletin Board on
                                                 such day.  If the last reported sale price is not available
                                                 pursuant to clause (i) or (ii) of the preceding sentence
                                                 because of a Market Disruption Event or otherwise, the
                                                 Market Price for any Trading Day shall be the mean, as
                                                 determined by the Calculation Agent, of the bid prices
                                                 for Kimberly-Clark Stock (or any such other security)
                                                 obtained from as many dealers in such security (which

                                                 A-8
<PAGE>

                                                 may include MS & Co. or any of our other subsidiaries
                                                 or affiliates), but not exceeding three, as shall make
                                                 such bid prices available to the Calculation Agent. A
                                                 "security of The Nasdaq National Market" shall include
                                                 a security included in any successor to such system and
                                                 the term "OTC Bulletin Board Service" shall include any
                                                 successor service thereto.

Trading Day.................................     A day, as determined by the Calculation Agent, on
                                                 which trading is generally conducted on the New York
                                                 Stock Exchange, Inc. ("NYSE"), the American Stock
                                                 Exchange, Inc., the Nasdaq National Market, the
                                                 Chicago Mercantile Exchange and the Chicago Board
                                                 of Options Exchange and in the over-the-counter
                                                 market for equity securities in the United States and on
                                                 which a Market Disruption Event has not occurred.

Calculation Agent...........................     Morgan Stanley & Co. Incorporated and its successors
                                                 ("MS & Co.")

Antidilution Adjustments....................     The Exchange Ratio shall be adjusted as follows:

                                                 1. If Kimberly-Clark Stock is subject to a stock split
                                                 or reverse stock split, then once such split has
                                                 become effective, the Exchange Ratio will be adjusted
                                                 to equal the product of the prior Exchange Ratio and
                                                 the number of shares issued in such stock split or
                                                 reverse stock split with respect to one share of
                                                 Kimberly-Clark Stock.

                                                 2. If Kimberly-Clark Stock is subject (i) to a stock
                                                 dividend (issuance of additional Kimberly-Clark Stock)
                                                 that is given ratably to all holders of Kimberly-Clark
                                                 Stock or (ii) to a distribution of Kimberly-Clark
                                                 Stock as a result of the triggering of any provision
                                                 of the corporate charter of Kimberly-Clark, then once
                                                 the

                                                 A-9
<PAGE>

                                                 dividend has become effective with respect to
                                                 Kimberly-Clark Stock and Kimberly-Clark Stock is
                                                 trading ex-dividend, the Exchange Ratio shall be
                                                 adjusted so that the new Exchange Ratio shall equal
                                                 the prior Exchange Ratio plus the product of (i) the
                                                 number of shares issued with respect to one share of
                                                 Kimberly-Clark Stock and (ii) the prior Exchange Ratio.

                                                 3. There shall be no adjustments to the Exchange Ratio
                                                 to reflect cash dividends or other distributions paid
                                                 with respect to Kimberly-Clark Stock other than
                                                 distributions described in paragraph 6 below and
                                                 Extraordinary Dividends as described below. A cash
                                                 dividend or other distribution with respect to
                                                 Kimberly-Clark Stock will be deemed to be an
                                                 "Extraordinary Dividend" if such dividend or other
                                                 distribution exceeds the immediately preceding
                                                 non-Extraordinary Dividend for Kimberly-Clark Stock
                                                 (as adjusted for any subsequent corporate event
                                                 requiring an adjustment hereunder, such as a stock
                                                 split or reverse stock split) by an amount equal to at
                                                 least 10% of the Market Price on the Trading Day
                                                 preceding the ex-dividend date for the payment of such
                                                 Extraordinary Dividend (the "ex-dividend date") on
                                                 the Kimberly-Clark Stock. If an Extraordinary Dividend
                                                 occurs with respect to Kimberly-Clark Stock, the
                                                 Exchange Ratio with respect to Kimberly-Clark Stock
                                                 will be adjusted on the ex-dividend date with respect
                                                 to such Extraordinary Dividend so that the new
                                                 Exchange Ratio shall equal the product of (i) the then
                                                 current Exchange Ratio and (ii) a fraction, the
                                                 numerator of which is the Market Price on the Trading
                                                 Day preceding the ex-dividend date, and the
                                                 denominator of which is the amount by which the Market
                                                 Price on the Trading Day preceding the ex-dividend
                                                 date exceeds the Extraordinary Dividend Amount. The
                                                 "Extraordinary Dividend Amount" with respect to an
                                                 Extraordinary Dividend shall equal (i) in the case of
                                                 cash dividends or other distributions that constitute
                                                 quarterly dividends, the amount per share of such
                                                 Extraordinary Dividend minus the amount per share of
                                                 the immediately preceding non-Extraordinary Dividend
                                                 or (ii) in the case of cash dividends or other
                                                 distributions that do not

                                                 A-10
<PAGE>

                                                 constitute quarterly dividends, the amount per share
                                                 of such Extraordinary Dividend. To the extent an
                                                 Extraordinary Dividend is not paid in cash, the value
                                                 of the non-cash component shall be determined by the
                                                 Calculation Agent, whose determination shall be
                                                 conclusive. A distribution on the Kimberly-Clark Stock
                                                 described in paragraph 6 below that also constitutes
                                                 an Extraordinary Dividend shall only cause an
                                                 adjustment to the Exchange Ratio pursuant to paragraph
                                                 6.

                                                 4. If Kimberly-Clark is being liquidated or is subject
                                                 to a proceeding under any applicable bankruptcy,
                                                 insolvency or other similar law, the Notes shall
                                                 continue to be exchangeable into Kimberly-Clark Stock
                                                 so long as an Market Price for Kimberly-Clark Stock is
                                                 available. If a Market Price is no longer available
                                                 for Kimberly-Clark Stock for whatever reason,
                                                 including the liquidation of Kimberly-Clark or the
                                                 subjection of Kimberly-Clark to a proceeding under any
                                                 applicable bankruptcy, insolvency or other similar
                                                 law, then the value of Kimberly-Clark Stock shall
                                                 equal zero for so long as no Market Price is
                                                 available.

                                                 5. If there occurs any reclassification or change of
                                                 Kimberly-Clark Stock, including, without limitation,
                                                 as a result of the issuance of tracking stock by
                                                 Kimberly- Clark, or if Kimberly-Clark has been subject
                                                 to a merger, combination or consolidation and is not
                                                 the surviving entity, or if there occurs a sale or
                                                 conveyance to another corporation of the property and
                                                 assets of Kimberly-Clark as an entirety or
                                                 substantially as an entirety, in each case as a result
                                                 of which the holders of Kimberly-Clark Stock shall be
                                                 entitled to receive stock, other securities or other
                                                 property or assets (including, without limitation,
                                                 cash or other shares of Kimberly- Clark Stock)
                                                 ("Exchange Property") with respect to or in exchange
                                                 for such Kimberly-Clark Stock, then the holders of the
                                                 Notes then outstanding shall be entitled thereafter to
                                                 exchange such Notes into the kind and amount of
                                                 Exchange Property that they would have owned or been
                                                 entitled to receive upon such reclassification,
                                                 change, merger, combination,

                                                 A-11
<PAGE>

                                                 consolidation, sale or conveyance had such holders
                                                 exchanged such Notes at the then current Exchange
                                                 Ratio for Kimberly-Clark Stock immediately prior to
                                                 any such corporate event, but without interest
                                                 thereon. At such time, no adjustment will be made to
                                                 the Exchange Ratio.

                                                 6. If Kimberly-Clark issues to all holders of
                                                 Kimberly- Clark Stock equity securities of an issuer
                                                 other than Kimberly-Clark (other than in a transaction
                                                 described in paragraph 5 above), then the holders of
                                                 the Notes then outstanding shall be entitled to
                                                 receive such new equity securities upon exchange of
                                                 such Notes. The Exchange Ratio for such new equity
                                                 securities shall equal the product of the Exchange
                                                 Ratio in effect for Kimberly- Clark Stock at the time
                                                 of the issuance of such new equity securities times
                                                 the number of shares of the new equity securities
                                                 issued with respect to one share of Kimberly-Clark
                                                 Stock.

                                                 7. No adjustments to the Exchange Ratio shall be
                                                 required other than those specified above. The
                                                 adjustments specified above do not cover all of the
                                                 events that could affect the Market Price. However,
                                                 the Issuer may, at its sole discretion, cause the
                                                 Calculation Agent to make additional changes to the
                                                 Exchange Ratio upon the occurrence of corporate or
                                                 other similar events that affect or could potentially
                                                 affect market prices of, or shareholders' rights in,
                                                 the Kimberly-Clark Stock (or other Exchange Property)
                                                 but only to reflect such changes, and not with the aim
                                                 of changing relative investment risk.

                                                 No adjustments to the Exchange Ratio will be required
                                                 unless such adjustment would require a change of at
                                                 least 0.1% in the Exchange Ratio then in effect. The
                                                 Exchange Ratio resulting from any of the adjustments
                                                 specified above will be rounded to the nearest one
                                                 hundred-thousandth with five one-millionths being
                                                 rounded upward.

                                                 The Calculation Agent shall be solely responsible for
                                                 the determination and calculation of any adjustments to

                                                 A-12
<PAGE>

                                                 the Exchange Ratio and of any related determinations
                                                 and calculations with respect to any distributions of
                                                 stock, other securities or other property or assets
                                                 (including cash) in connection with any corporate
                                                 event described in paragraph 5 or 6 above, and its
                                                 determinations and calculations with respect thereto
                                                 shall be conclusive.

                                                 The Calculation Agent shall provide information as to
                                                 any adjustments to the Exchange Ratio upon written
                                                 request by any holder of the Notes.

Market Disruption Event.....................     "Market Disruption Event" means, with respect to
                                                 Kimberly-Clark Stock, the occurrence or existence of
                                                 any of the following events as determined by the
                                                 Calculation Agent:

                                                  (i) a suspension, absence or material limitation of
                                                  trading of Kimberly-Clark Stock on the primary market
                                                  for Kimberly-Clark Stock for more than two hours of
                                                  trading or during the one-half hour period preceding
                                                  the close of trading in such market; or a breakdown or
                                                  failure in the price and trade reporting systems of
                                                  the primary market for Kimberly-Clark Stock as a
                                                  result of which the reported trading prices for
                                                  Kimberly-Clark Stock during the last one-half hour
                                                  preceding the closing of trading in such market are
                                                  materially inaccurate; or the suspension, absence or
                                                  material limitation on the primary market for trading
                                                  in options contracts related to Kimberly-Clark Stock,
                                                  if available, during the one-half hour period
                                                  preceding the close of trading in the applicable
                                                  market; and

                                                  (ii) a determination by the Calculation Agent in its
                                                  sole discretion that any event described in clause (i)
                                                  above materially interfered with the ability of the
                                                  Issuer or any of its affiliates to unwind all or a
                                                  material portion of the hedge with respect to the
                                                  0.25% Exchangeable Notes due November 30, 2007
                                                  (Exchangeable for Shares of Common Stock of
                                                  Kimberly-Clark Corporation).

                                                 A-13

<PAGE>

                                                  For purposes of determining whether a Market Disruption
                                                  Event has occurred: (1) a limitation on the hours or
                                                  number of days of trading shall not constitute a Market
                                                  Disruption Event if it results from an announced change
                                                  in the regular business hours of the relevant exchange,
                                                  (2) a decision to permanently discontinue trading in
                                                  the relevant option contract shall not constitute a
                                                  Market Disruption Event, (3) limitations pursuant to
                                                  NYSE Rule 80A (or any applicable rule or regulation
                                                  enacted or promulgated by the NYSE, any other
                                                  self-regulatory organization or the Securities and
                                                  Exchange Commission of similar scope as determined by
                                                  the Calculation Agent) on trading during significant
                                                  market fluctuations shall constitute a suspension,
                                                  absence or material limitation of trading, (4) a
                                                  suspension of trading in an options contract on
                                                  Kimberly-Clark Stock by the primary securities market
                                                  trading in such options, if available, by reason of (x)
                                                  a price change exceeding limits set by such securities
                                                  exchange or market, (y) an imbalance of orders relating
                                                  to such contracts or (z) a disparity in bid and ask
                                                  quotes relating to such contracts shall constitute a
                                                  suspension, absence or material limitation of trading
                                                  in options contracts related to Kimberly-Clark Stock
                                                  and (5) a suspension, absence or material limitation of
                                                  trading on the primary securities market on which
                                                  options contracts related to Kimberly-Clark Stock are
                                                  traded shall not include any time when such securities
                                                  market is itself closed for trading under ordinary
                                                  circumstances.

Alternate Exchange Calculation
in case of an Event of Default..............     In case an Event of Default with respect to this Note
                                                 shall have occurred and be continuing, the amount
                                                 declared due and payable upon any acceleration of this
                                                 Note shall be determined by MS & Co., as Calculation
                                                 Agent, and shall be equal to the principal amount of
                                                 this Note plus any accrued and unpaid interest at the
                                                 Interest Rate to but not including the date of
                                                 acceleration; provided that if (x) the holder of this Note
                                                 has submitted an Official Notice of Exchange to the

                                                 A-14
<PAGE>

                                                 Issuer in accordance with the Exchange Right or (y)
                                                 the Issuer has called this Note, other than a call for
                                                 the cash Call Price, in accordance with the MSDW Call
                                                 Right, the amount declared due and payable upon any
                                                 such acceleration shall be an amount in cash for each
                                                 $1,000 principal amount of this Note equal to the
                                                 Exchange Ratio times the Market Price, determined by
                                                 the Calculation Agent as of the Exchange Date or as of
                                                 the date of acceleration, respectively, and shall not
                                                 include any accrued and unpaid interest thereon;
                                                 provided further that if the Issuer has called this
                                                 Note for cash in an amount equal to the Call Price, in
                                                 accordance with the MSDW Call Right, the amount
                                                 declared due and payable upon any such acceleration
                                                 shall be an amount in cash for each $1,000 principal
                                                 amount of this Note equal to the Call Price.

                                                 A-15
</TABLE>

<PAGE>

     Morgan Stanley Dean Witter & Co., a Delaware corporation (together with its
successors and assigns, the "Issuer"), for value received, hereby promises to
pay to CEDE & Co., or registered assignees, the principal sum of U.S.$
(UNITED STATES DOLLARS                         ), on the Maturity Date specified
above (except to the extent redeemed or repaid prior to maturity) and to pay
interest thereon at the Interest Rate per annum specified above, from and
including the Interest Accrual Date specified above until the principal hereof
is paid or duly made available for payment weekly, monthly, quarterly,
semiannually or annually in arrears as specified above as the Interest Payment
Period on each Interest Payment Date (as specified above), commencing on the
Interest Payment Date next succeeding the Interest Accrual Date specified
above, and at maturity (or on any redemption or repayment date); provided,
however, that if the Interest Accrual Date occurs between a Record Date, as
defined below, and the next succeeding Interest Payment Date, interest payments
will commence on the second Interest Payment Date succeeding the Interest
Accrual Date to the registered holder of this Note on the Record Date with
respect to such second Interest Payment Date; and provided, further, that if
this Note is subject to "Annual Interest Payments," interest payments shall be
made annually in arrears and the term "Interest Payment Date" shall be deemed
to mean the first day of March in each year.

     Interest on this Note will accrue from and including the most recent date
to which interest has been paid or duly provided for, or, if no interest has
been paid or duly provided for, from and including the Interest Accrual Date,
until, but excluding the date the principal hereof has been paid or duly made
available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, subject to certain exceptions
described herein, be paid to the person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the date 15
calendar days prior to such Interest Payment Date (whether or not a Business
Day (as defined below)) (each such date a "Record Date"); provided, however,
that interest payable at maturity (or any redemption or repayment date) will be
payable to the person to whom the principal hereof shall be payable. As used
herein, "Business Day" means any day, other than a Saturday or Sunday, (a) that
is neither a legal holiday nor a day on which banking institutions are
authorized or required by law or regulation to close (x) in The City of New
York or (y) if this Note is denominated in a Specified Currency other than U.S.
dollars, Australian dollars or euro, in the principal financial center of the
country of the Specified Currency, or (z) if this Note is denominated in
Australian dollars, in Sydney and (b) if this Note is denominated in euro, that
is also a day on which the Trans-European Automated Real-time Gross Settlement
Express Transfer System ("TARGET") is operating (a "TARGET Settlement Day").

     Payment of the principal of this Note, any premium and the interest due at
maturity (or any redemption or repayment date), unless this Note is denominated
in a Specified Currency other than U.S. dollars and is to be paid in whole or
in part in such Specified Currency, will be made in immediately available funds
upon surrender of this Note at the office or agency of the Paying Agent, as
defined on the reverse hereof, maintained for that purpose in the Borough of
Manhattan, The City of New York, or at such other paying agency as the Issuer
may determine,

                                     A-16
<PAGE>

in U.S. dollars. U.S. dollar payments of interest, other than interest due at
maturity or on any date of redemption or repayment, will be made by U.S. dollar
check mailed to the address of the person entitled thereto as such address
shall appear in the Note register. A holder of U.S. $10,000,000 (or the
equivalent in a Specified Currency) or more in aggregate principal amount of
Notes having the same Interest Payment Date, the interest on which is payable
in U.S. dollars, shall be entitled to receive payments of interest, other than
interest due at maturity or on any date of redemption or repayment, by wire
transfer of immediately available funds if appropriate wire transfer
instructions have been received by the Paying Agent in writing not less than 15
calendar days prior to the applicable Interest Payment Date.

     If this Note is denominated in a Specified Currency other than U.S.
dollars, and the holder does not elect (in whole or in part) to receive payment
in U.S. dollars pursuant to the next succeeding paragraph, payments of
interest, principal or any premium with regard to this Note will be made by
wire transfer of immediately available funds to an account maintained by the
holder hereof with a bank located outside the United States if appropriate wire
transfer instructions have been received by the Paying Agent in writing, with
respect to payments of interest, on or prior to the fifth Business Day after
the applicable Record Date and, with respect to payments of principal or any
premium, at least ten Business Days prior to the Maturity Date or any
redemption or repayment date, as the case may be; provided that, if payment of
interest, principal or any premium with regard to this Note is payable in euro,
the account must be a euro account in a country for which the euro is the
lawful currency, provided, further, that if such wire transfer instructions are
not received, such payments will be made by check payable in such Specified
Currency mailed to the address of the person entitled thereto as such address
shall appear in the Note register; and provided, further, that payment of the
principal of this Note, any premium and the interest due at maturity (or on any
redemption or repayment date) will be made upon surrender of this Note at the
office or agency referred to in the preceding paragraph.

     If so indicated on the face hereof, the holder of this Note, if
denominated in a Specified Currency other than U.S. dollars, may elect to
receive all or a portion of payments on this Note in U.S. dollars by
transmitting a written request to the Paying Agent, on or prior to the fifth
Business Day after such Record Date or at least ten Business Days prior to the
Maturity Date or any redemption or repayment date, as the case may be. Such
election shall remain in effect unless such request is revoked by written
notice to the Paying Agent as to all or a portion of payments on this Note at
least five Business Days prior to such Record Date, for payments of interest,
or at least ten days prior to the Maturity Date or any redemption or repayment
date, for payments of principal, as the case may be.

     If the holder elects to receive all or a portion of payments of principal
of and any premium and interest on this Note, if denominated in a Specified
Currency other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as
defined on the reverse hereof) will convert such payments into U.S. dollars. In
the event of such an election, payment in respect of this Note will be based
upon the exchange rate as determined by the Exchange Rate Agent based on the
highest bid quotation in The City of New York received by such Exchange Rate
Agent at approximately

                                      A-17
<PAGE>

11:00 a.m., New York City time, on the second Business Day preceding the
applicable payment date from three recognized foreign exchange dealers (one of
which may be the Exchange Rate Agent unless such Exchange Rate Agent is an
affiliate of the Issuer) for the purchase by the quoting dealer of U.S. dollars
for the Specified Currency for settlement on such payment date in the amount of
the Specified Currency payable in the absence of such an election to such
holder and at which the applicable dealer commits to execute a contract. If
such bid quotations are not available, such payment will be made in the
Specified Currency. All currency exchange costs will be borne by the holder of
this Note by deductions from such payments.

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

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

                                      A-18
<PAGE>

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

DATED:                     , 2000               MORGAN STANLEY DEAN WITTER & CO.

                                                By:
                                                   ----------------------------
                                                   Name:  Alexander C. Frank
                                                   Title: Treasurer

TRUSTEE'S CERTIFICATE
      OF AUTHENTICATION

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

THE CHASE MANHATTAN BANK,
      as Trustee

By:
   -------------------------------------
   Authorized Officer

                                      A-19

<PAGE>

                              REVERSE OF SECURITY

     This Note is one of a duly authorized issue of Senior Global Medium-Term
Notes, Series C, having maturities more than nine months from the date of issue
(the "Notes") of the Issuer. The Notes are issuable under an Amended and
Restated Senior Indenture, dated as of May 1, 1999, between the Issuer and The
Chase Manhattan Bank, as Trustee (the "Trustee," which term includes any
successor trustee under the Senior Indenture) (as may be amended or
supplemented from time to time, the "Senior Indenture"), to which Senior
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights, limitations of rights, duties and
immunities of the Issuer, the Trustee and holders of the Notes and the terms
upon which the Notes are, and are to be, authenticated and delivered. The
Issuer has appointed The Chase Manhattan Bank at its corporate trust office in
The City of New York as the paying agent (the "Paying Agent," which term
includes any additional or successor Paying Agent appointed by the Issuer) with
respect to the Notes. The terms of individual Notes may vary with respect to
interest rates, interest rate formulas, issue dates, maturity dates, or
otherwise, all as provided in the Senior Indenture. To the extent not
inconsistent herewith, the terms of the Senior Indenture are hereby
incorporated by reference herein.

     Unless otherwise indicated on the face hereof, this Note will not be
subject to any sinking fund and, unless otherwise provided on the face hereof
in accordance with the provisions of the following two paragraphs, will not be
redeemable or subject to repayment at the option of the holder prior to
maturity.

     If so indicated on the face hereof, this Note may be redeemed in whole or
in part at the option of the Issuer on or after the Initial Redemption Date
specified on the face hereof on the terms set forth on the face hereof,
together with interest accrued and unpaid hereon to the date of redemption. If
this Note is subject to "Annual Redemption Percentage Reduction," the Initial
Redemption Percentage indicated on the face hereof will be reduced on each
anniversary of the Initial Redemption Date by the Annual Redemption Percentage
Reduction specified on the face hereof until the redemption price of this Note
is 100% of the principal amount hereof, together with interest accrued and
unpaid hereon to the date of redemption. Notice of redemption shall be mailed
to the registered holders of the Notes designated for redemption at their
addresses as the same shall appear on the Note register not less than 30 nor
more than 60 days prior to the date fixed for redemption or within the
Redemption Notice Period specified on the face hereof, subject to all the
conditions and provisions of the Senior Indenture. In the event of redemption
of this Note in part only, a new Note or Notes for the amount of the unredeemed
portion hereof shall be issued in the name of the holder hereof upon the
cancellation hereof.

     If so indicated on the face of this Note, this Note will be subject to
repayment at the option of the holder on the Optional Repayment Date or Dates
specified on the face hereof on the terms set forth herein. On any Optional
Repayment Date, this Note will be repayable in whole or in part in increments
of $1,000 or, if this Note is denominated in a Specified Currency other than
U.S. dollars, in increments of 1,000 units of such Specified Currency (provided
that any

                                      A-20
<PAGE>

remaining principal amount hereof shall not be less than the minimum authorized
denomination hereof) at the option of the holder hereof at a price equal to
100% of the principal amount to be repaid, together with interest accrued and
unpaid hereon to the date of repayment. For this Note to be repaid at the
option of the holder hereof, the Paying Agent must receive at its corporate
trust office in the Borough of Manhattan, The City of New York, at least 15 but
not more than 30 days prior to the date of repayment, (i) this Note with the
form entitled "Option to Elect Repayment" below duly completed or (ii) a
telegram, telex, facsimile transmission or a letter from a member of a national
securities exchange or the National Association of Securities Dealers, Inc. or
a commercial bank or a trust company in the United States setting forth the
name of the holder of this Note, the principal amount hereof, the certificate
number of this Note or a description of this Note's tenor and terms, the
principal amount hereof to be repaid, a statement that the option to elect
repayment is being exercised thereby and a guarantee that this Note, together
with the form entitled "Option to Elect Repayment" duly completed, will be
received by the Paying Agent not later than the fifth Business Day after the
date of such telegram, telex, facsimile transmission or letter; provided, that
such telegram, telex, facsimile transmission or letter shall only be effective
if this Note and form duly completed are received by the Paying Agent by such
fifth Business Day. Exercise of such repayment option by the holder hereof
shall be irrevocable. In the event of repayment of this Note in part only, a
new Note or Notes for the amount of the unpaid portion hereof shall be issued
in the name of the holder hereof upon the cancellation hereof.

     Interest payments on this Note will include interest accrued to but
excluding the Interest Payment Dates or the Maturity Date (or any earlier
redemption or repayment date), as the case may be. Unless otherwise provided on
the face hereof, interest payments for this Note will be computed and paid on
the basis of a 360-day year of twelve 30-day months.

     In the case where the Interest Payment Date or the Maturity Date (or any
redemption or repayment date) does not fall on a Business Day, payment of
interest, premium, if any, or principal otherwise payable on such date need not
be made on such date, but may be made on the next succeeding Business Day with
the same force and effect as if made on the Interest Payment Date or on the
Maturity Date (or any redemption or repayment date), and no interest on such
payment shall accrue for the period from and after the Interest Payment Date or
the Maturity Date (or any redemption or repayment date) to such next succeeding
Business Day.

     This Note and all the obligations of the Issuer hereunder are direct,
unsecured obligations of the Issuer and rank without preference or priority
among themselves and pari passu with all other existing and future unsecured
and unsubordinated indebtedness of the Issuer, subject to certain statutory
exceptions in the event of liquidation upon insolvency.

     This Note, and any Note or Notes issued upon transfer or exchange hereof,
is issuable only in fully registered form, without coupons, and, if denominated
in U.S. dollars, unless otherwise stated above, is issuable only in
denominations of U.S. $1,000 and any integral multiple of U.S. $1,000 in excess
thereof. If this Note is denominated in a Specified Currency other than U.S.

                                      A-21
<PAGE>

dollars, then, unless a higher minimum denomination is required by applicable
law, it is issuable only in denominations of the equivalent of U.S. $1,000
(rounded to an integral multiple of 1,000 units of such Specified Currency), or
any amount in excess thereof which is an integral multiple of 1,000 units of
such Specified Currency, as determined by reference to the noon dollar buying
rate in The City of New York for cable transfers of such Specified Currency
published by the Federal Reserve Bank of New York (the "Market Exchange Rate")
on the Business Day immediately preceding the date of issuance.

     The Trustee has been appointed registrar for the Notes, and the Trustee
will maintain at its office in The City of New York a register for the
registration and transfer of Notes. This Note may be transferred at the
aforesaid office of the Trustee by surrendering this Note for cancellation,
accompanied by a written instrument of transfer in form satisfactory to the
Trustee and duly executed by the registered holder hereof in person or by the
holder's attorney duly authorized in writing, and thereupon the Trustee shall
issue in the name of the transferee or transferees, in exchange herefor, a new
Note or Notes having identical terms and provisions and having a like aggregate
principal amount in authorized denominations, subject to the terms and
conditions set forth herein; provided, however, that the Trustee will not be
required (i) to register the transfer of or exchange any Note that has been
called for redemption in whole or in part, except the unredeemed portion of
Notes being redeemed in part, (ii) to register the transfer of or exchange any
Note if the holder thereof has exercised his right, if any, to require the
Issuer to repurchase such Note in whole or in part, except the portion of such
Note not required to be repurchased, or (iii) to register the transfer of or
exchange Notes to the extent and during the period so provided in the Senior
Indenture with respect to the redemption of Notes. Notes are exchangeable at
said office for other Notes of other authorized denominations of equal
aggregate principal amount having identical terms and provisions. All such
exchanges and transfers of Notes will be free of charge, but the Issuer may
require payment of a sum sufficient to cover any tax or other governmental
charge in connection therewith. All Notes surrendered for exchange shall be
accompanied by a written instrument of transfer in form satisfactory to the
Trustee and executed by the registered holder in person or by the holder's
attorney duly authorized in writing. The date of registration of any Note
delivered upon any exchange or transfer of Notes shall be such that no gain or
loss of interest results from such exchange or transfer.

     In case this Note shall at any time become mutilated, defaced or be
destroyed, lost or stolen and this Note or evidence of the loss, theft or
destruction thereof (together with the indemnity hereinafter referred to and
such other documents or proof as may be required in the premises) shall be
delivered to the Trustee, the Issuer in its discretion may execute a new Note
of like tenor in exchange for this Note, but, if this Note is destroyed, lost
or stolen, only upon receipt of evidence satisfactory to the Trustee and the
Issuer that this Note was destroyed or lost or stolen and, if required, upon
receipt also of indemnity satisfactory to each of them. All expenses and
reasonable charges associated with procuring such indemnity and with the
preparation, authentication and delivery of a new Note shall be borne by the
owner of the Note mutilated, defaced, destroyed, lost or stolen.

                                      A-22
<PAGE>

     The Senior Indenture provides that (a) if an Event of Default (as defined
in the Senior Indenture) due to the default in payment of principal of,
premium, if any, or interest on, any series of debt securities issued under the
Senior Indenture, including the series of Senior Medium-Term Notes of which
this Note forms a part, or due to the default in the performance or breach of
any other covenant or warranty of the Issuer applicable to the debt securities
of such series but not applicable to all outstanding debt securities issued
under the Senior Indenture shall have occurred and be continuing, either the
Trustee or the holders of not less than 25% in principal amount of the debt
securities of each affected series (voting as a single class) may then declare
the principal of all debt securities of all such series and interest accrued
thereon to be due and payable immediately and (b) if an Event of Default due to
a default in the performance of any other of the covenants or agreements in the
Senior Indenture applicable to all outstanding debt securities issued
thereunder, including this Note, or due to certain events of bankruptcy or
insolvency of the Issuer, shall have occurred and be continuing, either the
Trustee or the holders of not less than 25% in principal amount of all debt
securities issued under the Senior Indenture then outstanding (treated as one
class) may declare the principal of all such debt securities and interest
accrued thereon to be due and payable immediately, but upon certain conditions
such declarations may be annulled and past defaults may be waived (except a
continuing default in payment of principal (or premium, if any) or interest on
such debt securities) by the holders of a majority in principal amount of the
debt securities of all affected series then outstanding.

     If the face hereof indicates that this Note is subject to "Modified
Payment upon Acceleration," then (i) if the principal hereof is declared to be
due and payable as described in the preceding paragraph, the amount of
principal due and payable with respect to this Note shall be limited to the
aggregate principal amount hereof multiplied by the sum of the Issue Price
specified on the face hereof (expressed as a percentage of the aggregate
principal amount) plus the original issue discount amortized from the Interest
Accrual Date to the date of declaration, which amortization shall be calculated
using the "interest method" (computed in accordance with generally accepted
accounting principles in effect on the date of declaration), (ii) for the
purpose of any vote of securityholders taken pursuant to the Senior Indenture
prior to the acceleration of payment of this Note, the principal amount hereof
shall equal the amount that would be due and payable hereon, calculated as set
forth in clause (i) above, if this Note were declared to be due and payable on
the date of any such vote and (iii) for the purpose of any vote of
securityholders taken pursuant to the Senior Indenture following the
acceleration of payment of this Note, the principal amount hereof shall equal
the amount of principal due and payable with respect to this Note, calculated
as set forth in clause (i) above.

     The Senior Indenture permits the Issuer and the Trustee, with the consent
of the holders of not less than a majority in aggregate principal amount of the
debt securities of all series issued under the Senior Indenture then
outstanding and affected (voting as one class), to execute supplemental
indentures adding any provisions to or changing in any manner the rights of the
holders of each series so affected; provided that the Issuer and the Trustee
may not, without the consent of the holder of each outstanding debt security
affected thereby, (a) extend the final maturity of any such debt security, or
reduce the principal amount thereof, or reduce the rate or

                                      A-23
<PAGE>

extend the time of payment of interest thereon, or reduce any amount payable on
redemption or repayment thereof, or change the currency of payment thereof, or
modify or amend the provisions for conversion of any currency into any other
currency, or modify or amend the provisions for conversion or exchange of the
debt security for securities of the Issuer or other entities (other than as
provided in the antidilution provisions or other similar adjustment provisions
of the debt securities or otherwise in accordance with the terms thereof), or
impair or affect the rights of any holder to institute suit for the payment
thereof without the consent of the holder of each debt security so affected or
(b) reduce the aforesaid percentage in principal amount of debt securities the
consent of the holders of which is required for any such supplemental
indenture.

     Except as set forth below, if the principal of, premium, if any, or
interest on, this Note is payable in a Specified Currency other than U.S.
dollars and such Specified Currency is not available to the Issuer for making
payments hereon due to the imposition of exchange controls or other
circumstances beyond the control of the Issuer or is no longer used by the
government of the country issuing such currency or for the settlement of
transactions by public institutions within the international banking community,
then the Issuer will be entitled to satisfy its obligations to the holder of
this Note by making such payments in U.S. dollars on the basis of the Market
Exchange Rate on the date of such payment or, if the Market Exchange Rate is
not available on such date, as of the most recent practicable date; provided,
however, that if the euro has been substituted for such Specified Currency, the
Issuer may at its option (or shall, if so required by applicable law) without
the consent of the holder of this Note effect the payment of principal of,
premium, if any, or interest on, any Note denominated in such Specified
Currency in euro in lieu of such Specified Currency in conformity with legally
applicable measures taken pursuant to, or by virtue of, the treaty establishing
the European Community (the "EC"), as amended by the treaty on European Union
(as so amended, the "Treaty"). Any payment made under such circumstances in
U.S. dollars or euro where the required payment is in an unavailable Specified
Currency will not constitute an Event of Default. If such Market Exchange Rate
is not then available to the Issuer or is not published for a particular
Specified Currency, the Market Exchange Rate will be based on the highest bid
quotation in The City of New York received by the Exchange Rate Agent at
approximately 11:00 a.m., New York City time, on the second Business Day
preceding the date of such payment from three recognized foreign exchange
dealers (the "Exchange Dealers") for the purchase by the quoting Exchange
Dealer of the Specified Currency for U.S. dollars for settlement on the payment
date, in the aggregate amount of the Specified Currency payable to those
holders or beneficial owners of Notes and at which the applicable Exchange
Dealer commits to execute a contract. One of the Exchange Dealers providing
quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an
affiliate of the Issuer. If those bid quotations are not available, the
Exchange Rate Agent shall determine the market exchange rate at its sole
discretion.

     The "Exchange Rate Agent" shall be Morgan Stanley & Co. Incorporated,
unless otherwise indicated on the face hereof.

                                      A-24
<PAGE>

     All determinations referred to above made by, or on behalf of, the Issuer
or by, or on behalf of, the Exchange Rate Agent shall be at such entity's sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and binding on holders of Notes and coupons.

     So long as this Note shall be outstanding, the Issuer will cause to be
maintained an office or agency for the payment of the principal of and premium,
if any, and interest on this Note as herein provided in the Borough of
Manhattan, The City of New York, and an office or agency in said Borough of
Manhattan for the registration, transfer and exchange as aforesaid of the
Notes. The Issuer may designate other agencies for the payment of said
principal, premium and interest at such place or places (subject to applicable
laws and regulations) as the Issuer may decide. So long as there shall be such
an agency, the Issuer shall keep the Trustee advised of the names and locations
of such agencies, if any are so designated.

     With respect to moneys paid by the Issuer and held by the Trustee or any
Paying Agent for payment of the principal of or interest or premium, if any, on
any Notes that remain unclaimed at the end of two years after such principal,
interest or premium shall have become due and payable (whether at maturity or
upon call for redemption or otherwise), (i) the Trustee or such Paying Agent
shall notify the holders of such Notes that such moneys shall be repaid to the
Issuer and any person claiming such moneys shall thereafter look only to the
Issuer for payment thereof and (ii) such moneys shall be so repaid to the
Issuer. Upon such repayment all liability of the Trustee or such Paying Agent
with respect to such moneys shall thereupon cease, without, however, limiting
in any way any obligation that the Issuer may have to pay the principal of or
interest or premium, if any, on this Note as the same shall become due.

     No provision of this Note or of the Senior Indenture shall alter or impair
the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on this Note at the time, place,
and rate, and in the coin or currency, herein prescribed unless otherwise
agreed between the Issuer and the registered holder of this Note.

     Prior to due presentment of this Note for registration of transfer, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
holder in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and none of the Issuer, the
Trustee or 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 the interest on this Note, for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Senior Indenture or any
indenture supplemental thereto, against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Issuer or of any
successor corporation, either directly or through the Issuer or any successor
corporation, whether by virtue of any constitution, statute or rule of law or
by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

                                      A-25
<PAGE>

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

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

                                      A-26
<PAGE>

                                 ABBREVIATIONS

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

          TEN COM  -  as tenants in common
          TEN ENT  -  as tenants by the entireties
          JT TEN   -  as joint tenants with right of survivorship and not as
                      tenants in common

         UNIF GIFT MIN ACT- _________________________ Custodian ________________
                                    (Minor)                        (Cust)

         Under Uniform Gifts to Minors Act______________________________________
                                                           (State)

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

                            -----------------------

                                      A-27
<PAGE>

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto

-------------------------------------------
[PLEASE INSERT SOCIAL SECURITY OR OTHER
     IDENTIFYING NUMBER OF ASSIGNEE]

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE]

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing such person attorney to transfer such note on the books of the
Issuer, with full power of substitution in the premises.

Dated:_____________________________________

NOTICE: The signature to this assignment must correspond with the name as
        written upon the face of the within Note in every particular without
        alteration or enlargement or any change whatsoever.

                                      A-28
<PAGE>

                           OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably requests and instructs the Issuer to
repay the within Note (or portion thereof specified below) pursuant to its
terms at a price equal to the principal amount thereof, together with interest
to the Optional Repayment Date, to the undersigned at

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
        (Please print or typewrite name and address of the undersigned)

     If less than the entire principal amount of the within Note is to be
repaid, specify the portion thereof which the holder elects to have repaid: ;
and specify the denomination or denominations (which shall not be less than the
minimum authorized denomination) of the Notes to be issued to the holder for
the portion of the within Note not being repaid (in the absence of any such
specification, one such Note will be issued for the portion not being repaid):
______.

Dated: _________________________________   _____________________________________
                                           NOTICE: The signature on this Option
                                           to Elect Repayment must correspond
                                           with the name as written upon the
                                           face of the within instrument in
                                           every particular without alteration
                                           or enlargement.

                                      A-29

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