Document:

EX-4.1

 Exhibit 4.1 

PERRIGO FINANCE UNLIMITED COMPANY, 

as the Issuer, 
 PERRIGO
COMPANY PLC, 
 as the Parent Guarantor 

and 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as the Trustee 

SUPPLEMENTAL INDENTURE NO. 2 

DATED AS OF MARCH 10, 2016 

TO INDENTURE 
 DATED AS
OF DECEMBER 2, 2014 
 Relating To 

$500,000,000 3.500% Senior Notes due 2021 

$700,000,000 4.375% Senior Notes due 2026 
  

 SUPPLEMENTAL INDENTURE NO. 2 

SUPPLEMENTAL INDENTURE NO. 2, dated as of March 10, 2016 (this “Supplemental Indenture”), among Perrigo Finance
Unlimited Company, a public unlimited company organized under the law of Ireland (formerly, Perrigo Finance plc) (the “Issuer”), Perrigo Company plc, a public limited company organized under the law of Ireland (the
“Parent” or the “Parent Guarantor”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the “Trustee”), to the Base Indenture (as defined below). 

RECITALS 

WHEREAS, the Issuer and the Parent Guarantor have heretofore executed and delivered to the Trustee an Indenture, dated as of
December 2, 2014 (the “Base Indenture”), providing for the issuance, from time to time, of Securities by the Issuer, to be issued in one or more series as therein provided, and the related guarantee of such Securities by the
Parent Guarantor; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Issuer desires to provide for the establishment of two
series of Securities to be known respectively as its 3.500% Senior Notes due 2021 (the “2021 Notes”), and its 4.375% Senior Notes due 2026 (the “2026 Notes” and, together with the 2021 Notes, the
“Notes”), and the Parent Guarantor desires to deliver its Guarantee, the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental
Indenture (together, the “Indenture”); 
 WHEREAS, the Notes initially will be fully and unconditionally guaranteed
as to payment of principal, premium, if any, and interest on a senior unsecured basis (the “Guarantee”) by the Parent Guarantor; and 

WHEREAS, the Issuer and the Parent Guarantor have requested that the Trustee execute and deliver this Supplemental Indenture, and all
requirements necessary to make this Supplemental Indenture a legal, valid and binding instrument in accordance with its terms, to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee, the legal, valid and
binding obligations of the Issuer, and to make the Guarantee included herein, the legal, valid and binding obligation of the Parent Guarantor, and all acts and things necessary have been done and performed to make this Supplemental Indenture
enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

WITNESSETH: 
 NOW,
THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes, as follows: 

 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01. Capitalized terms used but not defined in this Supplemental Indenture shall have the meanings ascribed to them in the
Base Indenture. 
 Section 1.02. References in this Supplemental Indenture to article and section numbers shall be deemed to be
references to article and section numbers of this Supplemental Indenture, unless otherwise specified. 
 Section 1.03. For purposes
of this Supplemental Indenture, the following terms have the meanings ascribed to them as follows: 
 “2021 Notes” has the
meaning provided in the recitals. 
 “2026 Notes” has the meaning provided in the recitals. 

“Additional Notes” means any additional Notes that may be issued from time to time pursuant to Section 2.01(b). 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, (i) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System
and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable Treasury Issue;
provided that, if no maturity is within three months before or after the Remaining Life of the Notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue will be
determined and the Adjusted Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (ii) if such release (or any successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 “Affiliate Transferee” has the
meaning provided in Section 6.03(f). 
 “Base Indenture” has the meaning provided in the recitals. 

“Change in Tax Law” has the meaning provided in Section 11.8 of the Base Indenture, as amended in Section 4.02. 

“Change of Control” has the meaning provided in Section 6.03(f). 

“Change of Control Offer” has the meaning provided in Section 6.03(a). 

  
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 “Change of Control Payment” has the meaning provided in Section 6.03(a). 

“Change of Control Payment Date” has the meaning provided in Section 6.03(b). 

“Change of Control Triggering Event” has the meaning provided in Section 6.03(f). 

“Comparable Treasury Issue” means the U.S. Treasury security selected by the Independent Investment Banker as having an
actual or interpolated maturity comparable to the remaining term (the “Remaining Life”) of the applicable series of Notes to be redeemed (assuming that such Notes matured on their applicable Par Call Date) that would be utilized, at
the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the applicable series of Notes (assuming that such Notes matured on their
applicable Par Call Date). 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of
the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Issuer is provided fewer than four such Reference Treasury Dealer Quotations, the
average of all such Reference Treasury Dealer Quotations. 
 “CRS” means the Standard for Automatic Exchange of Financial
Account Information approved on July 15, 2014 by the Council of the Organisation for Economic Cooperation and Development, and any law or regulations made in respect of or in connection it, including Section 891F of the Taxes Consolidation Act
1997 of Ireland and any Irish law or regulation made pursuant to or in connection with that provision. 
 “DAC II” means
Council Directive 2014/107/EU of December 9, 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation, and any law or regulations made in respect of or in connection with it, including
Section 891G of the Taxes Consolidation Act 1997 of Ireland and any Irish law or regulation made pursuant to or in connection with that provision. 

“Depositary” has the meaning provided in Section 2.03. 

“Equity Interests” means the shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity ownership interests in a Person. 
 “FATCA” means (a) sections
1471 to 1474 of the US Internal Revenue Code of 1986 or any associated regulations, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in
either case) facilitates the implementation of any law or regulation referred to in (a) above, including the Agreement to Improve Tax Compliance and Provide for Reporting and Exchange of Information concerning Tax Matters (United States of America)
Order 2013 (S.I. No. 33 of 2013) of Ireland, section 891E of the Taxes Consolidation Act 1997 of Ireland and any Irish law or regulation made pursuant to or in connection with that provision. 

“Guarantee” has the meaning set forth in the recitals. 

  
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 “Indenture” has the meaning provided in the recitals. 

“Independent Investment Banker” means one of the Reference Treasury Dealers whom the Issuer appoints. 

“Interest Payment Date” has the meaning provided in Section 2.04. 

“Investment Grade Rating” has the meaning provided in Section 6.03(f). 

“Issue Date” means March 10, 2016.  

“Issuer” has the meaning provided in the preamble. 

“Moody’s” has the meaning provided in Section 6.03(f). 

“Notes” has the meaning provided in the recitals. For the avoidance of doubt, “Notes” shall include the Additional
Notes, if any. 
 “Par Call Date” means February 15, 2021, in the case of the 2021 Notes, or December 15, 2025,
in the case of the 2026 Notes. 
 “Parent” or “Parent Guarantor” has the meaning provided in the preamble.

 “Rating Agencies” has the meaning provided in Section 6.03(f). 

“Rating Event” has the meaning provided in Section 6.03(f). 

“Record Date” has the meaning provided in Section 2.04. 

“Reference Treasury Dealer” means each of HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated
and Morgan Stanley & Co. LLC, and their respective successors and, at the Issuer’s option, additional Primary Treasury Dealers selected by the Issuer; provided, however, that if any of the foregoing ceases to be a primary U.S.
Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding
such Redemption Date. 
 “Remaining Life” has the meaning provided in the definition of “Comparable Treasury
Issue.” 
 “S&P” has the meaning provided in Section 6.03(f). 

“Supplemental Indenture” has the meaning provided in the preamble. 

  
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 “Trustee” has the meaning provided in the preamble. 

“Voting Stock” has the meaning provided in Section 6.03(f). 

“Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding ownership interests of
which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) shall at the time be owned by such Person or by one or more
Wholly-Owned Subsidiaries of such Person. 
 Section 1.04. Solely for purposes of the Notes, the following definitions shall amend
and restate in their entirety the definitions of such terms found in Section 1.1 of the Base Indenture: 
 “GAAP” means
generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, that are in effect from time to time, it being understood that, for purposes of this Indenture, all
references to codified accounting standards specifically named in this Indenture shall be deemed to include any successor, replacement, amended or updated accounting standard under GAAP. At any time after the Issue Date, the Issuer may elect, for
all purposes of this Indenture, to apply IFRS accounting principles (or any successor, replacement, amended or updated accounting principles to IFRS that are then in effect in the Issuer’s jurisdiction of organization) in lieu of GAAP, and,
upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS as in effect from time to time (or such successor, replacement, amended or updated accounting principles) as previously calculated or determined in
accordance with GAAP; provided that (1) from and after such election, all financial statements and reports required to be provided pursuant to this Indenture (and all financial statements and reports required to be filed with the Commission
or that are otherwise provided to shareholders of the Parent Guarantor) shall be prepared on the basis of IFRS (or such successor, replacement, amended or updated accounting principles), (2) from and after such election, all ratios, computations and
other determinations based on GAAP contained in this Indenture shall be computed in conformity with IFRS (or such successor, replacement, amended or updated accounting principles) with retroactive effect being given thereto assuming that such
election had been made on the Issue Date and (3) all accounting terms and references in this Indenture to accounting standards shall be deemed to be references to the most comparable terms or standards under IFRS (or such successor, replacement,
amended or updated accounting principles). The Issuer shall give notice of any such election made in accordance with this definition to the Trustee and the Holders of the Notes promptly after having made such election (and in any event, within
15 days thereof). 
 “Restricted Subsidiary” means any Subsidiary of the Parent Guarantor which owns or leases a
Principal Property and which could secure the Notes with such Principal Property without there being adverse tax consequences to the Parent Guarantor or its subsidiaries. 

  
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 “Sale and Lease-Back Transactions” means any arrangement with any Person
providing for the leasing by the Parent Guarantor or a Restricted Subsidiary of any Principal Property that the Parent Guarantor or such Restricted Subsidiary has sold or transferred or is about to sell or transfer to such Person; provided,
however, that this definition does not include transactions between or among the Parent Guarantor and its Restricted Subsidiaries. 

Section 1.05. Consent to Creation of Distributable Reserves 

(a) Solely for purposes of the Notes, Section 1.21 of the Base Indenture is hereby amended and restated in its entirety as follows: 

Each Holder of a Note by its acceptance thereof irrevocably consents, to the fullest extent permitted by applicable law, to the creation of
distributable reserves, from time to time, by reducing some or all of the share premium of the Parent Guarantor resulting from the issuance of ordinary shares of the Parent Guarantor or otherwise. 

Section 1.06. Currency Indemnity. 

For the avoidance of doubt, with respect to the Notes, each reference to “Securities” in Section 1.19 of the Base Indenture shall be
deemed to include the Guarantee. 
 Section 1.07. Submission to Jurisdiction. 

The Issuer and the Parent Guarantor each hereby agree to appoint Corporation Service Company, with an office at 1180 Avenue of the Americas,
Suite 210, New York, NY 10036, as its agent (or any successor thereto) for service of process in any suit, action or proceeding with respect to the Indenture, the Notes and the Guarantee and for actions brought under the United States federal or
state securities laws brought in any United States federal or state court located in the Borough of Manhattan in the County and City of New York. 

ARTICLE TWO  

GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.01. Designation and Principal Amount. 

(a) The Notes are hereby authorized and are respectively designated the 3.500% Senior Notes due 2021 and the 4.375% Senior Notes due 2026,
each unlimited in aggregate principal amount. The 2021 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an aggregate principal amount of $500,000,000 and the 2026 Notes issued on the date hereof pursuant to the
terms of the Indenture shall be in an aggregate principal amount of $700,000,000, which amounts shall be set forth in the written order of the Issuer for the authentication and delivery of the Notes pursuant to Sections 3.1 and 3.3 of the Base
Indenture. 
 (b) In addition, without the consent of the Holders of an applicable series of Notes, the Issuer may issue, from time to time,
in accordance with the provisions of the Indenture, Additional Notes having the same ranking and the same interest rate, maturity and other terms as 

  
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such series of Notes in all respects (except for the issue date, issue price, and, if applicable, payment of interest accruing prior to the issue date of such Additional Notes or, if applicable,
the first payment of any interest following the issue date of such Additional Notes). Any Additional Notes having such similar terms, together with the other Notes of the applicable series, shall constitute a single series of Notes under the
Indenture; provided, that if such Additional Notes are not fungible with the other Notes of such series for U.S. federal income tax purposes, the Additional Notes will be issued under a separate CUSIP number. 

Section 2.02. Maturity. 

(a) Unless an earlier redemption has occurred, the principal amount of the 2021 Notes shall mature and be due and payable, together with any
accrued interest thereon, on March 15, 2021. 
 (b) Unless an earlier redemption has occurred, the principal amount of the 2026 Notes
shall mature and be due and payable, together with any accrued interest thereon, on March 15, 2026. 
 Section 2.03. Form and
Payment. 
 (a) The Notes shall be issued as global notes, in fully registered book-entry form without coupons in denominations of
$200,000 and integral multiples of $1,000 in excess thereof. 
 (b) The 2021 Notes and the 2026 Notes and the Trustee’s
Certificates of Authentication to be endorsed thereon, are to be substantially in the form of Exhibit A-1 and Exhibit A-2 respectively, which forms are hereby incorporated in and made a part of this Supplemental Indenture. 

(c) The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture,
and the Issuer, the Parent Guarantor and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

(d) Principal, premium, if any, and/or interest, if any, on the global notes representing the Notes shall be made to DTC, which shall act as a
depository for the global notes (together with any successor thereto, the “Depositary”). 
 (e) Wells Fargo Bank, National
Association (or any successor thereto) will initially serve as Paying Agent and Security Registrar for the Notes. 
 (f) The global notes
representing the Notes shall be deposited with, or on behalf of, the Depositary and shall be registered in the name of the Depositary or a nominee of the Depositary. No global note may be transferred except as a whole by a nominee of the Depositary
to the Depositary or to another nominee of the Depositary, or by the Depositary or such nominee to a successor of the Depositary or a nominee of such successor. 

(g) A global note deposited with, or on behalf of, the Depositary may be transferred to the beneficial owners thereof in the form of
definitive Notes in an aggregate principal amount equal to the principal amount of such global note, in exchange for such global note, in accordance with the procedures set forth in Section 3.5 of the Base Indenture. Definitive Notes shall be issued
to the beneficial owners thereof only (i) under the circumstances set forth in Section 3.5 of the Base Indenture or (ii) if an Event of Default has occurred and has not been cured or waived, the Security Registrar has received a request from the
Depositary with respect to the issuance of definitive Notes. 

  
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 Section 2.04. Interest. 

Interest on the 2021 Notes will be payable in cash and shall accrue at the rate of 3.500% per annum and interest on the 2026 Notes will be
payable in cash and shall accrue at the rate of 4.375% per annum. Interest on the Notes shall accrue from March 10, 2016 or the most recent interest payment date on which interest was paid, and be payable semi-annually in arrears on
March 15 and September 15 of each year, beginning on September 15, 2016 (with respect to the applicable series of Notes, each an “Interest Payment Date”). Interest on each series of Notes shall be payable to the
Holders in whose names such Notes are registered at the close of business on the preceding March 1 and September 1 (whether or not that date is a Business Day) (with respect to the applicable series of Notes, each a “Record
Date”). Interest on the Notes shall be computed on the basis of a 360-day year comprising twelve 30-day months. If any Interest Payment Date or maturity or Redemption Date falls on a day that is not a Business Day, then the payment will be
made on the next Business Day without additional interest and with the same effect as if it were made on the originally scheduled date. 

Section 2.05. Additional Amounts. 

Additional Amounts shall be payable in respect of the Notes of each series pursuant to Section 10.4 of the Base Indenture. 

Section 2.06. No Sinking Fund. 

Article 12 of the Base Indenture shall not apply to the Notes. 

Section 2.07. No Conversion Features. 

No conversion features shall apply to the Notes. 

Section 2.08. Method of Payment. 

Solely for purposes of the Notes, Section 3.7 of the Base Indenture is hereby amended by inserting at the end of the second to last paragraph
thereto the following: 
 “The payment by wire transfer of immediately available funds shall be required with respect to principal,
premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to the applicable payment date. Such
payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.” 

  
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 ARTICLE THREE 

GUARANTEE 
 Section
3.01. Parent Guarantee 
 (a) The Parent Guarantor, by its execution of this Supplemental Indenture, hereby agrees with each
Holder of a Note authenticated and delivered by the Trustee and with the Trustee for itself and on behalf of each such Holder, to be unconditionally bound by the terms and provisions of the Guarantee set forth below and authorizes the Trustee to
confirm such Guarantee to the Holder of each such Note of the Issuer, with such Guarantee endorsed thereon, by its authentication, execution and delivery of each such Note by the Trustee. 

GUARANTEE OF 
 PERRIGO COMPANY PLC

 For value received, PERRIGO COMPANY PLC, a company duly organized and existing under the laws of Ireland (herein called the
“Parent Guarantor,” which term includes any successor Person under the Indenture), hereby fully, irrevocably and unconditionally guarantees to the Holder of the Notes and to the Trustee for itself and on behalf of each such Holder
the due and punctual payment of the principal of (and premium, if any, on) and interest on the Notes when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise,
according to the terms thereof and of the Indenture, and all other amounts owed under the Indenture, all in accordance with and subject to the terms and limitations of the Notes and Article 14 of the Base Indenture. In case of the failure of PERRIGO
FINANCE UNLIMITED COMPANY, a public unlimited company duly organized under the laws of Ireland (herein called the “Issuer,” which term includes any successor Person under such Indenture), to promptly make any such payment of
principal (and premium, if any) or interest, or any other payments owed under the Indenture, the Parent Guarantor hereby agrees to cause any such payment of principal (and premium, if any) or interest, and all other amounts owed under the Indenture,
to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer, subject to the terms and
limitations of Article 14 of the Base Indenture. 
 The Parent Guarantor hereby agrees that its obligations under the Guarantee and the
Indenture shall be as if it were principal debtor and not merely surety, and shall be absolute and unconditional, joint and several, irrespective of, and shall be unaffected by any failure to enforce the provisions of the Notes or the Indenture, or
any waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of a Note or the Trustee for such series of Notes or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or
guarantor; provided, 

  
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however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Parent Guarantor, increase the principal amount of such Note, or
increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a
declaration of acceleration or the maturity thereof pursuant to Article 5 of the Base Indenture. The Parent Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of
the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to the Notes or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under the Notes and all
demands whatsoever, and covenants that the Guarantee of the Parent Guarantor will not be discharged, except, by payment in full of the principal of (and premium, if any, on) and interest on the Notes, or as otherwise set forth in this Indenture;
provided, that if any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Parent Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the
Parent Guarantor any amount paid either to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

The Parent Guarantor shall be subrogated to all rights of the Holder of the Notes and the Trustee for the Notes of such series against the
Issuer in respect of any amounts paid to such Holder by the Parent Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Parent Guarantor shall not be entitled to enforce or to receive any payments arising out of
or based upon such right of subrogation until the principal of (and premium, if any, on) and interest on all Notes of the same series issued under the Indenture shall have been paid in full. 

(b) Notwithstanding Section 2.1, Section 2.4(a), Section 3.3, Section 14.2 and any other provisions of the Base Indenture, and solely for
purposes of the Notes, the Parent Guarantor, the Issuer and the Trustee hereby agree that notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes, (i) the Guarantee of the Parent Guarantor shall remain in full
force and effect and (ii) all references in the Base Indenture to any Guarantee endorsed on the Notes shall be deemed to refer to the Guarantee of the Parent Guarantor contained in this Section 3.01. 

(c) The Notes will not be guaranteed by any of the Parent Guarantor’s subsidiaries. 

Section 3.02. Termination of the Guarantee. 

The Parent Guarantor’s Guarantee in respect of a series of Notes shall terminate upon the Legal Defeasance or discharge of such series of
Notes pursuant to Article 4 or Section 13.2 of the Base Indenture, as the case may be. 

  
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 ARTICLE FOUR 

REDEMPTION 
 Section
4.01. Optional Redemption 
 (a) Prior to their applicable Par Call Date, the Issuer may, at its option, redeem all or a portion
of the 2021 Notes and the 2026 Notes, as the case may be, at any time or from time to time. The Redemption Price for the 2021 Notes and the 2026 Notes, as applicable, to be redeemed on any Redemption Date will be equal to the greater of the
following amounts: 
 (1) 100% of the principal amount of such series of Notes to be redeemed on the Redemption Date; and 

(2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (calculated as if
such Notes matured on their applicable Par Call Date), exclusive of interest accrued to, but excluding, the Redemption Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Adjusted Treasury Rate, plus 35 basis points in the case of the 2021 Notes and 40 basis points in the case of the 2026 Notes, as determined by the applicable Independent Investment Banker; 

plus, in each case, accrued and unpaid interest, if any, on the notes to be redeemed to, but excluding, the Redemption Date. 

(b) Notwithstanding Section 4.01(a), on or after their applicable Par Call Date, the Issuer shall have the right to redeem, at its option, in
whole or in part, the 2021 Notes and the 2026 Notes, in each case, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed, plus, accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 (c) Notwithstanding Sections 4.01(a) and 4.01(b), installments of interest on the applicable series of Notes that are due and payable on
Interest Payment Dates falling on or prior to a Redemption Date, will be payable on the Interest Payment Date to the registered holders as of the close of business on the relevant Record Date according to the applicable series of Notes and the
Indenture. 
 (d) Notice of any redemption will be mailed (or, to the extent permitted or required by applicable procedures or regulations
of DTC, sent electronically) at least 15 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed. Unless the Issuer defaults in payment of the Redemption Price, on and after the Redemption Date, interest
will cease to accrue on the Notes or portions thereof called for redemption. 
 (e) If the Issuer chooses to redeem less than all of the
Notes of any series and the Notes are global notes, the Notes to be redeemed will be selected by DTC in accordance with applicable DTC procedures. If the Notes to be redeemed are not global notes then held by DTC, the particular Notes to be redeemed
shall be selected by the Trustee not more than 45 days prior to the Redemption Date. Subject to applicable DTC procedures or regulations, the Trustee will select the Notes to be redeemed by such method as the Trustee shall deem appropriate. 

  
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 (f) Notwithstanding anything to the contrary in clause (f) of the second paragraph of Section
11.4 and the last paragraph of Section 11.4 of the Base Indenture, the Issuer shall not be permitted to undertake an optional redemption of the Notes of any series pursuant to this Section 4.01 that is subject to conditions precedent. 

Section 4.02. Redemption for Taxation Reasons. 

Section 11.8 of the Base Indenture shall apply to each series of the Notes. Solely for purposes of the Notes, Section 11.8 of the Base
Indenture is hereby amended by (a) replacing the phrase “The Issuer may redeem the Securities of any series in whole, but not in part, at any time” in the first sentence thereof with the phrase “The Issuer may redeem the Securities of
any series in whole, but not in part, at its discretion at any time” and (b) inserting the following two sentences after the first sentence thereof: 

Any Change in Tax Law must become effective on or after the Issue Date. In the case of a successor of the Issuer that is not a tax
resident in the same jurisdiction as the Issuer or a successor of the Parent Guarantor that is not a tax resident in the same jurisdiction as the Parent Guarantor, the Change in Tax Law must become effective after the date that such entity first
makes payments on the applicable series of the Notes. 
 ARTICLE FIVE 

EVENTS OF DEFAULT 

Section 5.01. Events of Default. 

Solely for purposes of the Notes, Section 5.1 of the Base Indenture is hereby amended by deleting clause (f) of Section 5.1 and inserting new
clauses (f) and (g) as follows: 
 (1) default in the payment of the purchase price of any Notes of such series the Issuer is required to
purchase pursuant to Section 6.03 of the Supplemental Indenture; and 
 (2) the Guarantee of the Notes of such series is held in any
judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or the Parent Guarantor, or any responsible Officer acting on behalf of the Parent Guarantor, denies or disaffirms its obligations under the
Guarantee of the Notes of such series. 

  
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 ARTICLE SIX 

COVENANTS 
 Section
6.01. Limitation upon Liens. 
 (a) Solely for purposes of the Notes, the first sentence of Section 10.6 of the Base Indenture is
hereby amended by replacing the phrase “create, incur, issue or assume” with the phrase “create, incur, issue, assume or guarantee.” 

(b) Solely for purposes of the Notes, Section 10.6(a) of the Base Indenture is hereby amended by replacing the phrase “date of the
Indenture” with the phrase “Issue Date.” 
 (c) Solely for purposes of the Notes, Section 10.6(c) of the Base Indenture is
hereby amended by inserting the words “the Issuer,” immediately before the first reference to “Parent” appearing in such subsection. 

Section 6.02. Limitations on Activities of the Issuer. 

So long as any of the Notes of any series remain outstanding, the Issuer shall not engage in any business or activity other than: 

(a) the establishment and maintenance of its legal existence, including the incurrence of fees, costs and expenses relating to such
establishment and maintenance; 
 (b) to the extent applicable, participating in tax, accounting and other administrative matters as a
member of the consolidated group of the Parent Guarantor; 
 (c) incurring fees, costs and expenses relating to organization overhead
including professional fees for legal, tax and accounting issues and paying taxes; 
 (d) the execution and delivery of the Indenture and
the performance of its obligations thereunder and the issuance of the Notes and any additional debt securities under the Indenture; 
 (e)
taking all actions, including executing and delivering any related agreements in connection with Debt existing on the Issue Date or the incurrence of other indebtedness not prohibited by any Debt outstanding from time to time, or in connection with
any other financing transactions; 
 (f) providing indemnification to officers and directors; 

(g) the making of intercompany loans, distributions of cash, cash equivalents or Equity Interests and/or any transactions consummated
substantially contemporaneously with and in connection with any financing transactions; 
 (h) financing the business and operations of the
Parent or any of its affiliates, including the incurrence and repayment of indebtedness or other obligations, the making of loans or other investments and the payment of dividends or other distributions, and 

(i) activities necessary or advisable for or incidental, related, complementary, similar, supplemental or ancillary to the businesses or
activities described in any of the foregoing clauses (a) through (h). 

  
 - 13 - 

 Section 6.03. Offer to Purchase Notes Upon Change of Control Triggering Event. 

(a) If a Change of Control Triggering Event occurs with respect to a series of Notes, unless the Issuer shall have exercised its option to
redeem the applicable Notes pursuant to Article 4, the Issuer shall make an offer (the “Change of Control Offer”) to each Holder of the Notes of the applicable series as to which the Change of Control Triggering Event has occurred
to repurchase all (equal to $200,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s applicable Notes on the terms set forth in such Notes. In the Change of Control Offer, the Issuer will be required to offer payment in
cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest and Additional Amounts, if any, on the applicable Notes repurchased to, but not including, the date of repurchase (the “Change of
Control Payment”). 
 (b) Within 30 days following any Change of Control Triggering Event or, at the Issuer’s option, prior to
any Change of Control Triggering Event, but after public announcement of the transaction that constitutes or may constitute the Change of Control Triggering Event, a notice will be mailed (or, to the extent permitted or required by applicable DTC
procedures or regulations, sent electronically) to Holders of the applicable Notes and the Trustee describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes of the
applicable series on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed or sent (the “Change of Control Payment Date”). The notice will, if
mailed or sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring with respect to the applicable series of Notes on or prior to the
Change of Control Payment Date. 
 (c) On the Change of Control Payment Date, the Issuer shall, to the extent lawful: 

 

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

 

	 	(2)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all such Notes or portions of Notes properly tendered; and 

 

	 	(3)	deliver or cause to be delivered to the Trustee the applicable Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of the applicable Notes or portions of such Notes
being repurchased and that all conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase by the Issuer of the applicable Notes pursuant to the Control Payment Offer have been met. 

(d) The Issuer will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer and the third party repurchases all applicable Notes properly tendered and not withdrawn under its offer. 

  
 - 14 - 

 (e) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act, and any
other securities laws and regulations applicable to the repurchase of the Notes. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Indenture or the Notes, the
Issuer will comply with those securities laws and regulations and will not be deemed to have breached the Issuer’s obligations under the Change of Control Offer provisions of the Indenture or the Notes by virtue of any such conflict. 

(f) For purposes of this Section 6.03, the following definitions shall apply: 

“Change of Control” means the occurrence of any of the following: (1) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of more than 50% of the Voting Stock of the Parent Guarantor (or the Parent Guarantor’s Affiliate Transferee) or other Voting Stock into which the Voting Stock of the Parent Guarantor (or the Parent Guarantor’s
Affiliate Transferee) is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Parent Guarantor (or the Parent Guarantor’s Affiliate Transferee) and the assets of the Subsidiaries of the Parent Guarantor (or the
Parent Guarantor’s Affiliate Transferee), taken as a whole, to one or more Persons, other than the Parent Guarantor or a Subsidiary of the Parent Guarantor (or the Parent Guarantor’s Affiliate Transferee). Notwithstanding the foregoing, a
transaction referenced in clause (1) of this definition will not be deemed to be a Change of Control if (i) the Parent Guarantor becomes a direct or indirect Wholly-Owned Subsidiary of a holding company and (ii) the direct or indirect holders of the
Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Parent Guarantor’s Voting Stock immediately prior to that transaction. Notwithstanding the foregoing, a transaction
referenced in clause (2) of this definition will not be deemed a Change of Control if (i) the Parent Guarantor becomes a direct or indirect Wholly-Owned Subsidiary of a holding company, (ii) the transferee of all or substantially all of the Parent
Guarantor’s assets and the assets of the Parent Guarantor’s Subsidiaries, taken as a whole, is also a direct or indirect Wholly-Owned Subsidiary of such holding company (such transferee, the Parent Guarantor’s “Affiliate
Transferee”), (iii) such holding company provides a full and unconditional guarantee of the Notes (whereupon such holding company shall be substituted as “the Parent Guarantor” for the purposes of the Notes and Indenture (without
the release of the guarantee of the entity formerly considered to be the “Parent”)) and (iv) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as
the holders of the Parent Guarantor’s Voting Stock immediately prior to that transaction. 
 “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Rating Event. 

  
 - 15 - 

 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies. 

“Moody’s” means Moody’s Investors Service, Inc., and any successor to its ratings agency business. 

“Rating Agencies” means (1) each of Moody’s and S&P, and (2) if either Moody’s or S&P ceases to rate the
Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected
by the Issuer (as certified by a resolution of the Issuer’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Rating Event” means the rating on such series of Notes is lowered by each of the Rating Agencies and such series of Notes is
rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of such series of Notes is under publicly announced consideration for a possible
downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the Parent Guarantor’s intention to effect a Change of Control; provided, however, that a Rating Event
otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control
Triggering Event) if each Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform the Trustee in writing at the Issuer’s or the Trustee’s request that the
reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the
Rating Event). 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.,
and any successor to its ratings agency business. 
 “Voting Stock” means, with respect to any specified “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the Board of Directors of such person. 

Section 6.04. Consolidation and Mergers and Sales, Leases and Conveyances Permitted Subject to Certain Conditions. 

(a) Solely for purposes of the Notes, Section 8.1(a) and (b) of the Base Indenture are hereby amended and restated as follows: 

(1) Notwithstanding anything contained herein or in any of the Notes, the Issuer may consolidate with or merge with or into or amalgamate or
convert into any other corporation, limited liability company, limited partnership or other legal entity and the Issuer may sell, lease 

  
 - 16 - 

 
or convey all or substantially all of its assets to any legal entity organized and existing under the laws of the United States of America or a State thereof, any country in the European Union,
the United Kingdom, Canada, Israel or Switzerland; provided, that in any such case, either the Issuer shall be the surviving entity, or the successor entity (or the entity which shall have received such assets) shall expressly assume,
pursuant to a supplemental indenture, all of the Issuer’s obligations under this Indenture and the Notes. 
 (2) Notwithstanding
anything contained herein or in any of the Notes, the Parent Guarantor may consolidate with or merge with or into or amalgamate or convert into any other corporation, limited liability company, limited partnership or other legal entity and the
Parent Guarantor may sell, lease or convey all or substantially all of its assets to any legal entity organized and existing under the laws of the United States of America or a State thereof, any country in the European Union, the United Kingdom,
Canada, Israel or Switzerland; provided, that in any such case, either the Parent Guarantor shall be the surviving entity, or the successor entity (or the entity which shall have received such assets) shall expressly assume, pursuant to a
supplemental indenture, all of the Parent Guarantor’s obligations under this Indenture, the Notes and the Guarantee. 
 (b) Solely for
purposes of the Notes, Section 8.3 of the Base Indenture is hereby amended to delete the last sentence thereof. 
 Section 6.05.
Limitation upon Sale and Lease-Back Transactions. 
 Solely for purposes of the Notes, Section 10.7 of the Base Indenture is hereby
amended by replacing the lead-in language to the first paragraph of such Section 10.7 with the following language: 
 The Parent will not
itself, and will not permit any Restricted Subsidiary to, enter into any Sale and Lease-Back Transaction unless, either: 
 ARTICLE SEVEN

 DEFEASANCE 
 (a)
Article 13 of the Base Indenture, relating to Legal Defeasance and Covenant Defeasance, shall apply to each series of the Notes; provided, however, that for purposes of Section 13.3 of the Base Indenture as it applies to the Notes of
any series, the covenants set forth in Sections 6.02 and 6.03 hereof (and the related Events of Default) shall also be subject to covenant defeasance, as provided in the Base Indenture, in addition to the covenants specified in such Section 13.3, as
modified by this Supplemental Indenture. 
 (b) Solely for purposes of the Notes, Section 13.3 of the Base Indenture is hereby amended by
(1) replacing the phrase “the Issuer shall be released from its obligations” in the first sentence with the phrase “the Issuer and the Parent shall be released from their respective obligations” and (2) replacing the phrase
“the Issuer may omit” in the second sentence with the phrase “the Issuer and the Parent may omit.” 

  
 - 17 - 

 (c) Solely for purposes of the Notes, Section 13.4(1) of the Base Indenture is hereby amended by
replacing the phrase “The Issuer shall irrevocably” with the phrase “The Issuer or the Parent shall irrevocably.” 
 (d)
Solely for purposes of the Notes, Section 13.4(2) of the Base Indenture is hereby amended and restated in its entirety as follows: 
 In the
event of an election under Section 13.2, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date
of execution of this instrument, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, subject to customary assumptions and exclusions, the Holders of
such Securities will not recognize income, gain or loss for Federal income tax purposes as a result of the deposit, Legal Defeasance and discharge to be effected with respect to such Securities. 

(e) Solely for purposes of the Notes, Section 13.4(3) of the Base Indenture is hereby amended and restated in its entirety as follows: 

In the event of an election under Section 13.3, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that,
subject to customary assumptions and exclusions, the Holders of such Securities will not recognize income, gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such
Securities. 
 (f) Solely for purposes of the Notes, Section 13.5 of the Base Indenture is hereby amended by replacing the phrase “pay
to the Issuer from time to time” in the third paragraph with the phrase “pay to the Issuer or the Parent, as applicable, from time to time.” 

(g) Solely for purposes of the Notes, Section 13.6 of the Base Indenture is hereby amended by replacing the phrase “from which the Issuer
has been discharged” with the phrase “from which the Issuer and the Parent have been discharged.” 
 ARTICLE EIGHT 

SATISFACTION AND DISCHARGE 

(a) Solely for purposes of the Notes, the first paragraph of Section 4.1 of the Base Indenture is hereby amended by replacing the phrase
“this Indenture shall cease to be of further effect” with the phrase “this Indenture shall cease to be of further effect with respect to any series of Securities.” 

(b) Solely for purposes of the Notes, Section 4.1(a)(i) of the Base Indenture is hereby amended by replacing the phrase “all Securities
theretofore” with the phrase “all Securities of such series theretofore.” 

  
 - 18 - 

 (c) Solely for purposes of the Notes, Section 4.1(a)(ii) of the Base Indenture is hereby amended
by replacing the phrase “all such Securities not theretofore” with the phrase “all Securities of such series not theretofore.” 

(d) Solely for purposes of the Notes, Section 4.1(a)(ii)(3) of the Base Indenture is hereby amended by (i) replacing the phrase “and the
Issuer, in the case of (1), (2) or (3) above” with the phrase “and the Issuer or the Parent, in the case of (1), (2) or (3) above,” and (ii) by adding the phrase “(accompanied by an opinion of a nationally recognized firm of
independent public accountants if U.S. Government Obligations are delivered)” after the second occurrence and the word “sufficient” therein. 

(e) Solely for purposes of the Notes, Section 4.1(c) of the Base Indenture is hereby amended by replacing the phrase “discharge of this
Indenture” with the phrase “discharge of this Indenture as to such series of Securities.” 
 (f) Solely for purposes of the
Notes, the last paragraph of Section 4.1 of the Base Indenture is hereby amended by replacing the phrase “discharge of this Indenture” with the phrase “discharge of this Indenture with respect to any series of Securities.” 

ARTICLE NINE  

SUPPLEMENTAL INDENTURES 

Solely for purposes of the Notes, Section 9.2 of the Base Indenture is hereby amended by deleting clauses (a), (b), (c) and (d) of Section 9.2
and inserting new clauses (a), (b), (c), (d), (e), (f), (g) and (h) of Section 9.2 as follows: 
 (a) change the Stated Maturity of the
principal of, or any installment of interest on or any Additional Amounts payable with respect to, the Notes of such series; 
 (b) reduce
the principal amount of, or interest on or any Additional Amounts payable with respect to, the Notes of such series, reduce the amount of principal which could be declared due and payable prior to the Stated Maturity or reduce the premium payable
upon the redemption thereof; 
 (c) impair the right to enforce any payment on or after the Stated Maturity or Redemption Date; 

(d) change the place or currency of any payment of principal of, premium or interest on, or any Additional Amounts payable with respect to,
the Notes of such series; 
 (e) modify in a manner adverse in any material respect to the Holder of the outstanding Notes of such series
the terms and conditions of the Parent under its Guarantee with respect to such Notes or this Indenture; 
 (f) reduce the percentage in
principal amount of the outstanding Notes of such series, the consent of whose Holders is required to modify or amend this Indenture; 

  
 - 19 - 

 (g) reduce the percentage of outstanding Notes of such series necessary to waive any past default
to less than a majority; or 
 (h) modify the provisions in this Indenture relating to adding provisions or changing or eliminating
provisions of this Indenture or modifying rights of Holders of Notes of such series to waive compliance with any term of this Indenture. 

ARTICLE TEN 
 PROVISION
OF INFORMATION 
 By acceptance of any Note issued hereunder, unless otherwise prohibited by law, each Holder is deemed to agree to
provide to the Issuer, upon request, any correct, complete and accurate forms, certification or information that may be required in order for the Issuer to comply with FATCA, CRS and DAC II. 

ARTICLE ELEVEN 

MISCELLANEOUS 
 Section
11.01. Application of Supplemental Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed. This Supplemental Indenture shall be deemed part of the Base Indenture in
the manner and to the extent herein and therein provided. 
 Section 11.02. Trust Indenture Act Controls. If any
provision hereof limits, qualifies or conflicts with the duties imposed by Sections 310 through 317 of the Trust Indenture Act, the imposed duties shall control. 

Section 11.03. Conflict with Base Indenture. To the extent not expressly amended or modified by this Supplemental
Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Supplemental Indenture
shall control. 
 Section 11.04. Governing Law; Waiver of Jury Trial. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE ISSUER, THE PARENT GUARANTOR, THE TRUSTEE AND EACH HOLDER OF ANY NOTE BY ACCEPTANCE THEREOF HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY AND HEREBY. 

Section 11.05. Successors and Assigns. All agreements of the Issuer in the Base Indenture, this Supplemental Indenture and
the Notes shall bind its successors and assigns. All agreements of the Parent Guarantor in this Supplemental Indenture shall bind its successors and assigns. All agreements of the Trustee in the Base Indenture and this Supplemental
Indenture shall bind its successors and assigns. 

  
 - 20 - 

 Section 11.06. Counterparts. This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of original Supplemental Indenture No. 2 for all purposes. Signatures of the parties
hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 11.07. Trustee
Disclaimer. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture and the Notes and the Guarantee other than as to the validity of its execution and delivery by the Trustee. The recitals
and statements herein and in the Notes are deemed to be those of the Issuer and not the Trustee and the Trustee assumes no responsibility for the same. The Trustee or any Authenticating Agent shall not be accountable for the use or application
by the Issuer of Notes or the proceeds thereof. Neither the Trustee nor any Paying Agent shall be responsible for monitoring the rating status of the Issuer or the Parent Guarantor, making any request upon any Rating Agency, or determining whether
any Rating Event has occurred. 
 [Remainder of page intentionally left blank] 

  
 - 21 - 

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

			
	PERRIGO FINANCE UNLIMITED COMPANY
		
	By:	 	 /s/ Todd W. Kingma

	Name:	 	Todd W. Kingma
	Title:	 	Secretary (Principal Officer)
	
	PERRIGO COMPANY PLC, as the Parent Guarantor
		
	By:	 	 /s/ Judy L. Brown

	Name:	 	Judy L. Brown
	Title:	 	 Executive Vice President and
 Chief Financial
Officer

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Martin G. Reed

	Name:	 	Martin G. Reed
	Title:	 	Vice President

 Exhibit A-1 

Form of Global Note representing the 2021 Notes 

 EXHIBIT A-1 

Form of Global Note representing the 2021 Notes 

FACE OF NOTE 
 UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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-1-1 

 CUSIP: 71429M AA3 

ISIN: US71429MAA36 
 GLOBAL
NOTE 
 3.500% Senior Notes due 2021 
  

			
	No. [    ]	  	$[        ]

 PERRIGO FINANCE UNLIMITED COMPANY promises to pay to CEDE & CO. or registered assigns the principal sum
set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto on March 15, 2021. 
 Interest
Payment Dates: March 15 and September 15, commencing September 15, 2016 
 Record Dates: March 1 and
September 1 

  
 A-1-2 

 IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	PERRIGO FINANCE UNLIMITED COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

 Dated: March 10, 2016 

  
 A-1-3 

 [Reverse Side of Note] 

3.500% Senior Notes due 2021 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Perrigo Finance Unlimited Company, a public unlimited company organized under the law of Ireland (the “Issuer”),
promises to pay interest on the principal amount of this Note at 3.500% per annum from and including March 10, 2016 until but excluding maturity. The Issuer shall pay interest semi-annually in arrears on March 15 and September 15 of
each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall be September 15, 2016. The Issuer shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2. METHOD OF PAYMENT. The Issuer shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of
business on March 1 and September 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are cancelled after such Record Date and on or before such Interest
Payment Date, except as provided in Section 3.7 of the Base Indenture with respect to defaulted interest. Principal, premium, if any, and interest on, and Additional Amounts, if any, payable with respect to, the Notes shall be payable at the
office or agency of the Issuer maintained for such purpose; provided that, at the option of the Issuer, interest on the Notes may be paid by mailing checks for such interest to or upon the written order of the Holders thereof at their last
address as they shall appear on the Security Register or by wire transfer or other electronic means to Holders of $1,000,000 or more in aggregate principal amount of Securities having wire transfer addresses within the continental United States;
provided further that payment by wire transfer of immediately available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. 
 3. PAYING AGENT AND SECURITY REGISTRAR. Initially, Wells Fargo Bank, National Association, the
Trustee under the Indenture, shall act as Paying Agent and Security Registrar. Neither the Trustee nor any Paying Agent shall be responsible for monitoring the Issuer’s rating status, making any request upon any rating agency, or determining
whether any rating event has occurred. The Issuer may change any Paying Agent or Security Registrar without notice to the Holders. The Issuer or any Wholly-Owned Subsidiary incorporated or organized within the United States of America may act as
Paying Agent or Security Registrar. 

  
 A-1-4 

 4. INDENTURE. The Issuer issued the Notes under an Indenture, dated as of December 2, 2014
(the “Base Indenture”), among the Issuer, Perrigo Company Plc (the “Parent Guarantor”) and the Trustee, as supplemented by Supplemental Indenture No. 2 dated as of March 10, 2016 (the “Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”). This Note is one of the duly authorized and issued Notes of the Issuer designated as its 3.500% Senior Notes due 2021. The Issuer shall be entitled to
issue Additional Notes pursuant to Article 3 of the Base Indenture and Section 2.01 of the Supplemental Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under the Indenture;
provided, that if such Additional Notes are not fungible with the other Notes of such series for U.S. federal income tax purposes, the Additional Notes will be issued under a separate CUSIP number. The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and
the Trust Indenture Act for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 5. REDEMPTION AND REPURCHASE. The Notes are subject to
optional redemption and tax redemption, as further described in the Indenture. 
 6. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are
in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Security Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not
exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note to be redeemed in part. Pursuant to Section 2.3 of the Base Indenture, and except as provided in Section
3.5 of the Base Indenture (as amended by 2.03(g) of the Supplemental Indenture), this Note shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon, and the aggregate amount of Outstanding Notes represented
thereby may from time to time be reduced to reflect exchanges or increased to reflect the issuance of Additional Notes. 
 7. PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 8. AMENDMENT, SUPPLEMENT AND WAIVER. The
Indenture or the Notes may be amended or supplemented as provided in the Indenture. 
 9. DEFAULTS AND REMEDIES. The Events of Default
relating to the Notes are defined in Section 5.1 of the Base Indenture, as amended by Section 5.01 of the Supplemental Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Issuer, the Trustee and the Holders
shall be as set forth in the applicable provisions of the Indenture. 

  
 A-1-5 

 10. GUARANTEE. Payment of principal of, premium, if any, and interest on, and Additional
Amounts, if any, payable with respect to, this Note is fully, irrevocably and unconditionally guaranteed by Perrigo Company plc, a public limited company organized under the law of Ireland, as set forth in the Indenture. 

11. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 12. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 13. CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the
Issuer at the following address: 
 PERRIGO FINANCE UNLIMITED COMPANY 

c/o PERRIGO COMPANY PLC 
 Treasury
Building 
 Lower Grand Canal Street 

Dublin 2, Ireland 

  
 A-1-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

		 	(Insert assignee’s legal name)

  
  

(Insert assignee’s Soc. Sec. or tax I.D. no.) 
  

 
  

 
  

 
  

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

			
	Date:	 	  

  

			
	Your Signature:	 	  

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

  

							
	Signature Guarantee*:	 	  
	 		 	

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 6.03 of the Supplemental Indenture, check the appropriate
box below: 
 [    ] Section 6.03 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 6.03 of the Supplemental Indenture, state the
amount you elect to have purchased: 
  

					
	$        	  	(integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $200,000)	  	

  

					
	Date:	  	  
	  	

  

			
	Your Signature:	  	  

		  	(Sign exactly as your name appears on the face of this Note)
		
	Tax Identification No.:	  	  

  

					
	Signature Guarantee*:	  	  
	  	

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $[        ]. The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease
in Principal
Amount	  	Amount of increase
in Principal
Amount of this
Global Note	  	Principal Amount of
this Global Note
following such
decrease or increase	  	Signature of
authorized signatory
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form 

  
 A-1-9 

 NOTATION OF GUARANTEE 

For value received, PERRIGO COMPANY PLC, a company duly organized and existing under the laws of Ireland (herein called the “Parent
Guarantor,” which term includes any successor Person under the Indenture), hereby fully, irrevocably and unconditionally guarantees to the Holder of the Notes and to the Trustee for itself and on behalf of each such Holder the due and
punctual payment of the principal of (and premium, if any, on) and interest on the Notes when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according
to the terms thereof and of the Indenture, and all other amounts owed under the Indenture, all in accordance with and subject to the terms and limitations of the Notes and Article 14 of the Base Indenture. In case of the failure of PERRIGO FINANCE
UNLIMITED COMPANY, a public unlimited company duly organized under the laws of Ireland (herein called the “Issuer,” which term includes any successor Person under such Indenture), to promptly make any such payment of principal (and
premium, if any) or interest, or any other payments owed under the Indenture, the Parent Guarantor hereby agrees to cause any such payment of principal (and premium, if any) or interest, and all other amounts owed under the Indenture, to be made
promptly when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer, subject to the terms and limitations of
Article 14 of the Base Indenture. 
 The Parent Guarantor hereby agrees that its obligations under the Guarantee and the Indenture shall be
as if it were principal debtor and not merely surety, and shall be absolute and unconditional, joint and several, irrespective of, and shall be unaffected by any failure to enforce the provisions of the Notes or the Indenture, or any waiver,
modification or indulgence granted to the Issuer with respect thereto, by the Holder of a Note or the Trustee for such series of Notes or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor;
provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Parent Guarantor, increase the principal amount of such Note, or increase the interest rate thereon, or
increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration or the maturity
thereof pursuant to Article 5 of the Base Indenture. The Parent Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, protest or notice with respect to the Notes or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under the Notes and all demands whatsoever, and covenants that
the Guarantee of the Parent Guarantor will not be discharged, except, by payment in full of the principal of (and premium, if any, on) and interest on the Notes, or as otherwise set forth in this Indenture; provided, that if any Holder or the
Trustee is required by any court or otherwise to return to the Issuer, the Parent Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Parent Guarantor any amount paid either to the
Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
 The Parent
Guarantor shall be subrogated to all rights of the Holder of the Notes and the Trustee for the Notes of such series against the Issuer in respect of any amounts paid to such 

  
 A-1-10 

 
Holder by the Parent Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Parent Guarantor shall not be entitled to enforce or to receive any payments
arising out of or based upon such right of subrogation until the principal of (and premium, if any, on) and interest on all Notes of the same series issued under the Indenture shall have been paid in full. 

IN WITNESS HEREOF, the Parent Guarantor has caused this Notation of Guarantee to be duly executed. 

 

			
	PERRIGO COMPANY PLC, as the Parent Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1-11 

 Exhibit A-2 

Form of Global Note representing the 2026 Notes 

 EXHIBIT A-2 

Form of Global Note representing the 2026 Notes 

FACE OF NOTE 
 UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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-2-1 

 CUSIP 71429M AB1 

ISIN US71429MAB19 
 GLOBAL NOTE

 4.375% Senior Notes due 2026 
  

			
	No. [    ]	  	$[        ]

 PERRIGO FINANCE UNLIMITED COMPANY promises to pay to CEDE & CO. or registered assigns the principal sum
set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto on March 15, 2026. 
 Interest
Payment Dates: March 15 and September 15, commencing September 15, 2016 
 Record
Dates: March 1 and September 1 

  
 A-2-2 

 IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	PERRIGO FINANCE UNLIMITED COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: March 10, 2016 

  
 A-2-3 

 [Reverse Side of Note] 

4.375% Senior Notes due 2026 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Perrigo Finance Unlimited Company, a public unlimited company organized under the law of Ireland (the “Issuer”),
promises to pay interest on the principal amount of this Note at 4.375% per annum from and including March 10, 2016 until but excluding maturity. The Issuer shall pay interest semi-annually in arrears on March 15 and September 15 of
each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall be September 15, 2016. The Issuer shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2. METHOD OF PAYMENT. The Issuer shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of
business on March 1 and September 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are cancelled after such Record Date and on or before such Interest
Payment Date, except as provided in Section 3.7 of the Base Indenture with respect to defaulted interest. Principal, premium, if any, and interest on, and Additional Amounts, if any, payable with respect to, the Notes shall be payable at the
office or agency of the Issuer maintained for such purpose; provided that, at the option of the Issuer, interest on the Notes may be paid by mailing checks for such interest to or upon the written order of the Holders thereof at their last
address as they shall appear on the Security Register or by wire transfer or other electronic means to Holders of $1,000,000 or more in aggregate principal amount of Securities having wire transfer addresses within the continental United States;
provided further that payment by wire transfer of immediately available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire
transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. 
 3. PAYING AGENT AND SECURITY REGISTRAR. Initially, Wells Fargo Bank, National Association, the
Trustee under the Indenture, shall act as Paying Agent and Security Registrar. Neither the Trustee nor any Paying Agent shall be responsible for monitoring the Issuer’s rating status, making any request upon any rating agency, or determining
whether any rating event has occurred. The Issuer may change any Paying Agent or Security Registrar without notice to the Holders. The Issuer or any Wholly-Owned Subsidiary incorporated or organized within the United States of America may act as
Paying Agent or Security Registrar. 

  
 A-2-4 

 4. INDENTURE. The Issuer issued the Notes under an Indenture, dated as of December 2, 2014
(the “Base Indenture”), among the Issuer, Perrigo Company Plc (the “Parent Guarantor”) and the Trustee, as supplemented by Supplemental Indenture No. 2 dated as of March 10, 2016 (the “Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”). This Note is one of the duly authorized and issued Notes of the Issuer designated as its 4.375% Senior Notes due 2026. The Issuer shall be entitled to
issue Additional Notes pursuant to Article 3 of the Base Indenture and Section 2.01 of the Supplemental Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under the Indenture;
provided, that if such Additional Notes are not fungible with the other Notes of such series for U.S. federal income tax purposes, the Additional Notes will be issued under a separate CUSIP number. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the
Trust Indenture Act for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the Indenture shall govern and be controlling. 
 5. REDEMPTION AND REPURCHASE. The Notes are subject to
optional redemption and tax redemption, as further described in the Indenture. 
 6. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are
in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Security Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not
exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note to be redeemed in part. Pursuant to Section 2.3 of the Base Indenture, and except as provided in Section
3.5 of the Base Indenture (as amended by 2.03(g) of the Supplemental Indenture), this Note shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon, and the aggregate amount of Outstanding Notes represented
thereby may from time to time be reduced to reflect exchanges or increased to reflect the issuance of Additional Notes. 
 7. PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 8. AMENDMENT, SUPPLEMENT AND WAIVER. The
Indenture or the Notes may be amended or supplemented as provided in the Indenture. 
 9. DEFAULTS AND REMEDIES. The Events of Default
relating to the Notes are defined in Section 5.1 of the Base Indenture, as amended by Section 5.01 of the Supplemental Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Issuer, the Trustee and the Holders
shall be as set forth in the applicable provisions of the Indenture. 

  
 A-2-5 

 10. GUARANTEE. Payment of principal of, premium, if any, and interest on, and Additional
Amounts, if any, payable with respect to, this Note is fully, irrevocably and unconditionally guaranteed by Perrigo Company plc, a public limited company organized under the law of Ireland, as set forth in the Indenture. 

11. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 12. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 13. CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the
Issuer at the following address: 
 PERRIGO FINANCE UNLIMITED COMPANY 

c/o PERRIGO COMPANY PLC 
 Treasury
Building 
 Lower Grand Canal Street 

Dublin 2, Ireland 

  
 A-2-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	  

		  	(Insert assignee’s legal name)
	
	  

	(Insert assignee’s Soc. Sec. or tax I.D. no.)
	
	  

	  

	  

	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                                         
                                        to transfer
this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

									
	Date:	 	  
	 		 		 	
					
		 		 		 	 Your Signature:
	 	  

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

									
					
	Signature Guarantee*:	 	  
	 		 		 	

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 6.03 of the Supplemental Indenture, check the
appropriate box below: 
 [    ] Section 6.03 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 6.03 of the Supplemental Indenture, state the
amount you elect to have purchased: 
  

					
	$        	  	(integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $200,000)	  	

  

					
	Date:	  	  
	  	

  

			
	Your Signature:	  	  

		  	(Sign exactly as your name appears on the face of this Note)
		
	Tax Identification No.:	  	  

  

					
	Signature Guarantee*:	  	  
	  	

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $[        ]. The following
exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease
in Principal
Amount	  	Amount of increase
in Principal
Amount of this
Global Note	  	Principal Amount of
this Global Note
following such
decrease or increase	  	Signature of
authorized signatory
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form 

  
 A-2-9 

 NOTATION OF GUARANTEE 

For value received, PERRIGO COMPANY PLC, a company duly organized and existing under the laws of Ireland (herein called the “Parent
Guarantor,” which term includes any successor Person under the Indenture), hereby fully, irrevocably and unconditionally guarantees to the Holder of the Notes and to the Trustee for itself and on behalf of each such Holder the due and
punctual payment of the principal of (and premium, if any, on) and interest on the Notes when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according
to the terms thereof and of the Indenture, and all other amounts owed under the Indenture, all in accordance with and subject to the terms and limitations of the Notes and Article 14 of the Base Indenture. In case of the failure of PERRIGO FINANCE
UNLIMITED COMPANY, a public unlimited company duly organized under the laws of Ireland (herein called the “Issuer,” which term includes any successor Person under such Indenture), to promptly make any such payment of principal (and
premium, if any) or interest, or any other payments owed under the Indenture, the Parent Guarantor hereby agrees to cause any such payment of principal (and premium, if any) or interest, and all other amounts owed under the Indenture, to be made
promptly when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer, subject to the terms and limitations of
Article 14 of the Base Indenture. 
 The Parent Guarantor hereby agrees that its obligations under the Guarantee and the Indenture shall be
as if it were principal debtor and not merely surety, and shall be absolute and unconditional, joint and several, irrespective of, and shall be unaffected by any failure to enforce the provisions of the Notes or the Indenture, or any waiver,
modification or indulgence granted to the Issuer with respect thereto, by the Holder of a Note or the Trustee for such series of Notes or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor;
provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Parent Guarantor, increase the principal amount of such Note, or increase the interest rate thereon,
or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration or the maturity
thereof pursuant to Article 5 of the Base Indenture. The Parent Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, protest or notice with respect to the Notes or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under the Notes and all demands whatsoever, and covenants that
the Guarantee of the Parent Guarantor will not be discharged, except, by payment in full of the principal of (and premium, if any, on) and interest on the Notes, or as otherwise set forth in this Indenture; provided, that if any Holder or the
Trustee is required by any court or otherwise to return to the Issuer, the Parent Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Parent Guarantor any amount paid either to the
Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
 The Parent
Guarantor shall be subrogated to all rights of the Holder of the Notes and the Trustee for the Notes of such series against the Issuer in respect of any amounts paid to such 

  
 A-2-10 

 
Holder by the Parent Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Parent Guarantor shall not be entitled to enforce or to receive any payments
arising out of or based upon such right of subrogation until the principal of (and premium, if any, on) and interest on all Notes of the same series issued under the Indenture shall have been paid in full. 

IN WITNESS HEREOF, the Parent Guarantor has caused this Notation of Guarantee to be duly executed. 

 

			
	PERRIGO COMPANY PLC, as the Parent Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-11«
ArcelorMittal »

société anonyme

Luxembourg 

R.C.S. Luxembourg, section B numéro 82454	 

 

 

 

 

 

****************************************************************************

 

STATUTS
COORDONNES à la date du 10 mars 2016

 

****************************************************************************

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	PAGE 1	 

    	 

    

Article
1. Form - Corporate name 

The
Company’s legal name is ArcelorMittal and it is a public limited company (“société anonyme”).

Article
2. Duration

The
Company is established for an unlimited period. It may be dissolved at any time by decision of the general meeting of shareholders
taken in the same manner as for a change in the articles of association in accordance with article 19 below.

Article
3. Corporate purpose

The
corporate purpose of the Company shall be the manufacture, processing and marketing of steel, steel products and all other metallurgical
products, as well as all products and materials used in their manufacture, their processing and their marketing, and all industrial
and commercial activities connected directly or indirectly with those objects, including mining and research activities and the
creation, acquisition, holding, exploitation and sale of patents, licences, know-how and, more generally, intellectual and industrial
property rights.

The
Company may realise that corporate purpose either directly or through the creation of companies, the acquisition, holding or acquisition
of interests in any companies or partnerships, membership in any associations, consortia and joint ventures.

In
general, the Company's corporate purpose comprises the participation, in any form whatsoever, in companies and partnerships, and
the acquisition by purchase, subscription or in any other manner as well as the transfer by sale, exchange or in any other manner
of shares, bonds, debt securities, warrants and other securities and instruments of any kind.

It
may grant assistance to any affiliated company and take any measure for the control and supervision of such companies.

It
may carry out any commercial, financial or industrial operation or transaction which it considers to be directly or indirectly
necessary or useful in order to achieve or further its corporate purpose.

Article
4. Registered office

The
Company's registered office and principal office shall be established in Luxembourg City. The registered office may be transferred
within the municipality of Luxembourg City by simple decision of the board of directors. Branches or offices both in the Grand
Duchy of Luxembourg and abroad may be set up by simple decision of the board of directors.

In
the event that the board of directors determines that extraordinary political, economic or societal events have occurred or are
imminent that may hinder the ordinary course activities of the Company at the registered office

or
the ease of communication either with that office or from that office to places abroad, it may temporarily transfer the registered
office to a location abroad until the complete cessation of the abnormal circumstances; provided, however, that such temporary
transfer shall have no effect on the nationality of the Company, which, despite the temporary transfer of its registered office,
shall remain a Luxembourg company.

    	 	PAGE 2	 

    	 

    

Article
5. Capital - Increase in capital

5.1.
The issued share capital amounts to one hundred eighty million three hundred thirty-five thousand nine hundred thirty-three Euro
and eighty cents (EUR 180,335,933.80). It is represented by one billion eight hundred three million three hundred fifty-nine thousand
three hundred thirty-eight (1,803,359,338) shares fully paid-up without nominal value.

5.2.
The Company’s authorised share capital, including the issued share capital, shall amount to three billion one hundred ninety-nine
million five hundred eighty-five thousand seven hundred twenty-one euros and thirty cents (EUR 3,199,585,721.30) represented by
thirty-one billion nine hundred ninety-five million eight hundred fifty-seven thousand two hundred thirteen (31,995,857,213)
ordinary shares without nominal value.

5.3.
The issued capital and the authorised capital of the Company may be increased or decreased by resolution of the general meeting
of shareholders adopted in the forms and in accordance with the conditions laid down for amending the articles of association under
article 19 of the present articles of association.

5.4.
Subject to the provisions of the law on commercial companies (hereinafter referred to as "the Law"), each shareholder
shall have a preferential right of subscription in the event of the issue of new shares in return for contributions in cash. Such
preferential right of subscription shall be proportional to the fraction of the capital represented by the shares held by each
shareholder.

The
preferential subscription right may be limited or cancelled by a resolution of the general meeting of shareholders adopted in accordance
with article 19 of the present articles of association.

The
preferential subscription right may also be limited or cancelled by the board of directors (i) in the event that the general meeting
of shareholders delegates, under the conditions laid down in article 19 of the present articles of association and by amending
the present articles of association, to the board of directors the power to issue shares and to limit or cancel the preferential
subscription right for a period of no more than five years set by the general meeting, as well as (ii) pursuant to the authorization
conferred by article 5.5 of the present articles of association.

5.5. The
board of directors is authorised, during a period starting on the day of the General Meeting of shareholders held on 10 March 2016
and ending on the fifth anniversary of the date of publication in the Luxembourg official gazette (Mémorial C) of
the minutes of such General Meeting, without prejudice to any renewals, to increase the issued share capital on one or more occasions
within the limits of the authorised share capital (i) for the full amount of the authorised share capital in case of issues of
shares with statutory or non-statutory preferential subscription rights for existing shareholders and/or (ii) for an amount up
to 10% of the shares in issue following the settlement of the Announced Rights Issue referred to in the minutes of such General
Meeting.

The board of
directors is authorised to determine the conditions of any capital increase including through contributions in cash or in

    	 	PAGE 3	 

    	 

    

kind, by the incorporation of reserves,
issue premiums or retained earnings, with or without the issue of new shares, or following the issue and the exercise of subordinated
or non-subordinated bonds, convertible into or repayable by or exchangeable for shares (whether provided in the terms at issue
or subsequently provided), or following the issue of bonds with warrants or other rights to subscribe for shares attached, or through
the issue of stand-alone warrants or any other instrument carrying an entitlement to, or the right to subscribe for, shares.

The board of
directors is authorised to set the subscription price, with or without issue premium, the date from which the shares or other financial
instruments will carry beneficial rights and, if applicable, the duration, amortisation, other rights (including early repayment),
interest rates, conversion rates and exchange rates of the aforesaid financial instruments as well as all the other conditions
and terms of such financial instruments including as to their subscription, issue and payment, for which the board of directors
may make use of Article 32-1 paragraph 3 of the Law.

The board of
directors is authorised to limit or cancel the preferential subscription rights of existing shareholders.

Decisions of
the board of directors relating to the issue, pursuant to the authorisation conferred by this article 5.5, of any financial instruments
carrying or potentially carrying a right to equity shall, by way of derogation from article 9 of the present articles of association,
be taken by a majority of two-thirds of the members present or represented.

When the board
of directors has implemented a complete or partial increase in capital as authorised by the foregoing provisions, article 5 of
the present articles of association shall be amended to reflect that increase.

The board of
directors is expressly authorised to delegate to any natural or legal person to organise the market in subscription rights, accept
subscriptions, conversions or exchanges, receive payment for the price of shares, bonds, subscription rights or other financial
instruments, to have registered increases of capital carried out as well as the corresponding amendments to article 5 of the present
articles of association and to have recorded in said article 5 of the present articles of association the amount by which the authorisation
to increase the capital has actually been used and, where appropriate, the amounts of any such increase that are reserved for financial
instruments which may carry an entitlement to shares.

5.6.
The non-subscribed portion of the authorised capital may be drawn on by the exercise of conversion or subscription rights already
conferred by the Company.

Article
6. Shares 

6.1.
Shares shall be issued solely in the form of registered shares.

6.2.
Subject to article 6.3., the Company shall consider the person in whose name the shares are recorded in the register of shareholders
to be the owner of those shares.

    	 	PAGE 4	 

    	 

    

6.3.
However, where shares are recorded in the register of shareholders on behalf of one or more persons in the name of a securities
settlement system or the operator of such a system or in the name of a professional depositary of securities or any other depositary
(such systems, professionals or other depositaries being referred to hereinafter as “Depositaries”) or of a
sub-depositary designated by one or more Depositaries, the Company - subject to its having received from the Depositary with whom
those shares are kept in account a confirmation in proper form - will permit those persons to exercise the rights attaching to
those shares, including admission to and voting at general meetings and shall consider those persons to be the owners of the shares
for the purpose of article 7 of the present articles of association. The board of directors may determine the requirements with
which such confirmations must comply.

Notwithstanding
the foregoing, the Company shall make payments, by way of dividends or otherwise, in cash, shares or other assets only into the
hands of the Depositary or sub-depositary recorded in the register or in accordance with the Depositary or sub-depositary’s
instructions, and that payment shall release the Company from any and all obligations for such payment.

6.4.
Confirmations that an entry has been made in the register of shareholders will be provided to shareholders directly recorded in
the register of shareholders or, in case of Depositaries or sub-depositaries recorded in the register, upon their request. Except
for transfers in accordance with the rules and regulations of the relevant Depositary, the transfer of shares shall be made by
a written declaration of transfer inscribed in the register of shareholders and dated and signed by the transferor and the transferee
or by their duly-appointed agents. The Company may accept any other document, instrument, writing or correspondence as sufficient
proof of the transfer.

6.5.
Within the limits and conditions laid down by the Law, the Company may repurchase its own shares or cause them to be repurchased
by its subsidiaries.

6.6.
The shares of the Company are indivisible vis-à-vis the Company and the Company shall recognise only one legal owner per
share. Owners per indivisum must be represented vis-à-vis the Company by a single person in order to be able to exercise
their rights.

Article
7. Rights and obligations of shareholders

7.1.
The provisions of articles 8 to 15 inclusive of the law of 11 January 2008 on transparency requirements on issuers of securities
(the "Transparency Law") and the implementing provisions under the related Grand Ducal and CSSF regulations (as
the same may be amended, supplemented or replaced (together with the Transparency Law, the “Securities Regulations”))
and the sanction of suspension of voting rights set out therein shall also apply (a) to any acquisition or disposal of shares resulting
in a shareholding reaching, increasing above or decreasing below a threshold of two and one-half per cent (2.5%) of voting rights
in the Company, (b) to any acquisition or disposal of shares resulting in a shareholding reaching, increasing above or decreasing
below a threshold of three per cent (3%) of voting rights in the Company and (c), over and above three per cent (3%) of voting

    	 	PAGE 5	 

    	 

    

rights
in the Company, to any acquisition or disposal of shares resulting in successive thresholds of one per cent (1%) of voting rights
in the Company being reached or crossed (either through an increase or a decrease). Any reference in this article 7 to an acquisition,
disposal or holding of shares shall be deemed to include a reference to the acquisition, disposal or holding of the financial instruments
referred to by the Securities Regulations, and the voting rights attaching to shares held or controlled by a person shall be aggregated
with the voting rights attaching to the shares underlying such financial instruments held by such person.

7.2
Any person who, taking into account articles 9 and 11(4) and (5) of the Transparency Law acquires shares resulting in possession
of five per cent (5%) or more or a multiple of five percent (5%) or more of the voting rights in the Company must on pain of the
suspension of voting rights pursuant to article 28 of the Transparency Law inform the Company, within ten (10) Luxembourg Stock
Exchange trading days following the date such threshold is reached or crossed by registered mail with return receipt requested,
of such person’s intention (a) to acquire or dispose of shares in the Company within the next twelve (12) months, (b) to
seek to obtain control over the Company or (c) to seek to appoint a member to the Company’s board of directors.

7.3
Any person under an obligation to notify the Company of the acquisition of shares conferring on that person, having regard to articles
9 and 11(4) and (5) of the Transparency Law, one quarter (25%) or more of the total voting rights in the Company, shall be obliged
to make, or cause to be made, in each country where the Company's securities are admitted to trading on a regulated or other market
and in each of the countries in which the Company has made a public offering of its shares, an unconditional public offer to acquire
for cash all outstanding shares and securities giving access to shares, linked to the share capital or whose rights are dependent
on the profits of the Company (hereafter, collectively, “securities linked to capital”), whether those securities
were issued by the Company or by entities controlled or established by it or members of its group. Each of these public offers
must be conducted in conformity and compliance with the legal and regulatory requirements applicable to public offers in each State
concerned.

In any case,
the price must be fair and equitable and, in order to guarantee equality of treatment of shareholders and holders of securities
linked to capital of the Company, the said public offers must be made at or on the basis of an identical price, which must be justified
by a report drawn up by a first rank financial institution nominated by the Company whose fees and costs must be advanced by the
person subject to the obligation laid down in the first paragraph of this article 7.3.

This
obligation to make an unconditional cash offer shall not apply if the acquisition of the Company's shares by the person making
such notification has received the prior assent of the Company's shareholders in the form of a resolution adopted in conformity
with article 19 of the present articles of association at a general meeting of

    	 	PAGE 6	 

    	 

    

shareholders,
including in particular in the event of a merger or a contribution in kind paid for by a share issue.

7.4.
If the public offer as described in article 7.3 of the present articles of association has not been made within a period of two
(2) months of notification to the Company of the increase in the holding giving entitlement to the percentage of voting rights
referred to in paragraph 1 of article 7.3 of the present articles of association or of notification by the Company to the shareholder
that such increase has taken place, or if the Company is informed that a competent authority in one of the countries in which the
securities of the Company are admitted to trading (or in one of the countries in which the Company has made a public offering of
its shares) has determined that the public offer was made contrary to the legal or regulatory requirements governing public offers
applicable in that country, as from the expiry of the aforementioned period of two (2) months or from the date on which the Company
received that information, the right to attend and vote at general meetings of shareholders and the right to receive dividends
or other distributions shall be suspended in respect of the shares corresponding to the percentage of the shares held by the shareholder
in question exceeding the threshold set in paragraph 1 of article 7.3 of the present articles of association as from which a public
offer has to be made.

A shareholder
who has exceeded the threshold set by paragraph 1 of article 7.3 of the present articles of association and requires a general
meeting of shareholders to be called pursuant to article 70 of the Law, must, in order to be able to vote at that meeting, have
made a definitive and irrevocable public offer as described in article 7.3 of the present articles of association before that meeting
is held. Failing this, the right to vote attaching to the shares exceeding the threshold set by paragraph 1 of article 7.3 of the
present articles of association shall be suspended.

If,
at the date on which the annual general meeting is held, a shareholder exceeds the threshold set by paragraph 1 of article 7.3
of the present articles of association, his or her voting rights shall be suspended to the extent of the percentage exceeding the
said threshold except where the shareholder in question undertakes in writing not to vote in respect of the shares exceeding the
threshold or where the shareholder has definitively and irrevocably made the public offer required by article 7.3. of the present
articles of association.

7.5.
The provisions of article 7 shall not apply:

to
the Company itself in respect of shares directly or indirectly held in treasury,

(ii)
to Depositories, acting as such, provided that said Depositories may only exercise the voting right attached to such shares
if they have received instructions from the owner of the shares, the provisions of this article 7 thereby applying to the owner
of the shares,

(iii) to
any disposal and to any issue of shares by the Company in connection with a merger or a similar transaction or the acquisition
by the Company of any other company or activity,

    	 	PAGE 7	 

    	 

    

to
the acquisition of shares resulting from a public offer for the acquisition of all the shares in the Company and all of the securities
linked to capital,

to the acquisition
or transfer of a participation remaining below ten per cent (10%) of total voting rights by a market maker acting in this capacity,
provided that:

it is approved
by its home Member State by virtue of directive 2004/39/CE; and

it neither
interferes in the management of the Company nor exercises influence on the Company to acquire its shares or to maintain their price.

7.6. Voting
rights are calculated on the basis of the entirety of the shares to which voting rights are attached even if the exercise of such
voting rights is suspended.

Article
8. Board of directors

8.1.
The Company shall be administered by a board of directors composed of at least three (3) members and of a maximum of eighteen (18)
members; all of whom except the Chief Executive Officer (“administrateur-président de la direction générale”)
shall be non-executive. None of the members of the board of directors, except for the Chief Executive Officer of the Company
(“administrateur-président de la direction générale”), shall have an executive position
or executive mandate with the Company or any entity controlled by the Company.

At
least one-half of the board of directors shall be composed of independent members. A member of the board of directors shall be
considered as “independent”, if (i) he or she is independent within the meaning of the Listed Company Manual of the
New York Stock Exchange (the "Listed Company Manual"), as it may be amended, or any successor provision, subject
to the exemptions available for foreign private issuers, and if (ii) he or she is unaffiliated with any shareholder owning or controlling
more than two percent (2%) of the total issued share capital of the Company (for the purposes of this article, a person is deemed
affiliated to a shareholder if he or she is an executive officer, or a director who is also employed by the shareholder, a general
partner, a managing member, or a controlling shareholder of such shareholder).

8.2.
The members of the board of directors do not have to be shareholders in the Company.

8.3.
The members of the board of directors shall be elected by the shareholders at the annual general meeting or at any other general
meeting of shareholders for a period terminating on the date to be determined at the time of their appointment and, with respect
to appointments which occur after the 13th November 2007 (except in the event of the replacement of a member of the
board of directors during his or her mandate) at the third annual general meeting following the date of their appointment.

8.4.
At any general meeting of shareholders held after 1st August 2009, the Mittal Shareholder (as defined below) may, at
its discretion, decide to exercise the right of proportional representation provided in the present article and nominate candidates
for appointment as members of the board of directors (the “Mittal Shareholder

    	 	PAGE 8	 

    	 

    

Nominees”)
as follows. Upon any exercise by the Mittal Shareholder of the right of proportional representation provided by this article,
the general meeting of shareholders shall elect, among the Mittal Shareholder Nominees, a number of members of the board of directors
determined by the Mittal Shareholder, such that the number of members of the board of directors so elected among the Mittal Shareholder
Nominees, in addition to the number of members of the board of directors in office who were elected in the past among the Mittal
Shareholder Nominees, shall not exceed the Proportional Representation. For the purposes of this article, the “Proportional
Representation” shall mean the product of the total number of members of the board of directors after the proposed election(s)
and the percentage of the total issued and outstanding share capital of the Company owned, directly or indirectly, by the Mittal
Shareholder on the date of the general meeting of shareholders concerned, with such product rounded to the closest integral. When
exercising the right of Proportional Representation granted to it pursuant to this article, the Mittal Shareholder shall specify
the number of members of the board of directors that the general meeting of shareholders shall elect from among the Mittal Shareholder
Nominees, as well as the identity of the Mittal Shareholder Nominees. For purposes of this article the "Mittal Shareholder"
shall mean collectively Mr. Lakshmi N. Mittal or Mrs. Usha Mittal or any of their heirs or successors acting directly or indirectly
through Mittal Investments S.à r.l., ISPAT International Investments S.L. or any other entity controlled, directly or indirectly,
by either of them. The provisions of this article shall not in any way limit the rights that the Mittal Shareholder may additionally
have to nominate and vote in favour of the election of any director in accordance with its general rights as a shareholder.

8.5.
A member of the board of directors may be dismissed with or without cause and may be replaced at any time by the general meeting
of shareholders in accordance with the aforementioned provisions relating to the composition of the board of directors.

In
the event that a vacancy arises on the board of directors following a member's death or resignation or for any other reason, the
remaining members of the board of directors may, by a simple majority of the votes validly cast, elect a member of the board of
directors so as temporarily to fulfil the duties attaching to the vacant post until the next general meeting of shareholders in
accordance with the aforementioned provisions relating to the composition of the board of directors.

8.6.
Except for a meeting of the board of directors convened to elect a member to fill a vacancy as provided in the second paragraph
of article 8.5, or to convene a general meeting of shareholders to deliberate over the election of Mittal Shareholder Nominees,
and except in the event of a grave and imminent danger requiring an urgent board of directors' decision, which shall be approved
by the directors elected from among the Mittal Shareholder Nominees, the board of directors of the Company will not be deemed to
be validly constituted and will not be authorized to meet until the general meeting of shareholders has elected from among the
Mittal Shareholder Nominees the number of members of the board of directors required under article 8.4.

    	 	PAGE 9	 

    	 

    

8.7.
In addition to the directors’ fees determined in accordance with article 17 below, the general meeting may grant members
of the board of directors a fixed amount of compensation and attendance fees, and upon the proposal of the board of directors,
allow the reimbursement of the expenses incurred by members of the board of directors in order to attend the meetings, to be imputed
to the charges.

The
board of directors shall in addition be authorised to compensate members of the board of directors for specific missions or functions

8.8.
The Company will indemnify, to the broadest extent permitted by Luxembourg law, any member of the board of directors or member
of the management board, as well as any former member of the board of directors or member of the management board, for any costs,
fees and expenses reasonably incurred by him or her in the defence or resolution (including a settlement) of any legal actions
or proceedings, whether they be civil, criminal or administrative, to which he or she may be made a party by virtue of his or her
former or current role as member of the board of directors or member of the management board of the Company.

Notwithstanding
the foregoing, a former or current member of the board of directors or member of the management board will not be indemnified if
he or she is found guilty of gross negligence, fraud, fraudulent inducement, dishonesty or of the commission of a criminal offence
or if it is ultimately determined that he or she has not acted honestly and in good faith and with the reasonable belief that his
or her actions were in the Company’s best interests.

The
aforementioned indemnification right shall not be forfeited in the case of a settlement of any legal actions or proceedings, whether
they be civil, criminal or administrative.

The
provisions above shall inure to the benefit of the heirs and successors of the former or current member of the board of directors
or member of the management board without prejudice to any other indemnification rights that he or she may otherwise claim.

Subject
to any procedures that may be implemented by the board of directors in the future, the expenses for the preparation and defence
in any legal action or proceeding covered by this article 8.8 may be advanced by the Company, provided that the concerned former
or current member of the board of directors or member of the management board delivers a written commitment that all sums paid
in advance will be reimbursed to the Company if it is ultimately determined that he or she is not entitled to indemnification under
this article 8.8.

Article
9. Procedures for meetings of the Board of Directors

The
board of directors shall choose from amongst its members a chairman of the board of directors (the “Chairman of the board
of directors”) (Président du conseil d’administration) and, if considered appropriate, a president
(the “President”) (Président) and one or several vice-chairmen and shall determine the period
of their office, not exceeding their appointment as director.

    	 	PAGE 10	 

    	 

    

The
board of directors shall meet, when convened by the Chairman of the board of directors or the President, or a vice-chairman, or
two (2) members of the board of directors, at the place indicated in the notice of meeting.

The
meetings of the board of directors shall be chaired by the Chairman of the board of directors or the President or, in their absence,
by a vice-chairman. In the absence of the Chairman of the board of directors, of the President, and of the vice-chairmen, the board
of directors shall appoint by a majority vote a chairman pro tempore for the meeting in question.

A
written notice of meeting shall be sent to all members of the board of directors for every meeting of the board of directors at
least five (5) days before the date scheduled for the meeting, except in case of urgency, in which case the nature of the emergency
shall be specified in the notice of meeting. Notice of meeting shall be given by letter or by fax or by electronic mail or by any
other means of communication guaranteeing the authenticity of the document and the identification of the person who is the author
of the document. Notice of meeting may be waived by the consent of each member of the board of directors given in the same manner
as that required for a notice of meeting. A special notice of meeting shall not be required for meetings of the board of directors
held on the dates and at the times and places determined in a resolution adopted beforehand by the board of directors.

For
any meeting of the board of directors, each member of the board of directors may designate another member of the board of directors
to represent him and vote in his or her name and place, provided that a given member of the board of directors may not represent
more than one of his or her colleagues. The representative shall be designated in the same manner as is required for notices of
meeting. The mandate shall be valid for one meeting only and, where appropriate, for every further meeting as far as there is the
same agenda.

The
board of directors may deliberate and act validly only if the majority of the members of the board of directors are present or
represented. Decisions shall be taken by a simple majority of the votes validly cast by the members of the board of directors present
or represented. None of the members of the board of directors, including the Chairman of the board of directors, the President
and vice-chairmen, has a casting vote.

A
member of the board of directors may take part in and be regarded as being present at a meeting of the board of directors by telephone
conference or by any other means of telecommunication which enable all the persons taking part in the meeting to hear each other
and speak to each other.

If
all the members of the board of directors agree as to the decisions to be taken, the decisions in question may also be taken in
writing without any need for the members of the board of directors to meet. To this end, the members of the board of directors
may express their agreement in writing, including by fax or by any other means of communication guaranteeing the authenticity of
the document and the identification of the member of the board of directors who wrote the

    	 	PAGE 11	 

    	 

    

document.
The consent may be given on separate documents which together constitute the minutes of such decisions.

Article
10. Minutes of meetings of the board of directors 

The
minutes of meetings of the board of directors shall be signed by the person who chaired the meeting and by those members of the
board of directors taking part in the meeting and who request to sign such minutes.

Copies
or excerpts of minutes intended for use in judicial proceedings or otherwise shall be signed by the Chairman of the board of directors
or the President or a vice-chairman.

Article
11. Powers of the board of directors

11.1.
The board of directors shall have the most extensive powers to administer and manage the Company. All powers not expressly
reserved to the general meeting by the Law or the present articles of association shall be within the competence of the board of
directors.

11.2.
The board of directors may decide to set up committees to consider matters submitted to them by the board of directors, including
an audit committee and an appointments, remuneration and corporate governance committee. The audit committee shall be composed
solely of independent members of the board of directors, as defined in article 8.1.

11.3.
The board of directors may delegate the day-to-day management of the Company's business and the power to represent the Company
with respect thereto to one or more executive officers (directeurs généraux), executives (directeurs) or
other agents, who may together constitute a management board (direction générale) deliberating in conformity
with rules determined by the board of directors. The board of directors may also delegate special powers to any person and confer
special mandates on any person.

Article
12. Authorised signatures

The
Company shall be bound by the joint or individual signature of all persons to whom such power of signature shall have been delegated
by the board of directors.

Article
13. Shareholders' meetings – General

13.1
Any duly constituted general meeting of the Company's shareholders shall represent all the shareholders in the Company. It shall
have the widest powers to order, implement or ratify all acts connected with the Company's operations.

13.2.
General meetings shall be convened at least 30 days before the meeting date. If the general meeting is reconvened for lack
of quorum, the convening notice for the reconvened meeting shall be published at least 17 days before the meeting date.

13.3
The record date for general meetings shall be the 14th day at midnight (24:00 hours) (Luxembourg time) before the date
of the general meeting (the “Record Date”). Shareholders shall notify the Company of their intention to participate
in the general meeting in writing by post or electronic means at the postal or electronic address indicated in the convening notice,
no later than the day determined by the board of directors, which may not be earlier than the Record Date, indicated in the convening
notice.

    	 	PAGE 12	 

    	 

    

13.4
The documents required to be submitted to the shareholders in connection with a general meeting shall be posted on the Company’s
corporate website from the date of first publication of the general meeting convening notice in accordance with Luxembourg law.

13.5
General meetings of shareholders shall be chaired by the Chairman of the board of directors or the President or, in their absence,
by a vice-chairman. In the absence of the Chairman of the board of directors, of the President and of the vice-chairmen, the general
meeting of shareholders shall be presided over by the most senior member of the board of directors present .

13.6
Each share shall be entitled to one vote. Each shareholder may have himself represented at any general meeting of shareholders
by giving a proxy in writing and notifying such appointment by post or by electronic means at the postal or electronic address
indicated in the convening notice.

13.7
Except where law or the articles of association provide otherwise, resolutions shall be adopted at general meetings by a simple
majority of the votes validly cast by the shareholders present or represented.

13.8
When organising a general meeting, the board of directors may in its sole discretion decide to set up arrangements allowing shareholders
to participate by electronic means in a general meeting by way inter alia of the following forms of participation: (i) real
time transmission of the general meeting; (ii) real time two-way communication enabling shareholders to address the general meeting
from a remote location; or (iii) a mechanism for casting votes, whether before or during the general meeting, without the need
to appoint a proxyholder physically present at the meeting.

The
board of directors may also determine that shareholders may vote from a remote location by correspondence, by means of a form provided
by the Company including the following information:

		-	the name, address and any other pertinent information concerning the shareholder,

		-	the number of votes the shareholder wishes to cast, the direction of his or her vote, or his or
her abstention,

		-	the agenda of the meeting including the draft resolutions,

		-	at the discretion of the Company, the option to vote by proxy for any new resolution or any modification
of the resolutions that may be proposed during the meeting or announced by the Company after the shareholder's submission of the
form provided by the Company,

		-	the period within which the form and the confirmation referred to below must be received by or
on behalf of the Company, and

		-	the signature of the shareholder.

A
shareholder using a voting form and who is not directly recorded in the register of shareholders must annex to the voting form
a confirmation of his shareholding as of the Record Date as provided by article 6.3. Once the voting forms are submitted to the
Company, they can neither be retrieved nor cancelled, except that in case a shareholder has included a proxy to vote in the circumstances

    	 	PAGE 13	 

    	 

    

envisaged
in the fourth indent above, the shareholder may cancel such proxy or give new voting instructions with regard to the relevant items
by written notice as described in the convening notice, before the date specified in the voting form.

13.9
Any shareholder who participates in a general meeting of the Company by the foregoing means shall be deemed to be present, shall
be counted when determining a quorum and shall be entitled to vote on all agenda items of the general meeting.

13.10
The board of directors may adopt any regulations and rules concerning the participation of shareholders at general meetings in
accordance with Luxembourg law including with respect to ensuring the identification of shareholders and proxyholders and the safety
of electronic communications.

13.11
In the event that all the shareholders are present or represented at a general meeting of shareholders and declare that they have
been informed of the agenda of the general meeting, the general meeting may be held without prior notice of meeting or publication.

Article
14. Annual general meeting of shareholders

14.1
The annual general meeting of shareholders shall be held in accordance with Luxembourg law at the Company's registered office or
at any other place in the Grand-Duchy of Luxembourg, during the second or third week of May each year, between 09.00 and 16.00
hours as finally determined by the board of directors and indicated in the convening notice.

14.2
Following the approval of the annual accounts and consolidated accounts, the general meeting shall decide by special vote on the
discharge of the liability of the members of the board of directors.

14.3
General meetings of shareholders other than the annual general meeting may be held on the dates, at the time and at the place indicated
in the notice of meeting.

Article
15. Independent Auditors 

The
annual accounts and consolidated accounts shall be audited, and the consistency of the management report with those accounts verified,
by one or more independent auditors (“réviseurs d'entreprises”) appointed by the general meeting of shareholders
for a period not exceeding three (3) years.

The
independent auditor(s) may be re-elected.

They
shall record the result of their audit in the reports required by law.

Article
16. Financial year

The
Company's financial year shall commence on 1 January each year and end on 31 December the same year.

Article
17. Allocation of profits

Five
per cent (5%) of the Company's net annual profits shall be allocated to the reserve required by the Law. This allocation shall
cease to be mandatory when that reserve reaches ten per cent (10%) of the subscribed capital. It shall become mandatory once again
when the reserve falls below that percentage.

The
remainder of the net profit shall be allocated as follows by the general meeting of shareholders upon the proposal of the board
of directors:

    	 	PAGE 14	 

    	 

    

a
global amount shall be allocated to the board of directors by way of directors' fees (“tantièmes”). This
amount may not be less than one million Euro (EUR 1,000,000). In the event that the profits are insufficient, the amount of one
million Euro shall be imputed in whole or in part to the charges. The distribution of this amount as amongst the members of the
board of directors shall be effected in accordance with the board of directors' rules of procedure;

the
balance shall be distributed as dividends to the shareholders or placed in the reserves or carried forward.

Where,
upon the conversion of convertible or exchangeable securities into shares in the Company, the Company proceeds to issue new shares
or to attribute shares of its own, those shares shall not take part in the distribution of dividends for the financial year preceding
the conversion or exchange, unless the issue conditions of the convertible or exchangeable securities provide otherwise.

Interim
dividends may be distributed under the conditions laid down by the Law by decision of the board of directors.

No
interest shall be paid on dividends declared but not paid which are held by the Company on behalf of shareholders.

Article
18. Dissolution and liquidation

In
the event of a dissolution of the Company, liquidation shall be carried out by one or more liquidators, who may be natural or legal
persons, appointed by the general meeting of shareholders, which shall determine their powers and remuneration.

Article
19. Amendment of the articles of association

The
present articles of association may be amended from time to time as considered appropriate by a general meeting of shareholders
subject to the requirements as to quorum and voting laid down by the Law.

By
exception to the preceding paragraph, articles 8.1, 8.4, 8.5, 8.6 and 11.2 as well as the provision of this article 19 may only
be amended by a general meeting of shareholders disposing of a majority of votes representing two-thirds of the voting rights attached
to the shares in the Company.

Article
20. Applicable law and jurisdiction

For
all matters not governed by the present articles of association, the parties refer to the provisions of the Law.

All
disputes which may arise during the duration of the Company or upon its liquidation between shareholders, between shareholders
and the Company, between shareholders and members of the board of directors or liquidators, between members of the board of directors
and liquidators, between members of the board of directors or between liquidators of the Company on account of company matters
shall be subject to the jurisdiction of the competent courts of the registered office. To this end, any shareholder, member of
the board of directors or liquidator shall be bound to have an address for service in the district of the court for the registered
office and all summonses or service shall be duly made to that address for service, regardless of their actual domicile; if no
address for service is given, summonses or service shall be validly made at the Company's registered office.

    	 	PAGE 15	 

    	 

    

The
foregoing provisions do not affect the Company's right to bring proceedings against the shareholders, members of the board of directors
or liquidators of the Company in any other court having jurisdiction on some other ground and to carry out any summonses or service
by other means apt to enable the defendant to defend itself.

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