Document:

EX-10.11

 Exhibit 10.11 

 
  

 
 TAKEDA PHARMACEUTICAL COMPANY LIMITED

 The Company 
 MUFG
Bank, Ltd. 
 Fiscal Agent 
  

 
 FISCAL AGENCY
AGREEMENT 
 Dated as of November 21, 2018 
  

 

€1,250,000,000 0.375% Senior Notes due 2020 

€1,000,000,000 Senior Floating Rate Notes due 2020 

€1,500,000,000 1.125% Senior Notes due 2022 

€750,000,000 Senior Floating Rate Notes due 2022 

€1,500,000,000 2.250% Senior Notes due 2026 

€1,500,000,000 3.000% Senior Notes due 2030 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 SECTION 1.1.
	  	Definitions.	  	 	1	 
	 SECTION 1.2.
	  	Compliance Certificates and Opinions.	  	 	8	 
	 SECTION 1.3.
	  	Form of Documents Delivered to Fiscal Agent.	  	 	8	 
	 SECTION 1.4.
	  	Acts of Holders; Record Dates.	  	 	9	 
	 SECTION 1.5.
	  	Notices, Etc., to Fiscal Agent and the Company.	  	 	11	 
	 SECTION 1.6.
	  	Notice to Holders; Waiver.	  	 	11	 
	 SECTION 1.7.
	  	Effect of Headings and Table of Contents.	  	 	11	 
	 SECTION 1.8.
	  	Successors and Assigns.	  	 	12	 
	 SECTION 1.9.
	  	Separability Clause.	  	 	12	 
	 SECTION 1.10.
	  	Benefits of Agreement.	  	 	12	 
	 SECTION 1.11.
	  	Governing Law.	  	 	12	 
	 SECTION 1.12.
	  	Consent to Jurisdiction; Waiver of Immunities.	  	 	12	 
	 SECTION 1.13.
	  	Waiver of Jury Trial.	  	 	13	 
	 SECTION 1.14.
	  	Payments Due on Non-Business Days.	  	 	13	 
	 SECTION 1.15.
	  	Communications by Holders with Other Holders.	  	 	13	 
	 SECTION 1.16.
	  	English Language.	  	 	13	 
	 SECTION 1.17.
	  	Counterparts	  	 	14	 
		
	 ARTICLE II THE SECURITIES
	  	 	14	 
			
	 SECTION 2.1.
	  	Forms.	  	 	14	 
	 SECTION 2.2.
	  	Certificate of Authentication.	  	 	15	 
	 SECTION 2.3.
	  	Issue and Delivery of Notes.	  	 	16	 
	 SECTION 2.4.
	  	Registrar, Registration of Transfer and Exchange.	  	 	16	 
	 SECTION 2.5.
	  	Global Notes.	  	 	18	 
	 SECTION 2.6.
	  	Transfer Restrictions.	  	 	19	 
	 SECTION 2.7.
	  	Mutilated, Destroyed, Lost and Stolen Notes.	  	 	21	 
	 SECTION 2.8.
	  	Persons Deemed Owners.	  	 	21	 
	 SECTION 2.9.
	  	Cancellation.	  	 	22	 
	 SECTION 2.10.
	  	Japanese Withholding Taxes.	  	 	22	 
	 SECTION 2.11.
	  	Japanese Withholding Tax Legend.	  	 	23	 
	 SECTION 2.12.
	  	Issuance in Euros.	  	 	24	 
	 SECTION 2.13.
	  	Book-entry Provisions for Global Notes.	  	 	24	 
		
	 ARTICLE III SATISFACTION AND DISCHARGE
	  	 	26	 
			
	 SECTION 3.1.
	  	Satisfaction and Discharge of Agreement.	  	 	26	 
	 SECTION 3.2.
	  	Application of Trust Money.	  	 	27	 
		
	 ARTICLE IV REMEDIES OF THE FISCAL AGENT AND HOLDERS ON EVENT OF DEFAULT
	  	 	27	 
			
	 SECTION 4.1.
	  	Event of Default	  	 	27	 
	 SECTION 4.2.
	  	Acceleration of Maturity; Rescission and Annulment	  	 	29	 
	 SECTION 4.3.
	  	Collection of Indebtedness and Suits for Enforcement by Fiscal Agent	  	 	29	 
	 SECTION 4.4.
	  	Fiscal Agent May File Proofs of Claim.	  	 	30	 
	 SECTION 4.5.
	  	Fiscal Agent May Enforce Claims Without Possession of Notes.	  	 	30	 
	 SECTION 4.6.
	  	Application of Money Collected.	  	 	31	 

  
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	 	  	 	  	Page	 
	 SECTION 4.7.
	  	Limitation on Suits.	  	 	31	 
	 SECTION 4.8.
	  	Right of Holders to Receive Principal and Interest.	  	 	31	 
	 SECTION 4.9.
	  	Restoration of Rights and Remedies.	  	 	32	 
	 SECTION 4.10.
	  	Rights and Remedies Cumulative.	  	 	32	 
	 SECTION 4.11.
	  	Delay or Omission Not Waiver.	  	 	32	 
	 SECTION 4.12.
	  	Control by Holders.	  	 	32	 
	 SECTION 4.13.
	  	Waiver of Past Defaults.	  	 	33	 
	 SECTION 4.14.
	  	Undertaking for Costs.	  	 	33	 
	 SECTION 4.15.
	  	Waiver of Stay or Extension Laws.	  	 	34	 
		
	 ARTICLE V THE FISCAL AGENT
	  	 	34	 
			
	 SECTION 5.1.
	  	Certain Duties and Responsibilities.	  	 	34	 
	 SECTION 5.2.
	  	Certain Rights of Fiscal Agent.	  	 	35	 
	 SECTION 5.3.
	  	Not Responsible for Recitals or Issuance of Notes.	  	 	36	 
	 SECTION 5.4.
	  	May Hold Notes.	  	 	36	 
	 SECTION 5.5.
	  	Money Held in Trust.	  	 	36	 
	 SECTION 5.6.
	  	Compensation and Reimbursement.	  	 	37	 
	 SECTION 5.7.
	  	Fiscal Agent Required.	  	 	37	 
	 SECTION 5.8.
	  	Resignation and Removal; Appointment of Successor.	  	 	37	 
	 SECTION 5.9.
	  	Acceptance of Appointment by Successor.	  	 	39	 
	 SECTION 5.10.
	  	Merger, Conversion, Consolidation or Succession to Business.	  	 	39	 
		
	 ARTICLE VI HOLDERS’ LISTS AND REPORTS BY FISCAL AGENT AND COMPANY
	  	 	39	 
			
	 SECTION 6.1.
	  	Company to Furnish Fiscal Agent Names and Addresses of Holders.	  	 	39	 
	 SECTION 6.2.
	  	Preservation of Information; Communications to Holders.	  	 	40	 
		
	 ARTICLE VII MERGER, CONSOLIDATION, SALE OR DISPOSITION
	  	 	40	 
			
	 SECTION 7.1.
	  	Company May Consolidate, Etc., Only on Certain Terms.	  	 	40	 
	 SECTION 7.2.
	  	Successor Substituted.	  	 	41	 
		
	 ARTICLE VIII AMENDMENTS AND SUPPLEMENTS
	  	 	41	 
			
	 SECTION 8.1.
	  	Without Consent of Holders.	  	 	41	 
	 SECTION 8.2.
	  	With Consent of Holders.	  	 	41	 
	 SECTION 8.3.
	  	Execution of Amendments or Supplements.	  	 	42	 
	 SECTION 8.4.
	  	Effect of Amendments or Supplements.	  	 	42	 
	 SECTION 8.5.
	  	Reference in Notes to Amendments or Supplements.	  	 	42	 
		
	 ARTICLE IX COVENANTS
	  	 	43	 
			
	 SECTION 9.1.
	  	Payment of Principal, Interest and Additional Amounts.	  	 	43	 
	 SECTION 9.2.
	  	Maintenance of Office or Agency.	  	 	43	 
	 SECTION 9.3.
	  	Money for Notes Payments to Be Held in Trust.	  	 	44	 
	 SECTION 9.4.
	  	Statement by Officers as to Default.	  	 	44	 
	 SECTION 9.5.
	  	Additional Amounts.	  	 	45	 
	 SECTION 9.6.
	  	Appointment to Fill a Vacancy in Office of Fiscal Agent.	  	 	47	 
	 SECTION 9.7.
	  	Indemnification of Judgment Currency.	  	 	47	 

  
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	 	  	 	  	Page	 
	 SECTION 9.8.
	  	Rule 144A Information.	  	 	48	 
	 SECTION 9.9.
	  	Reporting Requirements.	  	 	48	 
	 SECTION 9.10.
	  	Negative Pledge.	  	 	48	 
		
	 ARTICLE X REDEMPTION AND PURCHASE OF SECURITIES
	  	 	49	 
			
	 SECTION 10.1.
	  	Optional Redemption of Fixed Rate Notes.	  	 	49	 
	 SECTION 10.2.
	  	Optional Redemption due to an Additional Amounts Event.	  	 	50	 
	 SECTION 10.3.
	  	Special Mandatory Redemption.	  	 	50	 
	 SECTION 10.4.
	  	Election to Redeem; Notice to Fiscal Agent.	  	 	51	 
	 SECTION 10.5.
	  	Notice of Redemption.	  	 	51	 
	 SECTION 10.6.
	  	Deposit of Redemption Price.	  	 	52	 
	 SECTION 10.7.
	  	Notes Payable on Redemption Date.	  	 	52	 
	 SECTION 10.8.
	  	Repurchase of Notes.	  	 	52	 
		
	 ARTICLE XI CALCULATION AGENT
	  	 	53	 
			
	 SECTION 11.1.
	  	Appointment.	  	 	53	 
	 SECTION 11.2.
	  	Calculation of Floating Interest.	  	 	53	 
	 SECTION 11.3.
	  	Commissions; Incidental Acts.	  	 	53	 
	 SECTION 11.4.
	  	Rights and Liabilities of the Calculation Agent.	  	 	54	 
	 SECTION 11.5.
	  	Resignation and Removal.	  	 	55	 
		
	 EXHIBITS
	  			
			
	 EXHIBIT A-1.
	  	Form of Fixed Rate Rule 144A Global Note	  			
	 EXHIBIT A-2.
	  	Form of Fixed Rate Regulation S Global Note	  			
	 EXHIBIT A-3.
	  	Form of Floating Rate Rule 144A Global Note	  			
	 EXHIBIT A-4.
	  	Form of Floating Rate Regulation S Global Note	  			
	 EXHIBIT B.
	  	Form of Transfer Certificate for Transfer from Rule 144A Global Note to Regulation S Global Note	  			
	 EXHIBIT C.
	  	Form of Transfer Certificate for Transfer from Regulation S Global Note to Rule 144A Global Note	  			
	 EXHIBIT D.
	  	Form of Officer’s Certificate as to Default	  			

  
 - iii - 

 FISCAL AGENCY AGREEMENT, dated as of November 21, 2018, between Takeda
Pharmaceutical Company Limited, a joint-stock corporation (kabushiki kaisha) organized under the laws of Japan (the “Company”), and MUFG Bank, Ltd., incorporated with limited liability in Japan, as fiscal agent (the
“Fiscal Agent”). 
 W I T N E S S E T H 

WHEREAS, the Company has duly authorized the issuance of its €1,000,000,000 Senior Floating Rate Notes due 2020 (the
“2020 Floating Rate Notes”) and €750,000,000 Senior Floating Rate Notes due 2022 (the “2022 Floating Rate Notes” and, together with the 2020 Floating Rate Notes, the “Floating Rate Notes”) and
its €1,250,000,000 0.375% Senior Notes due 2020 (the “2020 Notes”), €1,500,000,000 1.125% Senior Notes due 2022 (the “2022 Notes”), €1,500,000,000 2.250% Senior Notes due 2026 (the “2026
Notes”) and €1,500,000,000 3.000% Senior Notes due 2030 (the “2030 Notes” and, together with the 2020 Notes, the 2022 Notes and the 2026 Notes, the “Fixed Rate Notes”) (the Fixed Rate Notes together
with the Floating Rate Notes, the “Notes”) and to provide, among other things, for the execution, authentication, delivery and administration thereof, the Company has duly authorized the execution and delivery of this Agreement; and

 WHEREAS, all things necessary to make the Notes, when executed and delivered by the Company and authenticated and
delivered as provided in this Agreement, the valid, binding and legal obligations of the Company, and to constitute these presents a valid agreement of the Company according to its terms have been done; 

NOW, THEREFORE: 

In consideration of the premises and the purchases of the Notes by the holders thereof, the Company covenants and agrees for
the equal and proportionate benefit of the respective holders of the Notes from time to time as follows: 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS 

OF GENERAL APPLICATION 

SECTION 1.1.    Definitions. 

For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 

(1)        the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular; 

(2)        all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with International Financial Reporting Standards; 

(3)        unless the context otherwise requires, any reference to an
“Article” or a “Section” refers to an Article or a Section, as the case may be, of this Agreement; 

(4)        the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; and 

(5)        the following expressions shall have the following
meanings: 
 “2022 Par Call Date” has the meaning specified in Section 10.1. 

  
 1 

 “2026 Par Call Date” has the meaning specified in
Section 10.1. 
 “2030 Par Call Date” has the meaning specified in Section 10.1. 

“Act”, when used with respect to any Holder, has the meaning specified in Section 1.4. 

“Act on Special Taxation Measures” has the meaning specified in Section 9.5. 

“Additional Amounts” has the meaning specified in Section 9.5. 

“Additional Amounts Event” has the meaning specified in Section 10.2. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Notes Registrar, Paying Agent or Calculation Agent. 

“Agent Members” has the meaning specified in Section 2.13(g). 

“Agreement” means this Fiscal Agency Agreement as originally executed and as it may from time to time be
supplemented or amended pursuant to the applicable provisions hereof. 
 “Applicable Procedures” has the
meaning specified in Section 2.6(e). 
 “Authorized Officer” means any person (whether designated by
name or the person for the time being holding a designated office) appointed by or pursuant to a Board Resolution or otherwise for the purpose, or a particular purpose, of this Agreement, provided that written notice of such appointment shall have
been given to the Fiscal Agent. 
 “Board of Directors” means the board of directors of the Company or any
committee or member thereof duly authorized to act for it in respect hereof. 
 “Board Resolution” means a
copy of a resolution or decision certified by an authorized Director or any other Authorized Officer of the Company to have been duly adopted or made by the Board of Directors and to be in full force and effect on the date of such certification, and
delivered to the Fiscal Agent. 
 “Business Day” means both a day on which the TARGET2 System is open, and
a day other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in London or Tokyo. 

“Calculation Agent” means any Person authorized by the Company to calculate the payment of interest on any
Floating Rate Notes on behalf of the Company, which shall initially be MUFG Bank, Ltd. 
 “Clearstream”
means Clearstream Banking S.A. 
 “Closing Date” means November 21, 2018. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until
a Successor Person shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Company” shall mean such Successor Person. 

  
 2 

 “Company Request” or “Company Order”
means a written request or order signed in the name of the Company by any of its Directors and/or Authorized Officers, and delivered to the Fiscal Agent. 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation,
at the discretion of an Independent Investment Banker, a German government bond whose maturity is closest to the maturity of the notes to be redeemed, or if such independent investment bank in its discretion determines that such similar bond is not
in issue, such other German government bond as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company, determine to be appropriate for determining the
Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means the price, expressed as a
percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the notes to be redeemed, if they were to be purchased at such price on the third business day prior to the date fixed for
redemption, would be equal to the gross redemption yield on such business day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as
determined by an Independent Investment Banker. 
 “Co-operation
Agreement” means the Co-operation Agreement, dated May 8, 2018, between the Company and Shire plc. 

“Depositary” has the meaning specified in Section 2.13(a). 

“Designated Financial Institution” has the meaning specified in Section 9.5. 

“Director” means any member of the Board of Directors. 

“EURIBOR Business Day” means any day that is not a Saturday or Sunday, that is neither a legal holiday nor a
day on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in London, and is a day on which the TARGET2 System, or any successor thereto, operates. 

“Euroclear” means Euroclear Bank SA/NV. 

“Event of Default” has the meaning specified in Section 4.1. 

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

“Expiration Date” has the meaning specified in Section 1.4. 

“Fiscal Agent’s Office” means the office of the Fiscal Agent in London at which at any particular time
its business shall be principally administered, which as at the date hereof is located at Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN, or such other address as the Fiscal Agent may designate from time to time by notice to the Holders and
the Company, or the principal office of any successor Fiscal Agent (or such other address as such successor Fiscal Agent may designate from time to time to the Holders and the Company). 

“Fixed Rate Interest Payment Date” means November 21 during the term of this Agreement. 

“Floating Rate Interest Payment Date” means each February 21, May 21, August 21 and
November 21, in each case, during the term of this Agreement. 
 “Global Notes” has the meaning
specified in Section 2.1. 

  
 3 

 “Holder” means a Person in whose name a Note is registered
in the Notes Register. 
 “ICMA Procedures” has the meaning specified in Section 2.10. 

“Independent Investment Banker” means one of the Reference Government Bond Dealers appointed by the Company.

 “Interest Payment Date” means the Fixed Rate Interest Payment Date and the Floating Rate Interest
Payment Date. 
 “Interest Recipient Information” has the meaning specified in Section 9.5. 

“Judgment Currency” has the meaning specified in Section 9.7. 

“Legends” has the meaning specified in Section 2.6(a). 

“Lien” means, with respect to any property or asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such property or asset, including, without limitation, the right of a vendor, lessor or similar party under any conditional sales agreement, capital lease or other title retention agreement relating to such
property or asset, and any other right of or arrangement with any creditor to have its claims satisfied out of any property or assets, or the proceeds therefrom, prior to any general creditor of the owner thereof. 

“Long Stop Date” means May 8, 2019, or such later date as may be agreed upon in accordance with the Co-Operation Agreement. 
 “Note” or “Notes” means any
Fixed Rate Notes or Floating Rate Notes authenticated and delivered under this Agreement. 
 “Notes
Register” and “Notes Registrar” have the respective meanings specified in Section 2.4. 

“Officer’s Certificate” means a certificate signed by any Director or Authorized Officer
of the Company and delivered to the Fiscal Agent. 
 “Opinion of Counsel” means a written opinion of
counsel, who may be an employee of or counsel to the Company, or other counsel acceptable to the Fiscal Agent, in a form satisfactory to the Fiscal Agent. 

“Outside Date” has the meaning specified in Section 10.03. 

“Outstanding”, when used with respect to any series of the Notes, means, as of the date of determination,
all Notes of such series theretofore authenticated and delivered under this Agreement, except: 

(1)        Notes theretofore cancelled by the Notes Registrar or
delivered to the Notes Registrar for cancellation; 

(2)        Notes for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Fiscal Agent or any Paying Agent in trust for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this
Agreement or provision therefor satisfactory to the Fiscal Agent has been made; and 

  
 4 

 (3)        Notes
which have been paid pursuant to Section 2.7 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Agreement, other than any such Notes in respect of which there shall have been presented to
the Fiscal Agent proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Company; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes of any series
have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or of such
other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Fiscal Agent or the Paying Agent shall be protected in relying upon any such request, demand, authorization, direction, notice, consent,
waiver or other action, only Notes which a Responsible Officer of the Fiscal Agent actually knows to be so owned shall be so disregarded. Notes so owned or beneficially held which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Fiscal Agent or the Paying Agent the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company
or of such other obligor. 
 “Owner Transferee” has the meaning specified in Section 2.6(e). 

“Owner Transferor” has the meaning specified in Section 2.6(e). 

“Participant” has the meaning specified in Section 9.5. 

“Participant Transferee” has the meaning specified in Section 2.6(e). 

“Participant Transferor” has the meaning specified in Section 2.6(e). 

“Participants” has the meaning specified in Section 2.5. 

“Paying Agent” means any Person authorized by the Company to pay the principal of or interest on any Notes
(or Additional Amounts, if any) on behalf of the Company, which shall initially be MUFG Bank, Ltd. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, trust,
unincorporated organization or government or any branch, agency or political subdivision thereof. 
 “Principal
Subsidiary” means, with respect to any Person, any Subsidiary (i) whose revenue, as shown by the latest audited financial statements (consolidated in the case of a Subsidiary which itself has Subsidiaries) of such Subsidiary,
constitute at least 10% of the consolidated revenue of such Person and its consolidated Subsidiaries as shown by the latest audited consolidated financial statements of such Person or (ii) whose gross assets, as shown by the latest audited
financial statements (consolidated in case of a Subsidiary which itself has Subsidiaries) of such Subsidiary constitute at least 10% of the gross assets of such Person and its consolidated Subsidiaries as shown by the latest audited consolidated
financial statements of such Person. 
 “Public External Indebtedness” means bonds, debentures, notes or
other similar investment securities of the Company or any other person evidencing indebtedness with a maturity of not less than one year from the issue date thereof, or any guarantees thereof, which are (a) either (i) by their terms payable, or
confer a right to receive payment, in any currency other than Japanese yen or (ii) denominated in Japanese yen and more than 50% of the aggregate principal amount thereof is initially distributed outside of Japan by or with the authorization of
the Company thereof; and (b) for the time being, or are intended to be, quoted, listed, ordinarily dealt in or traded, in each case primarily, on a stock exchange or
over-the-counter or other securities market outside Japan. 

  
 5 

 “Record Date” with respect to any Interest Payment Date
shall have the meaning specified in the form of the Notes. 
 “Redemption Date” has the meaning specified
in Section 10.5. 
 “Reference Government Bond Dealers” means each of J.P. Morgan Securities plc,
Morgan Stanley MUFG Securities Co., Ltd., Barclays Bank PLC, BNP Paribas or HSBC Bank plc (or their respective affiliates that are Primary Government Bond Dealers) and their respective successors, and a Primary Government Bond Dealer selected by
SMBC Nikko Capital Markets Limited; provided, however, that if any of the foregoing shall cease to be a broker or dealer of, and/or market maker in, German government bonds (a “Primary Government Bond Dealer”), the Company will
substitute therefor another Primary Government Bond Dealer. 
 “Regulation S Global Note” has the meaning
specified in Section 2.1. 
 “Regulation S Global Transferred Amount” has the meaning specified in
Section 2.6(f). 
 “Required Currency” has the meaning specified in Section 9.7. 

“Responsible Officer” means, when used with respect to the Fiscal Agent, any officer within the Fiscal
Agent’s debt capital markets department with responsibility for the administration of this Agreement and also means, with respect to a particular corporate trust matter, any other officer of the Fiscal Agent to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject. When used with respect to the Calculation Agent, “Responsible Officer” means any vice president, relationship manager, transaction manager, client
service manager or any other officer located at the specified office of the Calculation Agent who customarily performs functions similar to those persons who at the relevant time shall be officers, respectively. 

“Rule 144A Global Note” has the meaning specified in Section 2.1. 

“Rule 144A Global Transferred Amount” has the meaning specified in Section 2.6(e). 

“Rule 144A Information” has the meaning specified in Section 9.8. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Special Mandatory Redemption Date” means the 20th day (or if such day is not a Business Day, the first
Business Day thereafter) after the earliest to occur of (1) the Long Stop Date, if the Shire Acquisition has not been consummated on or prior to the Long Stop Date or (2) the date of public announcement by the Company that the Shire
Acquisition will not be consummated. 
 “Shire Acquisition” means the offer whereby the Company will
acquire the entire issued and to be issued ordinary share capital of Shire plc, pursuant to the Co-operation Agreement. 

“specially-related person of the Company” has the meaning specified in Section 9.5. 

“Subsidiary” means, with respect to any Person, any entity which is controlled or of which more than 50% of
its ownership interests are owned directly or indirectly by such Person. 
 “Succession Event” has the
meaning specified in Section 7.1. 
 “Successor Person” has the meaning specified in
Section 7.2. 

  
 6 

 “Tax Documentation” means any of certifications, claims
for exemption, notifications or other documentation required under Japanese tax law for interest payments to be made without withholding or deduction for or on account of Japanese tax. 

“Taxes” has the meaning specified in Section 9.5. 

“Transfer Restrictions” has the meaning specified in Section 2.6(a). 

“Fiscal Agent” means the Person named as the “Fiscal Agent” in the first paragraph of this
instrument until a successor Fiscal Agent shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Fiscal Agent” shall mean or include each Person who is then a Fiscal Agent hereunder. 

“United States” means the United States of America. 

“Written Application for Tax Exemption” has the meaning specified in Section 9.5. 

SECTION 1.2.    Compliance Certificates and Opinions. 

Upon any application or request by the Company to the Fiscal Agent to take any action under any provision of this Agreement,
the Company shall furnish to the Fiscal Agent an Officer’s Certificate and an Opinion of Counsel (provided, however, that at the time of issuance of the Notes, the Company shall furnish to the Fiscal Agent an Officer’s Certificate) stating
that all conditions precedent provided for in this Agreement relating to the proposed action have been complied with. Each such certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of the
Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements set forth in this Agreement. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Agreement (except
for certificates provided for in Section 9.4) shall include: 

(1)        a statement that each individual signing such certificate
or opinion has read such condition or covenant and the definitions herein relating thereto; 

(2)        a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3)        a statement that, in the opinion of each such individual,
he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4)        a statement as to whether, in the opinion of each such
individual, such condition or covenant has been complied with. 
 SECTION 1.3.    Form of
Documents Delivered to Fiscal Agent. 
 In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the 

  
 7 

 
exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such
certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual
matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Agreement, they may, but need not, be consolidated and form one instrument. 

SECTION 1.4.    Acts of Holders; Record Dates. 

Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this
Agreement to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Fiscal Agent and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Agreement and conclusive in favor of the Fiscal Agent and the Company, if made in the manner provided in this Section 1.4. 

The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other manner which the Fiscal Agent deems sufficient. 

The ownership of Notes shall be proved by the Notes Register. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind
every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Fiscal Agent or the
Company in reliance thereon, whether or not notation of such action is made upon such Note. 
 The Company may set any day
as a record date for the purpose of determining the Holders of Outstanding Notes entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Agreement to be
given, made or taken by Holders of Notes, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction
referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Notes at the close of business on such record date, and no other Holders, shall be entitled to take the relevant action, whether or
not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on
such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be 

  
 8 

 
cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes on the date
such action is taken based on such record date previously set. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Fiscal Agent in writing and to each Holder of Notes in the manner set forth in Section 1.6. 

The Fiscal Agent may set any day as a record date for the purpose of determining the Holders of Outstanding Notes entitled to
join in the giving or making of (i) any declaration of acceleration referred to in Section 4.2, (ii) any request to institute proceedings referred to in Section 4.7 or (iii) any direction referred to in Section 4.12. If any
record date is set pursuant to this paragraph, the Holders of Outstanding Notes at the close of business on such record date, and no other Holders, shall be entitled to join in such declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on such record date.
Nothing in this paragraph shall be construed to prevent the Fiscal Agent from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), provided, however, that nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of
Outstanding Notes on the date such action is taken based on such record date previously set. Promptly after any record date is set pursuant to this paragraph, the Fiscal Agent, at the Company’s expense, shall cause notice of such record date,
the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Notes in the manner set forth in Section 1.6. 

With respect to any record date set pursuant to this Section 1.4, the party hereto which sets such record dates may
designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is
given to the other parties hereto in writing, and to each Holder of Notes in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant
to this Section 1.4, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date
as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Note
may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount of such Note. 

SECTION 1.5.    Notices, Etc., to Fiscal Agent and the Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Agreement to be made upon, given or furnished to, or filed with, 

(1)        the Fiscal Agent by any Holder or by the Company shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Fiscal Agent at the Fiscal Agent’s Office, or 

(2)        the Company by the Fiscal Agent or by any Holder shall be
sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid to the Company at its address at 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku, Tokyo 103-8668, Japan, Fax: +81-3-3278-2198, Attention: Global Treasury &
Finance Management, Group Finance & Controlling, Global Finance; or at any other address previously furnished in writing to the Fiscal Agent by the Company. 

  
 9 

 SECTION 1.6.    Notice to Holders;
Waiver. 
 Where this Agreement provides for notice to Holders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, or emailed, in PDF format, to each Holder affected by such event, at his address as it appears in the Notes Register, not later than the latest
date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail or email, neither the failure to mail or email such notice, nor any defect in any notice
so mailed or emailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Agreement provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Fiscal Agent, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 
 In case by reason of the suspension of regular mail service or by reason of
any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Fiscal Agent shall constitute a sufficient notification for every purpose hereunder. 

SECTION 1.7.    Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 SECTION 1.8.    Successors and Assigns. 

All covenants and agreements in this Agreement by the Company shall bind its successors and assigns, whether so expressed or
not. 
 SECTION 1.9.    Separability Clause. 

In case any provision in this Agreement or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 1.10.    Benefits of Agreement. 

Nothing in this Agreement or in the Notes, express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Agreement. 

SECTION 1.11.    Governing Law. 

This Agreement and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 1.12.    Consent to Jurisdiction; Waiver of Immunities. 

(a)        The Company hereby irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of New York State or the federal courts of the United States located in the Borough of Manhattan, The City of New York over any suit, action or proceeding arising out of or
relating to this Agreement or any Note. The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been 

  
 10 

 
brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process with respect to itself or its
property, it irrevocably waives such immunity in respect of its obligations hereunder or under any Note. The Company agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the
Company and, to the extent permitted by applicable law, may be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment or in any manner provided by law, provided that service of process is effected upon
the Company in the manner specified in the following paragraph or as otherwise permitted by law. 

(b)        As long as any of the Notes remain Outstanding, the Company will at all
times have an authorized agent in The City of New York upon whom process may be served in any legal action or proceeding arising out of or relating to this Agreement or any Note. Service of process upon such agent and written notice of such service
mailed or delivered to the Company shall to the fullest extent permitted by law be deemed in every respect effective service of process upon the Company in any such legal action or proceeding. The Company has appointed Cogency Global Inc. as
its agent for such purpose, and covenants and agrees that service of process in any suit, action or proceeding may be made upon it at the offices of such agent. Cogency Global Inc. has accepted such appointment as agent for service of
process. Notwithstanding the foregoing, the Company may, with prior written notice to the Fiscal Agent, terminate the appointment of such agent and appoint another agent for the above purposes so that the Company shall at all times have an agent for
the above purposes in The City of New York. 
 (c)        The Company hereby
irrevocably waives, to the fullest extent permitted by law, any requirement or other provision of law, rule, regulation or practice which requires or otherwise establishes as a condition to the institution, prosecution or completion of any suit,
action or proceeding (including appeals) arising out of or relating to this Agreement or any Note, the posting of any bond or the furnishing, directly or indirectly, of any other security. 

SECTION 1.13.    Waiver of Jury Trial. 

EACH OF THE COMPANY AND THE FISCAL AGENT 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 AGREEMENT, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 1.14.    Payments Due on Non-Business
Days. 
 In any case in which any Fixed Rate Interest Payment Date falls on a day that is not a Business Day,
then payment of principal or interest (or Additional Amounts, if any) need not be made on such date but may be made on the next succeeding Business Day. Any payment made pursuant to the preceding sentence on such next succeeding Business Day shall
have the same force and effect as if made on the due date, and no additional interest shall accrue with respect to such payment for the period after such date. 

If any Floating Rate Interest Payment Date would otherwise be a day that is not a EURIBOR Business Day, such Floating Rate
Interest Payment Date shall be the next succeeding EURIBOR Business Day, unless the next succeeding EURIBOR Business Day is in the next succeeding calendar month, in which case such Floating Rate Interest Payment Date shall be the immediately
preceding EURIBOR Business Day. 
 SECTION 1.15.    Communications by Holders with Other
Holders. 
 Within five Business Days of receipt of a written application by a Holder stating that such Holder
desires to communicate with other Holders of Notes, the Fiscal Agent, provided it has received a copy of the form of proxy or other communication which such applying Holder proposes to transmit and proof

  
 11 

 
reasonably satisfactory to the Fiscal Agent that such Holder has owned Notes for a period of at least six months prior to such request, shall either (i) afford the applying Holder access to
the requested information or (ii) transmit copies of the communication prepared by the applying Holder to the registered Holders at the expense of such applying Holder. 

SECTION 1.16.    English Language.  

All certificates, opinions, notices, consents, requests or other documents or instruments delivered pursuant hereto shall be
in the English language. 
 SECTION 1.17.    Counterparts 

This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Agreement as to the parties hereto and
may be used in lieu of the original Agreement and signature pages for all purposes. 
 ARTICLE II 

THE SECURITIES 

SECTION 2.1.    Forms. 

Upon the execution and delivery of this Agreement, the: 

 

	 	•	 	 0.375% Senior Notes due 2020 in an aggregate principal amount of €1,250,000,000, 

 

	 	•	 	 Senior Floating Rate Notes due 2020 in an aggregate principal amount of €1,000,000,000,

  

	 	•	 	 1.125% Senior Notes due 2022 in an aggregate principal amount of €1,500,000,000, 

 

	 	•	 	 Senior Floating Rate Notes due 2022 in an aggregate principal amount of €750,000,000,

  

	 	•	 	 2.250% Senior Notes due 2026 in an aggregate principal amount of €1,500,000,000, and

  

	 	•	 	 3.000% Senior Notes due 2030 in an aggregate principal amount of €1,500,000,000 

may be executed and delivered by the Company to the Fiscal Agent for authentication, accompanied by a Company Order directing
such authentication, and the Fiscal Agent shall thereupon authenticate and deliver said Notes to or upon the written order of the Company (as set forth in such Company Order) signed by an Authorized Officer of the Company. Notwithstanding the
foregoing, the Company, pursuant to a Board Resolution, may from time to time, without the consent of Holders of Notes, create and issue further notes having the same terms and conditions as the Notes of a series in all respects, except for the
issue date, issue price and first Interest Payment Date thereon. Additional notes issued in this manner may be consolidated with and form a single series with the previously outstanding Notes of the relevant series; provided that if any
additional notes are not fungible with the Notes of the relevant series for U.S. federal income tax purposes, such additional notes will be issued as a separate series under this Agreement and will have a separate “ISIN” or similar
identifying number from the Notes of the relevant series. 
 The Notes shall be issuable only in fully registered form
without interest coupons in denominations of €100,000 and integral multiples of €1,000 in excess thereof. Notes issued in accordance with Rule 144A of the Securities Act shall initially be issued in the form of one or more global notes in
the form of Exhibit A-1 or A-3 hereto (each, a “Rule 144A Global Note”) and Notes issued in accordance with Regulation S of the Securities Act shall
initially be issued in the form of one or more global notes in the form of Exhibit A-2 or 

  
 12 

 
A-4 hereto (each, a “Regulation S Global Note” and, collectively with the Rule 144A Global Notes, the “Global Notes”).
Interests in any Global Note will be exchangeable for definitive Notes in registered form only under the circumstances set forth herein. 

The Notes may have such additional provisions, omissions, variations or substitutions as are not inconsistent with the
provisions of this Agreement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any law or with any rules made pursuant thereto or with the rules of
any securities exchange, any governmental agency or the Depositary or as may, consistently herewith, be determined by the officers of the Company executing such Notes, as evidenced by their execution thereof. All Notes shall be substantially
identical except as to denomination and as provided herein. 
 The Notes shall be executed on behalf of the Company by any
Representative Director of the Company. The signature of any Representative Director of the Company on the Notes may be manual or facsimile. 

Notes bearing the manual or facsimile signatures of individuals who were at the time of issuance of such Notes the proper
Representative Director of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices thereafter. 

The definitive Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other
manner, all as determined by the Representative Director of the Company executing such Notes, as evidenced by their execution thereof. Until definitive Notes shall have been prepared, the Company may execute, and upon the written order of the
Company, the Fiscal Agent shall authenticate and deliver, in accordance with the provisions of this Agreement (in lieu of definitive Notes), temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced,
substantially of the tenor referred to above. Such temporary Notes shall be subject to the same limitations and conditions and entitled to the same rights and benefits as definitive Notes, except as provided herein or therein. If temporary Notes are
issued, the Company shall promptly cause definitive Notes to be prepared. Temporary Notes shall be exchangeable at the principal office of the Fiscal Agent in London (or at such other office in London as shall be specified in the text of such
temporary Notes) for definitive Notes when the latter shall be ready for delivery; and upon the surrender for exchange at said office of such temporary Notes, the Company, at its own expense, shall execute, and the Fiscal Agent is authorized to
authenticate and deliver, in accordance with the provisions of Section 2.2 of this Agreement, in exchange for such temporary Notes a like aggregate principal amount of definitive Notes of the appropriate form and denomination. Temporary Notes
shall be appropriately legended. 
 SECTION 2.2.    Certificate of Authentication.

 Only such Notes as shall bear thereon a certificate of authentication substantially as set forth in the Form of Note in
Exhibit A-1, A-2, A-3 or A-4 hereto, as applicable, executed by the Fiscal Agent by manual signature of one of its Responsible
Officers, shall be entitled to the benefits of this Agreement or be valid or obligatory for any purpose. Such certification by the Fiscal Agent upon any Note executed by or on behalf of the Company shall be conclusive evidence that the Note so
authenticated has been duly authenticated and delivered hereunder and that the Holder thereof is entitled to the benefits of this Agreement. 

SECTION 2.3.    Issue and Delivery of Notes. 

The Company has, by a purchase agreement dated November 15, 2018 among the Company and J.P. Morgan Securities plc, SMBC Nikko
Capital Markets Limited, Morgan Stanley MUFG Securities Co., Ltd., Barclays Bank PLC, BNP Paribas and HSBC Bank plc as representatives (the “Representatives”) of the initial purchasers named therein (the “Initial
Purchasers”), agreed to issue 
  

	 	•	 	 €1,250,000,000 aggregate principal amount of 0.375% Senior Notes due 2020, 

  
 13 

	 	•	 	 €1,000,000,000 aggregate principal amount of the Senior Floating Rate Notes due 2020,

  

	 	•	 	 €1,500,000,000 aggregate principal amount of 1.125% Senior Notes due 2022, 

 

	 	•	 	 €750,000,000 aggregate principal amount of the Senior Floating Rate Notes due 2022,

  

	 	•	 	 €1,500,000,000 aggregate principal amount of 2.250% Senior Notes due 2026, and 

 

	 	•	 	 €1,500,000,000 aggregate principal amount of 3.000% Senior Notes due 2030. 

The aggregate principal amount of the Rule 144A Global Notes and the Regulation S Global Notes issued on the Closing Date shall be
€7,500,000,000. The principal amount of any Rule 144A Global Note and any Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Fiscal Agent, as provided in Section 2.6. The
Global Notes will be dated November 21, 2018. 
 SECTION 2.4.    Registrar, Registration of
Transfer and Exchange. 
 The Company shall cause to be kept at the Fiscal Agent’s Office a register (the
register maintained in such office and in any other office or agency of the Company herein sometimes collectively referred to as the “Notes Register”) in which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Notes and of transfers of Notes. The Fiscal Agent is hereby appointed “Notes Registrar” for the purpose of registering Notes and transfers of such Notes as herein provided. The Company may at
any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts; provided, however, that there shall at all times be a transfer agent in London.
There shall be only one Notes Registrar. The Notes Register will show the amount of the Notes, the date of issue, all subsequent transfers and changes of ownership in respect thereof and the names, tax identifying numbers (if relevant to a specific
holder), addresses of the holders of the Notes and any payment instructions with respect thereto (if different from a holder’s registered address). The Fiscal Agent will also maintain a record which will include notations as to whether the
Notes have been paid or cancelled, and, in the case of mutilated, destroyed, stolen or lost Notes, whether such Notes have been replaced. In the case of the replacement of any of the Notes, such records will include notations of each Note so
replaced, and the Note issued in replacement thereof. In the case of the cancellation of any of the Notes, such records will include notations of each Note so cancelled and the date on which such Note was cancelled. The Fiscal Agent shall upon
written request make the Notes Register and such records available, during normal office hours and on reasonable written notice, to the Company, or any Person authorized by the Company in writing, for inspection and for the taking of copies thereof
or extracts therefrom, and, at the expense of the Company, the Fiscal Agent shall deliver to such Persons all lists of Holders of Notes, their addresses and amounts of such holdings as they may request. 

Except as otherwise specifically provided herein, (i) all references in this Agreement to the Fiscal Agent shall be
deemed to refer to the Fiscal Agent in its capacity as Fiscal Agent, Notes Registrar and Calculation Agent and (ii) every provision of this Agreement relating to the conduct, rights or privileges of the Fiscal Agent or affecting the liability
or offering protection, immunity or indemnity to the Fiscal Agent shall be deemed to apply with the same force and effect to the Fiscal Agent acting in its capacities as Notes Registrar, Calculation Agent and Paying Agent and to each agent of the
Fiscal Agent employed to act hereunder. 
 Subject to this Section 2.4, Section 2.5 and Section 2.6, at the
option of the Holder, Notes may be presented for exchange for other Notes, of any authorized denominations and of like tenor and aggregate principal amount or for registration of transfer by the Holder thereof or his attorney duly authorized in
writing and with the form of transfer thereon duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Fiscal Agent duly executed, at the office of the Fiscal Agent or at the office of any transfer agent
designated by the Company for such purpose. Whenever any Notes are so surrendered for exchange, the Company shall execute and the Fiscal Agent shall authenticate and deliver the Notes which the Holder making the exchange is entitled to receive. 

  
 14 

 Upon surrender for registration of transfer of any Note at the office or
agency of the Company, the Company shall execute and the Fiscal Agent shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes, of any authorized denominations and of like tenor and aggregate
principal amount. 
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits under this Agreement, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed, or be accompanied by
a written instrument of transfer in form satisfactory to the Company duly executed, by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Notes, but the Company may require payment by
the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes. 

The Fiscal Agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Agreement or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Agreement, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 SECTION 2.5.    Global Notes. 

Each Global Note authenticated under this Agreement shall be registered in the name of the Depositary designated for such
Global Note or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Note shall constitute a single Note for all purposes of this Agreement. 

Ownership of beneficial interests in a Global Note will be limited to persons who have accounts with Euroclear and
Clearstream (“Participants”) or persons who hold interests through such Participants. Upon the issuance of a Global Note, Euroclear or Clearstream shall credit, on its internal system, the respective principal amount of the
individual beneficial interests represented by such Global Note to the accounts of its Participants. Ownership of beneficial interests in a Global Note shall be shown only on, and the transfer of such ownership interests shall be effected only
through, records maintained by Euroclear and Clearstream (with respect to interests of Participants) or by any such Participant (with respect to interests of persons held by such Participants on their behalf). Payments, transfers, exchanges and
other matters relating to beneficial interests in a Global Note may be subject to various policies and procedures adopted by Euroclear and Clearstream from time to time. None of the Company, the Fiscal Agent or any of their respective agents shall
have any responsibility or liability for any aspect of Euroclear’s, Clearstream’s or any Participant’s records, policies or procedures relating to, or for payments made on account of, beneficial interests in a Global Note or for any
other aspect of the relationship between Euroclear or Clearstream and its Participants, or for maintaining, supervising or reviewing any records relating to such beneficial interests. 

Notwithstanding any provision of this Agreement or any Note to the contrary, no Global Note may be exchanged in whole or in
part for Notes registered, and no transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary or its nominee unless (i) Euroclear and Clearstream is closed for business for a continuous
period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so or (ii) there shall 

  
 15 

 
have occurred and be continuing an Event of Default with respect to the Notes. All definitive Notes issued in exchange for a Global Note or any portion thereof shall be registered in such names
as the Depositary shall direct. In the event and for so long as definitive Notes are not issued to any owner of a beneficial interest in a Global Note after the occurrence of one of the events set forth above, the Company expressly acknowledges,
with respect to the right of a Holder to pursue a remedy pursuant to Section 4.7 or Section 4.8, the right of such owner to pursue such remedy with respect to the portion of the Global Note that represents such owner’s Notes as if
such definitive Notes had been issued. 
 Except in the circumstances referred to in the preceding paragraph, as long as
the Depositary, or its nominee, is the registered Holder of a Global Note, the Depositary or such nominee, as the case may be, shall be considered the sole owner and Holder of such Global Note (and of the Notes represented thereby) for all purposes
under this Agreement and the Notes. Except in the circumstances referred to in the preceding paragraph, owners of beneficial interests in a Global Note shall not be entitled to have such Global Note or any Notes represented thereby registered in
their names, shall not receive or be entitled to receive physical delivery of definitive Notes in exchange therefor and shall not be considered the owners or Holders of such Global Note (or any Notes represented thereby) for any purpose under this
Agreement or the Notes. In addition, no beneficial owner of an interest in a Global Note shall be able to transfer that interest except in accordance with the Depositary’s applicable procedures (in addition to those under this Agreement
referred to herein and, if applicable, those of Euroclear and Clearstream). All payments of interest on, principal of, or Additional Amounts on, a Global Note shall be made to or to the order of the Depositary or its nominee, as the case may be, as
the Holder thereof. 
 Every Note authenticated and delivered upon registration of transfer of, or in exchange for or in
lieu of, a Global Note or any portion thereof, whether pursuant to this Section 2.5, Section 2.6, Section 2.7 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Note, unless such Note is
registered in the name of a Person other than the Depositary for such Global Note or a nominee thereof. 
 Neither the
Fiscal Agent nor any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary. 

SECTION 2.6.    Transfer Restrictions. 

(a)        The Global Notes shall be subject to the restrictions on transfers (the
“Transfer Restrictions”) provided in the applicable legends (the “Legends”) required to be set forth on the face of each Global Note as provided in Exhibits A-1, A-2, A-3 and A-4 hereto, and each Holder of a Global Note and each owner of a beneficial interest in a Global Note, by its acceptance
thereof, agrees to be bound by and comply with the Transfer Restrictions, in each case unless compliance with the Transfer Restrictions shall be waived by the Company in writing delivered to the Fiscal Agent. 

(b)        The Transfer Restrictions shall cease and terminate with respect to any
particular Global Note upon receipt by the Company of evidence satisfactory to it (which may include an opinion of independent counsel experienced in matters of United States federal securities law) that, as of the date of determination, such Global
Note (a) has been sold pursuant to an effective registration statement under the Securities Act or (b) has been transferred (i) in a transaction satisfying all the requirements of Rule 903 or 904 (as applicable) of Regulation S under
the Securities Act or (ii) pursuant to Rule 144 under the Securities Act. All references in the preceding sentence to any regulation, rule or provision thereof shall be deemed also to refer to any successor provisions thereof. 

(c)        At the request of the Holder and upon the surrender of such Global Note to
the Fiscal Agent for exchange in accordance with the provisions of this Section 2.6, any Global Note as to which the Transfer Restrictions shall have terminated in accordance with the preceding paragraph shall be exchanged for a new Note, of
like tenor and aggregate principal amount, but without the Legends. 

  
 16 

 (d)        As used in this
Section 2.6, the term “transfer” encompasses any sale, pledge, transfer or other disposition of any Notes referred to herein. 

(e)        Rule 144A Global Note to Regulation S Global Note. If the owner of
a beneficial interest (an “Owner Transferor”) in a Rule 144A Global Note wishes at any time to transfer such beneficial interest to a Person (an “Owner Transferee”) who wishes to take delivery thereof in the form of
a beneficial interest in a Regulation S Global Note, such transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this paragraph (e). “Applicable Procedures” means, with respect
to any transfer of a beneficial interest in a Global Note, the rules and procedures of Euroclear and Clearstream to the extent the same are applicable to such transfer and shall be complied with by any Holder or any party which has a beneficial
interest in a Global Note; provided, however, the Fiscal Agent shall not be responsible for determining any compliance with such rules and procedures. Upon receipt by the Fiscal Agent of (1) written instructions given in accordance with the
Applicable Procedures from a Participant whose account is to be debited (a “Participant Transferor”) with respect to the Rule 144A Global Note directing the Fiscal Agent to credit or cause to be credited to a specified account of
another Participant (a “Participant Transferee”) a beneficial interest in a Regulation S Global Note in a principal amount equal to that of the beneficial interest in the Rule 144A Global Note to be so transferred (the
“Rule 144A Global Transferred Amount”), (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Participant Transferee to be credited with, and the account of
the Participant Transferor to be debited for, the Rule 144A Global Transferred Amount and (3) a certificate in substantially the form set forth in Exhibit B hereto given by the Owner Transferor stating that the transfer has been made pursuant
to and in accordance with Rule 903 or Rule 904 of Regulation S under the Securities Act, the Fiscal Agent shall instruct Euroclear or Clearstream, as applicable, to reduce the principal amount of the Rule 144A Global Note, and to increase the
principal amount of the Regulation S Global Note, by the Rule 144A Global Transferred Amount, and to credit or cause to be credited to the account of the Participant Transferee a beneficial interest in the Regulation S Global Note, and to debit
or cause to be debited to the account of the Participant Transferor a beneficial interest in the Rule 144A Global Note, in each case having a principal amount equal to the Rule 144A Global Transferred Amount. 

(f)        Regulation S Global Note to Rule 144A Global Note. If an Owner
Transferor wishes at any time to transfer a beneficial interest in a Regulation S Global Note to an Owner Transferee who wishes to take delivery thereof in the form of a beneficial interest in a Rule 144A Global Note, such transfer may be effected,
subject to the Applicable Procedures, only in accordance with this Section 2.6(f). Upon receipt by the Fiscal Agent of (1) written instructions given in accordance with the Applicable Procedures from the Participant Transferor, directing
the Fiscal Agent to credit or cause to be credited to a specified account of a Participant Transferee a beneficial interest in a Rule 144A Global Note in a principal amount equal to that of the beneficial interest in the Regulation S Global
Note to be so transferred (the “Regulation S Global Transferred Amount”), (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Participant Transferee to be
credited with, and the account of the Participant Transferor to be debited for, the Regulation S Global Amount, and (3) if the transfer is prior to or on the 40th day after the later of the
commencement of the offering of the Notes and the issue date of the Notes, a certificate in substantially the form set forth in Exhibit C hereto given by the Owner Transferor stating (A) that the Person transferring such interest in a
Regulation S Global Note (i) reasonably believes that the Person acquiring such interest in a Rule 144A Global Note is a Qualified Institutional Buyer purchasing for its own account (or for the account of one or more Qualified Institutional
Buyers over which account it exercises sole investment discretion), (ii) has notified such Person of the transfer restrictions applicable to the Global Notes, and (B) the transfer is in accordance with any applicable securities laws of any
state of the United States or any other applicable jurisdiction, the Fiscal Agent shall instruct Euroclear or Clearstream, as applicable, to reduce the principal amount of the Regulation S Global Note, and to increase the principal amount of
the Rule 144A Global Note, by the Regulation S Global Transferred Amount, and to credit or cause to be credited to the account of the Participant Transferee a beneficial interest in the Rule 144A Global Note, and to debit or cause to be debited to
the account of the Participant 

  
 17 

 
Transferor a beneficial interest in the Regulation S Global Note, in each case having a principal amount equal to the Regulation S Global Transferred Amount. 

SECTION 2.7.    Mutilated, Destroyed, Lost and Stolen Notes. 

If any mutilated Note is surrendered to the Fiscal Agent, the Company shall execute, and the Fiscal Agent shall authenticate
and deliver in exchange therefor, a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Fiscal Agent (i) evidence to their satisfaction of the destruction,
loss or theft of any Note and (ii) indemnity satisfactory to them to save each of them and any of their agents harmless, from any losses or claims incurred in connection with the issuance of a new Note, then, in the absence of notice to the
Company or the Fiscal Agent that such Note has been acquired by a bona fide purchaser, the Company shall execute and the Fiscal Agent shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and
principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or
stolen Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 

Upon the issuance of any new Note under this Section 2.7, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Fiscal Agent) connected therewith. 

Every new Note issued pursuant to this Section 2.7 in exchange for any mutilated Note or in lieu of any destroyed, lost
or stolen Note shall constitute an original contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement
equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.7
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.8.    Persons Deemed Owners. 

Prior to due presentment of a Note for registration of transfer, the Company, the Fiscal Agent and any agent of the Company
or the Fiscal Agent may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of and any interest on such Note and for all other purposes whatsoever, whether or not such
Note be overdue, and neither the Company, the Fiscal Agent nor any agent of the Company or the Fiscal Agent shall be affected by notice to the contrary. In considering the interests of the Holders of Notes while title to the Notes is registered in
the name of a nominee of the Depositary, the Fiscal Agent may refer to any information made available to it by the Depositary as to the identity (either individually or by category) of its Participants or persons who hold interests through such
Participants with entitlements to Notes and may consider such interests as if such accountholders were the Holders of the Notes. For the purposes of enforcement of the provisions of this Agreement against the Fiscal Agent, the persons named in a
certificate of the Holder of any Global Note in respect of which a global certificate is issued shall be recognized as the beneficiaries of this Agreement, to the extent of the principal amounts of their interests in the Notes set out in the
certificate of the Holder, as if they were themselves the Holders of the Notes in such principal amounts. 

  
 18 

 SECTION 2.9.    Cancellation. 

All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other
than the Fiscal Agent, be delivered to the Fiscal Agent and shall be promptly canceled by it. The Company may at any time deliver to the Fiscal Agent for cancellation any Notes previously authenticated and delivered hereunder which the Company may
have acquired in any manner whatsoever, and may deliver to the Fiscal Agent (or to any other Person for delivery to the Fiscal Agent) for cancellation any Notes previously authenticated hereunder which the Company has not issued and sold, and all
Notes so delivered shall be promptly canceled by the Fiscal Agent. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this Agreement. All canceled
Notes (and all Notes paid in full at final maturity thereof) held by the Fiscal Agent shall be disposed of in accordance with the Fiscal Agent’s customary practices. 

SECTION 2.10.    Japanese Withholding Taxes. 

(a)        In compliance with Japanese tax laws and the practices of tax authorities
in Japan, in respect of any interest payment on the Notes issued in global or book-entry form pursuant to this Agreement or any amendments or supplements hereto, any Paying Agent shall act in accordance with the procedures and forms set out in the
applicable and most recent memorandum prepared by the International Capital Markets Association, or any other organization or organizations that succeed the International Capital Markets Association (as may be amended or supplemented from time to
time by notice from such association) entitled “Compliance Procedures for International Securities Offerings by Japanese Issuers”, intended to provide for the administration of the Act on Special Taxation Measures (the “ICMA
Procedures”). Except as otherwise provided in this Agreement, any such Paying Agent shall be responsible only for performing such services as are specifically provided for in the ICMA Procedures or such other procedures actually known by
the Paying Agent, as applicable and as may be amended or modified and communicated to the Paying Agent from time to time. Any such Paying Agent and the Company may rely on the information provided in the claim for exemption from Japanese withholding
taxes and other documentation in the absence of actual knowledge to the contrary. If any interest payment on a Note is due to be made hereunder, and if and so long as payments of interest (if any) by the Company to any Paying Agent may be made
without withholding or deduction for or on account of Japanese tax only upon receipt of Tax Documentation, the relevant Paying Agent at the direction of the Company, shall (i) accept delivery of the required Tax Documentation from the clearing
organization (or Holders of the Notes, if definitive Notes have been issued); (ii) provide to the Company any required confirmations of information available to it; and (iii) deliver such Tax Documentation to, or on the written order of, the
Company via facsimile no later than two Business Days after the Paying Agent has received such Tax Documentation, followed by first class mail or express courier at the address stipulated in Section 1.5, for filing with the relevant Japanese
district tax office. Any such Paying Agent may rely on the information provided in Tax Documentation (including, where relevant, supporting documentation) in the absence of actual knowledge that such information is incorrect. 

(b)        If a Holder of the Notes or the holder of a depositary interest
representing the Notes satisfies the requirements for claiming an exemption from Japanese withholding tax after the date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the Japanese tax
authorities, then the Company or the Paying Agent acting at the direction of the Company may, to the extent reasonably practicable, repay the amount withheld (after deduction of reasonable costs, including amounts in respect of changes in foreign
exchange rates) to the Holder. 
 SECTION 2.11.    Japanese Withholding Tax Legend.

 Each Global Note and each definitive Note issued for exchange for a beneficial interest in the Global Note shall bear
the following legend relating to Japanese withholding tax: 
 “INTEREST PAYMENTS ON THIS NOTE GENERALLY WILL BE
SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR 

  
 19 

 
FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS DESCRIBED IN ARTICLE 6, PARAGRAPH
(4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A “SPECIALLY-RELATED PERSON OF THE COMPANY”), (II) A JAPANESE
FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH (28) OF THE CABINET ORDER (CABINET ORDER NO. 43
OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES OR (III) A PUBLIC CORPORATION, A
FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS RECEIVED SUCH PAYMENTS THROUGH A PAYMENT
HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING
PARAGRAPH, OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO
JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS.” 
 SECTION 2.12.    Issuance
in Euros. 
 Principal, premium, if any, and interest payments and additional amounts, if any, in respect of the
Notes will be payable in euros. If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or the euro is no longer used by the then member states of the European Monetary Union
that have adopted the euro as their currency or for the settlement of transactions by public institutions within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again
available to the Company or so used. In such circumstances, the amount payable on any date in euros will be converted to U.S. dollars on the basis of the most recently available market exchange rate for euros, as determined by the Company in its
sole discretion. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default. Neither the Fiscal Agent nor the Paying Agent will be responsible for obtaining exchange rates, effecting conversions or otherwise
handling redenominations. 
 SECTION 2.13.    Book-entry Provisions for Global
Notes. 
 (a)        The Global Notes representing the Notes shall be
deposited with, or on behalf of, a common depositary for Euroclear and Clearstream (the “Depositary”), and registered in the name of such common depository or its nominee for the accounts of Euroclear and Clearstream, duly executed
by the Company and authenticated by the Fiscal Agent pursuant to the terms of this Agreement. Each such Global Note shall constitute a single security for all purposes of this Agreement. 

(b)        Notwithstanding any other provision in this Agreement, no Global Note may
be exchanged in whole or in part for Notes registered, and no transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Note or a nominee thereof unless (A) Euroclear or
Clearstream is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so, (B) the Company determines at any
time that the Notes shall no longer be represented by Global Notes and shall 

  
 20 

 
inform Euroclear or Clearstream of such determination and participants in Euroclear or Clearstream elect to withdraw their beneficial interests in the Notes from such Depositary, following
notification by the Depositary of their right to do so, or (C) such exchange is made upon request by or on behalf of the Depositary in accordance with customary procedures, following the request of a Holder seeking to exercise or enforce its
rights under the Notes during the continuance of an Event of Default. 

(c)        Subject to clause (b) above, any exchange of a Global Note for other
Notes may be made in whole or in part, and all Notes issued in exchange for a Global Note or any portion thereof shall be registered in such names as the Depositary for such Global Note shall direct in writing to the Fiscal Agent. 

(d)        Every Note authenticated and delivered upon registration of transfer of,
or in exchange for or in lieu of, a Global Note or any portion thereof shall be authenticated and delivered in the form of, and shall be, a Global Note, unless such Note is registered in the name of a Person other than the Depositary for such Global
Note or a nominee thereof. 
 (e)        Subject to the provisions of clause
(g) below, the registered Holder may grant proxies and otherwise authorize any Person, including Agent Members (as defined below in clause (g)) and Persons that may hold interests through Agent Members, to take any action which a Holder is
entitled to take under this Agreement or the Notes. 
 (f)        In the event of
the occurrence of any of the events specified in clause (b) above, the Company will promptly make available to the Fiscal Agent a reasonable supply of certificated Notes in definitive, fully registered form, without interest coupons. 

(g)        Neither any members of, or participants in, Euroclear or Clearstream
(collectively, the “Agent Members”) nor any other Persons on whose behalf Agent Members may act shall have any rights under this Agreement with respect to any Global Note registered in the name of the Depositary or any nominee
thereof, or under any such Global Note, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Fiscal Agent and any agent of the Company or the Fiscal Agent as the absolute owner and Holder of such Global Note for
all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company or the Fiscal Agent or any agent of the Company or the Fiscal Agent from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the
exercise of the rights of a Holder of any Note. 
 ARTICLE III 

SATISFACTION AND DISCHARGE 

SECTION 3.1.    Satisfaction and Discharge of Agreement. 

The Company may terminate all of its obligations under this Agreement (except as to any surviving rights of registration of
transfer or exchange of Notes herein expressly provided for), and the Fiscal Agent, at the expense of the Company, shall execute instruments in form and substance satisfactory to the Fiscal Agent and the Company acknowledging satisfaction and
discharge of this Agreement, when 
 (1)        either 

  (A)        all Notes theretofore authenticated and
delivered (other than Notes which have been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.7) have been delivered to the Fiscal Agent for cancellation; or 

(B)        all such Notes not theretofore delivered to the Fiscal Agent for
cancellation 

  
 21 

 (i)        have become due and
payable, 
 (ii)       will become due and payable at their maturity date within one
year, or 
   (iii)      are to be called for redemption pursuant to
Section 10.1, Section 10.2, Section 10.3, Section 10.04 or Section 10.5 within one year under arrangements satisfactory to the Fiscal Agent for the giving of notice of redemption by the Fiscal Agent in the name, and at the
expense, of the Company, 
 and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Fiscal Agent as trust funds in trust for such purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Fiscal Agent for cancellation, for principal and
interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Redemption Date, as the case may be; 

  (2)        the Company has paid or caused to be paid or
made provision satisfactory to the Fiscal Agent for the payment of all other sums payable hereunder by the Company; and 

  (3)        the Company has delivered to the Fiscal Agent
an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Agreement have been complied with. 

Notwithstanding the satisfaction and discharge of this Agreement, the obligations of the Company to the Fiscal Agent under
Section 4.6, Section 5.6 and Section 9.3, any obligations of the Fiscal Agent under Section 3.2 and any rights of registration of transfer, exchange or replacement of Notes provided in Section 2.4, Section 2.5,
Section 2.6, Section 2.7, or Section 9.2 and any rights to Additional Amounts pursuant to Section 9.5 shall survive such satisfaction and discharge. 

SECTION 3.2.    Application of Trust Money. 

All money deposited with the Fiscal Agent pursuant to Section 3.1 shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Agreement, to the payment, either directly or through any Paying Agent as the Fiscal Agent may determine, to the Persons entitled thereto, of the principal and any interest (or Additional Amounts,
if any) for whose payment such money has been deposited with the Fiscal Agent. 
 ARTICLE IV 

REMEDIES OF THE FISCAL AGENT AND HOLDERS ON EVENT OF DEFAULT 

SECTION 4.1.    Event of Default. Unless otherwise established hereunder or by any applicable
amendment or supplement hereto, an “Event of Default” with respect to the Notes shall mean any one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

 

	 	1.	 default shall be made for more than seven days in the payment of principal or for more than 30 days in the
payment of interest in respect of any of the Notes; or 

  

	 	2.	 the Company defaults in the performance or observance of any covenant, condition or provision contained in
the Notes or in this Agreement for a period of 60 days after written notification requesting such default to be remedied by the Company shall first 

  
 22 

	 	 
have been given to the Company (and to the Fiscal Agent in the case of notice by the Holders referred to below) by the Fiscal Agent or Holders of at least 25% in principal amount of the then
Outstanding Notes (such notification must specify the Event of Default, demand that it be remedied and state that the notification is a “Notice of Default” hereunder); or 

 

	 	3.	 the Company shall have become bound as a consequence of a default by it in its obligations in respect of any
indebtedness for borrowed moneys having a total principal amount then outstanding of at least $50,000,000 (or its equivalent in any other currency or currencies) contracted or incurred by it prematurely to repay the same, or the Company shall have
defaulted in the repayment of any such indebtedness contracted or incurred by it at the later of the maturity thereof or the expiration of any applicable grace period therefor, or the Company shall have failed to pay when properly called upon to do
so, and after the expiration of any applicable grace period, any guarantee contracted or incurred by it of any such indebtedness in accordance with the terms of any such guarantee; provided, however, that, prior to any judgment, if any such default
under such indebtedness shall be cured by the Company, or be waived by the holders of such indebtedness, in each case as may be permitted under the terms of such indebtedness, then the Event of Default hereunder by reason of such default shall be
deemed likewise to have been thereupon cured or waived; or 

  

	 	4.	 a final and non-appealable order of a court of competent
jurisdiction shall be made or an effective resolution of the Company shall be passed for the winding-up or dissolution of the Company except for the purposes of or pursuant to a consolidation, amalgamation,
merger or reconstruction under which the continuing corporation or the corporation formed as a result thereof effectively assumes the entire obligations of the Company under this Agreement in relation to the Notes; or 

 

	 	5.	 an encumbrancer shall have taken possession, or a trustee or receiver shall have been appointed, in
bankruptcy, civil rehabilitation, reorganization or insolvency of the Company, of all or substantially all of its assets and undertakings and such possession or appointment shall have continued undischarged and unstayed for a period of 60 days;
or 

  

	 	6.	 the Company shall stop payment (within the meaning of the bankruptcy law of Japan) or (otherwise than for
the purposes of such a consolidation, amalgamation, merger or reconstruction as is referred to in paragraph 4 above) shall cease to carry on business or shall be unable to pay its debts generally as and when they fall due; or 

 

	 	7.	 a decree or order by any court having jurisdiction shall have been issued adjudging the Company bankrupt or
insolvent, or approving a petition seeking with respect to the Company reorganization or liquidation under bankruptcy, civil rehabilitation, reorganization or insolvency law of Japan, and such decree or order shall have continued undischarged and
unstayed for a period of 60 days; or 

  

	 	8.	 the Company shall initiate or consent to proceedings relating to itself under bankruptcy, civil
rehabilitation, reorganization or insolvency law of Japan or shall make a conveyance or assignment for the benefit of, or shall enter into any composition with, its creditors generally. 

SECTION 4.2.    Acceleration of Maturity; Rescission and Annulment. If an Event of
Default with respect to the Notes occurs and is continuing, then in every such case (other than an Event 

  
 23 

 
of Default specified in Section 4.1(7) or Section 4.1(8)) the Fiscal Agent or the Holders of not less than 25% in principal amount of the Outstanding Notes of each affected series may
declare the principal amount of all the Notes of such affected series to be due and payable immediately, by a notice in writing to the Company (and to the Fiscal Agent if given by Holders), and upon any such declaration such principal amount
together with all accrued and unpaid interest shall become immediately due and payable. 
 Notwithstanding the foregoing,
in the case of an Event of Default arising under Section 4.1(7) or Section 4.1(8) with respect to us, the principal of and interest on all outstanding Notes will become immediately due and payable without further action or notice. In
addition, the fiscal agent shall have no obligation to accelerate the Notes if, in the reasonable judgment of the fiscal agent, acceleration is not in the best interest of the holders. 

At any time after such a declaration of acceleration with respect to the Notes has been made and before a judgment or decree
for payment of the money due has been obtained by the Fiscal Agent as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Notes, by written notice to the Company and the Fiscal Agent, may rescind
and annul such declaration and its consequences if 
 (1)        the Company has
paid or deposited with the Fiscal Agent a sum sufficient to pay 
 (A)        all
overdue interest on all Notes, 
   (B)        the
principal of (and premium, if any, on) any Notes which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Notes, 

  (C)        to the extent that payment of such interest is
lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Notes, and 

  (D)        all sums paid or advanced by the Fiscal Agent
hereunder and the compensation and the reasonable expenses, disbursements and advances of the Fiscal Agent, its agents and counsel; and 

  (2)        all Events of Default with respect to Notes,
other than the non-payment of the principal of Notes which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 4.13. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

SECTION 4.3.    Collection of Indebtedness and Suits for Enforcement by Fiscal Agent.
The Company covenants that if 
   (1)        default is
made in the payment of any interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days, or 

  (2)        default is made in the payment of the principal
of (or premium, if any, on) any Note at the maturity thereof and such default continues for a period of seven days, 
 the
Company will, upon demand of the Fiscal Agent, pay to it, for the benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal and any premium and interest and, to the extent that payment of such interest
shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Notes, if any, and, in 

  
 24 

 
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation and the reasonable expenses, disbursements and advances of
the Fiscal Agent, its agents and counsel. 
 If an Event of Default with respect to the Notes occurs and is continuing, the
Fiscal Agent may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Notes by such appropriate judicial proceedings as the Fiscal Agent shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Agreement or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 4.4.    Fiscal Agent May File Proofs of Claim. 

In case of any judicial proceeding relative to the Company (or any other obligor upon the Notes), its property or its
creditors, the Fiscal Agent shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and
may enforce any such judgment or final decree against the Company upon the Notes and collect in the manner provided by law out of the property of the Company, wherever situated, the monies adjudged or decreed to be payable. In particular, the Fiscal
Agent shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in
any such judicial proceeding is hereby authorized by each Holder to make such payments to the Fiscal Agent and, in the event that the Fiscal Agent shall consent to the making of such payments directly to the Holders, to pay to the Fiscal Agent any
amount due it for the compensation and the reasonable expenses, disbursements and advances of the Fiscal Agent, its agents and counsel, and any other amounts due the Fiscal Agent under Section 5.6. 

No provision of this Agreement shall be deemed to authorize the Fiscal Agent to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Fiscal Agent to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Fiscal Agent may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

SECTION 4.5.    Fiscal Agent May Enforce Claims Without Possession of Notes. 

All rights of action and claims under this Agreement or the Notes may be prosecuted and enforced by the Fiscal Agent without
the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Fiscal Agent shall be brought in its own name as trustee of an express trust, and any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Fiscal Agent, its agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has
been recovered. 
 SECTION 4.6.    Application of Money Collected. 

Any money collected by the Fiscal Agent pursuant to this Article shall be applied in the following order, at the date or
dates fixed by the Fiscal Agent and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid: 
 FIRST: To the payment of all amounts due the Fiscal Agent and any predecessor Fiscal Agent under
Section 5.6; and 

  
 25 

 SECOND: To the payment of the amounts then due and unpaid for principal of
and interest on the Notes (including Additional Amounts, if any) in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such
Notes for principal and interest, respectively. 
 SECTION 4.7.    Limitation on
Suits. 
 Other than the right to institute a suit for the enforcement of the payment of principal of, or
interest on (including, in each case, any Additional Amounts, if applicable), any Notes after the applicable due date specified in the Notes, no Holder of any Note shall have any right to institute any proceeding with respect to this Agreement, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (a) such Holder has previously given written notice to the Fiscal Agent of a continuing Event of Default; (b) the Holders of not less than 25% in
aggregate principal amount of the Notes of each affected series shall have made written request to the Fiscal Agent to institute proceedings in respect of such Event of Default in its own name as Fiscal Agent; (c) such Holder or Holders have
offered to the Fiscal Agent indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (d) the Fiscal Agent for 60 days after its receipt of such notice, request and offer
of indemnity has failed to institute any such proceeding; and (e) no direction inconsistent with such written request has been given to the Fiscal Agent during such 60-day period by the Holders of a majority in aggregate principal amount of the
Notes of each affected series. 
 No one or more of such Holders shall have any right in any manner whatsoever by virtue
of, or by availing of, any provision of this Agreement to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under
this Agreement, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

SECTION 4.8.    Right of Holders to Receive Principal and Interest. 

Notwithstanding any other provision of this Agreement and any provision of any Note, the right of any Holder to receive
payment of the principal of, and interest on, such Note on or after the respective due dates expressed in such Note (or, in the case of redemption, on the Redemption Date), or to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder. 

SECTION 4.9.    Restoration of Rights and Remedies. 

If the Fiscal Agent or any Holder has instituted any proceeding to enforce any right or remedy under this Agreement and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Fiscal Agent or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Fiscal Agent and the
Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Fiscal Agent and the Holders shall continue as though no such proceeding had been instituted. 

SECTION 4.10.    Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in
Section 2.7 and as provided in Section 4.7, no right or remedy herein conferred upon or reserved to the Fiscal Agent or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 26 

 SECTION 4.11.    Delay or Omission Not
Waiver. 
 No delay or omission of the Fiscal Agent or of any Holder of any Notes to exercise any right or remedy
accruing upon any Event of Default or otherwise shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Fiscal Agent or to
the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Fiscal Agent or by the Holders, as the case may be. 

SECTION 4.12.    Control by Holders. 

The Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Fiscal Agent, or exercising any trust or power conferred on the Fiscal Agent, provided that 

(1)        such direction shall not be in conflict with any rule of
law or with this Agreement, 
 (2)        the action so directed
would not be unjustly prejudicial to the Holders not taking part in such direction or would involve the Fiscal Agent in personal liability, 

(3)        the Fiscal Agent may take any other action deemed proper by
the Fiscal Agent which is not inconsistent with such direction, and 

(4)        the Fiscal Agent shall not be advised by counsel that the
action or proceeding so directed may not lawfully be taken, and 
 provided further that the Fiscal Agent shall be
under no obligation to determine whether any such direction shall be in such conflict or so unjustly prejudicial to the Holders not taking part in such direction. 

Nothing in this Agreement shall impair the right of the Fiscal Agent in its discretion to take any action deemed proper by
the Fiscal Agent and which is not inconsistent with such direction by Holders of Notes. 

SECTION 4.13.    Waiver of Past Defaults. 

The Holders of not less than a majority in aggregate principal amount of the Outstanding Notes of the relevant series may, on
behalf of the Holders of all the Notes of such series, waive any past default hereunder, except a default 

(1)        in the payment of the principal of or interest on any Note
or any Additional Amounts payable in respect thereof, or 

(2)        in respect of a covenant or provision hereof which under
Article VIII cannot be modified or amended without the consent of the Holder of each Outstanding Note affected thereby. 

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose under this Agreement, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

SECTION 4.14.    Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Agreement, or in any suit against the Fiscal Agent for any
action taken, suffered or omitted by it as Fiscal Agent, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs, 

  
 27 

 
including reasonable attorneys’ fees and expenses, against any such party litigant; provided that no court shall require such an undertaking or to make such an assessment in any suit
instituted by the Company, the Fiscal Agent or any Holder or group of Holders holding in aggregate more than 10% in aggregate principal amount of the Outstanding Notes of a series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of or interest on any Outstanding Note on or after the due date expressed in such Note. 

SECTION 4.15.    Waiver of Stay or Extension Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Agreement; and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Fiscal Agent, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
 ARTICLE V 

THE FISCAL AGENT 

SECTION 5.1.    Certain Duties and Responsibilities. 

The Fiscal Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following, to
all of which the Company agrees and to all of which the rights of Holders of Notes are subject: 

(1)    In acting under this Agreement and in connection with the Notes, the Fiscal Agent
is acting solely as an agent of the Company and does not assume any responsibility for the correctness of the recitals in the Notes (except for the correctness of the statement of the Fiscal Agent in its certificate of authentication thereon) or any
obligation or relationship of agency, for or with any of the owners or Holders of the Notes. 

(2)    The Fiscal Agent may consult with its counsel at the Company’s expense, and
the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by them hereunder in good faith and without negligence and in accordance with such opinion. 

(3)    The Fiscal Agent shall (except as ordered by a court of competent jurisdiction or
as required by any applicable law), notwithstanding any notice to the contrary, be entitled to treat the Holder of any Security as the owner thereof, shall not be liable for so doing and shall be indemnified and held harmless by the Company against
any loss, liability, claim, demand or expense arising from or based upon it so doing. 

(4)    Except as may otherwise be agreed, the Fiscal Agent shall not be under any
liability for interest on monies at any time received by it pursuant to any of the provisions of this Agreement or of the Notes. 

(5)    The duties and obligations of the Fiscal Agent shall be determined solely by the
express provisions of this Agreement and the Notes and the Fiscal Agent shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement and the Notes, and no implied covenants or
obligations shall be read into this Agreement or the Notes against the Fiscal Agent. 

  
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 SECTION 5.2.    Certain Rights of
Fiscal Agent. 
 Subject to the provisions of Section 5.1: 

(1)        the Fiscal Agent may rely and shall be protected in acting
or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties; 

(2)        any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 

(3)        whenever in the administration of this Agreement the Fiscal
Agent shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Fiscal Agent (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its
part, rely upon an Officer’s Certificate; 
 (4)        the
Fiscal Agent may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon; 
 (5)        the Fiscal Agent shall be
under no obligation to exercise any of the rights or powers vested in it by this Agreement at the request or direction of any of the Holders pursuant to this Agreement, unless such Holders shall have offered to the Fiscal Agent security or indemnity
reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

(6)        the Fiscal Agent shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Fiscal Agent, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Fiscal Agent shall determine to make such further inquiry or investigation, it shall be entitled to examine
the books, records and premises of the Company, personally or by agent or attorney, it being understood that all reasonable expenses incurred in connection with such inquiry or investigation shall be borne by the Company and the Fiscal Agent shall
incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

(7)        the Fiscal Agent may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Fiscal Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it
hereunder; 
 (8)        the Fiscal Agent shall not be deemed to
have or charged with knowledge of any default or Event of Default unless (a) a Responsible Officer of the Fiscal Agent shall have actual knowledge of such default or Event of Default or (b) written notice of such default or Event of
Default shall have been given to a Responsible Officer of the Fiscal Agent by the Company or by any Holder of such Notes, and such notice references this Agreement and the Notes; 

(9)        the Fiscal Agent shall not be liable for any action taken,
suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement; 

  
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 (10)        the
Fiscal Agent shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; 

(11)        the rights, privileges, protections, immunities and
benefits given to the Fiscal Agent, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Fiscal Agent in each of its capacities hereunder, and each agent, custodian and other Person employed
to act hereunder; and 
 (12)        the Fiscal Agent may request
that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Agreement. 

SECTION 5.3.    Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Fiscal Agent’s certificates of authentication, shall be taken
as the statements of the Company, and the Fiscal Agent does not assume any responsibility for their correctness. The Fiscal Agent makes no representations as to the validity or sufficiency of this Agreement or of the Notes. The Fiscal Agent shall
not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

SECTION 5.4.    May Hold Notes. 

The Fiscal Agent, any Paying Agent, any Calculation Agent, the Notes Registrar or any other agent of the Fiscal Agent or the
Company, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company with the same rights it would have if it were not Fiscal Agent, Paying Agent, Calculation Agent, Notes Registrar or
such other agent. 
 SECTION 5.5.    Money Held in Trust. 

Money held by the Fiscal Agent in trust hereunder need not be segregated from other funds except to the extent required by
law. The Fiscal Agent shall be under no liability for interest on or investment of any money received by it hereunder except as otherwise agreed in writing with the Company. 

SECTION 5.6.    Compensation and Reimbursement. 

The Company agrees 

(1)        to pay to the Fiscal Agent from time to time such
compensation for all services rendered by it hereunder in such amounts as shall have been agreed upon in writing by the Company and the Fiscal Agent from time to time (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust); 
 (2)        except
as otherwise expressly provided herein, to reimburse the Fiscal Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Fiscal Agent in accordance with any provision of this Agreement (including the
reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, bad faith or willful misconduct; and 

(3)        to indemnify the Fiscal Agent for, and to defend and hold
it harmless against, any loss, liability or expense arising out of or in connection with the acceptance or administration of this trust or trusts hereunder, including taxes (other than taxes based upon or determined by the income of the Fiscal
Agent) and the costs and expenses of defending itself against any claim (whether asserted by the 

  
 30 

 
Company, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or
expense may be attributable to its negligence, bad faith or willful misconduct. 
 Notwithstanding anything to the contrary
herein, under no circumstances will the Fiscal Agent or any Agent be liable to the Company or any other party to this Agreement for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (inter alia, being loss
of business, goodwill, opportunity or profit); in each case however caused or arising and whether or not foreseeable, even if the Fiscal Agent or the Agent has been advised of the possibility of such loss or damage and regardless of whether the
claim for loss or damage is made in negligence, for breach of contract or otherwise. 
 The obligations of the Company to
the Fiscal Agent under the provisions of this Section 5.6 shall survive the resignation or removal of the Fiscal Agent, the termination of this Agreement and the payment in full of the Notes issued hereunder. 

SECTION 5.7.    Fiscal Agent Required. 

There shall at all times be one (and only one) Fiscal Agent hereunder. 

SECTION 5.8.    Resignation and Removal; Appointment of Successor. 

No resignation or removal of the Fiscal Agent and no appointment of a successor Fiscal Agent pursuant to this Article shall
become effective until the acceptance of appointment by the successor Fiscal Agent in accordance with the applicable requirements of Section 5.9. 

The Fiscal Agent may resign at any time by giving written notice thereof to the Company. If the instrument of acceptance by a
successor Fiscal Agent required by Section 5.9 shall not have been delivered to the Fiscal Agent within 30 days after the giving of such notice of resignation (or within 30 days of the Fiscal Agent receiving a notice of removal pursuant to the
provisions below), the resigning (or removed) Fiscal Agent may petition any court of competent jurisdiction for the appointment of a successor Fiscal Agent with respect to the Notes. 

The Fiscal Agent may be removed at any time by Act of the Holders of a majority in principal amount of the Outstanding Notes,
delivered to the Fiscal Agent and to the Company. 
 If at any time: 

(1)        the Fiscal Agent shall cease to be eligible under
Section 5.7 and shall fail to resign after written request therefor by the Company or any Holder, or 

(2)        the Fiscal Agent shall become incapable of acting or shall
be adjudged bankrupt or insolvent or a receiver of the Fiscal Agent or of its property shall be appointed or any public officer shall take charge or control of the Fiscal Agent or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 
 then, in any such case, (A) the Company may remove the Fiscal Agent or (B) any Holder who has been
a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Fiscal Agent with respect to all Notes and the appointment of a
successor Fiscal Agent. 
 If the Fiscal Agent shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Fiscal Agent for any cause, the Company, by a Board Resolution, shall promptly 

  
 31 

 
appoint a successor Fiscal Agent with respect to the Notes and shall comply with the applicable requirements of Section 5.7. If a successor Fiscal Agent with respect to the Notes shall be
appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Company and the retiring Fiscal Agent, the successor Fiscal Agent so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 5.9, become the successor Fiscal Agent with respect to the Notes and supersede the successor Fiscal Agent appointed by the Company. If no successor Fiscal Agent with respect to the Notes
shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 5.9 within one year after such resignation, removal or incapability, or the occurrence of such vacancy, any Holder who has
been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Fiscal Agent. 

The Company shall give notice, or shall cause the Notes Registrar to give notice, of each resignation and each removal of the
Fiscal Agent and each appointment of a successor Fiscal Agent to all Holders of Notes in the manner provided in Section 1.6. Each notice shall include the name of the successor Fiscal Agent and the address of the Fiscal Agent’s Office.

 SECTION 5.9.    Acceptance of Appointment by Successor. 

In case of the appointment hereunder of a successor Fiscal Agent, every such successor Fiscal Agent so appointed shall
execute, acknowledge and deliver to the Company and to the retiring Fiscal Agent an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Fiscal Agent shall become effective and such successor Fiscal Agent,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Fiscal Agent; but, on the request of the Company or the successor Fiscal Agent, such retiring Fiscal Agent shall, upon
payment of its charges, execute and deliver an instrument transferring to such successor Fiscal Agent all the rights, powers and trusts of the retiring Fiscal Agent and shall duly assign, transfer and deliver to such successor Fiscal Agent all
property and money held by such retiring Fiscal Agent hereunder. 
 Upon request of any such successor Fiscal Agent, the
Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Fiscal Agent all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Fiscal Agent shall accept its appointment unless at the time of such acceptance such successor Fiscal Agent
shall be qualified and eligible under this Article. 
 SECTION 5.10.    Merger, Conversion,
Consolidation or Succession to Business. 
 Any bank or trust company into which the Fiscal Agent may be merged or
converted or with which it may be consolidated, or any bank or trust company resulting from any merger, conversion or consolidation to which the Fiscal Agent shall be a party, or any bank or trust company succeeding to all or substantially all the
corporate trust business of the Fiscal Agent, shall be the successor of the Fiscal Agent hereunder, provided such bank or trust company shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any
further act on the part of any of the parties hereto. In case any Notes shall have been authenticated, but not delivered, by the Fiscal Agent then in office, any successor by merger, conversion, consolidation or sale to such authenticating Fiscal
Agent may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Fiscal Agent had itself authenticated such Notes. 

  
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 ARTICLE VI 

HOLDERS’ LISTS AND REPORTS BY FISCAL AGENT AND COMPANY 

SECTION 6.1.    Company to Furnish Fiscal Agent Names and Addresses of Holders. 

The Company will furnish or cause the Notes Registrar to furnish to the Fiscal Agent 

(1)        not later than 15 days after each Record Date, a list, in
such form as the Fiscal Agent may reasonably require, of the names and addresses of the Holders of Outstanding Notes as of such Record Date, and 

(2)        at such other times as the Fiscal Agent may reasonably
request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 

provided, however, that if and so long as the Fiscal Agent shall be Notes Registrar, no such list need be furnished. 

SECTION 6.2.    Preservation of Information; Communications to Holders. 

The Fiscal Agent shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders
contained in the most recent list furnished to the Fiscal Agent as provided in Section 6.1 and the names and addresses of Holders received by the Fiscal Agent in its capacity as Notes Registrar. The Fiscal Agent may destroy any list furnished
to it as provided in Section 6.1 upon receipt of a new list so furnished. 
 Every Holder of Notes, by receiving and
holding the same, agrees with the Company and the Fiscal Agent that neither the Company nor the Fiscal Agent nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders
made pursuant to applicable law. 
 ARTICLE VII 

MERGER, CONSOLIDATION, SALE OR DISPOSITION 

SECTION 7.1.    Company May Consolidate, Etc., Only on Certain Terms. 

The Company may not merge or consolidate into any other Person (the Company not being the continuing entity) or sell, lease
or dispose of its properties and assets substantially as an entirety (including by way of a corporate split (kaisha bunkatsu)), whether as a single transaction or a number of transactions, related or not, to any Person unless (a) such
Person assumes or succeeds the obligations of the Company under the all series of Notes and this Agreement (and, if such Person is organized in a jurisdiction other than Japan, agrees to pay additional amounts in respect of any taxes, duties,
assessments or governmental charges of whatever nature imposed or levied by or on behalf of the jurisdiction of such Person, or any authority therein or thereof having power to tax, corresponding to the obligation to pay Additional Amounts pursuant
to Section 9.5, substituting such jurisdiction for references to “Japan”) and (b) after giving effect thereto, no Event of Default shall have occurred and be continuing (such permitted transaction, a “Succession
Event”). 
 In connection with any such Succession Event, the Company shall deliver to the Fiscal Agent an
Officer’s Certificate and an Opinion of Counsel, each stating that such Succession Event and, if an amendment or supplement is required in connection with such transaction, such amendment or supplement, comply with this Section 7.1 and
that all conditions precedent in this Agreement provided for or relating to such 

  
 33 

 
transaction have been complied with, and that this Agreement and the Notes are the legal, valid and binding obligation of such succeeding Person, enforceable against such Person in accordance
with their terms (subject to customary exceptions). 
 SECTION 7.2.    Successor
Substituted. 
 Upon any Succession Event in accordance with Section 7.1, such succeeding entity (the
“Successor Person”) formed by such Succession Event shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Agreement with the same effect as if such Successor Person had been
named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Agreement and the Notes. 

ARTICLE VIII 
 AMENDMENTS AND
SUPPLEMENTS 
 SECTION 8.1.    Without Consent of Holders. 

Without the consent of any Holders, the Company and the Fiscal Agent, at any time and from time to time, may enter into one
or more amendments or supplements to this Agreement, in form satisfactory to the Fiscal Agent, for any of the following purposes: 

(1)        to evidence the succession of another Person to the Company
and the assumption by any such successor of the covenants of the Company herein and in the Notes; or 

(2)        to add to the covenants of the Company or to surrender any
right or power herein conferred upon the Company for the benefit of the Holders; or 

(3)        to evidence and provide for the acceptance of appointment
hereunder by a successor Fiscal Agent; or 
 (4)        to cure any
ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Agreement, provided that
such action pursuant to this Clause (4) shall not adversely affect the interests of the Holders of Notes in any material respect; or 

(5)        to make any other change that does not adversely affect the
interests of the Holders of the Notes in any material respect. 
 SECTION 8.2.    With Consent
of Holders. 
 Modification and amendment of this Agreement and the Notes of any series may be made by the
Company and the Fiscal Agent with the written consent of the Holders of at least 66% in aggregate principal amount of the Outstanding Notes of each affected series; provided, however, that no such modification or amendment may, without the
consent of the Holder of each Outstanding Note affected thereby: 

(i)        change the maturity date of the principal or payment date
of any interest or change any obligation of the Company to pay any Additional Amounts, 

(ii)        reduce the principal amount of, or rate of interest on,
any Note, 
 (iii)        change the redemption date or price at
which Notes are redeemed, including the special mandatory redemption, 

  
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 (iv)        affect
the rights of Holders of less than all the Outstanding Notes, 

(v)        change the place of payment where, or the coin or currency
in which, any Note or interest thereon is payable, or 

(vi)        impair the right of a Holder to institute suit for the
enforcement of any payment on or with respect to any Note on or after the date when due; 
 provided, further, that no such
modification may, without the consent of the Holders of all Notes of the affected series Outstanding at the time, alter the respective percentages of Outstanding Notes necessary, pursuant to this Agreement, to modify the terms of the Notes, waive
past defaults or accelerate the payment of the principal amount of the Notes. 
 It shall not be necessary for any Act of
Holders under this Section 8.2 to approve the particular form of any proposed amendment or supplement hereto, but it shall be sufficient if such Act shall approve the substance thereof. 

SECTION 8.3.    Execution of Amendments or Supplements. 

In executing, or accepting the additional trusts created by, any amendment or supplement permitted by this Article or the
modifications thereby of the trusts created by this Agreement, the Fiscal Agent shall receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or supplement is authorized or permitted
by this Agreement. The Fiscal Agent may, but shall not be obligated to, enter into any such amendment or supplement which affects the Fiscal Agent’s own rights, duties or immunities under this Agreement or otherwise. 

SECTION 8.4.    Effect of Amendments or Supplements. 

Upon the execution of any amendment or supplement under this Article, this Agreement shall be modified in accordance
therewith, and such amendment or supplement shall form a part of this Agreement for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 8.5.    Reference in Notes to Amendments or Supplements. 

Notes authenticated and delivered after the execution of any amendment or supplement pursuant to this Article may, and shall
if required by the Fiscal Agent, bear a notation in form approved by the Fiscal Agent as to any matter provided for in such amendment or supplement. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Fiscal
Agent and the Company, to any such amendment or supplement may be prepared and executed by the Company and such Notes may be authenticated and delivered by the Fiscal Agent in exchange for Outstanding Notes. 

ARTICLE IX 
 COVENANTS 

SECTION 9.1.    Payment of Principal, Interest and Additional
Amounts. 
 The Company covenants and agrees that it will duly and punctually pay the principal of and interest
on the Notes (and Additional Amounts, if any) in accordance with the terms of the Notes and this Agreement. 

  
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 SECTION 9.2.    Maintenance of Office or
Agency. 
 So long as any of the Notes remain Outstanding, the Company will maintain in London an office or
agency where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and this Agreement may be served.
The Company will give prompt written notice to the Fiscal Agent of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish
the Fiscal Agent with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Fiscal Agent’s Office. The Company hereby initially designates the office of the Paying Agent as specified in the
Reverse of Note as the office or agency for each such purpose. 
 The Company may also from time to time designate one or
more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in London for such purposes. The Company will give prompt written notice to the Fiscal Agent of any such designation or rescission and of any change in the location of any
such other office or agency. 
 With respect to any Global Note, and except as otherwise may be specified for such Global
Note as contemplated by Section 2.5, the Fiscal Agent’s Office shall be the place of payment where such Global Note may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Notes may be
delivered in exchange therefor, provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Note shall be deemed to have been effected at the place of
payment for such Global Note in accordance with the provisions of this Agreement. 

SECTION 9.3.    Money for Notes Payments to Be Held in Trust. 

Whenever the Company shall have one or more Paying Agents, it shall deposit or cause to be deposited with a Paying Agent, a
sum for value each due date sufficient to pay the principal of or interest (or Additional Amounts, if any) on the Notes, such sum to be held in trust for the benefit of the Persons entitled to such principal or interest, and (unless such Paying
Agent is the Fiscal Agent) the Company will promptly notify the Fiscal Agent in writing of its action or failure so to act. 

The Company will cause each Paying Agent other than the Fiscal Agent to execute and deliver to the Fiscal Agent an instrument
in which such Paying Agent shall agree with the Fiscal Agent, subject to the provisions of this Section 9.3, that such Paying Agent will (1) hold all sums held by it for the payment of the principal of or interest on Notes in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided, (2) give the Fiscal Agent prompt written notice of any default by the Company (or any other obligor upon the
Notes) in the making of any payment of principal or interest on the Notes and (3) during the continuance of any default by the Company (or any other obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written
request of the Fiscal Agent, forthwith pay to the Fiscal Agent all sums held in trust by such Paying Agent for payment in respect of the Notes. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Agreement or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay, to the Fiscal Agent all sums held in trust by such Paying Agent, such sums to be held by the Fiscal Agent upon the same trusts as those upon which such sums were held by such Paying
Agent; and, upon such payment by any Paying Agent to the Fiscal Agent, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Fiscal Agent or any Paying Agent in trust for the payment of the principal of or interest or
Additional Amounts (if applicable) on any Note and remaining unclaimed for two years 

  
 36 

 
after such principal, interest or Additional Amounts have become due and payable and paid to the Fiscal Agent shall, upon receipt of a Company Request, be paid by the Fiscal Agent or such Paying
Agent to the Company and, to the extent permitted by law, the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Fiscal Agent or such Paying Agent with
respect to such trust money shall thereupon cease. 
 SECTION 9.4.    Statement by Officers as
to Default. 
 The Company shall deliver to the Fiscal Agent, reasonably promptly after the Company becomes
aware of the occurrence of (i) any Event of Default or an event which, with notice or the lapse or time or both, would constitute an Event of Default or (ii) any default in the performance by the Company of any obligation under the Notes
or this Agreement, an Officer’s Certificate setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 

The Company will deliver to the Fiscal Agent, within 120 days after the end of each fiscal year of the Company ending after
the date hereof or within 10 Business Days of any request by the Fiscal Agent, an Officer’s Certificate of the Company, in substantially the form set forth in Exhibit D hereto, stating whether or not to the knowledge of the signer thereof the
Company is in default in the performance and observance of any of the terms, provisions and conditions under this Agreement (without regard to any period of grace or requirement of notice provided hereunder) and if the Company shall be in default
specifying all such defaults and the nature and status thereof of which the signer may have knowledge. As of the date hereof, the fiscal year of the Company ends on March 31 of each calendar year. 

SECTION 9.5.    Additional Amounts. 

All payments of principal and interest in respect of the Notes shall be made without withholding or deduction for or on
account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to tax (“Taxes”), unless such
withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the Holders of such amounts as would have been
received by them had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to any Notes under any of the following circumstances: 

(i)        the Holder or beneficial owner of the Notes is an
individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of such Notes by reason of its (A) having some present or former connection with Japan other than the
mere holding of such Notes or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on Special Measures
Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)        the Holder or beneficial owner of the Notes would
otherwise be exempt from any such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to
the relevant Paying Agent to whom the relevant Notes are presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant (as defined below) and the relevant international
clearing organization to such Paying Agent; 
 (iii)        the
Holder or beneficial owner of the Notes is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement
to provide Interest Recipient Information or to 

  
 37 

 
submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the
relevant Paying Agent of its status as not being subject to Taxes to be withheld or deducted by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on such Notes through a payment handling agent
in Japan appointed by it); 
 (iv)        the Note is presented for
payment (where presentation is required) more than 30 days after the day on which such payment on the Notes became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder thereof would have been
entitled to Additional Amounts on presenting the same for payment on the last day of such period of 30 days; 

(v)        the withholding or deduction is imposed on a Holder or
beneficial owner that could have avoided such withholding or deduction by presenting its Notes (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)        the Holder is a fiduciary or partnership or is not the
solebeneficial owner of the payment of the principal of, or any interest on, any Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of such Note; or 

(vii)        any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Fiscal Agent, any Paying Agent or any other person shall be required to
pay any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law,
regulation or other official guidance implementing FATCA, or any agreement between the Company, the Fiscal Agent, a Paying Agent or any other person and the United States, any other jurisdiction, or any authority of any of the foregoing
implementing FATCA. 
 Where the Notes are held through a participant of an international clearing organization or a
financial intermediary (each, within this Section 9.5, referred to as a “Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner
of the Notes is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese
financial institution (each, a “Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial
owner of the Notes must, at the time of entrusting a Participant with the custody of the relevant Notes, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the
Participant to establish that such beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of the Notes ceases to be so exempted (including the case where a
beneficial owner of the Notes that is an individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

Where Notes are not held by a Participant, in order to receive payments free of withholding or deduction by the Company for
or on account of Taxes, if the relevant beneficial owner of the Notes is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a
specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial owner must, prior to each time at which it receives interest, submit to the
relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form obtainable from the Paying Agent stating, inter alia, the name and address
of the beneficial owner, the title of the Notes, the relevant Interest Payment Date, the amount of interest and the fact 

  
 38 

 
that the beneficial owner is qualified to submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Fiscal Agent,
and the Fiscal Agent shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Fiscal Agent. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on the Notes; provided that, except as otherwise set forth in the Notes and in this Agreement, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to this Agreement or as a consequence of
the initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest
in respect of the Notes shall be deemed to include any Additional Amounts due which may be payable as set forth in the Notes and this Agreement. 

SECTION 9.6.    Appointment to Fill a Vacancy in Office of Fiscal Agent. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Fiscal Agent, will appoint, in the manner
provided in Section 5.8, a Fiscal Agent, so that there shall at all times be a Fiscal Agent hereunder. 

SECTION 9.7.    Indemnification of Judgment Currency. 

The Company agrees to indemnify each Holder to the full extent permitted by applicable law against any loss incurred by such
Holder as a result of any judgment or order being given or made for any amount due under such Note and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than Euros (the “Required
Currency”) and as a result of any variation as between (a) the rate of exchange at which the Required Currency is converted into the Judgment Currency for the purpose of such judgment or order and (b) the spot rate of exchange in
London at which the Holder on the date that payment is made pursuant to such judgment or order is able to purchase the Required Currency with the amount of the Judgment Currency actually received by the Holder. The Company’s obligations under
this Agreement to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment, in any currency other than the Required Currency, except to the extent that such tender
or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained
for any other sum due under this Agreement. 
 SECTION 9.8.    Rule 144A
Information. 
 At any time when the Company is not subject to Section 13 or 15(d) of the Exchange Act and
is not exempt from reporting requirements under the Exchange Act pursuant to Rule 12g3-2(b) under the 

  
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Exchange Act, upon the request of a Holder of, or owner of a beneficial interest in, a Note, the Company shall promptly furnish or cause to be furnished Rule 144A Information (as defined below)
to such Holder or beneficial owner or to a prospective purchaser of such Note designated by such Holder or beneficial owner or to the Fiscal Agent for delivery to such Holder or beneficial owner or prospective purchaser, as the case may be, in order
to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note or any interest therein by such Holder or beneficial owner. “Rule 144A Information” shall be
such information as is at the time of such proposed purchase specified pursuant to Rule 144A(d)(4) under the Securities Act, as amended (or any successor provision thereto). 

SECTION 9.9.    Reporting Requirements. 

For as long as any Notes are Outstanding, the Company will promptly furnish to the Fiscal Agent (A) such other
documents, reports and information as shall be furnished by the Company to its security holders generally; (B) within six months after the end of each fiscal year, an annual report in English including a consolidated balance sheet and
consolidated statements of operations, surplus and cash flows of the Company audited by independent public accountants and prepared in conformity with International Financial Reporting Standards; and (C) as soon as practicable after the end of
each interim period (other than the last interim period of a fiscal year) an interim report in English including financial statements of the Company (or, if consolidated financial statements are prepared, its consolidated financial statements). 

SECTION 9.10.    Negative Pledge. 

So long as any Note remains outstanding, the Company shall not, and shall procure that none of its Principal Subsidiaries
shall, create or permit to subsist any Lien on any of its, or, as the case may be, such Principal Subsidiary’s, property, assets or revenues, present or future, to secure for the benefit of the holders of Public External Indebtedness payment of
any sum owing in respect of any such Public External Indebtedness, any payment under any guarantee of any such Public External Indebtedness or any payment under any indemnity or other like obligation relating to any such Public External
Indebtedness, unless contemporaneously therewith effective provision is made to secure the Notes equally and ratably with such Public External Indebtedness with a similar Lien on the same property, assets or revenues securing such Public External
Indebtedness for so long as such Public External Indebtedness are secured by such Lien. 
 ARTICLE X 

REDEMPTION AND PURCHASE OF SECURITIES 

SECTION 10.1.    Optional Redemption of Fixed Rate Notes. 

The 2020 Notes, the 2022 Notes, the 2026 Notes and the 2030 Notes may be redeemed at any time at the option and sole
discretion of the Company, in whole or in part, at any time prior to the maturity date with respect to the 2020 Notes, October 21, 2022 (the “2022 Par Call Date”) with respect to the 2022 Notes, August 21, 2026 (the
“2026 Par Call Date”) with respect to the 2026 Notes and August 21, 2030 (the “2030 Par Call Date”) with respect to the 2030 Notes, in each case, upon giving not less than 30 nor more than 60 days’ notice
of redemption to the Fiscal Agent and the Holders (which notice shall be irrevocable and shall conform, as applicable, to the additional notice requirements set forth in Section 10.5), at a redemption price equal to the greater of: 

(a) 100% of the principal amount of the Notes being redeemed; or 

(b) the sum of the present values of the principal and the remaining scheduled payments of interest on the Notes being
redeemed (exclusive of interest accrued to the Redemption Date) that would be due if such Notes were (a) held to the maturity date with respect to the 2020 notes or (b) redeemed on the applicable par

  
 40 

 
call date, in each case discounted to the Redemption Date on an annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Comparable Government Bond Rate plus 15 basis points in the case of the 2020 Notes, 25 basis points in the case of the 2022 Notes, 35 basis points in the case of the 2026 Notes and 40
basis points in the case of the 2030 Notes, plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed up to, but excluding, the Redemption Date. 

The 2022 Notes, the 2026 Notes and the 2030 Notes may be redeemed at any time at the option and sole discretion of the
Company, in whole or in part, at any time on or after the 2022 Par Call Date with respect to the 2022 Notes, the 2026 Par Call Date with respect to the 2026 Notes, and the 2030 Par Call Date with respect to the 2030 Notes, in each case upon giving
not less than 30 nor more than 60 days’ notice of redemption to the Fiscal Agent and the Holders (which notice shall be irrevocable and shall conform, as applicable, to the additional notice requirements set forth in Section 10.5), at a
redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, the Redemption Date. 

If less than all of the Notes are to be redeemed, the Notes shall be redeemed on a pro rata basis (or, in the case of Notes
represented by global notes, in accordance with the procedures of Euroclear and/or Clearstream), based on the then outstanding principal amount of each Note, provided, however, that if any such pro-rated
redemption would result in any Notes having an authorized principal amount of less than the minimum authorized denomination, all such Notes shall be redeemed in full prior to the redemption of any other Notes, except as may be provided in the form
of Note or in any amendment or supplement hereto. For all purposes of this Agreement, unless the context otherwise requires, all provisions relating to the redemption of the Notes shall relate, in the case of any Note redeemed or to be redeemed only
in part, to the portion of the principal amount of such Note which has been or is to be redeemed. 

SECTION 10.2.    Optional Redemption due to an Additional Amounts Event. 

Each series of the Notes may be redeemed at any time at the option and sole discretion of the Company in whole, but not in
part, subject to compliance with applicable regulatory requirements, upon giving not less than 30 nor more than 60 days’ notice of redemption to the Fiscal Agent and the Holders (which notice shall be irrevocable and shall conform, as
applicable, to the additional notice requirements set forth in Section 10.5) at the principal amount of the Notes together with interest accrued to the date fixed for redemption and any Additional Amounts thereon, if the Company has been or
will be obliged to pay any Additional Amounts with respect to such series as a result of (a) any change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax,
or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of the issuance of the Notes or (b) after the completion of any Succession Event, any change
in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or
regulations, which change or amendment becomes effective on or after the date of such Succession Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available
to the Company or the Successor Person, as the case may be (an “Additional Amounts Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 10.2 shall be given sooner than 90 days prior to the
earliest date on which the Company would actually be obliged to pay such Additional Amounts on payments with respect to the Notes. 

Prior to the publication of any notice of redemption pursuant to this Section 10.2, the Company shall deliver to the
Fiscal Agent (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal advisors of recognized standing confirming that an
Additional Amounts Event has occurred. The Fiscal Agent shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be conclusive and binding on the Holders. 

  
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 SECTION 10.3.    Special Mandatory
Redemption. 
 If (i) the Shire Acquisition has not been consummated on or prior to the Long Stop Date or
(ii) the Company otherwise publicly announces that the Shire Acquisition will not be consummated, then the Company will be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a special mandatory redemption price
equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates
falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in accordance with the terms of the Notes and this
Agreement. 
 The Company will cause the notice of special mandatory redemption to be transmitted, with a copy to the
Fiscal Agent, within five Business Days after the occurrence of the event triggering the special mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special mandatory redemption price of the outstanding
notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Fiscal Agent or a paying agent on or before such Special Mandatory Redemption Date, and
certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 

Upon the consummation of the Shire Acquisition, the foregoing provisions regarding the special mandatory redemption will
cease to apply. 
 SECTION 10.4.    Election to Redeem; Notice to Fiscal Agent.

 The election of the Company to redeem any Notes shall be evidenced by a Company Order and an Officer’s Certificate,
both given to the Fiscal Agent. 
 SECTION 10.5.    Notice of Redemption. 

Notice of redemption shall be given transmitted not less than 30 nor more than 60 days prior to the date for redemption
(“Redemption Date”), to the Fiscal Agent and to each Holder of Notes to be redeemed at his address appearing in the Notes Register. If by reason of any cause, it shall be impracticable to give notice to the Holder in the manner
prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Fiscal Agent on behalf of and at the instruction of the Company (as set forth below) shall constitute sufficient provision of such notice, if such
notification shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of redemption given to the Holder of any other Note
shall affect the sufficiency of any notice with respect to this Note. 
 All notices of redemption shall state: 

(1)        the Redemption Date, 

(2)        the redemption price and the amount of any accrued and
unpaid interest payable on the Redemption Date, 
 (3)        the
ISIN and Common Code or other identifying number of the Notes, 

(4)        that on the Redemption Date, the redemption price (together
with any accrued and unpaid interest payable on the Redemption Date) will become due and payable upon each such Notes to be redeemed and that interest thereon will cease to accrue on and after said date, and 

  
 42 

 (5)        the place
or places where such Notes are to be surrendered for payment of the redemption price, and accrued interest, if any. 

Notice of redemption of Notes to be redeemed at the election of the Company shall be given by the Company or, at the
Company’s request by the Fiscal Agent in the name and at the expense of the Company (provided that the Company shall have delivered to the Fiscal Agent, at least five Business Days before notice of redemption is required to be given to Holders
(unless a shorter notice shall be agreed to by the Fiscal Agent), a Company Request requesting that the Fiscal Agent give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph) and shall be
irrevocable. 
 SECTION 10.6.    Deposit of Redemption Price. 

Prior to any Redemption Date, the Company shall deposit with the Fiscal Agent or with a Paying Agent an amount of money
sufficient to pay the redemption price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Notes which are to be redeemed on that date. 

SECTION 10.7.    Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due
and payable at the redemption price applicable thereto, and from and after such date (unless the Company shall default in the payment of the redemption price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such
Note for redemption in accordance with said notice, such Note shall be paid by the Company at the redemption price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose payment date is
on or prior to the Redemption Date will be payable to the Holders of such Notes, registered as such at the close of business on the relevant Record Date according to their terms. 

If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in the terms of the Note. 

SECTION 10.8.    Repurchase of Notes. 

The Company or any subsidiary thereof may, at any time, purchase the Notes for cancellation in the open market or otherwise
at any price. 
 ARTICLE XI 

CALCULATION AGENT 

SECTION 11.1.    Appointment. 

The Company appoints MUFG Bank, Ltd. as the initial Calculation Agent in relation to any Floating Rate Note issued under this
Agreement. MUFG Bank, Ltd. accepts its appointment as Calculation Agent, subject to the conditions of this Article. 

SECTION 11.2.    Calculation of Floating Interest. 

The Calculation Agent shall calculate the interest rates and amounts of interest payable in respect of the Floating Rate
Notes at such dates and times and in accordance with such other terms and conditions as set forth on any Registered Security of such series. 

  
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 Unless otherwise instructed by the Company, the Calculation Agent will
cause the interest rate, the number of days in, and the interest amount for, the relevant interest period and the interest payment date, in respect of each series of the Floating Rate Notes to be notified to the Company, the Fiscal Agent and
Euroclear or Clearstream, as applicable, or through Euroclear or Clearstream, as applicable, or through other reasonable means to make such information available, in order that such information will be published or notified to the Holders of record
as soon as possible after their determination but in no event later than the first day of the relevant interest period. If the Floating Rate Notes become due and payable as described in Article X or pursuant to an acceleration upon an Event of
Default other than on an interest payment date, the accrued interest payable, the interest rate, the number of days in the relevant interest period and the interest payment date in respect of such Floating Rate Notes shall nevertheless continue to
be calculated and notified as previously in accordance with the foregoing provisions and this Agreement. All determinations and calculations made by the Calculation Agent, and any quotations obtained from the relevant banks for the purposes of
calculating the interest rate and interest amount, pursuant to the foregoing provisions will, in the absence of negligence, bad faith or manifest error, be binding on the Holders, the Company, the Fiscal Agent, the Paying Agent and the Calculation
Agent. The interest rate payable on any Floating Rate Notes will not be higher than the maximum rate permitted by the law of the State of New York as modified by United States law of general application or by Japanese law and as notified to the
Fiscal Agent and the paying agent in writing five Business Days prior to any interest payment date, if applicable. 

SECTION 11.3.    Commissions; Incidental Acts. 

The Company shall promptly pay to the Calculation Agent such fees as agreed in writing between the Company and the
Calculation Agent, in respect of the services of the Calculation Agent (plus any applicable value added tax), in accordance with the provisions of this Agreement. The Calculation Agent shall not charge any other commissions or expenses to any person
in respect of its actions hereunder. The Company and the Calculation Agent will carry out such other incidental acts as may reasonably be necessary to perform each party’s respective obligations hereunder. 

SECTION 11.4.    Rights and Liabilities of the Calculation Agent. 

No provision of this Agreement shall be construed to relieve the Calculation Agent from liability for its own negligent
action, its own negligent failure to act, its own bad faith or its own willful misconduct. 

(a)        The Calculation Agent (i) may engage and pay for the
advice or services of any lawyers or other experts whose advice or services it considers necessary or advisable and rely upon any advice so obtained; (ii) may conclusively rely and shall be protected in acting or refraining from acting upon any
resolution, Officer’s Certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties; and (iii) shall be entitled to rely on and assume (without further inquiry) that any matter purported to be authorized, approved or ratified by any Board Resolution or Officer’s
Certificate is adequate and complete authorization, approval and ratification in respect of the Company and its actions under this Agreement. 

(b)        The Calculation Agent shall not be deemed to have notice of
any Event of Default unless a Responsible Officer of the Calculation Agent has received written notice thereof and such notice references the Floating Rate Notes and this Agreement. 

(c)        In no event shall the Calculation Agent be liable for any
action taken in accordance with the instructions of the Company in the absence of bad faith, negligence or willful misconduct on its part. 

(d)        Notwithstanding the satisfaction or discharge of this
Agreement or the resignation, replacement or removal of the Calculation Agent, the Calculation Agent shall under no circumstances be 

  
 44 

 
liable to any party for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, inter alia, loss of business, goodwill, opportunity or profit)
even if advised of the likelihood of such loss on damages and regardless of the form of action. The provisions of this Section 11.04(d) shall survive the termination and discharge of this Agreement and the resignation or removal of the
Calculation Agent. 
 (e)        In no event shall the Calculation
Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, existing or future law or
regulation, any existing or future act of governmental authority, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services, it being understood that the Calculation Agent shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances. 
 (f)        The Calculation
Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon,
security, or other paper or document (except those issued by the Calculation Agent), but the Calculation Agent, in its discretion, may make such reasonable further inquiry or investigation into such facts or matters as it may see fit, at the cost of
the Company, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(g)        The Calculation Agent may request that the Company deliver
an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Agreement, which Officer’s Certificate may be signed by any person authorized to
sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

(h)        The permissive right of the Calculation Agent hereunder to
take or omit to take any action shall not be construed as a duty. 

(i)        The Company covenants to indemnify the Calculation Agent
for, and to hold it harmless against, any loss, liability or expense arising out of or in connection with the performance of its duties hereunder, including the reasonable costs and expenses (including the properly incurred charges and expenses of
its agents and counsel) of defending itself against or investigating any claim of liability arising out of or in connection with the same, except to the extent such loss, liability or expense is due to the bad faith, negligence, or willful
misconduct of the Calculation Agent. The obligations of the Company under this Section 11.04 to compensate and indemnify the Calculation Agent and to pay or reimburse the Calculation Agent for expenses shall survive the resignation or removal
of the Calculation Agent and the satisfaction and discharge of this Agreement. 

(j)        None of the provisions contained in this Agreement shall
require the Calculation Agent to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, unless it is indemnified and/or secured to its
reasonable satisfaction. 
 SECTION 11.5.    Resignation and Removal. 

The Calculation Agent may at any time resign as Calculation Agent by giving written notice to the Company of such intention
on its part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall never be earlier than 30 days after the receipt of such notice by the Company, unless the Company
otherwise agrees in writing. The Calculation Agent may be removed at any 

  
 45 

 
time by the filing with it of any instrument in writing signed on behalf of the Company and specifying such removal and the date when it is intended to become effective. Such resignation or
removal shall take effect upon the date of the appointment by the Company, as hereinafter provided, of a successor Calculation Agent. If within 30 days after notice of resignation or removal has been given, a successor Calculation Agent has not been
appointed, the Calculation Agent may, on behalf of and at the expense of the Company, with prior notice to the Company, appoint its own successor or the resigning Calculation Agent or the Company may petition any court of competent jurisdiction for
the appointment of a successor Calculation Agent. If at any time the Calculation Agent shall resign or be removed, or be dissolved, or if the property or affairs of the Calculation Agent shall be taken under the control of any State or federal court
or administrative body because of bankruptcy or insolvency or for any other reason, then a successor Calculation Agent shall as soon as practicable be appointed by the Company by an instrument in writing filed with the predecessor Calculation Agent,
the successor Calculation Agent and the Fiscal Agent. Upon the appointment of a successor Calculation Agent and acceptance by it of such appointment, the Calculation Agent so succeeded shall cease to be such Calculation Agent hereunder. Upon its
resignation or removal, the Calculation Agent shall be entitled to the payment by the Company of its compensation, if any is owed to it, for services rendered hereunder and to the reimbursement of all reasonable out-of-pocket expenses (including properly incurred counsel fees and expenses) incurred in connection with the services rendered by it hereunder and to the payment of all other amounts owed to it hereunder.

 Any successor Calculation Agent appointed hereunder shall execute and deliver to its predecessor, the Company and the
Fiscal Agent an instrument accepting such appointment hereunder, and thereupon such successor Calculation Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and
obligations of such predecessor with like effect as if originally named as such Calculation Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obliged to transfer and deliver, and
such successor Calculation Agent shall be entitled to receive, copies of any relevant records maintained by such predecessor Calculation Agent. 

  
 46 

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

					
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	 By:
	 	 /s/ Mitsuhiro Okada

		 	 Name:
	 	 Mitsuhiro Okada

		 	 Title:
	 	Head of Global Treasury & Finance Management
	
	 MUFG BANK, LTD.,
as Fiscal Agent

		
	 By:
	 	 /s/ Nikola Moore

		 	 Name:
	 	 Nikola Moore

		 	 Title:
	 	 Director

  
 47 

 EXHIBIT A-1 

FORM OF RULE 144A GLOBAL NOTE 

[FORM OF FACE OF NOTE] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THE HOLDER HEREOF AGREES FOR THE BENEFIT OF TAKEDA PHARMACEUTICAL COMPANY LIMITED (THE “COMPANY”) THAT THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY, (2) TO A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) OR A PERSON WHO THE SELLER AND ANY PERSON ACTING ON ITS BEHALF REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN ACCORDANCE WITH RULE 144A,
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT, PROVIDED THAT, AS A CONDITION TO THE REGISTRATION OF THE TRANSFER THEREOF, THE COMPANY OR THE FISCAL AGENT MAY REQUIRE THE DELIVERY OF ANY DOCUMENTS, INCLUDING AN OPINION OF COUNSEL, THAT IT, IN ITS SOLE
DISCRETION, MAY DEEM NECESSARY OR APPROPRIATE TO EVIDENCE COMPLIANCE WITH SUCH EXEMPTION, OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES AND OTHER JURISDICTIONS. THE HOLDER HEREOF, BY, PURCHASING OR ACCEPTING THIS NOTE, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM THE HOLDER OF THE RESALE
RESTRICTIONS REFERRED TO ABOVE. 
 TRANSFERS AND EXCHANGES OF THIS NOTE, IN WHOLE OR IN PART, AND OF BENEFICIAL INTERESTS
IN THIS NOTE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE FISCAL AGENCY AGREEMENT, A COPY OF WHICH IS AVAILABLE FOR INSPECTION AT THE OFFICE OF THE FISCAL AGENT. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV, AS OPERATOR OF THE EUROCLEAR
SYSTEM (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF MUFG NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO MUFG NOMINEES (UK) LIMITED OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, MUFG NOMINEES (UK)
LIMITED, HAS AN INTEREST HEREIN. 
 INTEREST PAYMENTS ON THIS NOTE GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX
UNLESS IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS DESCRIBED IN

  
 A-1-1 

 
ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A
“SPECIALLY-RELATED PERSON OF THE COMPANY”), (II) A JAPANESE FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE
3-2-2, PARAGRAPH (28) OF THE CABINET ORDER (CABINET ORDER NO. 43 OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE
REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS RECEIVED SUCH PAYMENTS THROUGH A PAYMENT HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE
REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 
 INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN,
TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING PARAGRAPH, OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A
SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS. 

  
 A-1-2 

 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

[0.375% Senior Notes due 2020] 

[1.125% Senior Notes due 2022] 

[2.250% Senior Notes due 2026] 

[3.000% Senior Notes due 2030] 
  

	 No. 144A-1 
	 Principal Amount €● 

ISIN ●1 

Common Code ●2 

Takeda Pharmaceutical Company Limited (the “Company”), for value received, hereby promises to pay to MUFG
Nominees (UK) Limited, or registered assigns, the principal amount set forth above on ●3, and to pay interest thereon from November 21, 2018 or from the most recent Interest Payment
Date to which interest has been paid or made available for payment, annually in arrears on each Interest Payment Date commencing on November 21, 2019, at the rate of ●4% per annum,
together with such Additional Amounts (if any) as may be payable under this Note, until the principal hereof is paid or made available for payment. Interest on this Note will accrue from the date of original issuance or, if interest has
already been paid, from the date it was most recently paid. Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on
which interest was paid on the fixed rate notes (or from November 21, 2018, if no interest has been paid on the fixed rate notes) to, but excluding, the next scheduled interest payment date. This payment convention is referred to as
ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Market Association). Interest will be calculated per €1,000 in principal amount of the Notes. This Note will be the Company’s direct, unsecured and
unsubordinated general obligation and will have the same rank in liquidation as all of the Company’s other unsecured and unsubordinated debt. 

In any case in which any date for payment of principal or interest (or Additional Amounts, if any) falls on a day that is not
a Business Day, then payment of principal or interest (or Additional Amounts, if any) need not be made on such date but may be made on the next succeeding Business Day. Any payment made pursuant to the preceding sentence on such next succeeding
Business Day shall have the same force and effect as if made on the due date, and no interest shall accrue with respect to such payment for the period after such date. 

“Interest Payment Date” means November 21 during the term of this Note. 

“Business Day” means both a day on which the TARGET2 System is open, and a day other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in London or Tokyo. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, and such provisions shall
for all purposes have the same effect as though fully set forth in this place. 
  

	1 	 XS1843449551 for the 2020 Notes; XS1843449635 for the 2022 Notes; XS1843448660 for the 2026 Notes;
XS1843448744 for the 2030 Notes. 

	2 	 184344955 for the 2020 Notes; 184344963 for the 2022 Notes; 184344866 for the 2026 Notes; 184344874 for the
2030 Notes. 

	3 	 November 21, 2020 for the 2020 Notes; November 21, 2022 for the 2022 Notes; November 21, 2026
for the 2026 Notes; November 21, 2030 for the 2030 Notes. 

	4 	 0.375% for the 2020 Notes; 1.125% for the 2022 Notes; 2.250% for the 2026 Notes; 3.000%
for the 2030 Notes. 

  
 A-1-3 

 This Note shall not be valid or obligatory for any purpose until it shall
have been manually signed by the Fiscal Agent for authentication. 
 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
  

					
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	 By
	 	  

		 	 Name:
	 	 [name]

		 	 Title:
	 	 [title]

 This is one of the Notes referred to 

in the within-mentioned Fiscal Agency Agreement: 

Dated:                 
        , 20     
  

			
	 MUFG BANK, LTD.,
as Fiscal Agent

		
	 By
	 	  

		 	 Authorized Signatory

  
 A-1-4 

 [FORM OF REVERSE OF NOTE] 

The principal amount of this Note shall be paid on any redemption date, in immediately available funds in London upon
surrender of the Note at the office designated herein or pursuant hereto of MUFG Bank, Ltd., as fiscal agent (MUFG Bank, Ltd. or any duly appointed successor fiscal agent acting in such capacity herein referred to as the “Fiscal
Agent”), pursuant to an Fiscal Agency Agreement (such agreement, as it may be amended from time to time, the “Agreement”), dated as of November 21, 2018, between Takeda Pharmaceutical Company Limited (the
“Company”) and the Fiscal Agent. The office of the Fiscal Agent at which such payment shall be made is located at Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN or at such other address as the Fiscal Agent shall specify (the
“Fiscal Agent’s Office”) by notice to the Holder (as defined in the Agreement). Terms used herein not otherwise defined shall have the meaning ascribed to such term in the Agreement. 

Payment of the principal of, and interest (including Additional Amounts, if applicable) on, this Note shall be made by wire
transfer in immediately available funds to a bank account in Europe designated by the Holder in a written notice received by the Fiscal Agent (a) in the case of a payment of interest, prior to the Record Date (as defined below) immediately
preceding the date on which such payment is due and (b) in the case of payment of principal on any redemption date, no less than 30 days and no more than 60 days prior to such redemption date, provided that in the case of such payment of
principal, this Note shall have been surrendered to the Fiscal Agent for payment together with such notice. No interest shall accrue on this Note after redemption; provided, however, that, to the extent permitted by applicable law,
interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal not paid when due upon surrender of this Note to the Fiscal Agent. “Record Date” means, with respect to an
Interest Payment Date, the day falling one clearing system Business Day prior to such Interest Payment Date. 

1.        Payments of principal of and interest (including Additional Amounts, if
applicable) on this Note shall be made in Euros or in such other coin or currency of the Eurozone as at the time of payment is legal tender for the payment of public and private debts. Until the date on which the Notes shall have been delivered to
the Fiscal Agent for cancellation, or become due and payable and a sum sufficient to pay the principal of and interest (including Additional Amounts, if applicable) on all of the Notes shall have been made available for payment and either paid or
returned to the Company as provided herein and in the Agreement (such date being referred to herein as the “Termination Date”), the Company will at all times maintain an office or agency in London, where Notes may be presented or
surrendered for payment. 
 2.        This Note is transferable in whole or in part
and may be exchanged for a like aggregate principal amount of Notes of other authorized denominations by the Holder in person, or by his attorney duly authorized in writing, at the Fiscal Agent’s Office in London, where the Fiscal Agent shall
maintain a register providing for the registration of the Notes and any exchange or transfer thereof (the “Note Register”). Upon surrender of this Note for exchange or registration of transfer, the Company shall execute and the
Fiscal Agent shall authenticate and deliver in exchange therefor a Note or Notes, each in a denomination of €100,000 or an integral multiple of €1,000 in excess thereof, which has or have an aggregate denomination equal to the denomination
of this Note and is or are registered in such name or names requested by the Holder. Any Note presented for exchange or registration of transfer shall be accompanied by a written instrument of transfer in form and with guarantee of signature and
evidence of authority satisfactory to the Fiscal Agent and with payment by the transferor of any stamp or other tax or governmental charge payable in connection with such transfer (or evidence that such tax or charge has been paid) and with such tax
identification number or other information for each person in whose name a new Note is to be issued as the Fiscal Agent may request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the
date upon which a notice of redemption of this Note is transmitted to the Holder. 
 Notwithstanding any other provision of
this Note or the Agreement to the contrary, this Note, if in global form (a Note in such form being referred to herein as a “Global Note”), shall be exchangeable pursuant 

  
 A-1-5 

 
to this Note and the Agreement only if: (i) Euroclear or Clearstream is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or
announces an intention permanently to cease business or does in fact do so or (ii) there shall have occurred and be continuing an Event of Default (as defined in the Agreement) with respect to the Notes. Upon the occurrence of any such event,
this Note shall be exchangeable for definitive Notes, as provided in the Agreement. In the event and for so long as definitive Notes are not issued to any owner of a beneficial interest in this Global Note after the occurrence of one of the events
set forth above, the Company expressly acknowledges, with respect to the right of a Holder to pursue a remedy pursuant to Section 4.7 or Section 4.8 of the Agreement, the right of such owner to pursue such remedy with respect to the
portion of this Global Note that represents such owner’s Notes as if such definitive Notes had been issued. 
 No
service charge shall be made for any such exchange or registration of transfer, but the Company may charge the party requesting any such exchange or registration of transfer a sum sufficient to reimburse it for any tax or other governmental charge
required to be paid in connection with such exchange or registration. 
 All Notes issued upon any exchange or registration
of transfer of this Note shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits, as this Note. 

Except in the circumstances referred to in the second paragraph of this Section 3, the Company and the Fiscal Agent may
treat the Holder as the absolute owner of this Note for the purpose of receiving payments of principal of and interest (including, Additional Amounts, as defined in Section 5 of this Note) on this Note and for all other purposes whatsoever, and
the Company and the Fiscal Agent shall not be affected by any notice to the contrary. 

3.        Except as provided in Sections 5, 6, 7 and 8 of this Note, this Note is not
redeemable or subject to payment at the option of the Company prior to ●5. 

4.        All payments of principal and interest in respect of this Note shall be
made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to
tax (“Taxes”), unless such withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to this Note under any of the following circumstances: 

(i)        the Holder or beneficial owner of this Note is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of this Note by reason of its (A) having some present or former connection
with Japan other than the mere holding of this Note or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on
Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)       the Holder or beneficial owner of this Note would otherwise be exempt from any
such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax 

 

	5 	 November 21, 2020 for the 2020 Notes; November 21, 2022 for the 2022 Notes; November 21, 2026
for the 2026 Notes; November 21, 2030 for the 2030 Notes. 

  
 A-1-6 

 
Exemption (as defined below) to the relevant Paying Agent to whom this Note is presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through
the relevant Participant (as defined below) and the relevant international clearing organization to such Paying Agent; 

(iii)      the Holder or beneficial owner of this Note is for Japanese tax purposes treated as
an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest Recipient Information or to submit a Written Application for
Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the relevant Paying Agent of its status as not being subject to Taxes to be withheld or deducted
by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on this Note through a payment handling agent in Japan appointed by it); 

(iv)      this Note is presented for payment (where presentation is required) more than 30 days
after the day on which such payment on this Note became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder hereof would have been entitled to Additional Amounts on presenting the same for payment
on the last day of such period of 30 days; 
 (v)       the withholding or deduction is
imposed on a Holder or beneficial owner that could have avoided such withholding or deduction by presenting this Note (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)      the Holder is a fiduciary or partnership or is not the sole beneficial owner of the
payment of the principal of, or any interest on, this Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a
beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of this Note; or 

(vii)    any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Fiscal Agent, any Paying Agent or any other person shall be required to
pay any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law,
regulation or other official guidance implementing FATCA, or any agreement between the Company, the Fiscal Agent, a Paying Agent or any other person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing
FATCA. 
 Where this Note is held through a participant of an international clearing organization or a financial
intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese financial institution (each, a
“Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial owner of this Note must, at the
time of entrusting a Participant with the custody of this Note, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the Participant to establish that such
beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of this Note ceases to be so exempted (including the case where a beneficial owner of this Note that is an
individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

  
 A-1-7 

 Where this Note is not held by a Participant, in order to receive payments
free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a
non-Japanese corporation (other than a specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial
owner must, prior to each time at which it receives interest, submit to the relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form
obtainable from the Paying Agent stating, inter alia, the name and address of the beneficial owner, the title of this Note, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to
submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Fiscal Agent,
and the Fiscal Agent shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Fiscal Agent. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on this Note; provided that, except as otherwise set forth in this Note and in the Agreement, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the Agreement or as a consequence of the
initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest in
respect of this Note shall be deemed to include any Additional Amounts due which may be payable as set forth in this Note and the Agreement. 

5.        This Note may be redeemed at any time at the option and sole discretion of
the Company, in whole or in part, at any time prior to ●6 [(the “Par Call Date”)]7, upon giving not less than 30 nor
more than 60 days’ notice of redemption to the Fiscal Agent and the Holders, at a redemption price equal to the greater of (a) 100% of the principal amount of this Note being redeemed or (b) the sum of the present values of the principal
and the remaining scheduled payments of interest on this Note being redeemed (exclusive of interest accrued to the Redemption Date (as defined in the Agreement)), that would be due if this Note were [held to the maturity date]8 [redeemed on the Par Call Date]9, discounted to the Redemption Date on an annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Comparable Government Bond Rate (as defined in the Agreement) plus ●10 basis points, plus, in each
case, accrued and unpaid interest on the principal amount of this Note being redeemed up to, but excluding, the Redemption Date. 
  

	6 	 November 21, 2020 for the 2020 Notes; October 21, 2022 for the 2022 Notes; August 21, 2026
for the 2026 Notes; August 21, 2030 for the 2030 Notes. 

	7 	 For the 2022 Notes, the 2026 Notes and the 2030 Notes. 

	8 	 For the 2020 Notes. 

	9 	 For the 2022 Notes, the 2026 Notes and the 2030 Notes. 

	10 	 15 for the 2020 Notes; 25 for the 2022 Notes; 35 for the 2026 Notes; 40 for the 2030 Notes.

  
 A-1-8 

 [This Note may be redeemed at any time at the option and sole discretion of
the Company, in whole or in part, at any time on or after the Par Call Date, upon giving not less than 30 nor more than 60 days’ notice of redemption to the Fiscal Agent and the Holders, at a redemption price equal to 100% of the principal
amount of this Note being redeemed plus accrued and unpaid interest on the principal amount of this Note being redeemed to, but excluding, the Redemption Date.]11 

The redemption prices for this Note will be calculated on the basis of a 365-day year
or a 366-day year, as applicable, and the actual number of days elapsed. 

6.        This Note may be redeemed at any time at the option and sole discretion of
the Company in whole, but not in part, subject to compliance with applicable regulatory requirements, and upon giving not less than 30 nor more than 60 days’ notice of redemption to the Fiscal Agent and the Holders (which notice shall be
irrevocable) at the principal amount of this Note together with interest accrued to the date fixed for redemption and any Additional Amounts hereon, if the Company has been or will be obliged to pay any Additional Amounts as a result of (a) any
change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or
amendment becomes effective on or after the date of the issuance of this Note or (b) after the completion of any Succession Event, any change in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of such Succession
Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available to the Company or the Successor Person, as the case may be (an “Additional Amounts
Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 6 shall be given sooner than 90 days prior to the earliest date on which the Company would actually be obliged to pay such Additional Amounts on
payments with respect to this Note. 
 Prior to the publication of any notice of redemption pursuant to this
Section 6, the Company shall deliver to the Fiscal Agent (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal
advisors of recognized standing confirming that an Additional Amounts Event has occurred. The Fiscal Agent shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be
conclusive and binding on the Holders. 
 7.        If (i) the Shire
Acquisition (as defined in the Agreement) has not been consummated on or prior to the Long Stop Date (as defined below) or (ii) the Company otherwise publicly announces that the Shire Acquisition will not be consummated, then the Company will
be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding,
the Special Mandatory Redemption Date. 
 The “Long Stop Date” means May 8, 2019, or such later date
as may be agreed upon in accordance with the Co-Operation Agreement, dated May 8, 2018, between Takeda Pharmaceutical Company Limited and Shire plc. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates
falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in accordance with the terms of the Notes and this
Agreement. 
  

	11 	 Only for the 2022 Notes, the 2026 Notes and the 2030 Notes. 

  
 A-1-9 

 The Company will cause the notice of special mandatory redemption to be
transmitted, with a copy to the Fiscal Agent, within five Business Days after the occurrence of the event triggering the special mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special mandatory
redemption price of the outstanding notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Fiscal Agent or a paying agent on or before such
Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 

Upon the consummation of the Shire Acquisition, the foregoing provisions regarding the special mandatory redemption will
cease to apply. 
 8.        In the case of any redemption of this Note as provided
in Section 5, 6 or 7 of this Note, notice of redemption of this Note shall be transmitted to the Holder at its address as it shall then appear in the Note Register. If by reason of any cause, it shall be impracticable to give notice to the
Holder in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Fiscal Agent on behalf of and at the instruction of the Company shall constitute sufficient provision of such notice, if such
notification shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of redemption given to the Holder of any other Note
shall affect the sufficiency of any notice with respect to this Note. Notice of redemption of this Note having been so given, this Note shall become due and payable on the redemption date so specified and such dates shall be deemed the maturity date
of this Note. 
 9.        The Company shall, on or before each due date of the
principal of or interest on this Note, pay to the Fiscal Agent, who shall hold the same in trust for the benefit of the person entitled thereto, a sum sufficient to pay the principal or interest so becoming due until such sum shall be paid to such
person or otherwise disposed of as herein provided. Any money held by the Fiscal Agent in trust for the payment of the principal of or interest on this Note and remaining unclaimed for two years after such principal or interest has become due and
payable and paid to the Fiscal Agent shall be discharged from such trust, and repaid to the Company, and all liability of the Fiscal Agent with respect to such money shall cease. 

10.        If this Note shall at any time become mutilated, destroyed, stolen or
lost, then, provided that this Note, or evidence of the destruction, theft or loss hereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required hereunder) shall be delivered to the Fiscal Agent, a
replacement Note of like tenor and principal amount shall be authenticated and delivered by the Fiscal Agent, in exchange for this Note, in the case of mutilation, or in lieu of this Note, in the case of destruction, loss or theft, and provided
further that, if this Note is destroyed, stolen or lost, (i) neither the Company nor the Fiscal Agent shall have received notice that this Note has been acquired by a bona fide purchaser, and (ii) the Fiscal Agent shall have received
(a) satisfactory evidence (as so deemed by the Fiscal Agent in its absolute discretion) that this Note was destroyed, stolen or lost, and (b) an indemnity for the benefit of the Company and the Fiscal Agent satisfactory to each of them.
All expenses and charges associated with procuring such indemnity shall be borne by the Holder of this Note. 
 As provided
in the Agreement, every new Note issued in exchange for or in lieu of any mutilated, destroyed, stolen or lost Note shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, stolen or
lost Note shall be at any time enforceable by anyone, and shall be entitled to the benefits of the Agreement equally and proportionately with any and all other Notes duly issued thereunder. Any such new Note shall be so dated that neither gain nor
loss of interest shall result from such replacement. Upon the issuance of any such new Note, the Company may require the payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Fiscal Agent) connected therewith. 

11.        All notices to the Company under this Note shall be in writing and
addressed to the Company at Takeda Pharmaceutical Company Limited, 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku,

  
 A-1-10 

 
Tokyo 103-8668, Japan, Fax: +81-3-3278-2198, Attention: Global
Treasury & Finance Management, Group Finance & Controlling, Global Finance, or to such other address as the Company may notify to the Holder. All notices to the Holder shall be in writing and sent by mail or emailed, in PDF format
to the Holder at his or its address as set forth in the Note Register. 

12.        This Note is one of the ●12% Senior Notes due ●13 (collectively, the “Notes” and, individually, a “Note”) issued by the Company in
accordance with the Agreement, copies of which are on file and available for inspection at the Fiscal Agent’s Office. Under the terms of the Agreement, the Company may remove any Fiscal Agent and appoint a new Fiscal Agent. The Company shall
notify, or cause the Fiscal Agent to notify, the Holders of Notes of the appointment of any Fiscal Agent. 
 The Notes are
issuable only as fully registered Notes without coupons in denominations of €100,000 or integral multiples of €1,000 in excess thereof. 

13.        Article VIII of the Agreement, which provides for amendments to the
Agreement and the Notes, is hereby incorporated mutatis mutandis by reference herein. 

14.        Subject to the authentication of this Note by the Fiscal Agent, the
Company hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note, and to constitute the same a legal, valid and binding obligation
of the Company, enforceable in accordance with its terms, have been done and performed and have happened in due and strict compliance with all applicable law. 

15.        Claims for payment of principal in respect of this Note shall be
prescribed upon the expiry of 6 years from any redemption date and claims for payment of interest (if any) in respect of this Note shall be prescribed upon the expiry of 5 years from the due date hereof. 

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

 

	12 	 0.375% for the 2020 Notes; 1.125% for the 2022 Notes; 2.250% for the 2026 Notes;
3.000% for the 2030 Notes. 

	13 	 2020 for the 2020 Notes; 2022 for the 2022 Notes; 2026 for the 2026 Notes; 2030 for the 2030 Notes.

  
 A-1-11 

 EXHIBIT A-2 

FORM OF REGULATION S GLOBAL NOTE 

[FORM OF FACE OF NOTE] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY JURISDICTION AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT)
EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT. TAKEDA PHARMACEUTICAL COMPANY LIMITED (THE “COMPANY”) HAS AGREED THAT THIS
LEGEND SHALL BE DEEMED TO HAVE BEEN REMOVED ON THE 41ST DAY FOLLOWING THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE FINAL DELIVERY DATE WITH RESPECT THERETO. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV, AS OPERATOR OF THE EUROCLEAR
SYSTEM (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF MUFG NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO MUFG NOMINEES (UK) LIMITED OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, MUFG NOMINEES (UK)
LIMITED, HAS AN INTEREST HEREIN. 
 INTEREST PAYMENTS ON THIS NOTE GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX
UNLESS IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS DESCRIBED IN ARTICLE 6, PARAGRAPH
(4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A “SPECIALLY-RELATED PERSON OF THE COMPANY”), (II) A JAPANESE
FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH (28) OF THE CABINET ORDER (CABINET ORDER NO. 43
OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES OR (III) A PUBLIC CORPORATION, A
FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS RECEIVED SUCH PAYMENTS THROUGH A PAYMENT
HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING
PARAGRAPH, OR TO AN 

  
 A-2-1 

 
INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF
THE COMPANY WILL BE SUBJECT TO JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS. 

  
 A-2-2 

 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

[0.375% Senior Notes due 2020] 

[1.125% Senior Notes due 2022] 

[2.250% Senior Notes due 2026] 

[3.000% Senior Notes due 2030] 
  

	 No. Reg S-1 
	 Principal Amount €● 

ISIN ●14 

Common Code ●15 

Takeda Pharmaceutical Company Limited (the “Company”), for value received, hereby promises to pay to MUFG
Nominees (UK) Limited, or registered assigns, the principal amount set forth above on ●16, and to pay interest thereon from November 21, 2018 or from the most recent Interest Payment
Date to which interest has been paid or made available for payment, annually in arrears on each Interest Payment Date commencing on November 21, 2019, at the rate of ●17% per annum,
together with such Additional Amounts (if any) as may be payable under this Note, until the principal hereof is paid or made available for payment. Interest on this Note will accrue from the date of original issuance or, if interest has
already been paid, from the date it was most recently paid. Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on
which interest was paid on the fixed rate notes (or from November 21, 2018, if no interest has been paid on the fixed rate notes) to, but excluding, the next scheduled interest payment date. This payment convention is referred to as
ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Market Association). Interest will be calculated per €1,000 in principal amount of the Notes. This Note will be the Company’s direct, unsecured and
unsubordinated general obligation and will have the same rank in liquidation as all of the Company’s other unsecured and unsubordinated debt. 

In any case in which any date for payment of principal or interest (or Additional Amounts, if any) falls on a day that is not
a Business Day, then payment of principal or interest (or Additional Amounts, if any) need not be made on such date but may be made on the next succeeding Business Day. Any payment made pursuant to the preceding sentence on such next succeeding
Business Day shall have the same force and effect as if made on the due date, and no interest shall accrue with respect to such payment for the period after such date. 

“Interest Payment Date” means November 21 during the term of this Note. 

“Business Day” means both a day on which the TARGET2 System is open, and a day other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in London or Tokyo. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, and such provisions shall
for all purposes have the same effect as though fully set forth in this place. 
  

	14 	 XS1843449981 for the 2020 Notes; XS1843449049 for the 2022 Notes; XS1843449122 for the 2026 Notes;
XS1843449395 for the 2030 Notes. 

	15 	 184344998 for the 2020 Notes; 184344904 for the 2022 Notes; 184344912 for the 2026 Notes; 184344939 for the
2030 Notes. 

	16 	 November 21, 2020 for the 2020 Notes; November 21, 2022 for the 2022 Notes; November 21, 2026
for the 2026 Notes; November 21, 2030 for the 2030 Notes. 

	17 	 0.375% for the 2020 Notes; 1.125% for the 2022 Notes; 2.250% for the 2026 Notes; 3.000% for the 2030 Notes.

  
 A-2-3 

 This Note shall not be valid or obligatory for any purpose until it shall
have been manually signed by the Fiscal Agent for authentication. 
 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
  

					
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	 By
	 	  

		 	 Name:
	 	 [name]

		 	 Title:
	 	 [title]

 This is one of the Notes referred to 

in the within-mentioned Fiscal Agency Agreement: 

Dated:                 
        , 20     
  

			
	 MUFG BANK, LTD.,
as Fiscal Agent

		
	 By
	 	  

		 	 Authorized Signatory

  
 A-2-4 

 [FORM OF REVERSE OF NOTE] 

The principal amount of this Note shall be paid on any redemption date, in immediately available funds in London upon
surrender of the Note at the office designated herein or pursuant hereto of MUFG Bank, Ltd., as fiscal agent (MUFG Bank, Ltd. or any duly appointed successor fiscal agent acting in such capacity herein referred to as the “Fiscal
Agent”), pursuant to an Fiscal Agency Agreement (such agreement, as it may be amended from time to time, the “Agreement”), dated as of November 21, 2018, between Takeda Pharmaceutical Company Limited (the
“Company”) and the Fiscal Agent. The office of the Fiscal Agent at which such payment shall be made is located at Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN or at such other address as the Fiscal Agent shall specify (the
“Fiscal Agent’s Office”) by notice to the Holder (as defined in the Agreement). Terms used herein not otherwise defined shall have the meaning ascribed to such term in the Agreement. 

Payment of the principal of, and interest (including Additional Amounts, if applicable) on, this Note shall be made by wire
transfer in immediately available funds to a bank account in Europe designated by the Holder in a written notice received by the Fiscal Agent (a) in the case of a payment of interest, prior to the Record Date (as defined below) immediately
preceding the date on which such payment is due and (b) in the case of payment of principal on any redemption date, no less than 30 days and no more than 60 days prior to such redemption date, provided that in the case of such payment of
principal, this Note shall have been surrendered to the Fiscal Agent for payment together with such notice. No interest shall accrue on this Note after redemption; provided, however, that, to the extent permitted by applicable law,
interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal not paid when due upon surrender of this Note to the Fiscal Agent. “Record Date” means, with respect to an
Interest Payment Date, the day falling one clearing system Business Day prior to such Interest Payment Date. 

1.        Payments of principal of and interest (including Additional Amounts, if
applicable) on this Note shall be made in Euros or in such other coin or currency of the Eurozone as at the time of payment is legal tender for the payment of public and private debts. Until the date on which the Notes shall have been delivered to
the Fiscal Agent for cancellation, or become due and payable and a sum sufficient to pay the principal of and interest (including Additional Amounts, if applicable) on all of the Notes shall have been made available for payment and either paid or
returned to the Company as provided herein and in the Agreement (such date being referred to herein as the “Termination Date”), the Company will at all times maintain an office or agency in London, where Notes may be presented or
surrendered for payment. 
 2.        This Note is transferable in whole or in part
and may be exchanged for a like aggregate principal amount of Notes of other authorized denominations by the Holder in person, or by his attorney duly authorized in writing, at the Fiscal Agent’s Office in London, where the Fiscal Agent shall
maintain a register providing for the registration of the Notes and any exchange or transfer thereof (the “Note Register”). Upon surrender of this Note for exchange or registration of transfer, the Company shall execute and the
Fiscal Agent shall authenticate and deliver in exchange therefor a Note or Notes, each in a denomination of €100,000 or an integral multiple of €1,000 in excess thereof, which has or have an aggregate denomination equal to the denomination
of this Note and is or are registered in such name or names requested by the Holder. Any Note presented for exchange or registration of transfer shall be accompanied by a written instrument of transfer in form and with guarantee of signature and
evidence of authority satisfactory to the Fiscal Agent and with payment by the transferor of any stamp or other tax or governmental charge payable in connection with such transfer (or evidence that such tax or charge has been paid) and with such tax
identification number or other information for each person in whose name a new Note is to be issued as the Fiscal Agent may request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the
date upon which a notice of redemption of this Note is transmitted to the Holder. 
 Notwithstanding any other provision of
this Note or the Agreement to the contrary, this Note, if in global form (a Note in such form being referred to herein as a “Global Note”), shall be exchangeable pursuant 

  
 A-2-5 

 
to this Note and the Agreement only if: (i) Euroclear or Clearstream is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or
announces an intention permanently to cease business or does in fact do so or (ii) there shall have occurred and be continuing an Event of Default (as defined in the Agreement) with respect to the Notes. Upon the occurrence of any such event,
this Note shall be exchangeable for definitive Notes, as provided in the Agreement. In the event and for so long as definitive Notes are not issued to any owner of a beneficial interest in this Global Note after the occurrence of one of the events
set forth above, the Company expressly acknowledges, with respect to the right of a Holder to pursue a remedy pursuant to Section 4.7 or Section 4.8 of the Agreement, the right of such owner to pursue such remedy with respect to the
portion of this Global Note that represents such owner’s Notes as if such definitive Notes had been issued. 
 No
service charge shall be made for any such exchange or registration of transfer, but the Company may charge the party requesting any such exchange or registration of transfer a sum sufficient to reimburse it for any tax or other governmental charge
required to be paid in connection with such exchange or registration. 
 All Notes issued upon any exchange or registration
of transfer of this Note shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits, as this Note. 

Except in the circumstances referred to in the second paragraph of this Section 3, the Company and the Fiscal Agent may
treat the Holder as the absolute owner of this Note for the purpose of receiving payments of principal of and interest (including, Additional Amounts, as defined in Section 5 of this Note) on this Note and for all other purposes whatsoever, and
the Company and the Fiscal Agent shall not be affected by any notice to the contrary. 

3.        Except as provided in Sections 5, 6, 7 and 8 of this Note, this Note is not
redeemable or subject to payment at the option of the Company prior to ●18. 

4.        All payments of principal and interest in respect of this Note shall be
made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to
tax (“Taxes”), unless such withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to this Note under any of the following circumstances: 

(i)        the Holder or beneficial owner of this Note is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of this Note by reason of its (A) having some present or former connection
with Japan other than the mere holding of this Note or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on
Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)       the Holder or beneficial owner of this Note would otherwise be exempt from any
such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax 

 

	18 	 November 21, 2020 for the 2020 Notes; November 21, 2022 for the 2022 Notes; November 21, 2026
for the 2026 Notes; November 21, 2030 for the 2030 Notes. 

  
 A-2-6 

 
Exemption (as defined below) to the relevant Paying Agent to whom this Note is presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through
the relevant Participant (as defined below) and the relevant international clearing organization to such Paying Agent; 

(iii)      the Holder or beneficial owner of this Note is for Japanese tax purposes treated as
an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest Recipient Information or to submit a Written Application for
Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the relevant Paying Agent of its status as not being subject to Taxes to be withheld or deducted
by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on this Note through a payment handling agent in Japan appointed by it); 

(iv)      this Note is presented for payment (where presentation is required) more than 30 days
after the day on which such payment on this Note became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder hereof would have been entitled to Additional Amounts on presenting the same for payment
on the last day of such period of 30 days; 
 (v)       the withholding or deduction is
imposed on a Holder or beneficial owner that could have avoided such withholding or deduction by presenting this Note (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)      the Holder is a fiduciary or partnership or is not the sole beneficial owner of the
payment of the principal of, or any interest on, this Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a
beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of this Note; or 

(vii)      any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Fiscal Agent, any Paying Agent or any other person shall be required to
pay any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law,
regulation or other official guidance implementing FATCA, or any agreement between the Company, the Fiscal Agent, a Paying Agent or any other person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing
FATCA. 
 Where this Note is held through a participant of an international clearing organization or a financial
intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese financial institution (each, a
“Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial owner of this Note must, at the
time of entrusting a Participant with the custody of this Note, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the Participant to establish that such
beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of this Note ceases to be so exempted (including the case where a beneficial owner of this Note that is an
individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

  
 A-2-7 

 Where this Note is not held by a Participant, in order to receive payments
free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a
non-Japanese corporation (other than a specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial
owner must, prior to each time at which it receives interest, submit to the relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form
obtainable from the Paying Agent stating, inter alia, the name and address of the beneficial owner, the title of this Note, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to
submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Fiscal Agent,
and the Fiscal Agent shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Fiscal Agent. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on this Note; provided that, except as otherwise set forth in this Note and in the Agreement, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the Agreement or as a consequence of the
initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest in
respect of this Note shall be deemed to include any Additional Amounts due which may be payable as set forth in this Note and the Agreement. 

5.        This Note may be redeemed at any time at the option and sole discretion of
the Company, in whole or in part, at any time prior to ●19 [(the “Par Call Date”)]20, upon giving not less than 30 nor
more than 60 days’ notice of redemption to the Fiscal Agent and the Holders, at a redemption price equal to the greater of (a) 100% of the principal amount of this Note being redeemed or (b) the sum of the present values of the principal
and the remaining scheduled payments of interest on this Note being redeemed (exclusive of interest accrued to the Redemption Date (as defined in the Agreement)), that would be due if this Note were [held to the maturity date]21 [redeemed on the Par Call Date]22, discounted to the Redemption Date on an annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Comparable Government Bond Rate (as defined in the Agreement) plus ●23 basis points, plus, in each case, accrued and unpaid interest on the principal amount of this Note being redeemed up to, but excluding, the Redemption Date. 

[This Note may be redeemed at any time at the option and sole discretion of the Company, in whole or in part, at any time on
or after the Par Call Date, upon giving not less than 30 nor more than 60 days’ 
  

	19 	 November 21, 2020 for the 2020 Notes; October 21, 2022 for the 2022 Notes; August 21, 2026
for the 2026 Notes; August 21, 2030 for the 2030 Notes. 

	20 	 For the 2022 Notes, the 2026 Notes and the 2030 Notes. 

	21 	 For the 2020 Notes. 

	22 	 For the 2022 Notes, the 2026 Notes and the 2030 Notes. 

	23 	 15 for the 2020 Notes; 25 for the 2022 Notes; 35 for the 2026 Notes; 40 for the 2030 Notes.

  
 A-2-8 

 
notice of redemption to the Fiscal Agent and the Holders, at a redemption price equal to 100% of the principal amount of this Note being redeemed plus accrued and unpaid interest on the principal
amount of this Note being redeemed to, but excluding, the Redemption Date.]24 

The redemption prices for this Note will be calculated on the basis of a 365-day year
or a 366-day year, as applicable, and the actual number of days elapsed. 

6.        This Note may be redeemed at any time at the option and sole discretion of
the Company in whole, but not in part, subject to compliance with applicable regulatory requirements, and upon giving not less than 30 nor more than 60 days’ notice of redemption to the Fiscal Agent and the Holders (which notice shall be
irrevocable) at the principal amount of this Note together with interest accrued to the date fixed for redemption and any Additional Amounts hereon, if the Company has been or will be obliged to pay any Additional Amounts as a result of (a) any
change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or
amendment becomes effective on or after the date of the issuance of this Note or (b) after the completion of any Succession Event, any change in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of such Succession
Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available to the Company or the Successor Person, as the case may be (an “Additional Amounts
Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 6 shall be given sooner than 90 days prior to the earliest date on which the Company would actually be obliged to pay such Additional Amounts on
payments with respect to this Note. 
 Prior to the publication of any notice of redemption pursuant to this
Section 6, the Company shall deliver to the Fiscal Agent (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal
advisors of recognized standing confirming that an Additional Amounts Event has occurred. The Fiscal Agent shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be
conclusive and binding on the Holders. 
 7.        If (i) the Shire
Acquisition (as defined in the Agreement) has not been consummated on or prior to the Long Stop Date (as defined below) or (ii) the Company otherwise publicly announces that the Shire Acquisition will not be consummated, then the Company will
be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding,
the Special Mandatory Redemption Date. 
 The “Long Stop Date” means May 8, 2019, or such later date
as may be agreed upon in accordance with the Co-Operation Agreement, dated May 8, 2018, between Takeda Pharmaceutical Company Limited and Shire plc. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates
falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in accordance with the terms of the Notes and this
Agreement. 
 The Company will cause the notice of special mandatory redemption to be transmitted, with a copy to the
Fiscal Agent, within five Business Days after the occurrence of the event triggering the special 
  

	24 	 Only for the 2022 Notes, the 2026 Notes and the 2030 Notes. 

  
 A-2-9 

 
mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special mandatory redemption price of the outstanding notes to be redeemed on the Special Mandatory
Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Fiscal Agent or a paying agent on or before such Special Mandatory Redemption Date, and certain other conditions are satisfied, on and
after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 
 Upon the consummation
of the Shire Acquisition, the foregoing provisions regarding the special mandatory redemption will cease to apply. 

8.        In the case of any redemption of this Note as provided in Section 5, 6
or 7 of this Note, notice of redemption of this Note shall be transmitted to the Holder at its address as it shall then appear in the Note Register. If by reason of any cause, it shall be impracticable to give notice to the Holder in the manner
prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Fiscal Agent on behalf of and at the instruction of the Company shall constitute sufficient provision of such notice, if such notification shall, so
far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of redemption given to the Holder of any other Note shall affect the
sufficiency of any notice with respect to this Note. Notice of redemption of this Note having been so given, this Note shall become due and payable on the redemption date so specified and such dates shall be deemed the maturity date of this Note.

 9.        The Company shall, on or before each due date of the principal of or
interest on this Note, pay to the Fiscal Agent, who shall hold the same in trust for the benefit of the person entitled thereto, a sum sufficient to pay the principal or interest so becoming due until such sum shall be paid to such person or
otherwise disposed of as herein provided. Any money held by the Fiscal Agent in trust for the payment of the principal of or interest on this Note and remaining unclaimed for two years after such principal or interest has become due and payable and
paid to the Fiscal Agent shall be discharged from such trust, and repaid to the Company, and all liability of the Fiscal Agent with respect to such money shall cease. 

10.      If this Note shall at any time become mutilated, destroyed, stolen or lost, then,
provided that this Note, or evidence of the destruction, theft or loss hereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required hereunder) shall be delivered to the Fiscal Agent, a replacement
Note of like tenor and principal amount shall be authenticated and delivered by the Fiscal Agent, in exchange for this Note, in the case of mutilation, or in lieu of this Note, in the case of destruction, loss or theft, and provided further that, if
this Note is destroyed, stolen or lost, (i) neither the Company nor the Fiscal Agent shall have received notice that this Note has been acquired by a bona fide purchaser, and (ii) the Fiscal Agent shall have received (a) satisfactory
evidence (as so deemed by the Fiscal Agent in its absolute discretion) that this Note was destroyed, stolen or lost, and (b) an indemnity for the benefit of the Company and the Fiscal Agent satisfactory to each of them. All expenses and charges
associated with procuring such indemnity shall be borne by the Holder of this Note. 
 As provided in the Agreement, every
new Note issued in exchange for or in lieu of any mutilated, destroyed, stolen or lost Note shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, stolen or lost Note shall be at any
time enforceable by anyone, and shall be entitled to the benefits of the Agreement equally and proportionately with any and all other Notes duly issued thereunder. Any such new Note shall be so dated that neither gain nor loss of interest shall
result from such replacement. Upon the issuance of any such new Note, the Company may require the payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Fiscal Agent) connected therewith. 
 11.      All
notices to the Company under this Note shall be in writing and addressed to the Company at Takeda Pharmaceutical Company Limited, 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku, Tokyo 103-8668, Japan, Fax: +81-3-3278-2198, Attention: Global
Treasury & Finance Management, Group 

  
 A-2-10 

 
Finance & Controlling, Global Finance, or to such other address as the Company may notify to the Holder. All notices to the Holder shall be in writing and sent by mail or emailed, in PDF
format to the Holder at his or its address as set forth in the Note Register. 

12.      This Note is one of the
●25% Senior Notes due ●26 (collectively, the “Notes” and, individually, a “Note”) issued by the
Company in accordance with the Agreement, copies of which are on file and available for inspection at the Fiscal Agent’s Office. Under the terms of the Agreement, the Company may remove any Fiscal Agent and appoint a new Fiscal Agent. The
Company shall notify, or cause the Fiscal Agent to notify, the Holders of Notes of the appointment of any Fiscal Agent. 

The Notes are issuable only as fully registered Notes without coupons in denominations of €100,000 or integral multiples
of €1,000 in excess thereof. 
 13.      Article VIII of the Agreement, which provides
for amendments to the Agreement and the Notes, is hereby incorporated mutatis mutandis by reference herein. 

14.      Subject to the authentication of this Note by the Fiscal Agent, the Company hereby
certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note, and to constitute the same a legal, valid and binding obligation of the Company,
enforceable in accordance with its terms, have been done and performed and have happened in due and strict compliance with all applicable law. 

15.      Claims for payment of principal in respect of this Note shall be prescribed upon the
expiry of 6 years from any redemption date and claims for payment of interest (if any) in respect of this Note shall be prescribed upon the expiry of 5 years from the due date hereof. 

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

 

	25 	 0.375% for the 2020 Notes; 1.125% for the 2022 Notes; 2.250% for the 2026 Notes; 3.000% for the
2030 Notes. 

	26 	 2020 for the 2020 Notes; 2022 for the 2022 Notes; 2026 for the 2026 Notes; 2030 for the 2030 Notes.

  
 A-2-11 

 EXHIBIT A-3 

FORM OF RULE 144A GLOBAL NOTE 

[FORM OF FACE OF NOTE] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THE HOLDER HEREOF AGREES FOR THE BENEFIT OF TAKEDA PHARMACEUTICAL COMPANY LIMITED (THE “COMPANY”) THAT THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY, (2) TO A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) OR A PERSON WHO THE SELLER AND ANY PERSON ACTING ON ITS BEHALF REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN ACCORDANCE WITH RULE 144A,
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT, PROVIDED THAT, AS A CONDITION TO THE REGISTRATION OF THE TRANSFER THEREOF, THE COMPANY OR THE FISCAL AGENT MAY REQUIRE THE DELIVERY OF ANY DOCUMENTS, INCLUDING AN OPINION OF COUNSEL, THAT IT, IN ITS SOLE
DISCRETION, MAY DEEM NECESSARY OR APPROPRIATE TO EVIDENCE COMPLIANCE WITH SUCH EXEMPTION, OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES AND OTHER JURISDICTIONS. THE HOLDER HEREOF, BY, PURCHASING OR ACCEPTING THIS NOTE, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM THE HOLDER OF THE RESALE
RESTRICTIONS REFERRED TO ABOVE. 
 TRANSFERS AND EXCHANGES OF THIS NOTE, IN WHOLE OR IN PART, AND OF BENEFICIAL INTERESTS
IN THIS NOTE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE FISCAL AGENCY AGREEMENT, A COPY OF WHICH IS AVAILABLE FOR INSPECTION AT THE OFFICE OF THE FISCAL AGENT. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV, AS OPERATOR OF THE EUROCLEAR
SYSTEM (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF MUFG NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO MUFG NOMINEES (UK) LIMITED OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, MUFG NOMINEES (UK)
LIMITED, HAS AN INTEREST HEREIN. 
 INTEREST PAYMENTS ON THIS NOTE GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX
UNLESS IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS DESCRIBED IN

  
 A-3-1 

 
ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A
“SPECIALLY-RELATED PERSON OF THE COMPANY”), (II) A JAPANESE FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE
3-2-2, PARAGRAPH (28) OF THE CABINET ORDER (CABINET ORDER NO. 43 OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE
REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS RECEIVED SUCH PAYMENTS THROUGH A PAYMENT HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE
REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 
 INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN,
TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING PARAGRAPH, OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A
SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS. 

  
 A-3-2 

 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

[Senior Floating Rate Notes due 2020] 

[Senior Floating Rate Notes due 2022] 
  

	 No. 144A-1     
	 Principal Amount €● 

ISIN ●27 

Common Code ●28 

Takeda Pharmaceutical Company Limited (the “Company”), for value received, hereby promises to pay to MUFG
Nominees (UK) Limited, or registered assigns, the principal amount set forth above on ●29. The Company will make interest payments on the Notes on each February 21, May 21,
August 21 and November 21 of each year, with the first interest payment being made on February 21, 2019. The Company will make interest payments to the person in whose name the Notes are registered at the close of business on the day
falling one clearing system business day prior to the respective interest payment date. 
 The per annum interest rate on
the Notes in effect for each day of a Floating Rate Interest Period (as defined below) will be equal to the Applicable EURIBOR Rate plus ●30 basis points (the “Floating Interest
Rate”), provided, however, that in no event shall the interest rate be less than zero. The Floating Interest Rate for each Floating Rate Interest Period will be set on February 21, May 21, August 21 and November 21 of
each year, and will be set for the initial Floating Rate Interest Period on November 21, 2018 (each such date, a “Floating Rate Interest Reset Date”) until the principal on the Notes is paid or made available for payment (the
“Floating Rate Principal Payment Date”). If any Floating Rate Interest Reset Date (other than the initial Floating Rate Interest Reset Date occurring on February 21, 2019) and Floating Rate Interest Payment Date would otherwise
be a day that is not a EURIBOR Business Day, such Floating Rate Interest Reset Date and Floating Rate Interest Payment Date shall be the next succeeding EURIBOR Business Day, unless the next succeeding EURIBOR Business Day is in the next succeeding
calendar month, in which case such Floating Rate Interest Reset Date and Floating Rate Interest Payment Date shall be the immediately preceding EURIBOR Business Day. 

“EURIBOR Business Day” means any day that is not a Saturday or Sunday, that is neither a legal holiday nor a
day on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in London, and is a day on which the TARGET2 System, or any successor thereto, operates. 

“Floating Rate Interest Period” shall mean the period from and including a Floating Rate Interest Reset Date
to but excluding the next succeeding Floating Rate Interest Reset Date and, in the case of the last such period, from and including the Floating Rate Interest Reset Date immediately preceding the maturity date or Floating Rate Principal Payment
Date, as the case may be, to but not including such maturity date or Floating Rate Principal Payment Date, as the case may be. If the Floating Rate Principal Payment Date or maturity date is not a EURIBOR Business Day, then the principal amount of
the Notes plus accrued and unpaid interest thereon shall be paid on the next succeeding EURIBOR Business Day and no interest shall accrue for the maturity date, Floating Rate Principal Payment Date or any day thereafter. 

 

	27 	 XS1843450054 for the 2020 Floating Rate Notes; XS1843449478 for the 2022 Floating Rate Notes.

	28 	 184345005 for the 2020 Floating Rate Notes; 184344947 for the 2022 Floating Rate Notes.

	29 	 November 21, 2020 for the 2020 Floating Rate Notes; November 21, 2022 for the 2022 Floating Rate Notes.

	30 	 0.55% for the 2020 Floating Rate Notes; 1.10% for the 2022 Floating Rate Notes. 

  
 A-3-3 

 The “Applicable EURIBOR Rate” shall mean the rate
determined in accordance with the following provisions: 
 (1) Two prior TARGET days on which dealings in deposits in euros
are transacted in the euro-zone interbank market preceding each Floating Rate Interest Reset Date (each such date, an “Interest Determination Date”), MUFG Bank, Ltd. (the “Calculation Agent”), as agent for the
Company, will determine the Applicable EURIBOR Rate which shall be the rate for deposits in euro having a maturity of three months commencing on the first day of the applicable interest period that appears on the Reuters Screen EURIBOR01 Page as of
11:00 a.m., Brussels time, on such Interest Determination Date. “Reuters Screen EURIBOR01 Page” means the display designated on page “EURIBOR01” on Reuters (or such other page as may replace the EURIBOR01 page on that
service or any successor service for the purpose of displaying euro-zone interbank offered rates for euro-denominated deposits of major banks). If the Applicable EURIBOR Rate on such Interest Determination Date does not appear on the Reuters Screen
EURIBOR01 Page, the Applicable EURIBOR Rate will be determined as described in (2) below. 
 (2) With respect to an
Interest Determination Date for which the Applicable EURIBOR Rate does not appear on the Reuters Screen EURIBOR01 Page as specified in (1) above, the Applicable EURIBOR Rate will be determined on the basis of the rates at which deposits in euro
are offered by four major banks in the euro-zone interbank market selected by the Company (the “Reference Banks”) at approximately 11:00 a.m., Brussels time, on such Interest Determination Date to prime banks in the euro-zone
interbank market having a maturity of three months, and in a principal amount equal to an amount of not less than €1,000,000 that is representative for a single transaction in such market at such time. The Company will request the principal
euro-zone office of each of such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the Applicable EURIBOR Rate on such Interest Determination Date will be the arithmetic mean (rounded upwards) of such
quotations. If fewer than two quotations are provided, the Applicable EURIBOR Rate on such Interest Determination Date will be the arithmetic mean (rounded upwards) of the rates quoted by three major banks in the euro-zone selected by the Company at
approximately 11:00 a.m., Brussels time, on such Interest Determination Date for loans in euro to leading European banks, having a maturity of three months, and in a principal amount equal to an amount of not less than €1,000,000 that is
representative for a single transaction in such market at such time; provided, however, that if the banks so selected as aforesaid by the Company are not quoting as mentioned in this sentence, the relevant Floating Interest Rate for the Floating
Rate Interest Period commencing on the Floating Rate Interest Reset Date following such Interest Determination Date will be the Floating Interest Rate in effect on such Interest Determination Date (i.e., the same as the rate determined for the
immediately preceding Floating Rate Interest Reset Date). 
 (3) If the Applicable EURIBOR Rate for the relevant Floating
Rate Interest Period has ceased to be published on the Reuters Screen EURIBOR01 Page as a result of the Applicable EURIBOR Rate ceasing to be calculated or administered and a suitable substitute reference rate is available which either is officially
announced as successor to the Applicable EURIBOR Rate or, failing that, in our opinion after consultation with an independent financial adviser appointed by the Company, comes as close as possible to the composition of the existing Applicable
EURIBOR Rate and is not prejudicial to the holders of the floating rate notes, the existing Applicable EURIBOR Rate will be replaced for the remaining term to maturity of the Notes by this substitute reference rate and such substitute reference rate
shall be the Applicable EURIBOR Rate in relation to the Notes for all future Floating Rate Interest Periods. A precondition for this is that, in accordance with Article 29(1) of the Regulation (EU) 2016/1011

  
 A-3-4 

 
of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds
(the “Benchmark Regulation”), the substitute reference rate (x) will be provided by an administrator located in the European Union and which will be included in the register as referred to in Article 36 of the Benchmark
Regulation or (y) will be provided by an administrator located in a third country for use in the European Union and the substitute reference rate as well as the administrator will be included in the register as referred to in Article 36 of the
Benchmark Regulation. If no suitable substitute reference rate is officially announced as successor to the Applicable EURIBOR Rate or if the Company is unable or unwilling to determine the substitute reference rate prior to the Interest
Determination Date relating to the next succeeding Floating Rate Interest Period in accordance with this paragraph, the Applicable EURIBOR Rate applicable to such Floating Rate Interest Period shall be equal to the offered quotation on the Reuters
Screen EURIBOR01 Page, as described above, on the last day preceding the Interest Determination Date on which such offered quotation was displayed, all as determined by the Calculation Agent. 

The amount of interest to be paid on the Notes for any Floating Rate Interest Period will be calculated on the basis of the
actual number of days in the relevant Floating Rate Interest Period divided by 360 (known as the “Actual/360” day count). 

The Floating Interest Rate and amount of interest to be paid on the Notes for each Floating Rate Interest Period will be
determined by the Calculation Agent, rounding the amount of interest to the nearest sub-unit, half of any such sub-unit being rounded upwards. Interest will be
calculated per €1,000 in principal amount of the Notes. The Calculation Agent will, upon the request of any holder of the Notes, provide the interest rate at the time of the last interest payment date with respect to the Notes. All calculations
made by the Calculation Agent shall in the absence of manifest error be conclusive for all purposes and binding on the Company and the holders of the Notes. So long as the Applicable EURIBOR Rate is required to be determined with respect to the
Notes, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish the Applicable EURIBOR Rate for any Interest
Period, or that the Company proposes to remove such Calculation Agent, the Company shall appoint itself or another person which is a bank, trust company, investment banking firm or other financial institution to act as the Calculation Agent. 

This Note will be the Company’s direct, unsecured and unsubordinated general obligation and will have the same rank in
liquidation as all of the Company’s other unsecured and unsubordinated debt. 
 “Business Day” means
both a day on which the TARGET2 System is open, and a day other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banking institutions are authorized or required by law, regulation or executive order to be
closed in London or Tokyo. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, and such provisions shall for all purposes have the same effect as though fully set forth in this place. 

  
 A-3-5 

 This Note shall not be valid or obligatory for any purpose until it shall
have been manually signed by the Fiscal Agent for authentication. 
 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
  

					
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	 By
	 	  

		 	 Name:
	 	 [name]

		 	 Title:
	 	 [title]

 This is one of the Notes referred to 

in the within-mentioned Fiscal Agency Agreement: 

Dated:                 
        , 20     
  

			
	 MUFG BANK, LTD.,
as Fiscal Agent

		
	 By
	 	  

		 	 Authorized Signatory

  
 A-3-6 

 [FORM OF REVERSE OF NOTE] 

The principal amount of this Note shall be paid on any redemption date, in immediately available funds in London upon
surrender of the Note at the office designated herein or pursuant hereto of MUFG Bank, Ltd., as fiscal agent (MUFG Bank, Ltd. or any duly appointed successor fiscal agent acting in such capacity herein referred to as the “Fiscal
Agent”), pursuant to an Fiscal Agency Agreement (such agreement, as it may be amended from time to time, the “Agreement”), dated as of November 21, 2018, between Takeda Pharmaceutical Company Limited (the
“Company”) and the Fiscal Agent. The office of the Fiscal Agent at which such payment shall be made is located at Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN or at such other address as the Fiscal Agent shall specify (the
“Fiscal Agent’s Office”) by notice to the Holder (as defined in the Agreement). Terms used herein not otherwise defined shall have the meaning ascribed to such term in the Agreement. 

Payment of the principal of, and interest (including Additional Amounts, if applicable) on, this Note shall be made by wire
transfer in immediately available funds to a bank account in Europe designated by the Holder in a written notice received by the Fiscal Agent (a) in the case of a payment of interest, prior to the Record Date (as defined below) immediately
preceding the date on which such payment is due and (b) in the case of payment of principal on any redemption date, no less than 30 days and no more than 60 days prior to such redemption date, provided that in the case of such payment of
principal, this Note shall have been surrendered to the Fiscal Agent for payment together with such notice. No interest shall accrue on this Note after redemption; provided, however, that, to the extent permitted by applicable law,
interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal not paid when due upon surrender of this Note to the Fiscal Agent. 

1.        Payments of principal of and interest (including Additional Amounts, if
applicable) on this Note shall be made in Euros or in such other coin or currency of the Eurozone as at the time of payment is legal tender for the payment of public and private debts. Until the date on which the Notes shall have been delivered to
the Fiscal Agent for cancellation, or become due and payable and a sum sufficient to pay the principal of and interest (including Additional Amounts, if applicable) on all of the Notes shall have been made available for payment and either paid or
returned to the Company as provided herein and in the Agreement (such date being referred to herein as the “Termination Date”), the Company will at all times maintain an office or agency in London, where Notes may be presented or
surrendered for payment. 
 2.        This Note is transferable in whole or in part
and may be exchanged for a like aggregate principal amount of Notes of other authorized denominations by the Holder in person, or by his attorney duly authorized in writing, at the Fiscal Agent’s Office in London, where the Fiscal Agent shall
maintain a register providing for the registration of the Notes and any exchange or transfer thereof (the “Note Register”). Upon surrender of this Note for exchange or registration of transfer, the Company shall execute and the
Fiscal Agent shall authenticate and deliver in exchange therefor a Note or Notes, each in a denomination of €100,000 or an integral multiple of €1,000 in excess thereof, which has or have an aggregate denomination equal to the denomination
of this Note and is or are registered in such name or names requested by the Holder. Any Note presented for exchange or registration of transfer shall be accompanied by a written instrument of transfer in form and with guarantee of signature and
evidence of authority satisfactory to the Fiscal Agent and with payment by the transferor of any stamp or other tax or governmental charge payable in connection with such transfer (or evidence that such tax or charge has been paid) and with such tax
identification number or other information for each person in whose name a new Note is to be issued as the Fiscal Agent may request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the
date upon which a notice of redemption of this Note is transmitted to the Holder. 
 Notwithstanding any other provision of
this Note or the Agreement to the contrary, this Note, if in global form (a Note in such form being referred to herein as a “Global Note”), shall be exchangeable pursuant to this Note and the Agreement only if: (i) Euroclear or
Clearstream is closed for business for a continuous 

  
 A-3-7 

 
period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so or (ii) there shall have occurred
and be continuing an Event of Default (as defined in the Agreement) with respect to the Notes. Upon the occurrence of any such event, this Note shall be exchangeable for definitive Notes, as provided in the Agreement. In the event and for so long as
definitive Notes are not issued to any owner of a beneficial interest in this Global Note after the occurrence of one of the events set forth above, the Company expressly acknowledges, with respect to the right of a Holder to pursue a remedy
pursuant to Section 4.7 or Section 4.8 of the Agreement, the right of such owner to pursue such remedy with respect to the portion of this Global Note that represents such owner’s Notes as if such definitive Notes had been issued.

 No service charge shall be made for any such exchange or registration of transfer, but the Company may charge the party
requesting any such exchange or registration of transfer a sum sufficient to reimburse it for any tax or other governmental charge required to be paid in connection with such exchange or registration. 

All Notes issued upon any exchange or registration of transfer of this Note shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits, as this Note. 
 Except in the circumstances referred to in
the second paragraph of this Section 3, the Company and the Fiscal Agent may treat the Holder as the absolute owner of this Note for the purpose of receiving payments of principal of and interest (including, Additional Amounts, as defined in
Section 5 of this Note) on this Note and for all other purposes whatsoever, and the Company and the Fiscal Agent shall not be affected by any notice to the contrary. 

3.        Except as provided in Sections 5, 6 and 7 of this Note, this Note is not
redeemable or subject to payment at the option of the Company prior to ●31. 

4.        All payments of principal and interest in respect of this Note shall be
made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to
tax (“Taxes”), unless such withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to this Note under any of the following circumstances: 

(i)        the Holder or beneficial owner of this Note is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of this Note by reason of its (A) having some present or former connection
with Japan other than the mere holding of this Note or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on
Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)       the Holder or beneficial owner of this Note would otherwise be exempt from any
such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to the relevant Paying Agent to
whom this Note is presented (where presentation is required), or whose Interest Recipient Information is not duly 
  

	31 	 November 21, 2020 for the 2020 Floating Rate Notes; November 21, 2022 for the 2022 Floating Rate Notes.

  
 A-3-8 

 
communicated through the relevant Participant (as defined below) and the relevant international clearing organization to such Paying Agent; 

(iii)      the Holder or beneficial owner of this Note is for Japanese tax purposes treated as
an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest Recipient Information or to submit a Written Application for
Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the relevant Paying Agent of its status as not being subject to Taxes to be withheld or deducted
by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on this Note through a payment handling agent in Japan appointed by it); 

(iv)      this Note is presented for payment (where presentation is required) more than 30 days
after the day on which such payment on this Note became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder hereof would have been entitled to Additional Amounts on presenting the same for payment
on the last day of such period of 30 days; 
 (v)       the withholding or deduction is
imposed on a Holder or beneficial owner that could have avoided such withholding or deduction by presenting this Note (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)      the Holder is a fiduciary or partnership or is not the sole beneficial owner of the
payment of the principal of, or any interest on, this Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a
beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of this Note; or 

(vii)    any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Fiscal Agent, any Paying Agent or any other person shall be required to
pay any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law,
regulation or other official guidance implementing FATCA, or any agreement between the Company, the Fiscal Agent, a Paying Agent or any other person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing
FATCA. 
 Where this Note is held through a participant of an international clearing organization or a financial
intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese financial institution (each, a
“Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial owner of this Note must, at the
time of entrusting a Participant with the custody of this Note, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the Participant to establish that such
beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of this Note ceases to be so exempted (including the case where a beneficial owner of this Note that is an
individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

  
 A-3-9 

 Where this Note is not held by a Participant, in order to receive payments
free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a
non-Japanese corporation (other than a specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial
owner must, prior to each time at which it receives interest, submit to the relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form
obtainable from the Paying Agent stating, inter alia, the name and address of the beneficial owner, the title of this Note, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to
submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Fiscal Agent,
and the Fiscal Agent shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Fiscal Agent. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on this Note; provided that, except as otherwise set forth in this Note and in the Agreement, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the Agreement or as a consequence of the
initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest in
respect of this Note shall be deemed to include any Additional Amounts due which may be payable as set forth in this Note and the Agreement. 

5.        This Note may be redeemed at any time at the option and sole discretion of
the Company in whole, but not in part, subject to compliance with applicable regulatory requirements, and upon giving not less than 30 nor more than 60 days’ notice of redemption to the Fiscal Agent and the Holders (which notice shall be
irrevocable) at the principal amount of this Note together with interest accrued to the date fixed for redemption and any Additional Amounts hereon, if the Company has been or will be obliged to pay any Additional Amounts as a result of (a) any
change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or
amendment becomes effective on or after the date of the issuance of this Note or (b) after the completion of any Succession Event, any change in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of such Succession
Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available to the Company or the Successor Person, as the case may be (an “Additional Amounts
Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 5 shall be given sooner than 90 days prior to the earliest date on which the Company would actually be obliged to pay such Additional Amounts on
payments with respect to this Note. 
 Prior to the publication of any notice of redemption pursuant to this
Section 5, the Company shall deliver to the Fiscal Agent (i) a certificate signed by an Authorized Officer stating that the conditions 

  
 A-3-10 

 
precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal advisors of recognized standing confirming that an Additional Amounts Event has occurred. The
Fiscal Agent shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be conclusive and binding on the Holders. 

6.        If (i) the Shire Acquisition (as defined in the Agreement) has not
been consummated on or prior to the Long Stop Date (as defined below) or (ii) the Company otherwise publicly announces that the Shire Acquisition will not be consummated, then the Company will be required to redeem all outstanding Notes on the
Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date. 

The “Long Stop Date” means May 8, 2019, or such later date as may be agreed upon in accordance with the
Co-Operation Agreement, dated May 8, 2018, between Takeda Pharmaceutical Company Limited and Shire plc. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates
falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in accordance with the terms of the Notes and this
Agreement. 
 The Company will cause the notice of special mandatory redemption to be transmitted, with a copy to the
Fiscal Agent, within five Business Days after the occurrence of the event triggering the special mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special mandatory redemption price of the outstanding
notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Fiscal Agent or a paying agent on or before such Special Mandatory Redemption Date, and
certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 

Upon the consummation of the Shire Acquisition, the foregoing provisions regarding the special mandatory redemption will
cease to apply. 
 7.        In the case of any redemption of this Note as provided
in Section 5 or 6 of this Note, notice of redemption of this Note shall be transmitted to the Holder at its address as it shall then appear in the Note Register. If by reason of any cause, it shall be impracticable to give notice to the Holder
in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Fiscal Agent on behalf of and at the instruction of the Company shall constitute sufficient provision of such notice, if such
notification shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of redemption given to the Holder of any other Note
shall affect the sufficiency of any notice with respect to this Note. Notice of redemption of this Note having been so given, this Note shall become due and payable on the redemption date so specified and such dates shall be deemed the maturity date
of this Note. 
 8.        The Company shall, on or before each due date of the
principal of or interest on this Note, pay to the Fiscal Agent, who shall hold the same in trust for the benefit of the person entitled thereto, a sum sufficient to pay the principal or interest so becoming due until such sum shall be paid to such
person or otherwise disposed of as herein provided. Any money held by the Fiscal Agent in trust for the payment of the principal of or interest on this Note and remaining unclaimed for two years after such principal or interest has become due and
payable and paid to the Fiscal Agent shall be discharged from such trust, and repaid to the Company, and all liability of the Fiscal Agent with respect to such money shall cease. 

9.        If this Note shall at any time become mutilated, destroyed, stolen or lost,
then, provided that this Note, or evidence of the destruction, theft or loss hereof (together with the indemnity hereinafter referred 

  
 A-3-11 

 
to and such other documents or proof as may be required hereunder) shall be delivered to the Fiscal Agent, a replacement Note of like tenor and principal amount shall be authenticated and
delivered by the Fiscal Agent, in exchange for this Note, in the case of mutilation, or in lieu of this Note, in the case of destruction, loss or theft, and provided further that, if this Note is destroyed, stolen or lost, (i) neither the
Company nor the Fiscal Agent shall have received notice that this Note has been acquired by a bona fide purchaser, and (ii) the Fiscal Agent shall have received (a) satisfactory evidence (as so deemed by the Fiscal Agent in its absolute
discretion) that this Note was destroyed, stolen or lost, and (b) an indemnity for the benefit of the Company and the Fiscal Agent satisfactory to each of them. All expenses and charges associated with procuring such indemnity shall be borne by
the Holder of this Note. 
 As provided in the Agreement, every new Note issued in exchange for or in lieu of any
mutilated, destroyed, stolen or lost Note shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, stolen or lost Note shall be at any time enforceable by anyone, and shall be entitled
to the benefits of the Agreement equally and proportionately with any and all other Notes duly issued thereunder. Any such new Note shall be so dated that neither gain nor loss of interest shall result from such replacement. Upon the issuance of any
such new Note, the Company may require the payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Fiscal Agent)
connected therewith. 
 10.      All notices to the Company under this Note shall be in
writing and addressed to the Company at Takeda Pharmaceutical Company Limited, 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku, Tokyo 103-8668, Japan, Fax: +81-3-3278-2198, Attention: Global Treasury & Finance Management, Group Finance &
Controlling, Global Finance, or to such other address as the Company may notify to the Holder. All notices to the Holder shall be in writing and sent by mail or emailed, in PDF format to the Holder at his or its address as set forth in the Note
Register. 
 11.      This Note is one of the Senior Floating Rate Notes due ●32 (collectively, the “Notes” and, individually, a “Note”) issued by the Company in accordance with the Agreement, copies of which are on file and available for
inspection at the Fiscal Agent’s Office. Under the terms of the Agreement, the Company may remove any Fiscal Agent and appoint a new Fiscal Agent. The Company shall notify, or cause the Fiscal Agent to notify, the Holders of Notes of the
appointment of any Fiscal Agent. 
 The Notes are issuable only as fully registered Notes without coupons in denominations
of €100,000 or integral multiples of €1,000 in excess thereof. 
 12.      Article
VIII of the Agreement, which provides for amendments to the Agreement and the Notes, is hereby incorporated mutatis mutandis by reference herein. 

13.      Subject to the authentication of this Note by the Fiscal Agent, the Company hereby
certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note, and to constitute the same a legal, valid and binding obligation of the Company,
enforceable in accordance with its terms, have been done and performed and have happened in due and strict compliance with all applicable law. 

14.      Claims for payment of principal in respect of this Note shall be prescribed upon the
expiry of 6 years from any redemption date and claims for payment of interest (if any) in respect of this Note shall be prescribed upon the expiry of 5 years from the due date hereof. 

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

 

	32 	 2020 for the 2020 Floating Rate Notes; 2022 for the 2022 Floating Rate Notes. 

  
 A-3-12 

 EXHIBIT A-4 

FORM OF REGULATION S GLOBAL NOTE 

[FORM OF FACE OF NOTE] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY JURISDICTION AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT)
EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT. TAKEDA PHARMACEUTICAL COMPANY LIMITED (THE “COMPANY”) HAS AGREED THAT THIS
LEGEND SHALL BE DEEMED TO HAVE BEEN REMOVED ON THE 41ST DAY FOLLOWING THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE FINAL DELIVERY DATE WITH RESPECT THERETO. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV, AS OPERATOR OF THE EUROCLEAR
SYSTEM (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF MUFG NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO MUFG NOMINEES (UK) LIMITED OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, MUFG NOMINEES (UK)
LIMITED, HAS AN INTEREST HEREIN. 
 INTEREST PAYMENTS ON THIS NOTE GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX
UNLESS IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS DESCRIBED IN ARTICLE 6, PARAGRAPH
(4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A “SPECIALLY-RELATED PERSON OF THE COMPANY”), (II) A JAPANESE
FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH (28) OF THE CABINET ORDER (CABINET ORDER NO. 43
OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES OR (III) A PUBLIC CORPORATION, A
FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS RECEIVED SUCH PAYMENTS THROUGH A PAYMENT
HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING
PARAGRAPH, OR TO AN 

  
 A-4-1 

 
INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF
THE COMPANY WILL BE SUBJECT TO JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS. 

  
 A-4-2 

 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

[Senior Floating Rate Notes due 2020] 

[Senior Floating Rate Notes due 2022] 
  

	 No. Reg S-1 
	 Principal Amount €● 

ISIN ●33 

Common Code ●34 

Takeda Pharmaceutical Company Limited (the “Company”), for value received, hereby promises to pay to MUFG
Nominees (UK) Limited, or registered assigns, the principal amount set forth above on ●35. The Company will make interest payments on the Notes on each February 21, May 21,
August 21 and November 21 of each year, with the first interest payment being made on February 21, 2019. The Company will make interest payments to the person in whose name the Notes are registered at the close of business on the day
falling one clearing system business day prior to the respective interest payment date. 
 The per annum interest rate on
the Notes in effect for each day of a Floating Rate Interest Period (as defined below) will be equal to the Applicable EURIBOR Rate plus ●36 basis points (the “Floating Interest
Rate”), provided, however, that in no event shall the interest rate be less than zero. The Floating Interest Rate for each Floating Rate Interest Period will be set on February 21, May 21, August 21 and November 21 of
each year, and will be set for the initial Floating Rate Interest Period on November 21, 2018 (each such date, a “Floating Rate Interest Reset Date”) until the principal on the Notes is paid or made available for payment (the
“Floating Rate Principal Payment Date”). If any Floating Rate Interest Reset Date (other than the initial Floating Rate Interest Reset Date occurring on February 21, 2019) and Floating Rate Interest Payment Date would otherwise
be a day that is not a EURIBOR Business Day, such Floating Rate Interest Reset Date and Floating Rate Interest Payment Date shall be the next succeeding EURIBOR Business Day, unless the next succeeding EURIBOR Business Day is in the next succeeding
calendar month, in which case such Floating Rate Interest Reset Date and Floating Rate Interest Payment Date shall be the immediately preceding EURIBOR Business Day. 

“EURIBOR Business Day” means any day that is not a Saturday or Sunday, that is neither a legal holiday nor a
day on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in London, and is a day on which the TARGET2 System, or any successor thereto, operates. 

“Floating Rate Interest Period” shall mean the period from and including a Floating Rate Interest Reset Date
to but excluding the next succeeding Floating Rate Interest Reset Date and, in the case of the last such period, from and including the Floating Rate Interest Reset Date immediately preceding the maturity date or Floating Rate Principal Payment
Date, as the case may be, to but not including such maturity date or Floating Rate Principal Payment Date, as the case may be. If the Floating Rate Principal Payment Date or maturity date is not a EURIBOR Business Day, then the principal amount of
the Notes plus accrued and unpaid interest thereon shall be paid on the next succeeding EURIBOR Business Day and no interest shall accrue for the maturity date, Floating Rate Principal Payment Date or any day thereafter. 

 

	33 	 XS1843450138 for the 2020 Floating Rate Notes; XS1843449809 for the 2022 Floating Rate Notes.

	34 	 184345013 for the 2020 Floating Rate Notes; 184344980 for the 2022 Floating Rate Notes.

	35 	 November 21, 2020 for the 2020 Floating Rate Notes; November 21, 2022 for the 2022 Floating Rate Notes.

	36 	 0.55% for the 2020 Floating Rate Notes; 1.10% for the 2022 Floating Rate Notes. 

  
 A-4-3 

 The “Applicable EURIBOR Rate” shall mean the rate
determined in accordance with the following provisions: 
 (1) Two prior TARGET days on which dealings in deposits in euros
are transacted in the euro-zone interbank market preceding each Floating Rate Interest Reset Date (each such date, an “Interest Determination Date”), MUFG Bank, Ltd. (the “Calculation Agent”), as agent for the
Company, will determine the Applicable EURIBOR Rate which shall be the rate for deposits in euro having a maturity of three months commencing on the first day of the applicable interest period that appears on the Reuters Screen EURIBOR01 Page as of
11:00 a.m., Brussels time, on such Interest Determination Date. “Reuters Screen EURIBOR01 Page” means the display designated on page “EURIBOR01” on Reuters (or such other page as may replace the EURIBOR01 page on that
service or any successor service for the purpose of displaying euro-zone interbank offered rates for euro-denominated deposits of major banks). If the Applicable EURIBOR Rate on such Interest Determination Date does not appear on the Reuters Screen
EURIBOR01 Page, the Applicable EURIBOR Rate will be determined as described in (2) below. 
 (2) With respect to an
Interest Determination Date for which the Applicable EURIBOR Rate does not appear on the Reuters Screen EURIBOR01 Page as specified in (1) above, the Applicable EURIBOR Rate will be determined on the basis of the rates at which deposits in euro
are offered by four major banks in the euro-zone interbank market selected by the Company (the “Reference Banks”) at approximately 11:00 a.m., Brussels time, on such Interest Determination Date to prime banks in the euro-zone
interbank market having a maturity of three months, and in a principal amount equal to an amount of not less than €1,000,000 that is representative for a single transaction in such market at such time. The Company will request the principal
euro-zone office of each of such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the Applicable EURIBOR Rate on such Interest Determination Date will be the arithmetic mean (rounded upwards) of such
quotations. If fewer than two quotations are provided, the Applicable EURIBOR Rate on such Interest Determination Date will be the arithmetic mean (rounded upwards) of the rates quoted by three major banks in the euro-zone selected by the Company at
approximately 11:00 a.m., Brussels time, on such Interest Determination Date for loans in euro to leading European banks, having a maturity of three months, and in a principal amount equal to an amount of not less than €1,000,000 that is
representative for a single transaction in such market at such time; provided, however, that if the banks so selected as aforesaid by the Company are not quoting as mentioned in this sentence, the relevant Floating Interest Rate for the Floating
Rate Interest Period commencing on the Floating Rate Interest Reset Date following such Interest Determination Date will be the Floating Interest Rate in effect on such Interest Determination Date (i.e., the same as the rate determined for the
immediately preceding Floating Rate Interest Reset Date). 
 (3) If the Applicable EURIBOR Rate for the relevant Floating
Rate Interest Period has ceased to be published on the Reuters Screen EURIBOR01 Page as a result of the Applicable EURIBOR Rate ceasing to be calculated or administered and a suitable substitute reference rate is available which either is officially
announced as successor to the Applicable EURIBOR Rate or, failing that, in our opinion after consultation with an independent financial adviser appointed by the Company, comes as close as possible to the composition of the existing Applicable
EURIBOR Rate and is not prejudicial to the holders of the floating rate notes, the existing Applicable EURIBOR Rate will be replaced for the remaining term to maturity of the Notes by this substitute reference rate and such substitute reference rate
shall be the Applicable EURIBOR Rate in relation to the Notes for all future Floating Rate Interest Periods. A precondition for this is that, in accordance with Article 29(1) of the Regulation (EU) 2016/1011

  
 A-4-4 

 
of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds
(the “Benchmark Regulation”), the substitute reference rate (x) will be provided by an administrator located in the European Union and which will be included in the register as referred to in Article 36 of the Benchmark
Regulation or (y) will be provided by an administrator located in a third country for use in the European Union and the substitute reference rate as well as the administrator will be included in the register as referred to in Article 36 of the
Benchmark Regulation. If no suitable substitute reference rate is officially announced as successor to the Applicable EURIBOR Rate or if the Company is unable or unwilling to determine the substitute reference rate prior to the Interest
Determination Date relating to the next succeeding Floating Rate Interest Period in accordance with this paragraph, the Applicable EURIBOR Rate applicable to such Floating Rate Interest Period shall be equal to the offered quotation on the Reuters
Screen EURIBOR01 Page, as described above, on the last day preceding the Interest Determination Date on which such offered quotation was displayed, all as determined by the Calculation Agent. 

The amount of interest to be paid on the Notes for any Floating Rate Interest Period will be calculated on the basis of the
actual number of days in the relevant Floating Rate Interest Period divided by 360 (known as the “Actual/360” day count). 

The Floating Interest Rate and amount of interest to be paid on the Notes for each Floating Rate Interest Period will be
determined by the Calculation Agent, rounding the amount of interest to the nearest sub-unit, half of any such sub-unit being rounded upwards. Interest will be
calculated per €1,000 in principal amount of the Notes. The Calculation Agent will, upon the request of any holder of the Notes, provide the interest rate at the time of the last interest payment date with respect to the Notes. All calculations
made by the Calculation Agent shall in the absence of manifest error be conclusive for all purposes and binding on the Company and the holders of the Notes. So long as the Applicable EURIBOR Rate is required to be determined with respect to the
Notes, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish the Applicable EURIBOR Rate for any Interest
Period, or that the Company proposes to remove such Calculation Agent, the Company shall appoint itself or another person which is a bank, trust company, investment banking firm or other financial institution to act as the Calculation Agent. 

This Note will be the Company’s direct, unsecured and unsubordinated general obligation and will have the same rank in
liquidation as all of the Company’s other unsecured and unsubordinated debt. 
 “Business Day” means
both a day on which the TARGET2 System is open, and a day other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banking institutions are authorized or required by law, regulation or executive order to be
closed in London or Tokyo. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, and such provisions shall for all purposes have the same effect as though fully set forth in this place. 

  
 A-4-5 

 This Note shall not be valid or obligatory for any purpose until it shall
have been manually signed by the Fiscal Agent for authentication. 
 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
  

					
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	 By
	 	  

		 	 Name:
	 	 [name]

		 	 Title:
	 	 [title]

 This is one of the Notes referred to 

in the within-mentioned Fiscal Agency Agreement: 

Dated:                 
        , 20     
  

			
	 MUFG BANK, LTD.,
as Fiscal Agent

		
	 By
	 	  

		 	 Authorized Signatory

  
 A-4-6 

 [FORM OF REVERSE OF NOTE] 

The principal amount of this Note shall be paid on any redemption date, in immediately available funds in London upon
surrender of the Note at the office designated herein or pursuant hereto of MUFG Bank, Ltd., as fiscal agent (MUFG Bank, Ltd. or any duly appointed successor fiscal agent acting in such capacity herein referred to as the “Fiscal
Agent”), pursuant to an Fiscal Agency Agreement (such agreement, as it may be amended from time to time, the “Agreement”), dated as of November 21, 2018, between Takeda Pharmaceutical Company Limited (the
“Company”) and the Fiscal Agent. The office of the Fiscal Agent at which such payment shall be made is located at Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN or at such other address as the Fiscal Agent shall specify (the
“Fiscal Agent’s Office”) by notice to the Holder (as defined in the Agreement). Terms used herein not otherwise defined shall have the meaning ascribed to such term in the Agreement. 

Payment of the principal of, and interest (including Additional Amounts, if applicable) on, this Note shall be made by wire
transfer in immediately available funds to a bank account in Europe designated by the Holder in a written notice received by the Fiscal Agent (a) in the case of a payment of interest, prior to the Record Date (as defined below) immediately
preceding the date on which such payment is due and (b) in the case of payment of principal on any redemption date, no less than 30 days and no more than 60 days prior to such redemption date, provided that in the case of such payment of
principal, this Note shall have been surrendered to the Fiscal Agent for payment together with such notice. No interest shall accrue on this Note after redemption; provided, however, that, to the extent permitted by applicable law,
interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal not paid when due upon surrender of this Note to the Fiscal Agent. 

1.        Payments of principal of and interest (including Additional Amounts, if
applicable) on this Note shall be made in Euros or in such other coin or currency of the Eurozone as at the time of payment is legal tender for the payment of public and private debts. Until the date on which the Notes shall have been delivered to
the Fiscal Agent for cancellation, or become due and payable and a sum sufficient to pay the principal of and interest (including Additional Amounts, if applicable) on all of the Notes shall have been made available for payment and either paid or
returned to the Company as provided herein and in the Agreement (such date being referred to herein as the “Termination Date”), the Company will at all times maintain an office or agency in London, where Notes may be presented or
surrendered for payment. 
 2.        This Note is transferable in whole or in part
and may be exchanged for a like aggregate principal amount of Notes of other authorized denominations by the Holder in person, or by his attorney duly authorized in writing, at the Fiscal Agent’s Office in London, where the Fiscal Agent shall
maintain a register providing for the registration of the Notes and any exchange or transfer thereof (the “Note Register”). Upon surrender of this Note for exchange or registration of transfer, the Company shall execute and the
Fiscal Agent shall authenticate and deliver in exchange therefor a Note or Notes, each in a denomination of €100,000 or an integral multiple of €1,000 in excess thereof, which has or have an aggregate denomination equal to the denomination
of this Note and is or are registered in such name or names requested by the Holder. Any Note presented for exchange or registration of transfer shall be accompanied by a written instrument of transfer in form and with guarantee of signature and
evidence of authority satisfactory to the Fiscal Agent and with payment by the transferor of any stamp or other tax or governmental charge payable in connection with such transfer (or evidence that such tax or charge has been paid) and with such tax
identification number or other information for each person in whose name a new Note is to be issued as the Fiscal Agent may request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the
date upon which a notice of redemption of this Note is transmitted to the Holder. 
 Notwithstanding any other provision of
this Note or the Agreement to the contrary, this Note, if in global form (a Note in such form being referred to herein as a “Global Note”), shall be exchangeable pursuant to this Note and the Agreement only if: (i) Euroclear or
Clearstream is closed for business for a continuous 

  
 A-4-7 

 
period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so or (ii) there shall have occurred
and be continuing an Event of Default (as defined in the Agreement) with respect to the Notes. Upon the occurrence of any such event, this Note shall be exchangeable for definitive Notes, as provided in the Agreement. In the event and for so long as
definitive Notes are not issued to any owner of a beneficial interest in this Global Note after the occurrence of one of the events set forth above, the Company expressly acknowledges, with respect to the right of a Holder to pursue a remedy
pursuant to Section 4.7 or Section 4.8 of the Agreement, the right of such owner to pursue such remedy with respect to the portion of this Global Note that represents such owner’s Notes as if such definitive Notes had been issued.

 No service charge shall be made for any such exchange or registration of transfer, but the Company may charge the party
requesting any such exchange or registration of transfer a sum sufficient to reimburse it for any tax or other governmental charge required to be paid in connection with such exchange or registration. 

All Notes issued upon any exchange or registration of transfer of this Note shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits, as this Note. 
 Except in the circumstances referred to in
the second paragraph of this Section 3, the Company and the Fiscal Agent may treat the Holder as the absolute owner of this Note for the purpose of receiving payments of principal of and interest (including, Additional Amounts, as defined in
Section 5 of this Note) on this Note and for all other purposes whatsoever, and the Company and the Fiscal Agent shall not be affected by any notice to the contrary. 

3.        Except as provided in Sections 5, 6 and 7 of this Note, this Note is not
redeemable or subject to payment at the option of the Company prior to ●37. 

4.        All payments of principal and interest in respect of this Note shall be
made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to
tax (“Taxes”), unless such withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to this Note under any of the following circumstances: 

(i)       the Holder or beneficial owner of this Note is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of this Note by reason of its (A) having some present or former connection
with Japan other than the mere holding of this Note or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on
Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)      the Holder or beneficial owner of this Note would otherwise be exempt from any such
withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to the relevant Paying Agent to whom
this Note is presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant (as defined below) and the relevant international clearing organization to such Paying Agent;

  

	37 	 November 21, 2020 for the 2020 Floating Rate Notes; November 21, 2022 for the 2022 Floating Rate Notes.

  
 A-4-8 

 (iii)      the Holder or beneficial owner of
this Note is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest Recipient
Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the relevant Paying Agent of its status as
not being subject to Taxes to be withheld or deducted by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on this Note through a payment handling agent in Japan appointed by it); 

(iv)      this Note is presented for payment (where presentation is required) more than 30 days
after the day on which such payment on this Note became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder hereof would have been entitled to Additional Amounts on presenting the same for payment
on the last day of such period of 30 days; 
 (v)       the withholding or deduction is
imposed on a Holder or beneficial owner that could have avoided such withholding or deduction by presenting this Note (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)      the Holder is a fiduciary or partnership or is not the sole beneficial owner of the
payment of the principal of, or any interest on, this Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a
beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of this Note; or 

(vii)    any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Fiscal Agent, any Paying Agent or any other person shall be required to
pay any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law,
regulation or other official guidance implementing FATCA, or any agreement between the Company, the Fiscal Agent, a Paying Agent or any other person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing
FATCA. 
 Where this Note is held through a participant of an international clearing organization or a financial
intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese financial institution (each, a
“Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial owner of this Note must, at the
time of entrusting a Participant with the custody of this Note, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the Participant to establish that such
beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of this Note ceases to be so exempted (including the case where a beneficial owner of this Note that is an
individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

Where this Note is not held by a Participant, in order to receive payments free of withholding or deduction by the Company
for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a
specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation 

  
 A-4-9 

 
Measures, such beneficial owner must, prior to each time at which it receives interest, submit to the relevant Paying Agent a written application for tax exemption (hikazei tekiyo
shinkokusho) (“Written Application for Tax Exemption”) in a form obtainable from the Paying Agent stating, inter alia, the name and address of the beneficial owner, the title of this Note, the relevant Interest Payment
Date, the amount of interest and the fact that the beneficial owner is qualified to submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Fiscal Agent,
and the Fiscal Agent shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Fiscal Agent. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on this Note; provided that, except as otherwise set forth in this Note and in the Agreement, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the Agreement or as a consequence of the
initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest in
respect of this Note shall be deemed to include any Additional Amounts due which may be payable as set forth in this Note and the Agreement. 

5.        This Note may be redeemed at any time at the option and sole discretion of
the Company in whole, but not in part, subject to compliance with applicable regulatory requirements, and upon giving not less than 30 nor more than 60 days’ notice of redemption to the Fiscal Agent and the Holders (which notice shall be
irrevocable) at the principal amount of this Note together with interest accrued to the date fixed for redemption and any Additional Amounts hereon, if the Company has been or will be obliged to pay any Additional Amounts as a result of (a) any
change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or
amendment becomes effective on or after the date of the issuance of this Note or (b) after the completion of any Succession Event, any change in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of such Succession
Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available to the Company or the Successor Person, as the case may be (an “Additional Amounts
Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 5 shall be given sooner than 90 days prior to the earliest date on which the Company would actually be obliged to pay such Additional Amounts on
payments with respect to this Note. 
 Prior to the publication of any notice of redemption pursuant to this
Section 5, the Company shall deliver to the Fiscal Agent (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal
advisors of recognized standing confirming that an Additional Amounts Event has occurred. The Fiscal Agent shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be
conclusive and binding on the Holders. 

  
 A-4-10 

 6.        If (i) the Shire
Acquisition (as defined in the Agreement) has not been consummated on or prior to the Long Stop Date (as defined below) or (ii) the Company otherwise publicly announces that the Shire Acquisition will not be consummated, then the Company will
be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding,
the Special Mandatory Redemption Date. 
 The “Long Stop Date” means May 8, 2019, or such later date
as may be agreed upon in accordance with the Co-Operation Agreement, dated May 8, 2018, between Takeda Pharmaceutical Company Limited and Shire plc. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates
falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in accordance with the terms of the Notes and this
Agreement. 
 The Company will cause the notice of special mandatory redemption to be transmitted, with a copy to the
Fiscal Agent, within five Business Days after the occurrence of the event triggering the special mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special mandatory redemption price of the outstanding
notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Fiscal Agent or a paying agent on or before such Special Mandatory Redemption Date, and
certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 

Upon the consummation of the Shire Acquisition, the foregoing provisions regarding the special mandatory redemption will
cease to apply. 
 7.        In the case of any redemption of this Note as provided
in Section 5 or 6 of this Note, notice of redemption of this Note shall be transmitted to the Holder at its address as it shall then appear in the Note Register. If by reason of any cause, it shall be impracticable to give notice to the Holder
in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Fiscal Agent on behalf of and at the instruction of the Company shall constitute sufficient provision of such notice, if such
notification shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of redemption given to the Holder of any other Note
shall affect the sufficiency of any notice with respect to this Note. Notice of redemption of this Note having been so given, this Note shall become due and payable on the redemption date so specified and such dates shall be deemed the maturity date
of this Note. 
 8.        The Company shall, on or before each due date of the
principal of or interest on this Note, pay to the Fiscal Agent, who shall hold the same in trust for the benefit of the person entitled thereto, a sum sufficient to pay the principal or interest so becoming due until such sum shall be paid to such
person or otherwise disposed of as herein provided. Any money held by the Fiscal Agent in trust for the payment of the principal of or interest on this Note and remaining unclaimed for two years after such principal or interest has become due and
payable and paid to the Fiscal Agent shall be discharged from such trust, and repaid to the Company, and all liability of the Fiscal Agent with respect to such money shall cease. 

9.        If this Note shall at any time become mutilated, destroyed, stolen or lost,
then, provided that this Note, or evidence of the destruction, theft or loss hereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required hereunder) shall be delivered to the Fiscal Agent, a
replacement Note of like tenor and principal amount shall be authenticated and delivered by the Fiscal Agent, in exchange for this Note, in the case of mutilation, or in lieu of this Note, in the case of destruction, loss or theft, and provided
further that, if this Note is destroyed, stolen or lost, (i) neither the Company nor the Fiscal Agent 

  
 A-4-11 

 
shall have received notice that this Note has been acquired by a bona fide purchaser, and (ii) the Fiscal Agent shall have received (a) satisfactory evidence (as so deemed by the Fiscal
Agent in its absolute discretion) that this Note was destroyed, stolen or lost, and (b) an indemnity for the benefit of the Company and the Fiscal Agent satisfactory to each of them. All expenses and charges associated with procuring such
indemnity shall be borne by the Holder of this Note. 
 As provided in the Agreement, every new Note issued in exchange for
or in lieu of any mutilated, destroyed, stolen or lost Note shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, stolen or lost Note shall be at any time enforceable by anyone, and
shall be entitled to the benefits of the Agreement equally and proportionately with any and all other Notes duly issued thereunder. Any such new Note shall be so dated that neither gain nor loss of interest shall result from such replacement. Upon
the issuance of any such new Note, the Company may require the payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Fiscal Agent) connected therewith. 
 10.        All notices to the Company
under this Note shall be in writing and addressed to the Company at Takeda Pharmaceutical Company Limited, 1-1, Nihonbashi-Honcho 2-Chome,
Chuo-ku, Tokyo 103-8668, Japan, Fax: +81-3-3278-2198, Attention: Global
Treasury & Finance Management, Group Finance & Controlling, Global Finance, or to such other address as the Company may notify to the Holder. All notices to the Holder shall be in writing and sent by mail or emailed, in PDF format
to the Holder at his or its address as set forth in the Note Register. 

11.        This Note is one of the Senior Floating Rate Notes due ●38 (collectively, the “Notes” and, individually, a “Note”) issued by the Company in accordance with the Agreement, copies of which are on file and available for
inspection at the Fiscal Agent’s Office. Under the terms of the Agreement, the Company may remove any Fiscal Agent and appoint a new Fiscal Agent. The Company shall notify, or cause the Fiscal Agent to notify, the Holders of Notes of the
appointment of any Fiscal Agent. 
 The Notes are issuable only as fully registered Notes without coupons in denominations
of €100,000 or integral multiples of €1,000 in excess thereof. 

12.        Article VIII of the Agreement, which provides for amendments to the
Agreement and the Notes, is hereby incorporated mutatis mutandis by reference herein. 

13.        Subject to the authentication of this Note by the Fiscal Agent, the
Company hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note, and to constitute the same a legal, valid and binding obligation
of the Company, enforceable in accordance with its terms, have been done and performed and have happened in due and strict compliance with all applicable law. 

14.        Claims for payment of principal in respect of this Note shall be
prescribed upon the expiry of 6 years from any redemption date and claims for payment of interest (if any) in respect of this Note shall be prescribed upon the expiry of 5 years from the due date hereof. 

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

 

	38 	 2020 for the 2020 Floating Rate Notes; 2022 for the 2022 Floating Rate Notes. 

  
 A-4-12 

 EXHIBIT B 

FORM OF TRANSFER CERTIFICATE 
 FOR
TRANSFER FROM RULE 144A GLOBAL 
 NOTE TO REGULATION S GLOBAL NOTE 

(Transfers Pursuant to Section 2.6(e) of the Fiscal Agency Agreement) 

MUFG Bank, Ltd. 

as Fiscal Agent 
 Ropemaker Place, 25 Ropemaker
Street, 
 London EC2Y 9AN 
  

	 	Re:	 Takeda Pharmaceutical Company Limited 

[●% Senior Notes due ●][Senior Floating Rate Notes due ●] 

Reference is hereby made to the Fiscal Agency Agreement dated as of November 21, 2018 (the “Agreement”)
between Takeda Pharmaceutical Company Limited (the “Company”) and MUFG Bank, Ltd., as Fiscal Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement. 

This letter relates to €● principal amount of [●% Senior Notes due ●][Senior Floating Rate Notes due
●] which are evidenced by one or more Rule 144A Global Notes (ISIN ●39; Common Code ●40) and held with Euroclear or
Clearstream in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in the Notes to a person that will take delivery thereof in the form of an equal
principal amount of Notes evidenced by one or more Regulation S Global Notes (ISIN ●41; Common Code ●42). 

In connection with such request and in respect of such Notes, the Transferor hereby certifies that such exchange or transfer
has been effected in accordance with the transfer restrictions set forth in the Notes and (i) that, with respect to transfer made in reliance on Regulation S (“Regulation S”) under the U. S. Securities Act of 1933, as amended
(the “Securities Act”): 
  

	 	(a)	 the offer of the Notes was made to a person other than a “U.S. Person” (as defined in Regulation
S); 

  

	 	(b)	 either: 

(1) at the time the buy order was originated, the transferee was outside the United States or the Transferor
and any person acting on its behalf reasonably believed that the transferee was outside the United States, or 
  

	39 	 XS1843449551 for the 2020 Notes; XS1843450054 for the 2020 Floating Rate Notes; XS1843449635 for the 2022
Notes; XS1843449478 for the 2022 Floating Rate Notes; XS1843448660 for the 2026 Notes; and XS1843448744 for the 2030 Notes. 

	40 	 184344955 for the 2020 Notes; 184345005 for the 2020 Floating Rate Notes; 184344963 for the 2022 Notes;
184344947 for the 2022 Floating Rate Notes; 184344866 for the 2026 Notes; and 184344874 for the 2030 Notes. 

	41 	 XS1843449981 for the 2020 Notes; XS1843450138 for the 2020 Floating Rate Notes; XS1843449049 for the 2022
Notes; XS1843449809 for the 2022 Floating Rate Notes; XS1843449122 for the 2026 Notes; and XS1843449395 for the 2030 Notes. 

	42 	 184344998 for the 2020 Notes; 184345013 for the 2020 Floating Rate Notes; 184344904 for the 2022 Notes;
184344980 for the 2022 Floating Rate Notes; 184344912 for the 2026 Notes; and 184344939 for the 2030 Notes. 

  
 B-1 

 (2) the transaction was executed in, on or through the
facilities of a designated offshore securities market described in paragraph (b) of Rule 902 of Regulation S and neither the Transferor nor any person acting on its behalf knows that the transaction was
pre-arranged with a buyer in the United States; 
  

	 	(c)	 no directed selling efforts have been made in contravention of the requirements of Rule 903 or 904 of
Regulation S, as applicable; 

  

	 	(d)	 the transaction is not part of a plan or scheme to evade the registration requirements of the Securities
Act; 

  

	 	(e)	 the Transferor has advised the transferee of the transfer restrictions applicable in the Notes;

  

	 	(f)	 if the Transferor is a dealer in securities or has received a selling concession, fee or other remuneration
in respect of the Notes and the transfer is to occur prior to the expiration of the restricted period then the requirements of Rule 904(b)(1) of Regulation S have been satisfied; 

AND (II) THAT, WITH RESPECT TO TRANSFERS MADE IN RELIANCE OF RULE 144 UNDER THE SECURITIES ACT, THE TRANSFEROR HAS HELD THE INTEREST IN RULE
144A GLOBAL NOTES TO BE EXCHANGED BEYOND THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD SET FORTH IN RULE 144(D)(1) AND THE TRANSFEROR IS NOT AND HAS NOT BEEN AN AFFILIATE (AS DEFINED IN RULE 144) OF THE COMPANY DURING THE PRECEDING THREE MONTHS.

 We understand that this certificate is required in connection with certain securities laws of the United States. In
connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such
proceeding. This certificate and the statements contained herein are made for your benefit and the benefit of the Company and the initial purchasers. 
  

			
	 [Insert Name of Transferor]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Dated:
                                ,
         
  

	cc:	 Takeda Pharmaceutical Company Limited 

  
 B-2 

 EXHIBIT C 

FORM OF TRANSFER CERTIFICATE 
 FOR
TRANSFER FROM REGULATION S GLOBAL 
 NOTE TO RULE 144A GLOBAL NOTE 

(Transfers Pursuant to Section 2.6(f) of the Fiscal Agency Agreement) 

MUFG Bank, Ltd. 
 as Fiscal Agent 

Ropemaker Place, 25 Ropemaker Street, 
 London EC2Y 9AN 

 

			
	 Re:
	 	Takeda Pharmaceutical Company Limited
		 	[●% Senior Notes due ●][Senior Floating Rate Notes due ●]

 Reference is hereby made to the Fiscal Agency Agreement dated as of November [21], 2018 (the
“Agreement”) between Takeda Pharmaceutical Company Limited (the “Company”) and MUFG Bank, Ltd., as Fiscal Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

 This letter relates to €● principal amount of [●% Senior Notes due ●][Senior Floating Rate Notes
due ●] which are evidenced by one or more Regulation S Global Notes (ISIN ●43; Common Code ●44) and held with Euroclear or
Clearstream in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in Notes to a person that will take delivery thereof in the form of an equal
principal amount of Notes evidenced by one or more Rule 144A Global Notes (ISIN ●45; Common Code ●46). 

In connection with such request and in respect of such Notes, the Transferor hereby certifies that (i) such Notes are
being transferred to a transferee that the Transferor reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A under the U. S. Securities Act of 1933, as amended, purchasing the Notes for its own account (or
for the account of one or more qualified institutional buyers over which account the transferee exercises sole investment discretion), (ii) it has notified the transferee of the transfer restrictions applicable to the Notes and (iii) the
transfer is in accordance with any applicable securities laws of any State of the United States or any other applicable jurisdiction. 

 

	43 	 XS1843449551 for the 2020 Notes; XS1843450054 for the 2020 Floating Rate Notes; XS1843449635 for the 2022
Notes; XS1843449478 for the 2022 Floating Rate Notes; XS1843448660 for the 2026 Notes; and XS1843448744 for the 2030 Notes. 

	44 	 184344955 for the 2020 Notes; 184345005 for the 2020 Floating Rate Notes; 184344963 for the 2022 Notes;
184344947 for the 2022 Floating Rate Notes; 184344866 for the 2026 Notes; and 184344874 for the 2030 Notes. 

	45 	 XS1843449981 for the 2020 Notes; XS1843450138 for the 2020 Floating Rate Notes; XS1843449049 for the 2022
Notes; XS1843449809 for the 2022 Floating Rate Notes; XS1843449122 for the 2026 Notes; and XS1843449395 for the 2030 Notes. 

	46 	 184344998 for the 2020 Notes; 184345013 for the 2020 Floating Rate Notes; 184344904 for the 2022 Notes;
184344980 for the 2022 Floating Rate Notes; 184344912 for the 2026 Notes; and 184344939 for the 2030 Notes. 

 This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the initial purchasers, if any, of the Notes being transferred. 
  

			
	 [Insert Name of Transferor]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Dated:
                            ,          

 

	cc:	 Takeda Pharmaceutical Company Limited 

 EXHIBIT D 

FORM OF OFFICER’S CERTIFICATE AS TO DEFAULT 

(Pursuant to Section 9.4 of the Fiscal Agency Agreement) 

[Date] 

MUFG Bank, Ltd. 

as Fiscal Agent 
 Ropemaker Place, 25 Ropemaker
Street, 
 London EC2Y 9AN 
  

	 	Re:	 Takeda Pharmaceutical Company Limited 

	 	  	 Senior Floating Rate Notes due [●] 

	 	  	 Senior Floating Rate Notes due [●] 

	 	  	 [●]% Senior Notes due [●] 

	 	  	 [●]% Senior Notes due [●] (collectively, the “Notes”) 

Reference is hereby made to the Fiscal Agency Agreement dated as of November 21, 2018 (the “Agreement”)
between Takeda Pharmaceutical Company Limited (the “Company”) and MUFG Bank, Ltd., as Fiscal Agent relating to the issuance of the Notes. Capitalized terms used but not defined herein shall have the meanings given to them in the
Agreement. 
 I, [name], [title] of the Company, in such capacity, do hereby certify, pursuant to
Section 9.4 of the Agreement, that to my knowledge as at [●], [the Company is in compliance with all conditions and covenants under the Agreement / the Company has not complied with its following obligation[s] under the Agreement]: 

[insert details] 

IN WITNESS WHEREOF, I have hereunto signed my name as of [●]. 

 

			
	 Takeda Pharmaceutical Company Limited

 
			
		
	 By:
	 	
             

 
			
	 Name:
	 	
	 Title:EX-10.12

 Exhibit 10.12 

 
  

 
 TAKEDA PHARMACEUTICAL COMPANY LIMITED

 The Company 
 MUFG
UNION BANK, N.A. 
 Trustee 
  

 
 INDENTURE 

Dated as of November 26, 2018 
  

 
 $1,000,000,000
3.800% Senior Notes due 2020 
 $1,250,000,000 4.000% Senior Notes due 2021 

$1,500,000,000 4.400% Senior Notes due 2023 

$1,750,000,000 5.000% Senior Notes due 2028 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 SECTION 1.1.
	  	 Definitions.
	  	 	1	 
	 SECTION 1.2.
	  	 Compliance Certificates and Opinions.
	  	 	9	 
	 SECTION 1.3.
	  	 Form of Documents Delivered to Trustee.
	  	 	10	 
	 SECTION 1.4.
	  	 Acts of Holders; Record Dates.
	  	 	10	 
	 SECTION 1.5.
	  	 Notices, Etc., to Trustee and the Company.
	  	 	12	 
	 SECTION 1.6.
	  	 Notice to Holders; Waiver.
	  	 	12	 
	 SECTION 1.7.
	  	 Effect of Headings and Table of Contents.
	  	 	13	 
	 SECTION 1.8.
	  	 Successors and Assigns.
	  	 	13	 
	 SECTION 1.9.
	  	 Separability Clause.
	  	 	13	 
	 SECTION 1.10.
	  	 Benefits of Indenture.
	  	 	13	 
	 SECTION 1.11.
	  	 Governing Law.
	  	 	13	 
	 SECTION 1.12.
	  	 Consent to Jurisdiction; Waiver of Immunities.
	  	 	13	 
	 SECTION 1.13.
	  	 Waiver of Jury Trial.
	  	 	14	 
	 SECTION 1.14.
	  	 Payments Due on Non-Business Days.
	  	 	14	 
	 SECTION 1.15.
	  	 Communications by Holders with Other Holders.
	  	 	15	 
	 SECTION 1.16.
	  	 English Language.
	  	 	15	 
	 SECTION 1.17.
	  	 Counterparts
	  	 	15	 
	 SECTION 1.18.
	  	 Conflict with any Provision of Indenture with Trust Indenture Act
	  	 	15	 
		
	 ARTICLE II THE SECURITIES
	  	 	15	 
			
	 SECTION 2.1.
	  	 Forms.
	  	 	15	 
	 SECTION 2.2.
	  	 Certificate of Authentication.
	  	 	17	 
	 SECTION 2.3.
	  	 Issue and Delivery of Notes.
	  	 	17	 
	 SECTION 2.4.
	  	 Registrar, Registration of Transfer and Exchange.
	  	 	18	 
	 SECTION 2.5.
	  	 Global Notes.
	  	 	20	 
	 SECTION 2.6.
	  	 Transfer Restrictions.
	  	 	21	 
	 SECTION 2.7.
	  	 Mutilated, Destroyed, Lost and Stolen Notes.
	  	 	23	 
	 SECTION 2.8.
	  	 Persons Deemed Owners.
	  	 	24	 
	 SECTION 2.9.
	  	 Cancellation.
	  	 	24	 
	 SECTION 2.10.
	  	 Japanese Withholding Taxes.
	  	 	24	 
	 SECTION 2.11.
	  	 Japanese Withholding Tax Legend.
	  	 	25	 
	 SECTION 2.12.
	  	 Exchange Offer.
	  	 	26	 
		
	 ARTICLE III SATISFACTION AND DISCHARGE
	  	 	27	 
			
	 SECTION 3.1.
	  	 Satisfaction and Discharge of Indenture.
	  	 	27	 
	 SECTION 3.2.
	  	 Application of Trust Money.
	  	 	28	 
		
	 ARTICLE IV REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT
	  	 	28	 
			
	 SECTION 4.1.
	  	 Event of Default
	  	 	28	 
	 SECTION 4.2.
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	29	 
	 SECTION 4.3.
	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	30	 
	 SECTION 4.4.
	  	 Trustee May File Proofs of Claim.
	  	 	31	 
	 SECTION 4.5.
	  	 Trustee May Enforce Claims Without Possession of Notes.
	  	 	31	 
	 SECTION 4.6.
	  	 Application of Money Collected.
	  	 	32	 

  
 - i - 

							
	 	  	 	  	Page	 
	 SECTION 4.7.
	  	 Limitation on Suits.
	  	 	32	 
	 SECTION 4.8.
	  	 Right of Holders to Receive Principal and Interest.
	  	 	32	 
	 SECTION 4.9.
	  	 Restoration of Rights and Remedies.
	  	 	33	 
	 SECTION 4.10.
	  	 Rights and Remedies Cumulative.
	  	 	33	 
	 SECTION 4.11.
	  	 Delay or Omission Not Waiver.
	  	 	33	 
	 SECTION 4.12.
	  	 Control by Holders.
	  	 	33	 
	 SECTION 4.13.
	  	 Waiver of Past Defaults.
	  	 	34	 
	 SECTION 4.14.
	  	 Trustee to Give Notice of Default.
	  	 	34	 
	 SECTION 4.15.
	  	 Undertaking for Costs.
	  	 	34	 
	 SECTION 4.16.
	  	 Waiver of Stay or Extension Laws.
	  	 	35	 
		
	 ARTICLE V THE TRUSTEE
	  	 	35	 
			
	 SECTION 5.1.
	  	 Certain Duties and Responsibilities.
	  	 	35	 
	 SECTION 5.2.
	  	 Certain Rights of Trustee.
	  	 	36	 
	 SECTION 5.3.
	  	 Not Responsible for Recitals or Issuance of Notes.
	  	 	37	 
	 SECTION 5.4.
	  	 May Hold Notes.
	  	 	38	 
	 SECTION 5.5.
	  	 Money Held in Trust.
	  	 	38	 
	 SECTION 5.6.
	  	 Compensation and Reimbursement.
	  	 	38	 
	 SECTION 5.7.
	  	 Corporate Trustee Required; Eligibility.
	  	 	39	 
	 SECTION 5.8.
	  	 Resignation and Removal; Appointment of Successor.
	  	 	39	 
	 SECTION 5.9.
	  	 Acceptance of Appointment by Successor.
	  	 	40	 
	 SECTION 5.10.
	  	 Merger, Conversion, Consolidation or Succession to Business.
	  	 	41	 
	 SECTION 5.11.
	  	 Conflicting Interest.
	  	 	41	 
		
	 ARTICLE VI HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	41	 
			
	 SECTION 6.1.
	  	 Company to Furnish Trustee Names and Addresses of Holders.
	  	 	41	 
	 SECTION 6.2.
	  	 Preservation of Information; Communications to Holders.
	  	 	42	 
		
	 ARTICLE VII MERGER, CONSOLIDATION, SALE OR DISPOSITION
	  	 	42	 
			
	 SECTION 7.1.
	  	 Company May Consolidate, Etc., Only on Certain Terms.
	  	 	42	 
	 SECTION 7.2.
	  	 Successor Substituted.
	  	 	43	 
		
	 ARTICLE VIII SUPPLEMENTAL INDENTURES
	  	 	43	 
			
	 SECTION 8.1.
	  	 Supplemental Indentures Without Consent of Holders.
	  	 	43	 
	 SECTION 8.2.
	  	 Supplemental Indentures With Consent of Holders.
	  	 	43	 
	 SECTION 8.3.
	  	 Execution of Supplemental Indentures.
	  	 	44	 
	 SECTION 8.4.
	  	 Effect of Supplemental Indentures.
	  	 	44	 
	 SECTION 8.5.
	  	 Reference in Notes to Supplemental Indentures.
	  	 	45	 
	 SECTION 8.6.
	  	 Conformity with the Trust Indenture Act.
	  	 	45	 
		
	 ARTICLE IX COVENANTS
	  	 	45	 
			
	 SECTION 9.1.
	  	 Payment of Principal, Interest and Additional Amounts.
	  	 	45	 
	 SECTION 9.2.
	  	 Maintenance of Office or Agency.
	  	 	45	 
	 SECTION 9.3.
	  	 Money for Notes Payments to Be Held in Trust.
	  	 	46	 
	 SECTION 9.4.
	  	 Statement by Officers as to Default.
	  	 	47	 

  
 - ii - 

							
	 	  	 	  	Page	 
	 SECTION 9.5.
	  	 Additional Amounts.
	  	 	47	 
	 SECTION 9.6.
	  	 Appointment to Fill a Vacancy in Office of Trustee.
	  	 	50	 
	 SECTION 9.7.
	  	 Indemnification of Judgment Currency.
	  	 	50	 
	 SECTION 9.8.
	  	 Rule 144A Information.
	  	 	50	 
	 SECTION 9.9.
	  	 Reports by the Company.
	  	 	51	 
	 SECTION 9.10.
	  	 Reports by the Trustee.
	  	 	51	 
	 SECTION 9.11.
	  	 Annual Compliance Certificate.
	  	 	51	 
	 SECTION 9.12.
	  	 Negative Pledge.
	  	 	51	 
		
	 ARTICLE X REDEMPTION AND PURCHASE OF SECURITIES
	  	 	52	 
			
	 SECTION 10.1.
	  	 Optional Redemption of Notes.
	  	 	52	 
	 SECTION 10.2.
	  	 Optional Redemption due to an Additional Amounts Event.
	  	 	53	 
	 SECTION 10.3.
	  	 Special Mandatory Redemption.
	  	 	53	 
	 SECTION 10.4.
	  	 Election to Redeem; Notice to Trustee.
	  	 	54	 
	 SECTION 10.5.
	  	 Notice of Redemption.
	  	 	54	 
	 SECTION 10.6.
	  	 Deposit of Redemption Price.
	  	 	55	 
	 SECTION 10.7.
	  	 Notes Payable on Redemption Date.
	  	 	55	 
	 SECTION 10.8.
	  	 Repurchase of Notes.
	  	 	55	 
			
	 EXHIBITS
	  		  			
			
	 EXHIBIT A-1.
	  	 Form of Rule 144A Global Note
	  			
	 EXHIBIT A-2.
	  	 Form of Regulation S Global Note
	  			
	 EXHIBIT A-3
	  	 Form of Unrestricted Global Note
	  			
	 EXHIBIT B.
	  	 Form of Transfer Certificate for Transfer from Rule 144A Global Note to Regulation S Global Note
	  			
	 EXHIBIT C.
	  	 Form of Transfer Certificate for Transfer from Regulation S Global Note to Rule 144A Global Note
	  			
	 EXHIBIT D.
	  	 Form of Officer’s Certificate as to Default
	  			

  
 - iii - 

 CROSS REFERENCE SHEET 

Cross-reference sheet of provisions of the Trust Indenture Act of 1939 and this Indenture: 

 

			
	Section of the Act	  	Section of Indenture
	 310(a)(1) and (2)
	  	5.7
	 310(a)(3) and (4)
	  	Inapplicable
	 310(a)(5)
	  	Incorporated by Section 318(c)
	 310(b)
	  	5.8
	 311(a), (b) and (c)
	  	Incorporated by Section 318(c)
	 312(a)
	  	6.1
	 312(b)
	  	Incorporated by Section 318(c)
	 312(c)
	  	Incorporated by Section 318(c)
	 313(a)
	  	9.09
	 313(b)(1)
	  	Inapplicable
	 313(b)(2)
	  	Incorporated by Section 318(c)
	 313(c)
	  	Incorporated by Section 318(c)
	 313(d)
	  	Incorporated by Section 318(c)
	 314(a)
	  	9.9, 9.11
	 314(b)
	  	Inapplicable
	 314(c)(1) and (2)
	  	1.2
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	1.2
	 315(a), (c) and (d)
	  	5.1
	 315(b)
	  	4.14
	 315(e)
	  	4.15
	 316(a)(1)
	  	4.12
	 316(a)(2)
	  	Inapplicable
	 316(b)
	  	4.8
	 316(c)
	  	Incorporated by Section 318(c)
	 317(a)
	  	4.3
	 317(b)
	  	9.3
	 318(a)
	  	1.18

 Notes: This cross-reference sheet shall not, for any purpose, be deemed to be a part of this Indenture. 

Attention should also be directed to Section 318(c) of the Trust Indenture Act (as defined in this Indenture), which provides that the provisions of
Sections 310 to and including 317 of the Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein. Sections designated in the cross-reference sheet above as “Incorporated by
Section 318(c)” are not physically contained herein but are incorporated automatically by Section 318(c) of the Trust Indenture Act. 

  
 - iv - 

 INDENTURE, dated as of November 26, 2018, between Takeda Pharmaceutical
Company Limited, a joint-stock corporation (kabushiki kaisha) organized under the laws of Japan (the “Company”), and MUFG Union Bank, N.A., a national banking association organized under the laws of the United States, as
trustee (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has duly authorized the issuance of its $1,000,000,000 3.800% Senior Notes due 2020 (the “2020
Notes”), $1,250,000,000 4.000% Senior Notes due 2021 (the “2021 Notes”), $1,500,000,000 4.400% Senior Notes due 2023 (the “2023 Notes”) and $1,750,000,000 5.000% Senior Notes due 2028 (the “2028
Notes” and, together with the 2020 Notes, the 2021 Notes and the 2023 Notes, the “Notes”) and to provide, among other things, for the execution, authentication, delivery and administration thereof, the Company has
duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, all things necessary to make the Notes, when
executed and delivered by the Company and authenticated and delivered as provided in this Indenture, the valid, binding and legal obligations of the Company, and to constitute these presents a valid indenture and agreement of the Company according
to its terms have been done; 
 NOW, THEREFORE: 

In consideration of the premises and the purchases of the Notes by the holders thereof, the Company covenants and agrees for
the equal and proportionate benefit of the respective holders of the Notes from time to time as follows: 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS 

OF GENERAL APPLICATION 

SECTION 1.1.    Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1)        the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular; 

(2)        all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with International Financial Reporting Standards; 

(3)        unless the context otherwise requires, any reference to an
“Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; 

(4)        the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

(5)        all references, in any context, to any interest or other
amount payable on or with respect to the Notes shall be deemed to include any additional obligations to pay interest on the Notes pursuant to the Registration Rights Agreement (as defined herein); and 

(6)        the following expressions shall have the following
meanings: 
 “2021 Par Call Date” has the meaning specified in Section 10.1. 

  
 1 

 “2023 Par Call Date” has the meaning specified in
Section 10.1. 
 “2028 Par Call Date” has the meaning specified in Section 10.1. 

“Act”, when used with respect to any Holder, has the meaning specified in Section 1.4. 

“Act on Special Taxation Measures” has the meaning specified in Section 9.5. 

“Additional Amounts” has the meaning specified in Section 9.5. 

“Additional Amounts Event” has the meaning specified in Section 10.2. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent” means any Notes Registrar or Paying Agent. 

“Applicable Procedures” has the meaning specified in Section 2.6(e). 

“Authorized Officer” means any person (whether designated by name or the person for the time being holding a
designated office) appointed by or pursuant to a Board Resolution or otherwise for the purpose, or a particular purpose, of this Indenture, provided that written notice of such appointment shall have been given to the Trustee. 

“Board of Directors” means the board of directors of the Company or any committee or member thereof duly
authorized to act for it in respect hereof. 
 “Board Resolution” means a copy of a resolution or decision
certified by an authorized Director or any other Authorized Officer of the Company to have been duly adopted or made by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in The City of New York, London or Tokyo. 

“Clearstream” means Clearstream Banking S.A. 

“Closing Date” means November 26, 2018. 

“Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created
under the Exchange Act, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such
date. 
 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a Successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such Successor Person. 

“Company Request” or “Company Order” means a written request or order signed in the name of
the Company by any of its Directors and/or Authorized Officers, and delivered to the Trustee. 

  
 2 

 “Comparable Treasury Issue” means the United States
Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the term from the relevant Redemption Date to the 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 maturity comparable to the term from the relevant Redemption Date to the Par Call Date. 

“Comparable Treasury Price” means with respect to any Redemption Date, (1) the average of four
Reference Treasury Dealer Quotations for such Redemption Date or (2) if the Independent Investment Banker is unable to obtain four Reference Treasury Dealer Quotations for such Redemption Date, the average of all quotations obtained. 

“Co-operation Agreement” means the
Co-operation Agreement, dated May 8, 2018, between the Company and Shire plc. 

“Corporate Trust Office” means the corporate trust office of the Trustee in the Borough of Manhattan, The
City of New York at which at any particular time its corporate trust business shall be principally administered, which as at the date hereof is located at 1251 Avenue of the Americas, 19th Floor,
New York, New York 10020, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor
Trustee may designate from time to time to the Holders and the Company). 
 “Depositary” means, with
respect to the Global Notes, a clearing agency registered under the Exchange Act that is designated to act as depositary for such Notes. 

“Designated Financial Institution” has the meaning specified in Section 9.5. 

“Director” means any member of the Board of Directors. 

“DTC” means The Depository Trust Company. 

“DTC Procedures” means the procedures set out in the memorandum titled “Operating Manual—Japanese
Withholding Tax on Certain International Issues Held Through DTC, Interim procedures to reflect changes in Japanese tax rules affecting international securities offerings by Japanese issuers on or after April 1, 2010, updated as of
October 9, 2015” and prepared by the International Capital Market Association as may be amended or supplemented from time to time by notice from such association. 

“Euroclear” means Euroclear Bank SA/NV. 

“Event of Default” has the meaning specified in Section 4.1. 

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

“Exchange Notes” means the Notes issued in the Exchange Offer pursuant to Section 2.12 hereof. 

“Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Expiration Date” has the meaning specified in Section 1.4. 

“Global Notes” has the meaning specified in Section 2.1. 

  
 3 

 “Holder” means a Person in whose name a Note is registered
in the Notes Register. 
 “Incorporated Provision” has the meaning specified in Section 1.18. 

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or
amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Interest Payment Date” means each May 26 and November 26 during the term of this Indenture. 

“Interest Recipient Information” has the meaning specified in Section 9.5. 

“Judgment Currency” has the meaning specified in Section 9.7. 

“Legends” has the meaning specified in Section 2.6(a). 

“Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all
Holders of Notes for use by such Holders of Notes in connection with an Exchange Offer. 
 “Lien” means,
with respect to any property or asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such property or asset, including, without limitation, the right of a vendor, lessor or similar party under any
conditional sales agreement, capital lease or other title retention agreement relating to such property or asset, and any other right of or arrangement with any creditor to have its claims satisfied out of any property or assets, or the proceeds
therefrom, prior to any general creditor of the owner thereof. 
 “Long Stop Date” means May 8, 2019,
or such later date as may be agreed upon in accordance with the Co-Operation Agreement; provided, however, that any such later date shall not extend beyond May 8, 2020. 

“Note” or “Notes” means any 2020 Notes, 2021 Notes, 2023 Notes or 2028 Notes (including any
Exchange Notes issued in exchange therefor) authenticated and delivered under this Indenture. 
 “Notes
Register” and “Notes Registrar” have the respective meanings specified in Section 2.4. 

“New York Business Day” means a day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in The City of New York. 

“Officer’s Certificate” means a certificate signed by any Director or Authorized Officer
of the Company and delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act, if applicable, and include (except as otherwise expressly provided in this Indenture) the statements provided in
Section 1.2, if applicable 
 “Opinion of Counsel” means a written opinion of counsel, who may be an
employee of or counsel to the Company, or other counsel acceptable to the Trustee, in a form satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements
provided in Section 1.2, if and to the extent required thereby 

  
 4 

 “Outstanding”, when used with respect to any series of the
Notes, means, as of the date of determination, all Notes of such series theretofore authenticated and delivered under this Indenture, except: 

(1)        Notes theretofore cancelled by the Notes Registrar or
delivered to the Notes Registrar for cancellation; 

(2)        Notes for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any Paying Agent in trust for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made; and 

(3)        Notes which have been paid pursuant to Section 2.7 or
in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes
are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Company; 
 provided, however, that in
determining whether the Holders of the requisite principal amount of the Outstanding Notes of any series have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, Notes
owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee or the Paying Agent shall be
protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes so owned or
beneficially held which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee or the Paying Agent the pledgee’s right so to act with respect to such Notes and that the
pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

“Owner Transferee” has the meaning specified in Section 2.6(e). 

“Owner Transferor” has the meaning specified in Section 2.6(e). 

“Participant” has the meaning specified in Section 9.5. 

“Participant Transferee” has the meaning specified in Section 2.6(e). 

“Participant Transferor” has the meaning specified in Section 2.6(e). 

“Participants” has the meaning specified in Section 2.5. 

“Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Paying Agent” means any Person authorized by the Company to pay the principal of or interest on any Notes
(or Additional Amounts, if any) on behalf of the Company, which shall initially be MUFG Union Bank, N.A. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, trust,
unincorporated organization or government or any branch, agency or political subdivision thereof. 
 “Primary
Treasury Dealer” means a primary U.S. government securities dealer. 

  
 5 

 “Principal Subsidiary” means, with respect to any Person,
any Subsidiary (i) whose revenue, as shown by the latest audited financial statements (consolidated in the case of a Subsidiary which itself has Subsidiaries) of such Subsidiary, constitute at least 10% of the consolidated revenue of such
Person and its consolidated Subsidiaries as shown by the latest audited consolidated financial statements of such Person or (ii) whose gross assets, as shown by the latest audited financial statements (consolidated in case of a Subsidiary which
itself has Subsidiaries) of such Subsidiary constitute at least 10% of the gross assets of such Person and its consolidated Subsidiaries as shown by the latest audited consolidated financial statements of such Person. 

“Public External Indebtedness” means bonds, debentures, notes or other similar investment securities of the
Company or any other person evidencing indebtedness with a maturity of not less than one year from the issue date thereof, or any guarantees thereof, which are (a) either (i) by their terms payable, or confer a right to receive payment, in any
currency other than Japanese yen or (ii) denominated in Japanese yen and more than 50% of the aggregate principal amount thereof is initially distributed outside of Japan by or with the authorization of the Company thereof; and (b) for the
time being, or are intended to be, quoted, listed, ordinarily dealt in or traded, in each case primarily, on a stock exchange or over-the-counter or other securities
market outside Japan. 
 “Record Date” with respect to any Interest Payment Date shall have the meaning
specified in the form of the Notes. 
 “Redemption Date” has the meaning specified in Section 10.5.

 “Reference Treasury Dealer” means each of J.P. Morgan Securities LLC, Morgan Stanley MUFG Securities
Co., Ltd., Mizuho Securities USA LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or their respective affiliates that are Primary Treasury Dealers) and their respective successors, a Primary Treasury Dealer selected by SMBC Nikko
Securities America, Inc. and two Primary Treasury Dealers selected by the Company; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker at 3:30 p.m., New York City time, on the third New York Business Day preceding the Redemption Date. 

“Registration Rights Agreement” means (i) the Registration Rights Agreement dated as of the Closing
Date between the Company and J.P. Morgan Securities LLC (“J.P. Morgan”), SMBC Nikko Securities America, Inc., Morgan Stanley MUFG Securities Co., Ltd., Mizuho Securities USA LLC, and Merrill Lynch, Pierce, Fenner & Smith
Incorporated as representatives, for themselves and as representative of the Initial Purchasers of the Notes. 

“Regulation S Global Note” has the meaning specified in Section 2.1. 

“Regulation S Global Transferred Amount” has the meaning specified in Section 2.6(f). 

“Required Currency” has the meaning specified in Section 9.7. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the Trustee’s
corporate trust department with responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject. 
 “Rule 144A Global Note” has
the meaning specified in Section 2.1. 

  
 6 

 “Rule 144A Global Transferred Amount” has the meaning
specified in Section 2.6(e). 
 “Rule 144A Information” has the meaning specified in
Section 9.8. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Special Mandatory Redemption Date” means the 20th day (or if such day is not a Business Day, the first
Business Day thereafter) after the earliest to occur of (1) the Long Stop Date, if the Shire Acquisition has not been consummated on or prior to the Long Stop Date or (2) the date of public announcement by the Company that the Shire
Acquisition will not be consummated. 
 “Shelf Registration Statement” means the Shelf Registration
Statement as defined in the Registration Rights Agreement. 
 “Shire Acquisition” means the offer whereby
the Company will acquire the entire issued and to be issued ordinary share capital of Shire plc, pursuant to the Co-operation Agreement. 

“specially-related person of the Company” has the meaning specified in Section 9.5. 

“Subsidiary” means, with respect to any Person, any entity which is controlled or of which more than 50% of
its ownership interests are owned directly or indirectly by such Person. 
 “Succession Event” has the
meaning specified in Section 7.1. 
 “Successor Person” has the meaning specified in
Section 7.2. 
 “Tax Documentation” means any of certifications, claims for exemption, notifications
or other documentation required under Japanese tax law for interest payments to be made without withholding or deduction for or on account of Japanese tax. 

“Taxes” has the meaning specified in Section 9.5. 

“Transfer Restrictions” has the meaning specified in Section 2.6(a). 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity or interpolated (on a day count basis) 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. 
 “Trust Indenture Act” means the Trust Indenture
Act of 1939 as in force at the date as of which this Indenture was originally executed; provided, however, that in the event that the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939, as so amended. 
 “Trustee” means the
Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or
include each Person who is then a Trustee hereunder. 
 “United States” means the United States of
America. 
 “Unrestricted Global Note” has the meaning specified in Section 2.1. 

“Written Application for Tax Exemption” has the meaning specified in Section 9.5. 

  
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 SECTION 1.2.    Compliance Certificates and
Opinions. 
 Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate and an Opinion of Counsel (provided, however, that at the time of issuance of the Notes, the Company shall furnish to the Trustee an Officer’s
Certificate) stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with. Each such certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given
by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements set forth in this Indenture. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except
for certificates provided for in Section 9.4) shall include: 

(1)        a statement that each individual signing such certificate
or opinion has read such condition or covenant and the definitions herein relating thereto; 

(2)        a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3)        a statement that, in the opinion of each such individual,
he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4)        a statement as to whether, in the opinion of each such
individual, such condition or covenant has been complied with. 
 SECTION 1.3.    Form of
Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered
by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are
erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

SECTION 1.4.    Acts of Holders; Record Dates. 

Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed

  
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in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby
expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.4. 

The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

The ownership of Notes shall be proved by the Notes Register. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind
every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Note. 
 The Company may set any day as a
record date for the purpose of determining the Holders of Outstanding Notes entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Notes, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred
to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Notes at the close of business on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such
Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on such
record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes on the date such
action is taken based on such record date previously set. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of Notes in the manner set forth in Section 1.6. 

The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Notes entitled to join
in the giving or making of (i) any declaration of acceleration referred to in Section 4.2, (ii) any request to institute proceedings referred to in Section 4.7 or (iii) any direction referred to in Section 4.12. If any
record date is set pursuant to this paragraph, the Holders of Outstanding Notes at the close of business on such record date, and no other Holders, shall be entitled to join in such declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on such record date.
Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set 

  
 9 

 
pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), provided, however, that nothing in
this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes on the date such action is taken based on such record date previously set. Promptly after any record date is
set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Notes
in the manner set forth in Section 1.6. 
 With respect to any record date set pursuant to this Section 1.4, the
party hereto which sets such record dates may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other parties hereto in writing, and to each Holder of Notes in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated
with respect to any record date set pursuant to this Section 1.4, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject
to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Note
may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount of such Note. 

SECTION 1.5.    Notices, Etc., to Trustee and the Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1)        the Trustee by any Holder or by the Company shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or 

(2)        the Company by the Trustee or by any Holder shall be
sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid to the Company at its address at 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku, Tokyo 103-8668, Japan Attention: Global Treasury & Finance Management, Group Finance & Controlling, Global Finance; or at any other address
previously furnished in writing to the Trustee by the Company. 
 SECTION 1.6.    Notice to
Holders; Waiver. 
 Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, or emailed, in PDF format, to each Holder affected by such event, at his address as it appears in the Notes Register, not later
than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail or email, neither the failure to mail or email such notice, nor any defect
in any notice so mailed or emailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver. 

  
 10 

 In case by reason of the suspension of regular mail service or by reason of
any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

SECTION 1.7.    Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 SECTION 1.8.    Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or
not. 
 SECTION 1.9.    Separability Clause. 

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

SECTION 1.10.    Benefits of Indenture. 

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

SECTION 1.11.    Governing Law. 

This Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 1.12.    Consent to Jurisdiction; Waiver of Immunities. 

(a)        The Company hereby irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of New York State or the federal courts of the United States located in the Borough of Manhattan, The City of New York over any suit, action or proceeding arising out of or
relating to this Indenture or any Note. The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of any court
or from any legal process with respect to itself or its property, it irrevocably waives such immunity in respect of its obligations hereunder or under any Note. The Company agrees that final judgment in any such suit, action or proceeding brought in
such a court shall be conclusive and binding upon the Company and, to the extent permitted by applicable law, may be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment or in any manner provided by
law, provided that service of process is effected upon the Company in the manner specified in the following paragraph or as otherwise permitted by law. 

(b)        As long as any of the Notes remain Outstanding, the Company will at all
times have an authorized agent in The City of New York upon whom process may be served in any legal action or proceeding arising out of or relating to this Indenture or any Note. Service of process upon such agent and written notice of such service
mailed or delivered to the Company shall to the fullest extent permitted by law be deemed in every respect effective service of process upon the Company in any such legal action or proceeding. The Company has appointed Cogency Global Inc. as
its agent for such purpose, and covenants and agrees that service of process in any suit, action or proceeding may be made upon it at the offices of such agent. Cogency Global Inc. has 

  
 11 

 
accepted such appointment as agent for service of process. Notwithstanding the foregoing, the Company may, with prior written notice to the Trustee, terminate the appointment of such agent and
appoint another agent for the above purposes so that the Company shall at all times have an agent for the above purposes in The City of New York. 

(c)        The Company hereby irrevocably waives, to the fullest extent permitted by
law, any requirement or other provision of law, rule, regulation or practice which requires or otherwise establishes as a condition to the institution, prosecution or completion of any suit, action or proceeding (including appeals) arising out of or
relating to this Indenture or any Note, the posting of any bond or the furnishing, directly or indirectly, of any other security. 

SECTION 1.13.    Waiver of Jury Trial. 

EACH OF THE COMPANY AND THE TRUSTEE 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 INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 1.14.    Payments Due on Non-Business
Days. 
 In any case in which any Interest Payment Date falls on a day that is not a Business Day, then payment
of principal or interest (or Additional Amounts, if any) need not be made on such date but may be made on the next succeeding Business Day. Any payment made pursuant to the preceding sentence on such next succeeding Business Day shall have the same
force and effect as if made on the due date, and no additional interest shall accrue with respect to such payment for the period after such date. 

SECTION 1.15.    Communications by Holders with Other Holders. 

Within five Business Days of receipt of a written application by a Holder stating that such Holder desires to communicate
with other Holders of Notes, the Trustee, provided it has received a copy of the form of proxy or other communication which such applying Holder proposes to transmit and proof reasonably satisfactory to the Trustee that such Holder has owned Notes
for a period of at least six months prior to such request, shall either (i) afford the applying Holder access to the requested information or (ii) transmit copies of the communication prepared by the applying Holder to the registered
Holders at the expense of such applying Holder. 
 SECTION 1.16.    English Language.
 
 All certificates, opinions, notices, consents, requests or other documents or instruments delivered pursuant hereto
shall be in the English language. 
 SECTION 1.17.    Counterparts 

This Indenture may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and
may be used in lieu of the original Indenture and signature pages for all purposes. 

SECTION 1.18.    Conflict with any Provision of Indenture with Trust Indenture Act 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision included in
this Indenture by operation of Sections 310 to and including 317 of the Trust Indenture Act (an “Incorporated Provision”), such Incorporated Provision shall control. 

  
 12 

 ARTICLE II 

THE SECURITIES 

SECTION 2.1.    Forms. 

Upon the execution and delivery of this Indenture, the: 

 

	 	•	 	 3.800% Senior Notes due 2020 in an aggregate principal amount of $1,000,000,000 

 

	 	•	 	 4.000% Senior Notes due 2021 in an aggregate principal amount of $1,250,000,000, 

 

	 	•	 	 4.400% Senior Notes due 2023 in an aggregate principal amount of $1,500,000,000 and 

 

	 	•	 	 5.000% Senior Notes due 2028 in an aggregate principal amount of $1,750,000,000 

may be executed and delivered by the Company to the Trustee for authentication, accompanied by a Company Order directing such
authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company (as set forth in such Company Order) signed by an Authorized Officer of the Company. The Trustee shall authenticate the
Exchange Notes at any time from time to time. Notwithstanding the foregoing, the Company, pursuant to a Board Resolution, may from time to time, without the consent of Holders of Notes, create and issue further notes having the same terms and
conditions as the Notes of a series in all respects, except for the issue date, issue price and first Interest Payment Date thereon. Additional notes issued in this manner may be consolidated with and form a single series with the previously
outstanding Notes of the relevant series; provided that if any additional notes are not fungible with the Notes of the relevant series for U.S. federal income tax purposes, such additional notes will be issued as a separate series under this
Indenture and will have a separate “CUSIP” or similar identifying number from the Notes of the relevant series. 

The Notes shall be issuable only in fully registered form without interest coupons in denominations of $200,000 and integral
multiples of $1,000 in excess thereof. Notes issued in accordance with Rule 144A of the Securities Act shall initially be issued in the form of one or more global notes in the form of Exhibit A-1 hereto (each,
a “Rule 144A Global Note”) and Notes issued in accordance with Regulation S of the Securities Act shall initially be issued in the form of one or more global notes in the form of Exhibit A-2
hereto (each, a “Regulation S Global Note”). Rule 144A Global Notes and Regulation S Global Notes exchanged for Exchange Notes pursuant to Section 2.12 shall be in the form of one or more global notes in the form of Exhibit A-3 hereto (each an “Unrestricted Global Note”, and, collectively with the Rule 144A Global Notes and the Regulation S Global Notes, the “Global Notes”). Interests in any Global
Note will be exchangeable for definitive Notes in registered form only under the circumstances set forth herein. 
 The
Notes may have such additional provisions, omissions, variations or substitutions as are not inconsistent with the provisions of this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with any law or with any rules made pursuant thereto or with the rules of any securities exchange, any governmental agency or the Depositary or as may, consistently herewith, be determined by the officers
of the Company executing such Notes, as evidenced by their execution thereof. All Notes shall be substantially identical except as to denomination and as provided herein. 

The Notes shall be executed on behalf of the Company by any Representative Director of the Company. The signature of any
Representative Director of the Company on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile
signatures of individuals who were at the time of issuance of such Notes the proper Representative Director of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices thereafter. 

  
 13 

 The definitive Notes shall be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by the Representative 
 Director of the Company
executing such Notes, as evidenced by their execution thereof. Until definitive Notes shall have been prepared, the Company may execute, and upon the written order of the Company, the Trustee shall authenticate and deliver, in accordance with the
provisions of this Indenture (in lieu of definitive Notes), temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, substantially of the tenor referred to above. Such temporary Notes shall be subject to the
same limitations and conditions and entitled to the same rights and benefits as definitive Notes, except as provided herein or therein. If temporary Notes are issued, the Company shall promptly cause definitive Notes to be prepared. Temporary Notes
shall be exchangeable at the principal office of the Trustee in The City of New York (or at such other office in The City of New York as shall be specified in the text of such temporary Notes) for definitive Notes when the latter shall be ready for
delivery; and upon the surrender for exchange at said office of such temporary Notes, the Company, at its own expense, shall execute, and the Trustee is authorized to authenticate and deliver, in accordance with the provisions of Section 2.2 of
this Indenture, in exchange for such temporary Notes a like aggregate principal amount of definitive Notes of the appropriate form and denomination. Temporary Notes shall be appropriately legended. 

SECTION 2.2.    Certificate of Authentication. 

Only such Notes as shall bear thereon a certificate of authentication substantially as set forth in the Form of Note in
Exhibit A-1, A-2 or A-3 hereto, as applicable, executed by the Trustee by manual signature of one of its Responsible Officers, shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. Such certification by the Trustee upon any Note executed by or on behalf of the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered
hereunder and that the Holder thereof is entitled to the benefits of this Indenture. 

SECTION 2.3.    Issue and Delivery of Notes. 

The Company has, by a purchase agreement dated November 19, 2018 among the Company and J.P. Morgan Securities LLC, SMBC Nikko
Securities America, Inc., Morgan Stanley MUFG Securities Co., Ltd., Mizuho Securities USA LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as representatives (the “Representatives”) of the initial purchasers
named therein (the “Initial Purchasers”), agreed to issue 
  

	 	•	 	 $1,000,000,000 aggregate principal amount of 3.800% Senior Notes due 2020, 

 

	 	•	 	 $1,250,000,000 aggregate principal amount of 4.000% Senior Notes due 2021, 

 

	 	•	 	 $1,500,000,000 aggregate principal amount of 4.400% Senior Notes due 2023 and 

 

	 	•	 	 $1,750,000,000 aggregate principal amount of 5.000% Senior Notes due 2028. 

The aggregate principal amount of the Rule 144A Global Notes and the Regulation S Global Notes issued on the Closing Date shall be
$5,500,000,000. The principal amount of any Rule 144A Global Note and any Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as provided in Section 2.6. The Global Notes
will be dated November 26, 2018. 
 The Company initially shall execute and deliver the applicable Global Notes to the
Trustee, and the Trustee shall, upon the order of the Company as provided in Section 2.1, authenticate the Global Notes and deliver them upon the order of the Company on or about November 26, 2018 to a custodian for DTC, for credit to the
respective accounts of the Initial Purchasers (or to such other accounts as the Representatives, on behalf of the Initial Purchasers, may direct). 

  
 14 

 SECTION 2.4.    Registrar, Registration of
Transfer and Exchange. 
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office and in any other office or agency of the Company herein sometimes collectively referred to as the “Notes Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. The Trustee is hereby appointed “Notes Registrar” for the purpose of registering Notes and transfers of such Notes as herein provided. The
Company may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts; provided, however, that there shall at all times be a transfer
agent in the Borough of Manhattan, The City of New York. There shall be only one Notes Registrar. The Notes Register will show the amount of the Notes, the date of issue, all subsequent transfers and changes of ownership in respect thereof and the
names, tax identifying numbers (if relevant to a specific holder), addresses of the holders of the Notes and any payment instructions with respect thereto (if different from a holder’s registered address). The Trustee will also maintain a
record which will include notations as to whether the Notes have been paid or cancelled, and, in the case of mutilated, destroyed, stolen or lost Notes, whether such Notes have been replaced. In the case of the replacement of any of the Notes, such
records will include notations of each Note so replaced, and the Note issued in replacement thereof. In the case of the cancellation of any of the Notes, such records will include notations of each Note so cancelled and the date on which such Note
was cancelled. The Trustee shall upon written request make the Notes Register and such records available, during normal office hours and on reasonable written notice, to the Company, or any Person authorized by the Company in writing, for inspection
and for the taking of copies thereof or extracts therefrom, and, at the expense of the Company, the Trustee shall deliver to such Persons all lists of Holders of Notes, their addresses and amounts of such holdings as they may request. 

Except as otherwise specifically provided herein, (i) all references in this Indenture to the Trustee shall be deemed to
refer to the Trustee in its capacity as Trustee and Notes Registrar and (ii) every provision of this Indenture relating to the conduct, rights or privileges of the Trustee or affecting the liability or offering protection, immunity or indemnity
to the Trustee shall be deemed to apply with the same force and effect to the Trustee acting in its capacities as Notes Registrar and Paying Agent and to each agent of the Trustee employed to act hereunder. 

Subject to this Section 2.4, Section 2.5 and Section 2.6, at the option of the Holder, Notes may be presented
for exchange for other Notes, of any authorized denominations and of like tenor and aggregate principal amount or for registration of transfer by the Holder thereof or his attorney duly authorized in writing and with the form of transfer thereon
duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed, at the office of the Trustee or at the office of any transfer agent designated by the Company for such purpose. Whenever any Notes
are so surrendered for exchange, the Company shall execute and the Trustee shall authenticate and deliver the Notes which the Holder making the exchange is entitled to receive. 

A beneficial interest in any Rule 144A Global Note or Regulation S Global Note may be exchanged by any holder thereof for a
beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of this
Section 2.4, and if: 
 (a)        such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) a Participating Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of any Company; 

(b)        such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement; or 

  
 15 

 (c)        such transfer is
effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement. 

If any such transfer is effected pursuant to subparagraph (a), (b) or (c) above at a time when an Unrestricted Global
Note has not yet been issued, the Company shall issue and, upon receipt of an Officer’s Certificate from the Company in accordance with Section 1.2 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (a), (b) or (c) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery
thereof in the form of, a beneficial interest in a Rule 144A Global Note or Regulation S Global Note. 
 Upon surrender for
registration of transfer of any Note at the office or agency of the Company, the Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes, of any authorized
denominations and of like tenor and aggregate principal amount. 
 All Notes issued upon any registration of transfer or
exchange of Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed, or be accompanied by
a written instrument of transfer in form satisfactory to the Company duly executed, by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Notes, but the Company may require payment by
the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 SECTION 2.5.    Global Notes. 

Each Global Note authenticated under this Indenture shall be registered in the name of the Depositary designated for such
Global Note or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Note shall constitute a single Note for all purposes of this Indenture. 

Ownership of beneficial interests in a Global Note will be limited to persons who have accounts with the Depositary
(“Participants”) or persons who hold interests through such Participants. Upon the issuance of a Global Note, the Depositary or its custodian shall credit, on its internal system, the respective principal amount of the individual
beneficial interests represented by such Global Note to the accounts of its Participants. Ownership of beneficial interests in a Global Note shall be shown only on, and the transfer of such ownership interests shall be effected only through, records
maintained by the Depositary or its nominee (with respect to interests of Participants) or by any such Participant (with respect to interests of persons held by such Participants on their behalf). Payments, transfers, exchanges and other matters
relating to beneficial interests in a 

  
 16 

 
Global Note may be subject to various policies and procedures adopted by the Depositary from time to time. None of the Company, the Trustee or any of their respective agents shall have any
responsibility or liability for any aspect of the Depositary’s or any Participant’s records, policies or procedures relating to, or for payments made on account of, beneficial interests in a Global Note or for any other aspect of the
relationship between the Depositary and its Participants, or for maintaining, supervising or reviewing any records relating to such beneficial interests. 

Notwithstanding any provision of this Indenture or any Note to the contrary, no Global Note may be exchanged in whole or in
part for Notes registered, and no transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary or its nominee unless (i) the Depositary notifies the Company that the Depositary is
unwilling or unable to continue as depositary for a Global Note or has ceased to be qualified to act as such as required by this Indenture and the Company does not appoint a successor Depositary within 90 days after the Company receives such notice
or becomes aware of such non-qualification or (ii) there shall have occurred and be continuing an Event of Default with respect to the Notes. All definitive Notes issued in exchange for a Global Note or
any portion thereof shall be registered in such names as the Depositary shall direct. In the event and for so long as definitive Notes are not issued to any owner of a beneficial interest in a Global Note after the occurrence of one of the events
set forth above, the Company expressly acknowledges, with respect to the right of a Holder to pursue a remedy pursuant to Section 4.7 or Section 4.8, the right of such owner to pursue such remedy with respect to the portion of the Global
Note that represents such owner’s Notes as if such definitive Notes had been issued. 
 Except in the circumstances
referred to in the preceding paragraph, as long as the Depositary, or its nominee, is the registered Holder of a Global Note, the Depositary or such nominee, as the case may be, shall be considered the sole owner and Holder of such Global Note (and
of the Notes represented thereby) for all purposes under this Indenture and the Notes. Except in the circumstances referred to in the preceding paragraph, owners of beneficial interests in a Global Note shall not be entitled to have such Global Note
or any Notes represented thereby registered in their names, shall not receive or be entitled to receive physical delivery of definitive Notes in exchange therefor and shall not be considered the owners or Holders of such Global Note (or any Notes
represented thereby) for any purpose under this Indenture or the Notes. In addition, no beneficial owner of an interest in a Global Note shall be able to transfer that interest except in accordance with the Depositary’s applicable procedures
(in addition to those under this Indenture referred to herein and, if applicable, those of Euroclear and Clearstream). All payments of interest on, principal of, or Additional Amounts on, a Global Note shall be made to or to the order of the
Depositary or its nominee, as the case may be, as the Holder thereof. 
 Every Note authenticated and delivered upon
registration of transfer of, or in exchange for or in lieu of, a Global Note or any portion thereof, whether pursuant to this Section 2.5, Section 2.6, Section 2.7 or otherwise, shall be authenticated and delivered in the form of, and
shall be, a Global Note, unless such Note is registered in the name of a Person other than the Depositary for such Global Note or a nominee thereof. 

Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the
Depositary. 
 SECTION 2.6.    Transfer Restrictions. 

(a)        The Global Notes shall be subject to the restrictions on transfers (the
“Transfer Restrictions”) provided in the applicable legends (the “Legends”) required to be set forth on the face of each Global Note as provided in Exhibits A-1 and A-2 hereto, and each Holder of a Global Note and each owner of a beneficial interest in a Global Note, by its acceptance thereof, agrees to be bound by and comply with the Transfer Restrictions, in each case unless
compliance with the Transfer Restrictions shall be waived by the Company in writing delivered to the Trustee. 

(b)        The Transfer Restrictions shall cease and terminate with respect to any
particular Global Note upon receipt by the Company of evidence satisfactory to it (which may include an opinion of 

  
 17 

 
independent counsel experienced in matters of United States federal securities law) that, as of the date of determination, such Global Note (a) has been sold pursuant to an effective
registration statement under the Securities Act or (b) has been transferred (i) in a transaction satisfying all the requirements of Rule 903 or 904 (as applicable) of Regulation S under the Securities Act or (ii) pursuant to Rule 144
under the Securities Act. All references in the preceding sentence to any regulation, rule or provision thereof shall be deemed also to refer to any successor provisions thereof. 

(c)        At the request of the Holder and upon the surrender of such Global Note to
the Trustee for exchange in accordance with the provisions of this Section 2.6, any Global Note as to which the Transfer Restrictions shall have terminated in accordance with the preceding paragraph shall be exchanged for a new Note, of like
tenor and aggregate principal amount, but without the Legends. 
 (d)        As
used in this Section 2.6, the term “transfer” encompasses any sale, pledge, transfer or other disposition of any Notes referred to herein. 

(e)        Rule 144A Global Note to Regulation S Global Note. If the owner of
a beneficial interest (an “Owner Transferor”) in a Rule 144A Global Note wishes at any time to transfer such beneficial interest to a Person (an “Owner Transferee”) who wishes to take delivery thereof in the form of
a beneficial interest in a Regulation S Global Note, such transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this paragraph (e). “Applicable Procedures” means, with respect
to any transfer of a beneficial interest in a Global Note, the rules and procedures of DTC, Euroclear and Clearstream to the extent the same are applicable to such transfer and shall be complied with by any Holder or any party which has a beneficial
interest in a Global Note; provided, however, the Trustee shall not be responsible for determining any compliance with such rules and procedures. Upon receipt by the Trustee of (1) written instructions given in accordance with the Applicable
Procedures from a Participant whose account is to be debited (a “Participant Transferor”) with respect to the Rule 144A Global Note directing the Trustee to credit or cause to be credited to a specified account of another
Participant (a “Participant Transferee”) a beneficial interest in a Regulation S Global Note in a principal amount equal to that of the beneficial interest in the Rule 144A Global Note to be so transferred (the “Rule
144A Global Transferred Amount”), (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Participant Transferee to be credited with, and the account of the
Participant Transferor to be debited for, the Rule 144A Global Transferred Amount and (3) a certificate in substantially the form set forth in Exhibit B hereto given by the Owner Transferor stating that the transfer has been made pursuant to
and in accordance with Rule 903 or Rule 904 of Regulation S under the Securities Act, the Trustee shall instruct DTC to reduce the principal amount of the Rule 144A Global Note, and to increase the principal amount of the Regulation S Global
Note, by the Rule 144A Global Transferred Amount, and to credit or cause to be credited to the account of the Participant Transferee a beneficial interest in the Regulation S Global Note, and to debit or cause to be debited to the account of the
Participant Transferor a beneficial interest in the Rule 144A Global Note, in each case having a principal amount equal to the Rule 144A Global Transferred Amount. 

(f)        Regulation S Global Note to Rule 144A Global Note. If an Owner
Transferor wishes at any time to transfer a beneficial interest in a Regulation S Global Note to an Owner Transferee who wishes to take delivery thereof in the form of a beneficial interest in a Rule 144A Global Note, such transfer may be effected,
subject to the Applicable Procedures, only in accordance with this Section 2.6(f). Upon receipt by the Trustee of (1) written instructions given in accordance with the Applicable Procedures from the Participant Transferor, directing the
Trustee to credit or cause to be credited to a specified account of a Participant Transferee a beneficial interest in a Rule 144A Global Note in a principal amount equal to that of the beneficial interest in the Regulation S Global Note to be
so transferred (the “Regulation S Global Transferred Amount”), (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Participant Transferee to be credited
with, and the account of the Participant Transferor to be debited for, the Regulation S Global Amount, and (3) if the transfer is prior to or on the 40th day after the later of the
commencement of the offering of the Notes and the issue date of the Notes, a certificate in substantially the 

  
 18 

 
form set forth in Exhibit C hereto given by the Owner Transferor stating (A) that the Person transferring such interest in a Regulation S Global Note (i) reasonably believes that the
Person acquiring such interest in a Rule 144A Global Note is a Qualified Institutional Buyer purchasing for its own account (or for the account of one or more Qualified Institutional Buyers over which account it exercises sole investment
discretion), (ii) has notified such Person of the transfer restrictions applicable to the Global Notes, and (B) the transfer is in accordance with any applicable securities laws of any state of the United States or any other applicable
jurisdiction, the Trustee shall instruct DTC to reduce the principal amount of the Regulation S Global Note, and to increase the principal amount of the Rule 144A Global Note, by the Regulation S Global Transferred Amount, and to credit or
cause to be credited to the account of the Participant Transferee a beneficial interest in the Rule 144A Global Note, and to debit or cause to be debited to the account of the Participant Transferor a beneficial interest in the Regulation S Global
Note, in each case having a principal amount equal to the Regulation S Global Transferred Amount. 

SECTION 2.7.    Mutilated, Destroyed, Lost and Stolen Notes. 

If any mutilated Note is surrendered to the Trustee, the Company shall execute, and the Trustee shall authenticate and
deliver in exchange therefor, a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss
or theft of any Note and (ii) indemnity satisfactory to them to save each of them and any of their agents harmless, from any losses or claims incurred in connection with the issuance of a new Note, then, in the absence of notice to the Company
or the Trustee that such Note has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount and
bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Note has
become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 

Upon the issuance of any new Note under this Section 2.7, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Note issued pursuant to this Section 2.7 in exchange for any mutilated Note or in lieu of any destroyed, lost
or stolen Note shall constitute an original contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.7
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.8.    Persons Deemed Owners. 

Prior to due presentment of a Note for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of and any interest on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. In considering the interests of the Holders of Notes while title to the Notes is registered in the name of a
nominee of the Depositary, the Trustee may refer to any information made available to it by the Depositary as to the identity (either individually or by 

  
 19 

 
category) of its Participants or persons who hold interests through such Participants with entitlements to Notes and may consider such interests as if such accountholders were the Holders of the
Notes. For the purposes of enforcement of the provisions of this Indenture against the Trustee, the persons named in a certificate of the Holder of any Global Note in respect of which a global certificate is issued shall be recognized as the
beneficiaries of this Indenture, to the extent of the principal amounts of their interests in the Notes set out in the certificate of the Holder, as if they were themselves the Holders of the Notes in such principal amounts. 

SECTION 2.9.    Cancellation. 

All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Notes previously authenticated hereunder which the Company has not issued and sold, and all Notes so delivered shall be
promptly canceled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this Indenture. All canceled Notes (and all Notes paid in full
at final maturity thereof) held by the Trustee shall be disposed of in accordance with the Trustee’s customary practices. 

SECTION 2.10.    Japanese Withholding Taxes. 

(a)        In compliance with Japanese tax laws and the practices of tax authorities
in Japan, in respect of any interest payment on the Notes issued in global or book-entry form pursuant to this Indenture or any supplemental indenture hereto, any Paying Agent shall act in accordance with the procedures and forms set out in the DTC
Procedures if DTC is acting as clearing organization with respect to the Notes or with respect to depositary interests representing such Notes, or in accordance with such other similar procedures as may be established by another clearing
organization. Except as otherwise provided in this Indenture, any such Paying Agent shall be responsible only for performing such services as are specifically provided for in the DTC Procedures or such other procedures actually known by the Paying
Agent, as applicable and as may be amended or modified and communicated to the Paying Agent from time to time. Any such Paying Agent and the Company may rely on the information provided in the claim for exemption from Japanese withholding taxes and
other documentation in the absence of actual knowledge to the contrary. If any interest payment on a Note is due to be made hereunder, and if and so long as payments of interest (if any) by the Company to any Paying Agent may be made without
withholding or deduction for or on account of Japanese tax only upon receipt of Tax Documentation, the relevant Paying Agent at the direction of the Company, shall (i) accept delivery of the required Tax Documentation from the clearing
organization (or Holders of the Notes, if definitive Notes have been issued); (ii) provide to the Company any required confirmations of information available to it; and (iii) deliver such Tax Documentation to, or on the written order of, the
Company via facsimile no later than two Business Days after the Paying Agent has received such Tax Documentation, followed by first class mail or express courier at the address stipulated in Section 1.5, for filing with the relevant Japanese
district tax office. Any such Paying Agent may rely on the information provided in Tax Documentation (including, where relevant, supporting documentation) in the absence of actual knowledge that such information is incorrect. 

(b)        If a Holder of the Notes or the holder of a depositary interest
representing the Notes satisfies the requirements for claiming an exemption from Japanese withholding tax after the date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the Japanese tax
authorities, then the Company or the Paying Agent acting at the direction of the Company may, to the extent reasonably practicable, repay the amount withheld (after deduction of reasonable costs, including amounts in respect of changes in foreign
exchange rates) to the Holder. 

  
 20 

 SECTION 2.11.    Japanese Withholding
Tax Legend. 
 Each Global Note and each definitive Note issued for exchange for a beneficial interest in the
Global Note shall bear the following legend relating to Japanese withholding tax: 
 “INTEREST PAYMENTS ON THIS NOTE
GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE
CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS
DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A “SPECIALLY-RELATED PERSON OF THE
COMPANY”), (II) A JAPANESE FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH (28) OF THE
CABINET ORDER (CABINET ORDER NO. 43 OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES
OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS
RECEIVED SUCH PAYMENTS THROUGH A PAYMENT HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING
PARAGRAPH, OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO
JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS.” 
 SECTION 2.12.    Exchange
Offer. 
 Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the
Company shall issue and, upon receipt of an authentication order in the form of an Officer’s Certificate of the Company in accordance with Section 1.2 hereof, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in
an aggregate principal amount equal to the principal amount specified by the Company of the beneficial interests in the Rule 144A Global Notes or the Regulation S Global Notes of the same series tendered for acceptance by Persons that certify in the
applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Company, and
accepted for exchange in the Exchange Offer and (ii) unrestricted definitive Notes in an aggregate principal amount equal to the principal amount of the definitive Notes of the same series tendered for acceptance by Persons that certify in the
applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Company, and
accepted for exchange in the Exchange Offer, and make any other representations that are necessary for the Company to comply with applicable laws and regulations, including the Companies Act of Japan and the Financial Instruments and Exchange Act of
Japan, or that are necessary for the Exchange Notes to qualify for an exemption from Japanese withholding tax. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Rule 144A Global
Note and Regulation S Global Note to be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and mail to the Persons designated by the Holders of definitive Notes so accepted unrestricted definitive Notes in the
applicable principal amount. Any Notes that 

  
 21 

 
remain outstanding after the consummation of the Exchange Offer, and Exchange Notes issued in connection with the Exchange Offer, shall be treated as a single class of securities under this
Indenture. 
 ARTICLE III 

SATISFACTION AND DISCHARGE 

SECTION 3.1.    Satisfaction and Discharge of Indenture. 

The Company may terminate all of its obligations under this Indenture (except as to any surviving rights of registration of
transfer or exchange of Notes herein expressly provided for), and the Trustee, at the expense of the Company, shall execute instruments in form and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge of
this Indenture, when 
 (1)        either 

(A)        all Notes theretofore authenticated and delivered (other
than Notes which have been mutilated, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.7) have been delivered to the Trustee for cancellation; or 

(B)        all such Notes not theretofore delivered to the Trustee for
cancellation 
 (i)        have become due and payable, 

(ii)        will become due and payable at their maturity date within
one year, or 
 (iii)        are to be called for redemption
pursuant to Section 10.1, Section 10.2, Section 10.3, Section 10.4 or Section 10.5 within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Company, 
 and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for such purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and interest to the
date of such deposit (in the case of Notes which have become due and payable) or to the Redemption Date, as the case may be; 

(2)        the Company has paid or caused to be paid or made provision
satisfactory to the Trustee for the payment of all other sums payable hereunder by the Company; and 

(3)        the Company has delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under
Section 4.6, Section 5.6 and Section 9.3, any obligations of the Trustee under Section 3.2 and any rights of registration of transfer, exchange or replacement of Notes provided in Section 2.4, Section 2.5,
Section 2.6, Section 2.7, or Section 9.2 and any rights to Additional Amounts pursuant to Section 9.5 shall survive such satisfaction and discharge. 

SECTION 3.2.    Application of Trust Money. 

All money deposited with the Trustee pursuant to Section 3.1 shall be held in trust and applied by it, in accordance
with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Persons entitled thereto, of the principal and any interest (or Additional Amounts, if any) for
whose payment such money has been deposited with the Trustee. 

  
 22 

 ARTICLE IV 

REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT 

SECTION 4.1.    Event of Default. Unless otherwise established hereunder or by any applicable
supplemental indenture, an “Event of Default” with respect to the Notes shall mean any one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

 

	 	1.	 default shall be made for more than seven days in the payment of principal or for more than 30 days in the
payment of interest, or additional interest, if any, in respect of any of the Notes; or 

  

	 	2.	 the Company defaults in the performance or observance of any covenant, condition or provision contained in
the Notes or in this Indenture for a period of 60 days after written notification requesting such default to be remedied by the Company shall first have been given to the Company (and to the Trustee in the case of notice by the Holders referred to
below) by the Trustee or Holders of at least 25% in principal amount of the then Outstanding Notes (such notification must specify the Event of Default, demand that it be remedied and state that the notification is a “Notice of Default”
hereunder); or 

  

	 	3.	 the Company shall have become bound as a consequence of a default by it in its obligations in respect of any
indebtedness for borrowed moneys having a total principal amount then outstanding of at least $50,000,000 (or its equivalent in any other currency or currencies) contracted or incurred by it prematurely to repay the same, or the Company shall have
defaulted in the repayment of any such indebtedness contracted or incurred by it at the later of the maturity thereof or the expiration of any applicable grace period therefor, or the Company shall have failed to pay when properly called upon to do
so, and after the expiration of any applicable grace period, any guarantee contracted or incurred by it of any such indebtedness in accordance with the terms of any such guarantee; provided, however, that, prior to any judgment, if any such default
under such indebtedness shall be cured by the Company, or be waived by the holders of such indebtedness, in each case as may be permitted under the terms of such indebtedness, then the Event of Default hereunder by reason of such default shall be
deemed likewise to have been thereupon cured or waived; or 

  

	 	4.	 a final and non-appealable order of a court of competent
jurisdiction shall be made or an effective resolution of the Company shall be passed for the winding-up or dissolution of the Company except for the purposes of or pursuant to a consolidation, amalgamation,
merger or reconstruction under which the continuing corporation or the corporation formed as a result thereof effectively assumes the entire obligations of the Company under this Indenture in relation to the Notes; or 

 

	 	5.	 an encumbrancer shall have taken possession, or a trustee or receiver shall have been appointed, in
bankruptcy, civil rehabilitation, reorganization or insolvency of the Company, of all or substantially all of its assets and undertakings and such possession or appointment shall have continued undischarged and unstayed for a period of 60 days; or

  
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	 	6.	 the Company shall stop payment (within the meaning of the bankruptcy law of Japan) or (otherwise than for
the purposes of such a consolidation, amalgamation, merger or reconstruction as is referred to in paragraph 4 above) shall cease to carry on business or shall be unable to pay its debts generally as and when they fall due; or 

 

	 	7.	 a decree or order by any court having jurisdiction shall have been issued adjudging the Company bankrupt or
insolvent, or approving a petition seeking with respect to the Company reorganization or liquidation under bankruptcy, civil rehabilitation, reorganization or insolvency law of Japan, and such decree or order shall have continued undischarged and
unstayed for a period of 60 days; or 

  

	 	8.	 the Company shall initiate or consent to proceedings relating to itself under bankruptcy, civil
rehabilitation, reorganization or insolvency law of Japan or shall make a conveyance or assignment for the benefit of, or shall enter into any composition with, its creditors generally. 

SECTION 4.2.    Acceleration of Maturity; Rescission and Annulment. If an Event of
Default with respect to the Notes occurs and is continuing, then in every such case (other than an Event of Default specified in Section 4.1(7) or Section 4.1(8)) the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Notes of each affected series may declare the principal amount of all the Notes of such affected series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such
declaration such principal amount together with all accrued and unpaid interest, and additional interest, if any, shall become immediately due and payable. 

Notwithstanding the foregoing, in the case of an Event of Default arising under Section 4.1(7) or Section 4.1(8)
with respect to the Company, the principal of and interest on all outstanding notes will become immediately due and payable without further action or notice. In addition, the Trustee shall have no obligation to accelerate the Notes if, in the
reasonable judgment of the trustee, acceleration is not in the best interest of the holders. 
 At any time after such a
declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount
of the Outstanding Notes, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 

(1)        the Company has paid or deposited with the Trustee a sum
sufficient to pay 
 (A)        all overdue interest on all Notes,

 (B)        the principal of (and premium, if any, on) any Notes
which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Notes, 

(C)        to the extent that payment of such interest is lawful,
interest upon overdue interest at the rate or rates prescribed therefor in such Notes, and 

(D)        all sums paid or advanced by the Trustee hereunder and the
compensation and the reasonable expenses, disbursements and advances of the Trustee, its agents and counsel; and 

(2)        all Events of Default with respect to Notes, other than the
non-payment of the principal of Notes which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 4.13. 

  
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 No such rescission shall affect any subsequent default or impair any right
consequent thereon. 
 SECTION 4.3.    Collection of Indebtedness and Suits for Enforcement by
Trustee. The Company covenants that if 
 (1)        default is
made in the payment of any interest on any Note when such interest becomes due and payable and such default continues for a period of 30 days, or 

(2)        default is made in the payment of the principal of (or
premium, if any, on) any Note at the maturity thereof and such default continues for a period of seven days, 
 the Company
will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal and any premium and interest and, to the extent that payment of such interest shall be
legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Notes, if any, and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the compensation and the reasonable expenses, disbursements and advances of the Trustee, its agents and counsel. 

If an Event of Default with respect to the Notes occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 4.4.    Trustee May File Proofs of Claim. 

In case of any judicial proceeding relative to the Company (or any other obligor upon the Notes), its property or its
creditors, the Trustee shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may
enforce any such judgment or final decree against the Company upon the Notes and collect in the manner provided by law out of the property of the Company, wherever situated, the monies adjudged or decreed to be payable. In particular, the Trustee
shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for
the compensation and the reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 5.6. 

No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

SECTION 4.5.    Trustee May Enforce Claims Without Possession of Notes. 

All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered. 

  
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 SECTION 4.6.    Application of Money
Collected. 
 Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at
the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under
Section 5.6; and 
 SECOND: To the payment of the amounts then due and unpaid for principal of and interest on the
Notes (including Additional Amounts, if any) in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal and
interest, respectively. 
 SECTION 4.7.    Limitation on Suits. 

Other than the right to institute a suit for the enforcement of the payment of principal of, or interest on (including, in
each case, any Additional Amounts, if applicable), any Notes after the applicable due date specified in the Notes, no Holder of any Note shall have any right to institute any proceeding with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default; (b) the Holders of not less than 25% in aggregate principal amount of the
Notes of each affected series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee; (c) such Holder or Holders have offered to the Trustee indemnity reasonably
satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Notes of each affected series. 

No one or more of such Holders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all of such Holders. 

SECTION 4.8.    Right of Holders to Receive Principal and Interest. 

Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder to receive
payment of the principal of, and interest on, such Note on or after the respective due dates expressed in such Note (or, in the case of redemption, on the Redemption Date), or to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder. 

SECTION 4.9.    Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders
shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

  
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 SECTION 4.10.    Rights and Remedies
Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes in Section 2.7 and as provided in Section 4.7, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 4.11.    Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Notes to exercise any right or remedy accruing upon any Event of
Default or otherwise shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

SECTION 4.12.    Control by Holders. 

The Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, provided that 

(1)        such direction shall not be in conflict with any rule of
law or with this Indenture, 
 (2)        the action so directed
would not be unjustly prejudicial to the Holders not taking part in such direction or would involve the Trustee in personal liability, 

(3)        the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction, and 

(4)        the Trustee shall not be advised by counsel that the action
or proceeding so directed may not lawfully be taken, and 
 provided further that the Trustee shall be under no
obligation to determine whether any such direction shall be in such conflict or so unjustly prejudicial to the Holders not taking part in such direction. 

Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the
Trustee and which is not inconsistent with such direction by Holders of Notes. 

SECTION 4.13.    Waiver of Past Defaults. 

The Holders of not less than a majority in aggregate principal amount of the Outstanding Notes of the relevant series may, on
behalf of the Holders of all the Notes of such series, waive any past default hereunder, except a default 

(1)        in the payment of the principal of or interest on any Note
or any Additional Amounts payable in respect thereof, or 

(2)        in respect of a covenant or provision hereof which under
Article VIII cannot be modified or amended without the consent of the Holder of each Outstanding Note affected thereby. 

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured, for every purpose under this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

  
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 SECTION 4.14.    Trustee to Give Notice of
Default. 
 The Trustee shall give to the Holders, in the case of Notes registered in the Notes Register as the names
and addresses of such Holders appear on the Notes Register, notice by mail (or by other means provided in a supplemental indenture hereto, pursuant to a Board Resolution and set forth in an Officer’s Certificate under which the Notes are issued
or in the form of the Notes) of all defaults known to the Trustee which have occurred with respect to the Notes, such notice to be transmitted within 90 days after the occurrence thereof, unless such defaults shall have been cured before the giving
of such notice (the term “default” or “defaults” for the purposes of this Section 4.14 being hereby defined to mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default).

 SECTION 4.15.    Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any such party litigant; provided that no court shall require such an undertaking or to make such an assessment in any suit instituted by the Company, the Trustee or any Holder or group of Holders holding in aggregate more than 10% in
aggregate principal amount of the Outstanding Notes of a series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Outstanding Note on or after the due date expressed in such Note. 

SECTION 4.16.    Waiver of Stay or Extension Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted. 
 ARTICLE V 

THE TRUSTEE 

SECTION 5.1.    Certain Duties and Responsibilities. 

(a)        Except during the continuance of an Event of Default, 

  (1)        the Trustee undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  (2)        in the absence of bad faith on its part, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations stated therein). 

(b)        In case an Event of Default has occurred and is continuing with respect to
the Notes, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of 

  
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care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(c)        No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 

  (1)        this paragraph (c) shall not be construed
to limit the effect of paragraph (a) of this Section 5.1; 

  (2)        the Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

  (3)        the Trustee shall not be liable with respect to
any action taken, or omitted to be taken by it, in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Notes relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Notes; 

  (4)        no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; and 

  (5)        The provisions of this Section 5.1 are in
furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act. 

SECTION 5.2.    Certain Rights of Trustee. 

In furtherance of and subject to the Trust Indenture Act and subject to Section 5.1: 

  (1)        the Trustee may rely and shall be protected in
acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed or presented by the proper party or parties; 

  (2)        any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 

  (3)        whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon an Officer’s Certificate; 

  (4)        the Trustee may consult with counsel of its
selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

  (5)        the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to
it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

  
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  (6)        the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney, it being understood that all reasonable expenses incurred in connection with such inquiry or investigation shall be borne by the Company and the Trustee shall incur no
liability or additional liability of any kind by reason of such inquiry or investigation; 

  (7)        the Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it
hereunder; 
   (8)        the Trustee shall not be deemed
to have or charged with knowledge of any default or Event of Default unless (a) a Responsible Officer of the Trustee shall have actual knowledge of such default or Event of Default or (b) written notice of such default or Event of Default
shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of such Notes, and such notice references this Indenture and the Notes; 

  (9)        the Trustee shall not be liable for any action
taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

  (10)        the Trustee shall not be required to give any
bond or surety in respect of the performance of its powers and duties hereunder; 

  (11)        the rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder; and 
   (12)        the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

SECTION 5.3.    Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as
the statements of the Company, and the Trustee does not assume any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable
for the use or application by the Company of the Notes or the proceeds thereof. 

SECTION 5.4.    May Hold Notes. 

The Trustee, any Paying Agent, the Notes Registrar or any other agent of the Trustee or the Company, in its individual or any
other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Notes Registrar or such other agent. 

  
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 SECTION 5.5.    Money Held in
Trust. 
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the
extent required by law. The Trustee shall be under no liability for interest on or investment of any money received by it hereunder except as otherwise agreed in writing with the Company. 

SECTION 5.6.    Compensation and Reimbursement. 

The Company agrees 

(1)        to pay to the Trustee from time to time such compensation
for all services rendered by it hereunder in such amounts as shall have been agreed upon in writing by the Company and the Trustee from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust); 
 (2)        except as otherwise
expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, bad faith or willful misconduct; and 

(3)        to indemnify the Trustee for, and to defend and hold it
harmless against, any loss, liability or expense arising out of or in connection with the acceptance or administration of this trust or trusts hereunder, including taxes (other than taxes based upon or determined by the income of the Trustee) and
the costs and expenses of defending itself against any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent
any such loss, liability or expense may be attributable to its negligence, bad faith or willful misconduct. 

Notwithstanding anything to the contrary herein, under no circumstances will the Trustee or any Agent be liable to the
Company or any other party to this Indenture for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (inter alia, being loss of business, goodwill, opportunity or profit); in each case however caused or
arising and whether or not foreseeable, even if the Trustee or the Agent has been advised of the possibility of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of contract or otherwise.

 The obligations of the Company to the Trustee under the provisions of this Section 5.6 shall survive the
resignation or removal of the Trustee, the termination of this Indenture and the payment in full of the Notes issued hereunder. 

SECTION 5.7.    Corporate Trustee Required; Eligibility. 

There shall at all times be one (and only one) Trustee hereunder. Each Trustee (including any successor Trustee appointed
pursuant to Section 5.8 below) shall be a Person that has a combined capital and surplus of at least $50,000,000 and which is eligible for appointment as trustee in accordance with the provisions of Section 310(a) of the Trust Indenture
Act. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 5.7, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 5.7, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

  
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 SECTION 5.8.    Resignation and Removal;
Appointment of Successor. 
 No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 5.9. 

The Trustee may resign at any time by giving written notice thereof to the Company. If the instrument of acceptance by a
successor Trustee required by Section 5.9 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation (or within 30 days of the Trustee receiving a notice of removal pursuant to the provisions
below), the resigning (or removed) Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes. 

The Trustee may be removed at any time by Act of the Holders of a majority in principal amount of the Outstanding Notes,
delivered to the Trustee and to the Company. 
 If at any time: 

(1)        the Trustee shall fail to comply with the provisions
Section 310(b) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or any Holder, 

(2)        the Trustee shall cease to be eligible in accordance with
the provisions of Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any Holder, or 

(3)        the Trustee shall become incapable of acting or shall be
adjudged bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, 
 then, in any such case, (A) the Company may remove the Trustee or (B) subject to Section 315(e) of the Trust
Indenture Act, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Notes and the appointment of a successor Trustee. 
 If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, the Company, by a Board Resolution, shall promptly appoint a successor Trustee with respect to the Notes and shall comply with the applicable requirements of Section 5.7. If a
successor Trustee with respect to the Notes shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with the applicable requirements of Section 5.9, become the successor Trustee with respect to the Notes and supersede the successor Trustee appointed by the Company. If no successor Trustee
with respect to the Notes shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 5.9 within one year after such resignation, removal or incapability, or the occurrence of such
vacancy, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

The Company shall give notice, or shall cause the Notes Registrar to give notice, of each resignation and each removal of the
Trustee and each appointment of a successor Trustee to all Holders of Notes in the manner provided in Section 1.6. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 

SECTION 5.9.    Acceptance of Appointment by Successor. 

In case of the appointment hereunder of a successor Trustee, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument 

  
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accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
qualified and eligible under this Article. 
 SECTION 5.10.    Merger, Conversion,
Consolidation or Succession to Business. 
 Any bank or trust company into which the Trustee may be merged or converted
or with which it may be consolidated, or any bank or trust company resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any bank or trust company succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, provided such bank or trust company shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part
of any of the parties hereto. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion, consolidation or sale to such authenticating Trustee may adopt such authentication
and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. 

SECTION 5.11.    Conflicting Interest. 

The Trustee for the Notes shall be subject to the provisions of Section 310(b) of the Trust Indenture Act during the
period of time required thereby. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the penultimate paragraph of Section 310(b) of the Trust Indenture Act. In determining whether the Trustee
has a conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect to the Notes of any series, there shall be excluded Notes of any particular series of Notes other than that series. 

ARTICLE VI 
 HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 6.1.    Company to Furnish Trustee Names and
Addresses of Holders. 
 The Company will furnish or cause the Notes Registrar to furnish to the Trustee 

(1)        not later than 15 days after each Record Date, a list, in
such form as the Trustee may reasonably require, of the names and addresses of the Holders of Outstanding Notes as of such Record Date, and 

(2)        at such other times as the Trustee may reasonably request
in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 

  
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 provided, however, that if and so long as the Trustee shall be Notes Registrar, no
such list need be furnished. 
 SECTION 6.2.    Preservation of Information; Communications to
Holders. 
 The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 6.1 and the names and addresses of Holders received by the Trustee in its capacity as Notes Registrar. The Trustee may destroy any list
furnished to it as provided in Section 6.1 upon receipt of a new list so furnished. 
 Every Holder of Notes, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of
Holders made pursuant to applicable law. 
 ARTICLE VII 

MERGER, CONSOLIDATION, SALE OR DISPOSITION 

SECTION 7.1.    Company May Consolidate, Etc., Only on Certain Terms. 

The Company may not merge or consolidate into any other Person (the Company not being the continuing entity) or sell, lease
or dispose of its properties and assets substantially as an entirety (including by way of a corporate split (kaisha bunkatsu)), whether as a single transaction or a number of transactions, related or not, to any Person unless (a) such
Person assumes or succeeds the obligations of the Company under the all series of Notes and this Indenture (and, if such Person is organized in a jurisdiction other than Japan, agrees to pay additional amounts in respect of any taxes, duties,
assessments or governmental charges of whatever nature imposed or levied by or on behalf of the jurisdiction of such Person, or any authority therein or thereof having power to tax, corresponding to the obligation to pay Additional Amounts pursuant
to Section 9.5, substituting such jurisdiction for references to “Japan”) and (b) after giving effect thereto, no Event of Default shall have occurred and be continuing (such permitted transaction, a “Succession
Event”). 
 In connection with any such Succession Event, the Company shall deliver to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such Succession Event and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Section 7.1 and that
all conditions precedent in this Indenture provided for or relating to such transaction have been complied with, and that this Indenture and the Notes are the legal, valid and binding obligation of such succeeding Person, enforceable against such
Person in accordance with their terms (subject to customary exceptions). 

SECTION 7.2.    Successor Substituted. 

Upon any Succession Event in accordance with Section 7.1, such succeeding entity (the “Successor
Person”) formed by such Succession Event shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such Successor Person had been named as the Company
herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Notes. 

  
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 ARTICLE VIII 

SUPPLEMENTAL INDENTURES 

SECTION 8.1.    Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders, the Company and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1)        to evidence the succession of another Person to the Company
and the assumption by any such successor of the covenants of the Company herein and in the Notes; or 

(2)        to add to the covenants of the Company or to surrender any
right or power herein conferred upon the Company for the benefit of the Holders; or 

(3)        to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee; or 
 (4)        to cure any
ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that
such action pursuant to this Clause (4) shall not adversely affect the interests of the Holders of Notes in any material respect; 

(5)        to make any other change that does not adversely affect the
interests of the Holders of the Notes in any material respect; or 

(6)        to comply with requirements of the Commission in order to
effect or maintain the qualification hereof under the Trust Indenture Act. 

SECTION 8.2.    Supplemental Indentures With Consent of Holders. 

Modification and amendment of this Indenture and the Notes of any series may be made by the Company and the Trustee with the
written consent of the Holders of at least 66% in aggregate principal amount of the Outstanding Notes of each affected series; provided, however, that no such modification or amendment may, without the consent of the Holder of each
Outstanding Note affected thereby: 
 (i)        change the maturity
date of the principal or payment date of any interest or change any obligation of the Company to pay any Additional Amounts, 

(ii)        reduce the principal amount of, or rate of interest on,
any Note, 
 (iii)        change the redemption date or price at
which Notes are redeemed, including the special mandatory redemption, 

(iv)        affect the rights of Holders of less than all the
Outstanding Notes, 
 (v)        change the place of payment where,
or the coin or currency in which, any Note or interest thereon is payable, or 

(vi)        impair the right of a Holder to institute suit for the
enforcement of any payment on or with respect to any Note on or after the date when due; 
 provided, further, that no such
modification may, without the consent of the Holders of all Notes of the affected series Outstanding at the time, alter the respective percentages of Outstanding Notes necessary, pursuant to this Indenture, to modify the terms of the Notes, waive
past defaults or accelerate the payment of the principal amount of the Notes. 

  
 35 

 It shall not be necessary for any Act of Holders under this
Section 8.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

SECTION 8.3.    Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

SECTION 8.4.    Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance
therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 8.5.    Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the Company and such Notes may be authenticated and delivered by the Trustee in exchange for Outstanding Notes. 

SECTION 8.6.    Conformity with the Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article 8 shall conform to the requirements of the Trust Indenture Act
as then in effect. 
 ARTICLE IX 

COVENANTS 

SECTION 9.1.    Payment of Principal, Interest and Additional
Amounts. 
 The Company covenants and agrees that (a) it will duly and punctually pay the principal of and
interest on the Notes (and Additional Amounts, if any) in accordance with the terms of the Notes and this Indenture and (b) it will pay all additional interest, if any, in the same manner on the dates and in the amounts set forth in the
Registration Rights Agreement. In the event the Company is required to pay additional interest pursuant to the Registration Rights Agreement, the Company will provide written notice to the Trustee of the Company’s obligation to pay additional
interest promptly prior to the next interest payment date, which notice shall set forth the amount of additional interest to be paid by the Company. The Trustee shall not at any time be under any duty or responsibility to the Company or any Holders
to determine whether any additional interest is payable or the amount thereof. 

  
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 SECTION 9.2.    Maintenance of Office or
Agency. 
 So long as any of the Notes remain Outstanding, the Company will maintain in The City of New York an
office or agency where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. The Company hereby initially designates the office of the Paying Agent as specified
in the Reverse of Note as the office or agency for each such purpose. 
 The Company may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency in The City of New York for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. 
 With respect to any Global Note, and except as otherwise may be specified
for such Global Note as contemplated by Section 2.5, the Corporate Trust Office of the Trustee shall be the place of payment where such Global Note may be presented or surrendered for payment or for registration of transfer or exchange, or
where successor Notes may be delivered in exchange therefor, provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Note shall be deemed to have
been effected at the place of payment for such Global Note in accordance with the provisions of this Indenture. 

SECTION 9.3.    Money for Notes Payments to Be Held in Trust. 

Whenever the Company shall have one or more Paying Agents, it shall deposit or cause to be deposited with a Paying Agent, a
sum for value each due date sufficient to pay the principal of or interest (or Additional Amounts, if any) on the Notes, such sum to be held in trust for the benefit of the Persons entitled to such principal or interest, and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure so to act. 
 The
Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 9.3, that such Paying Agent will
(1) hold all sums held by it for the payment of the principal of or interest on Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided,
(2) give the Trustee prompt written notice of any default by the Company (or any other obligor upon the Notes) in the making of any payment of principal or interest on the Notes and (3) during the continuance of any default by the Company
(or any other obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and,
upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent in trust for the payment of the principal of or interest or
Additional Amounts (if applicable) on any Note and remaining unclaimed for two years after such principal, interest or Additional Amounts have become due and payable and paid to the Trustee shall, 

  
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upon receipt of a Company Request, be paid by the Trustee or such Paying Agent to the Company and, to the extent permitted by law, the Holder of such Note shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon cease. 

SECTION 9.4.    Statement by Officers as to Default. 

The Company shall deliver to the Trustee, reasonably promptly after the Company becomes aware of the occurrence of
(i) any Event of Default or an event which, with notice or the lapse or time or both, would constitute an Event of Default or (ii) any default in the performance by the Company of any obligation under the Notes or this Indenture, an
Officer’s Certificate setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 

The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the
date hereof or within 10 Business Days of any request by the Trustee, an Officer’s Certificate of the Company, in substantially the form set forth in Exhibit D hereto, stating whether or not to the knowledge of the signer thereof the Company is
in default in the performance and observance of any of the terms, provisions and conditions under this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and if the Company shall be in default specifying
all such defaults and the nature and status thereof of which the signer may have knowledge. As of the date hereof, the fiscal year of the Company ends on March 31 of each calendar year. 

SECTION 9.5.    Additional Amounts. 

All payments of principal and interest in respect of the Notes shall be made without withholding or deduction for or on
account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to tax (“Taxes”), unless such
withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the Holders of such amounts as would have been
received by them had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to any Notes under any of the following circumstances: 

(i)        the Holder or beneficial owner of the Notes is an
individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of such Notes by reason of its (A) having some present or former connection with Japan other than the
mere holding of such Notes or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on Special Measures
Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)        the Holder or beneficial owner of the Notes would
otherwise be exempt from any such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to
the relevant Paying Agent to whom the relevant Notes are presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant (as defined below) and the relevant international
clearing organization to such Paying Agent; 
 (iii)        the
Holder or beneficial owner of the Notes is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement
to provide Interest Recipient Information or to 

  
 38 

 
submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the
relevant Paying Agent of its status as not being subject to Taxes to be withheld or deducted by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on such Notes through a payment handling agent
in Japan appointed by it); 
 (iv)        the Note is presented for
payment (where presentation is required) more than 30 days after the day on which such payment on the Notes became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder thereof would have been
entitled to Additional Amounts on presenting the same for payment on the last day of such period of 30 days; 

(v)        the withholding or deduction is imposed on a Holder or
beneficial owner that could have avoided such withholding or deduction by presenting its Notes (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)        the Holder is a fiduciary or partnership or is not the
solebeneficial owner of the payment of the principal of, or any interest on, any Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of such Note; or 

(vii)        any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Trustee, any Paying Agent or any other person shall be required to pay
any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law, regulation
or other official guidance implementing FATCA, or any agreement between the Company, the Trustee, a Paying Agent or any other Person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing FATCA. 

Where the Notes are held through a participant of an international clearing organization or a financial intermediary (each,
within this Section 9.5, referred to as a “Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of the Notes is (a) an
individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese financial institution (each,
a “Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial owner of the Notes must, at the
time of entrusting a Participant with the custody of the relevant Notes, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the Participant to establish that
such beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of the Notes ceases to be so exempted (including the case where a beneficial owner of the Notes that is
an individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

Where Notes are not held by a Participant, in order to receive payments free of withholding or deduction by the Company for
or on account of Taxes, if the relevant beneficial owner of the Notes is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a
specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial owner must, prior to each time at which it receives interest, submit to the
relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form obtainable from the Paying Agent stating, inter alia, the name and address
of the beneficial owner, the title of the Notes, the relevant Interest Payment Date, the amount of interest and the fact 

  
 39 

 
that the beneficial owner is qualified to submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Trustee, and
the Trustee shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Trustee. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on the Notes; provided that, except as otherwise set forth in the Notes and in this Indenture, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to this Indenture or as a consequence of
the initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest
in respect of the Notes shall be deemed to include any Additional Amounts due which may be payable as set forth in the Notes and this Indenture. 

SECTION 9.6.    Appointment to Fill a Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in
Section 5.8, a Trustee, so that there shall at all times be a Trustee hereunder. 

SECTION 9.7.    Indemnification of Judgment Currency. 

The Company agrees to indemnify each Holder to the full extent permitted by applicable law against any loss incurred by such
Holder as a result of any judgment or order being given or made for any amount due under such Note and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars (the
“Required Currency”) and as a result of any variation as between (a) the rate of exchange at which the Required Currency is converted into the Judgment Currency for the purpose of such judgment or order and (b) the spot
rate of exchange in The City of New York at which the Holder on the date that payment is made pursuant to such judgment or order is able to purchase the Required Currency with the amount of the Judgment Currency actually received by the Holder. The
Company’s obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment, in any currency other than the Required Currency, except
to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be
affected by judgment being obtained for any other sum due under this Indenture. 

SECTION 9.8.    Rule 144A Information. 

At any time when the Company is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting
requirements under the Exchange Act pursuant to Rule 12g3-2(b) under the 

  
 40 

 
Exchange Act, upon the request of a Holder of, or owner of a beneficial interest in, a Note, the Company shall promptly furnish or cause to be furnished Rule 144A Information (as defined below)
to such Holder or beneficial owner or to a prospective purchaser of such Note designated by such Holder or beneficial owner or to the Trustee for delivery to such Holder or beneficial owner or prospective purchaser, as the case may be, in order to
permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note or any interest therein by such Holder or beneficial owner. “Rule 144A Information” shall be
such information as is at the time of such proposed purchase specified pursuant to Rule 144A(d)(4) under the Securities Act, as amended (or any successor provision thereto). 

SECTION 9.9.    Reports by the Company. 

For as long as any Notes are Outstanding, the Company will promptly furnish to the Trustee (A) such other documents,
reports and information as shall be furnished by the Company to its security holders generally; (B) within six months after the end of each fiscal year, an annual report in English including a consolidated balance sheet and consolidated
statements of operations, surplus and cash flows of the Company audited by independent public accountants and prepared in conformity with International Financial Reporting Standards; and (C) as soon as practicable after the end of each interim
period (other than the last interim period of a fiscal year) an interim report in English including financial statements of the Company (or, if consolidated financial statements are prepared, its consolidated financial statements). 

SECTION 9.10.    Reports by the Trustee. 

Any Trustee’s report required under Section 313(a) of the Trust Indenture Act shall be transmitted on or before
April 1 in each year following the date hereof, so long as any Notes are Outstanding, and shall be dated as of a date convenient to the Trustee no more than 60 nor less than 45 days prior thereto. 

SECTION 9.11.    Annual Compliance Certificate. 

So long as any Notes are Outstanding under this Indenture, the Company will furnish to the Trustee within 180 days of the end
of the Company’s fiscal year each year (beginning with the year following the first issuance of the Notes pursuant to this Indenture) a brief certificate (which need not comply with Section 1.2) from the principal executive, financial or
accounting officer of the Company as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture (such compliance to be determined without regard to any period of grace or requirement of notice
provided under the Indenture), which certificate shall comply with the requirements of the Trust Indenture Act 

SECTION 9.12.    Negative Pledge. 

So long as any Note remains outstanding, the Company shall not, and shall procure that none of its Principal Subsidiaries
shall, create or permit to subsist any Lien on any of its, or, as the case may be, such Principal Subsidiary’s, property, assets or revenues, present or future, to secure for the benefit of the holders of Public External Indebtedness payment of
any sum owing in respect of any such Public External Indebtedness, any payment under any guarantee of any such Public External Indebtedness or any payment under any indemnity or other like obligation relating to any such Public External
Indebtedness, unless contemporaneously therewith effective provision is made to secure the Notes equally and ratably with such Public External Indebtedness with a similar Lien on the same property, assets or revenues securing such Public External
Indebtedness for so long as such Public External Indebtedness are secured by such Lien. 

  
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 ARTICLE X 

REDEMPTION AND PURCHASE OF SECURITIES 

SECTION 10.1.    Optional Redemption of Notes. 

The 2020 Notes, the 2021 Notes, the 2023 Notes and the 2028 Notes may be redeemed at any time at the option and sole
discretion of the Company, in whole or in part, at any time prior to the maturity date with respect to the 2020 Notes, October 26, 2021 (the “2021 Par Call Date”) with respect to the 2021 Notes, October 26, 2023 (the
“2023 Par Call Date”) with respect to the 2023 Notes and August 26, 2028 (the “2028 Par Call Date”) with respect to the 2028 Notes, in each case, upon giving not less than 30 nor more than 60 days’ notice
of redemption to the Trustee and the Holders (which notice shall be irrevocable and shall conform, as applicable, to the additional notice requirements set forth in Section 10.5), at a redemption price equal to the greater of: 

(a)        100% of the principal amount of the Notes being redeemed; or 

(b)        the sum of the present values of the principal and the remaining scheduled
payments of interest on the Notes being redeemed (exclusive of interest accrued to the Redemption Date) that would be due if such Notes were (a) held to the maturity date with respect to the 2020 Notes or (b) redeemed on the applicable par
call date, in each case discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus
17.5 basis points in the case of the 2020 Notes, 20.0 basis points in the case of the 2021 Notes, 25.0 basis points in the case of the 2023 Notes and 30.0 basis points in the case of the 2028 Notes, plus, in each case, accrued and unpaid interest on
the principal amount of the Notes being redeemed up to, but excluding, the Redemption Date. 
 The 2021 Notes, the 2023
Notes and the 2028 Notes may be redeemed at any time at the option and sole discretion of the Company, in whole or in part, at any time on or after the 2021 Par Call Date with respect to the 2021 Notes, the 2023 Par Call Date with respect to the
2023 Notes and the 2028 Par Call Date with respect to the 2028 Notes, in each case, upon giving not less than 30 nor more than 60 days’ notice of redemption to the Trustee and the Holders (which notice shall be irrevocable and shall conform, as
applicable, to the additional notice requirements set forth in Section 10.5), at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount of the Notes being
redeemed to, but excluding, the Redemption Date. 
 If less than all of the Notes are to be redeemed, the Notes shall be
redeemed on a pro rata basis (or, in the case of Notes represented by global notes, in accordance with the procedures of DTC), based on the then outstanding principal amount of each Note, provided, however, that if any such pro-rated redemption would result in any Notes having an authorized principal amount of less than the minimum authorized denomination, all such Notes shall be redeemed in full prior to the redemption of any other
Notes, except as may be provided in the form of Note or in any indenture supplemental hereto. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of the Notes shall relate, in the case
of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed. 

SECTION 10.2.    Optional Redemption due to an Additional Amounts Event. 

Each series of the Notes may be redeemed at any time at the option and sole discretion of the Company in whole, but not in
part, subject to compliance with applicable regulatory requirements, upon giving not less than 30 nor more than 60 days’ notice of redemption to the Trustee and the Holders (which notice shall be irrevocable and shall conform, as applicable, to
the additional notice requirements set forth in Section 10.5) at the principal amount of the Notes together with interest accrued to the date fixed for redemption and any Additional Amounts thereon, if the Company has been or will be obliged to
pay any Additional Amounts with 

  
 42 

 
respect to such series as a result of (a) any change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to
tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of the issuance of the Notes or (b) after the completion of any Succession Event, any
change in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such
laws or regulations, which change or amendment becomes effective on or after the date of such Succession Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures
available to the Company or the Successor Person, as the case may be (an “Additional Amounts Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 10.2 shall be given sooner than 90 days
prior to the earliest date on which the Company would actually be obliged to pay such Additional Amounts on payments with respect to the Notes. 

Prior to the publication of any notice of redemption pursuant to this Section 10.2, the Company shall deliver to the
Trustee (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal advisors of recognized standing confirming that an
Additional Amounts Event has occurred. The Trustee shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be conclusive and binding on the Holders. 

SECTION 10.3.    Special Mandatory Redemption. 

If (i) the Shire Acquisition has not been consummated on or prior to the Long Stop Date or (ii) the Company
otherwise publicly announces that the Shire Acquisition will not be consummated, then the Company will be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the
aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates
falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in accordance with the terms of the Notes and this
Indenture. 
 The Company will cause the notice of special mandatory redemption to be transmitted, with a copy to the
Trustee, within five Business Days after the occurrence of the event triggering the special mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special mandatory redemption price of the outstanding notes to
be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Trustee or a paying agent on or before such Special Mandatory Redemption Date, and certain other
conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 

Upon the consummation of the Shire Acquisition, the foregoing provisions regarding the special mandatory redemption will
cease to apply. 
 SECTION 10.4.    Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Notes shall be evidenced by a Company Order and an Officer’s Certificate, both
given to the Trustee. 
 SECTION 10.5.    Notice of Redemption. 

Notice of redemption shall be given transmitted not less than 30 nor more than 60 days prior to the date for redemption
(“Redemption Date”), to the Trustee and to each Holder of Notes to be redeemed at his address appearing in the Notes Register. If by reason of any cause, it shall be impracticable to give notice to the

  
 43 

 
Holder in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Trustee on behalf of and at the instruction of the Company (as set forth
below) shall constitute sufficient provision of such notice, if such notification shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect
in any notice of redemption given to the Holder of any other Note shall affect the sufficiency of any notice with respect to this Note. 

All notices of redemption shall state: 

(1)        the Redemption Date, 

(2)        the redemption price and the amount of any accrued and
unpaid interest payable on the Redemption Date, 
 (3)        the
CUSIP, ISIN and Common Code or other identifying number of the Notes, 

(4)        that on the Redemption Date, the redemption price (together
with any accrued and unpaid interest payable on the Redemption Date) will become due and payable upon each such Notes to be redeemed and that interest thereon will cease to accrue on and after said date, and 

(5)        the place or places where such Notes are to be surrendered
for payment of the redemption price, and accrued interest, if any. 
 Notice of redemption of Notes to be redeemed at the
election of the Company shall be given by the Company or, at the Company’s request by the Trustee in the name and at the expense of the Company (provided that the Company shall have delivered to the Trustee, at least five Business Days before
notice of redemption is required to be given to Holders (unless a shorter notice shall be agreed to by the Trustee), a Company Request requesting that the Trustee give such notice and setting forth the information to be stated in such notice as
provided in the preceding paragraph) and shall be irrevocable. 
 SECTION 10.6.    Deposit of
Redemption Price. 
 Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent an amount of money sufficient to pay the redemption price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Notes which are to be redeemed on that date. 

SECTION 10.7.    Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due
and payable at the redemption price applicable thereto, and from and after such date (unless the Company shall default in the payment of the redemption price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such
Note for redemption in accordance with said notice, such Note shall be paid by the Company at the redemption price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose payment date is
on or prior to the Redemption Date will be payable to the Holders of such Notes, registered as such at the close of business on the relevant Record Date according to their terms. 

If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in the terms of the Note. 

SECTION 10.8.    Repurchase of Notes. 

The Company or any subsidiary thereof may, at any time, purchase the Notes for cancellation in the open market or otherwise
at any price. 

  
 44 

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

					
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	 By:
	 	 /s/ Mitsuhiro Okada

		 	 Name:
	 	Mitsuhiro Okada
		 	 Title:
	 	Head of Global Treasury & Finance Management
	
	 MUFG UNION BANK, N.A.,
as Trustee

		
	 By:
	 	 /s/ Marion Zinowski

		 	 Name:
	 	Marion Zinowski
		 	 Title:
	 	Vice President

  
 45 

 EXHIBIT A-1 

FORM OF RULE 144A GLOBAL NOTE 

[FORM OF FACE OF NOTE] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THE HOLDER HEREOF AGREES FOR THE BENEFIT OF TAKEDA PHARMACEUTICAL COMPANY LIMITED (THE “COMPANY”) THAT THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE COMPANY, (2) TO A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) OR A PERSON WHO THE SELLER AND ANY PERSON ACTING ON ITS BEHALF REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN ACCORDANCE WITH RULE 144A,
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO ANOTHER EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT, PROVIDED THAT, AS A CONDITION TO THE REGISTRATION OF THE TRANSFER THEREOF, THE COMPANY OR THE TRUSTEE MAY REQUIRE THE DELIVERY OF ANY DOCUMENTS, INCLUDING AN OPINION OF COUNSEL, THAT IT, IN ITS SOLE DISCRETION,
MAY DEEM NECESSARY OR APPROPRIATE TO EVIDENCE COMPLIANCE WITH SUCH EXEMPTION, OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES AND OTHER JURISDICTIONS. THE HOLDER HEREOF, BY, PURCHASING OR ACCEPTING THIS NOTE, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOTIFY ANY PURCHASER OF THIS NOTE FROM THE HOLDER OF THE RESALE RESTRICTIONS REFERRED
TO ABOVE. 
 TRANSFERS AND EXCHANGES OF THIS NOTE, IN WHOLE OR IN PART, AND OF BENEFICIAL INTERESTS IN THIS NOTE ARE
SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE, A COPY OF WHICH IS AVAILABLE FOR INSPECTION AT THE CORPORATE TRUST OFFICE OF THE TRUSTEE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 INTEREST PAYMENTS ON THIS NOTE
GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE
CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS
DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A “SPECIALLY-RELATED PERSON OF THE
COMPANY”), (II) A JAPANESE FINANCIAL 

  
 A-1-1 

 
INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH
(28) OF THE CABINET ORDER (CABINET ORDER NO. 43 OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL
TAXATION MEASURES OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL
TAXATION MEASURES WHICH HAS RECEIVED SUCH PAYMENTS THROUGH A PAYMENT HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING
PARAGRAPH, OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO
JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS. 

  
 A-1-2 

 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

[3.800% Senior Notes due 2020] 

[4.000% Senior Notes due 2021] 

[4.400% Senior Notes due 2023] 

[5.000% Senior Notes due 2028] 
  

	 No. 144A-1 
	 Principal Amount $● 

CUSIP No. ●1 

ISIN ●2 

Common Code ●3 

Takeda Pharmaceutical Company Limited (the “Company”), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal amount set forth above on November 26, ●4, and to pay interest thereon from November 26, 2018 or from the most recent Interest
Payment Date to which interest has been paid or made available for payment, semi-annually in arrears on each Interest Payment Date commencing on May 26, 2019, at the rate of ●5% per
annum, together with such Additional Amounts (if any) as may be payable under this Note, until the principal hereof is paid or made available for payment. Interest on this Note will accrue from the date of original issuance or, if interest
has already been paid, from the date it was most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. This Note
will be the Company’s direct, unsecured and unsubordinated general obligation and will have the same rank in liquidation as all of the Company’s other unsecured and unsubordinated debt. 

In any case in which any date for payment of principal or interest (or Additional Amounts, if any) falls on a day that is not
a Business Day, then payment of principal or interest (or Additional Amounts, if any) need not be made on such date but may be made on the next succeeding Business Day. Any payment made pursuant to the preceding sentence on such next succeeding
Business Day shall have the same force and effect as if made on the due date, and no interest shall accrue with respect to such payment for the period after such date. 

“Interest Payment Date” means each May 26 and November 26 during the term of this Note. 

“Business Day” means a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in The City of New York, London or Tokyo. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, and such provisions shall
for all purposes have the same effect as though fully set forth in this place. 
 This Note shall not be valid or
obligatory for any purpose until it shall have been manually signed by the Trustee for authentication. 
  

	1 	 874060AK2 for the 2020 Notes, 874060AN6 for the 2021 Notes; 874060AR7 for the 2023 Notes; and 874060AU0 for
the 2028 Notes. 

	2 	 US874060AK27 for the 2020 Notes, US874060AN65 for the 2021 Notes; US874060AR79 for the 2023 Notes; and
US874060AU09 for the 2028 Notes. 

	3 	 190258220 for the 2020 Notes, 190257363 for the 2021 Notes; 190258181 for the 2023 Notes; and 190256758 for
the 2028 Notes. 

	4 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

	5 	 3.800 for the 2020 Notes; 4.000 for the 2021 Notes; 4.400 for the 2023 Notes; and 5.000 for the 2028 Notes.

  
 A-1-3 

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

			
	 TAKEDA PHARMACEUTICAL COMPANY LIMITED

		
	 By
	 	  

		 	 Name: [name]

		 	 Title:   [title]

 This is one of the Notes referred to 

in the within-mentioned Indenture: 
 Dated:
                 , 20         

MUFG UNION BANK, N.A., 
 as
Trustee 
  

			
	 By
	 	  

		 	 Authorized Signatory

  
 A-1-4 

 [FORM OF REVERSE OF NOTE] 

1.        The principal amount of this Note shall be paid on any redemption date, in
immediately available funds in The City of New York upon surrender of the Note at the office designated herein or pursuant hereto of MUFG Union Bank, N.A., as trustee (MUFG Union Bank, N.A. or any duly appointed successor trustee acting in such
capacity herein referred to as the “Trustee”), pursuant to an Indenture (such agreement, as it may be amended from time to time, the “Indenture”), dated as of November 26, 2018, between Takeda Pharmaceutical Company
Limited (the “Company”) and the Trustee. The office of the Trustee at which such payment shall be made is the corporate trust office located at 1251 Avenue of the Americas, 19th
Floor, New York, New York 10020 or at such other address in The City of New York as the Trustee shall specify (the “Corporate Trust Office”) by notice to the Holder (as defined in the Indenture). Terms used herein not otherwise
defined shall have the meaning ascribed to such term in the Indenture. 
 Payment of the principal of, and interest
(including Additional Amounts, if applicable) on, this Note shall be made by wire transfer in immediately available funds to a bank account in the United States designated by the Holder in a written notice received by the Trustee (a) in the
case of a payment of interest, prior to the Record Date (as defined below) immediately preceding the date on which such payment is due and (b) in the case of payment of principal on any redemption date, no less than 30 days and no more than 60
days prior to such redemption date, provided that in the case of such payment of principal, this Note shall have been surrendered to the Trustee for payment together with such notice. No interest shall accrue on this Note after redemption;
provided, however, that, to the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal not paid when due upon surrender of this Note to
the Trustee. “Record Date” means, with respect to an Interest Payment Date, the day five Business Days preceding such Interest Payment Date. 

2.        Payments of principal of and interest (including Additional Amounts, if
applicable) on this Note shall be made in United States dollars or in such other coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. Until the date on which the
Notes shall have been delivered to the Trustee for cancellation, or become due and payable and a sum sufficient to pay the principal of and interest (including Additional Amounts, if applicable) on all of the Notes shall have been made available for
payment and either paid or returned to the Company as provided herein and in the Indenture (such date being referred to herein as the “Termination Date”), the Company will at all times maintain an office or agency in the Borough of
Manhattan, The City of New York, where Notes may be presented or surrendered for payment. 

3.        This Note is transferable in whole or in part and may be exchanged for a
like aggregate principal amount of Notes of other authorized denominations by the Holder in person, or by his attorney duly authorized in writing, at the Corporate Trust Office in The City of New York, where the Trustee shall maintain a register
providing for the registration of the Notes and any exchange or transfer thereof (the “Note Register”). Upon surrender of this Note for exchange or registration of transfer, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a Note or Notes, each in a denomination of $200,000 or an integral multiple of $1,000 in excess thereof, which has or have an aggregate denomination equal to the denomination of this Note and is or are
registered in such name or names requested by the Holder. Any Note presented for exchange or registration of transfer shall be accompanied by a written instrument of transfer in form and with guarantee of signature and evidence of authority
satisfactory to the Trustee and with payment by the transferor of any stamp or other tax or governmental charge payable in connection with such transfer (or evidence that such tax or charge has been paid) and with such tax identification number or
other information for each person in whose name a new Note is to be issued as the Trustee may request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the date upon which a notice of
redemption of this Note is transmitted to the Holder. 
 Notwithstanding any other provision of this Note or the Indenture
to the contrary, this Note, if in global form (a Note in such form being referred to herein as a “Global Note”), shall be exchangeable pursuant 

  
 A-1-5 

 
to this Note and the Indenture only if: (i) the Depositary (as defined in the Indenture) notifies the Company that it is unwilling or unable to continue as depositary for a Global Note or
has ceased to be qualified to act as such as required by the Indenture or (ii) there shall have occurred and be continuing an Event of Default (as defined in the Indenture) with respect to the Notes. Upon the occurrence of any such event, this
Note shall be exchangeable for definitive Notes, as provided in the Indenture. Notwithstanding any other provision of this Note, a Global Note may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or
another nominee of DTC. In the event and for so long as definitive Notes are not issued to any owner of a beneficial interest in this Global Note after the occurrence of one of the events set forth above, the Company expressly acknowledges, with
respect to the right of a Holder to pursue a remedy pursuant to Section 4.7 or Section 4.8 of the Indenture, the right of such owner to pursue such remedy with respect to the portion of this Global Note that represents such owner’s
Notes as if such definitive Notes had been issued. 
 No service charge shall be made for any such exchange or registration
of transfer, but the Company may charge the party requesting any such exchange or registration of transfer a sum sufficient to reimburse it for any tax or other governmental charge required to be paid in connection with such exchange or
registration. 
 All Notes issued upon any exchange or registration of transfer of this Note shall be the valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits, as this Note. 
 Except in the circumstances
referred to in the second paragraph of this Section 3, the Company and the Trustee may treat the Holder as the absolute owner of this Note for the purpose of receiving payments of principal of and interest (including, Additional Amounts, as
defined in Section 5 of this Note) on this Note and for all other purposes whatsoever, and the Company and the Trustee shall not be affected by any notice to the contrary. 

4.        Except as provided in Sections 6, 7, 8 and 9 of this Note, this Note is not
redeemable or subject to payment at the option of the Company prior to November 26, ●6. 

5.        All payments of principal and interest in respect of this Note shall be
made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to
tax (“Taxes”), unless such withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to this Note under any of the following circumstances: 

(i)        the Holder or beneficial owner of this Note is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of this Note by reason of its (A) having some present or former connection
with Japan other than the mere holding of this Note or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on
Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)        the Holder or beneficial owner of this Note would otherwise be exempt
from any such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax 

 

	6 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

  
 A-1-6 

 
Exemption (as defined below) to the relevant Paying Agent to whom this Note is presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through
the relevant Participant (as defined below) and the relevant international clearing organization to such Paying Agent; 

(iii)        the Holder or beneficial owner of this Note is for Japanese tax purposes
treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest Recipient Information or to submit a Written
Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the relevant Paying Agent of its status as not being subject to Taxes to be
withheld or deducted by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on this Note through a payment handling agent in Japan appointed by it); 

(iv)        this Note is presented for payment (where presentation is required) more
than 30 days after the day on which such payment on this Note became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder hereof would have been entitled to Additional Amounts on presenting the same
for payment on the last day of such period of 30 days; 
 (v)        the
withholding or deduction is imposed on a Holder or beneficial owner that could have avoided such withholding or deduction by presenting this Note (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)        the Holder is a fiduciary or partnership or is not the sole beneficial
owner of the payment of the principal of, or any interest on, this Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership
or a beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of this Note; or 

(vii)        any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Trustee, any Paying Agent or any other person shall be required to pay
any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law, regulation
or other official guidance implementing FATCA, or any agreement between the Company, the Trustee, a Paying Agent or any other Person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing FATCA. 

Where this Note is held through a participant of an international clearing organization or a financial intermediary (each, a
“Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual
non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese financial institution (each, a
“Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial owner of this Note must, at the
time of entrusting a Participant with the custody of this Note, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the Participant to establish that such
beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of this Note ceases to be so exempted (including the case where a beneficial owner of this Note that is an
individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

  
 A-1-7 

 Where this Note is not held by a Participant, in order to receive payments
free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a
non-Japanese corporation (other than a specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial
owner must, prior to each time at which it receives interest, submit to the relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form
obtainable from the Paying Agent stating, inter alia, the name and address of the beneficial owner, the title of this Note, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to
submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Trustee, and
the Trustee shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Trustee. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on this Note; provided that, except as otherwise set forth in this Note and in the Indenture, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the Indenture or as a consequence of the
initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest in
respect of this Note shall be deemed to include any Additional Amounts due which may be payable as set forth in this Note and the Indenture. 

6.        This Note may be redeemed at any time at the option and sole discretion of
the Company, in whole or in part, at any time prior to ●7 [(the “Par Call Date”)]8, upon giving not less than 30 nor
more than 60 days’ notice of redemption to the Trustee and the Holders, at a redemption price equal to the greater of (a) 100% of the principal amount of this Note being redeemed or (b) the sum of the present values of the principal and
the remaining scheduled payments of interest on this Note being redeemed (exclusive of interest accrued to the Redemption Date (as defined in the Indenture)), that would be due if this Note were [held to the maturity date]9[redeemed on the Par Call Date]10, discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Indenture) plus ●11
basis points, plus, in each case, accrued and unpaid interest on the principal amount of this Note being redeemed to, but excluding, the Redemption Date. 

 

	7 	 November 26, 2020 for the 2020 Notes; October 26, 2021 for the 2021 Notes; October 26, 2023 for the 2023
Notes; and August 26, 2028 for the 2028 Notes. 

	8 	 Remove for 2020 Notes. 

	9 	 Only for the 2020 Notes 

	10 	 Only for the 2021 Notes, 2023 Notes and 2028 Notes 

	11 	 17.5 for the 2020 Notes; 20.0 for the 2021 Notes; 25.0 for the 2023 Notes; and 30.0 for the 2028 Notes.

  
 A-1-8 

 [This Note may be redeemed at any time at the option and sole discretion of
the Company, in whole or in part, at any time on or after the Par Call Date, upon giving not less than 30 nor more than 60 days’ notice of redemption to the Trustee and the Holders, at a redemption price equal to 100% of the principal amount of
this Note being redeemed plus accrued and unpaid interest on the principal amount of this Note being redeemed to, but excluding, the Redemption Date.]12 

7.        This Note may be redeemed at any time at the option and sole discretion of
the Company in whole, but not in part, subject to compliance with applicable regulatory requirements, and upon giving not less than 30 nor more than 60 days’ notice of redemption to the Trustee and the Holders (which notice shall be
irrevocable) at the principal amount of this Note together with interest accrued to the date fixed for redemption and any Additional Amounts hereon, if the Company has been or will be obliged to pay any Additional Amounts as a result of (a) any
change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or
amendment becomes effective on or after the date of the issuance of this Note or (b) after the completion of any Succession Event, any change in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of such Succession
Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available to the Company or the Successor Person, as the case may be (an “Additional Amounts
Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 7 shall be given sooner than 90 days prior to the earliest date on which the Company would actually be obliged to pay such Additional Amounts on
payments with respect to this Note. 
 Prior to the publication of any notice of redemption pursuant to this
Section 7, the Company shall deliver to the Trustee (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal
advisors of recognized standing confirming that an Additional Amounts Event has occurred. The Trustee shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be
conclusive and binding on the Holders. 
 8.        If (i) the Shire
Acquisition (as defined in the Indenture) has not been consummated on or prior to the Long Stop Date (as defined in the Indenture) or (ii) the Company otherwise publicly announces that the Shire Acquisition will not be consummated, then the
Company will be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but
excluding, the Special Mandatory Redemption Date. 
 Notwithstanding the foregoing, installments of interest on the Notes
that are due and payable on Interest Payment Dates falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in
accordance with the terms of the Notes and this Indenture. 
 The Company will cause the notice of special mandatory
redemption to be transmitted, with a copy to the Trustee, within five Business Days after the occurrence of the event triggering the special mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special
mandatory redemption price of the outstanding notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Trustee or a paying agent on or before such
Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 

 

	12 	 Only for the 2021 Notes, 2023 Notes and 2028 Notes. 

  
 A-1-9 

 Upon the consummation of the Shire Acquisition, the foregoing provisions
regarding the special mandatory redemption will cease to apply. 
 9.        In the
case of any redemption of this Note as provided in Section 6, 7 or 8 of this Note, notice of redemption of this Note shall be transmitted to the Holder at its address as it shall then appear in the Note Register. If by reason of any cause, it
shall be impracticable to give notice to the Holder in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Trustee on behalf of and at the instruction of the Company shall constitute
sufficient provision of such notice, if such notification shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of
redemption given to the Holder of any other Note shall affect the sufficiency of any notice with respect to this Note. Notice of redemption of this Note having been so given, this Note shall become due and payable on the redemption date so specified
and such dates shall be deemed the maturity date of this Note. 
 10.        The
Company shall, on or before each due date of the principal of or interest on this Note, pay to the Trustee, who shall hold the same in trust for the benefit of the person entitled thereto, a sum sufficient to pay the principal or interest so
becoming due until such sum shall be paid to such person or otherwise disposed of as herein provided. Any money held by the Trustee in trust for the payment of the principal of or interest on this Note and remaining unclaimed for two years after
such principal or interest has become due and payable and paid to the Trustee shall be discharged from such trust, and repaid to the Company, and all liability of the Trustee with respect to such money shall cease. 

11.        If this Note shall at any time become mutilated, destroyed, stolen or
lost, then, provided that this Note, or evidence of the destruction, theft or loss hereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required hereunder) shall be delivered to the Trustee, a
replacement Note of like tenor and principal amount shall be authenticated and delivered by the Trustee, in exchange for this Note, in the case of mutilation, or in lieu of this Note, in the case of destruction, loss or theft, and provided further
that, if this Note is destroyed, stolen or lost, (i) neither the Company nor the Trustee shall have received notice that this Note has been acquired by a bona fide purchaser, and (ii) the Trustee shall have received (a) satisfactory
evidence (as so deemed by the Trustee in its absolute discretion) that this Note was destroyed, stolen or lost, and (b) an indemnity for the benefit of the Company and the Trustee satisfactory to each of them. All expenses and charges
associated with procuring such indemnity shall be borne by the Holder of this Note. 
 As provided in the Indenture, every
new Note issued in exchange for or in lieu of any mutilated, destroyed, stolen or lost Note shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, stolen or lost Note shall be at any
time enforceable by anyone, and shall be entitled to the benefits of the Indenture equally and proportionately with any and all other Notes duly issued thereunder. Any such new Note shall be so dated that neither gain nor loss of interest shall
result from such replacement. Upon the issuance of any such new Note, the Company may require the payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith. 

12.        All notices to the Company under this Note shall be in writing and
addressed to the Company at Takeda Pharmaceutical Company Limited, 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku, Tokyo 103-8668, Japan Attention: Global Treasury & Finance Management, Group Finance & Controlling, Global Finance, or to such other address as the Company may notify to the Holder. All notices to the
Holder shall be in writing and sent by mail or emailed, in PDF format to the Holder at his or its address as set forth in the Note Register. 

  
 A-1-10 

 13.        This Note is one of the
●13% Senior Notes due ●14 (collectively, the “Notes” and, individually, a “Note”) issued by the
Company in accordance with the Indenture, copies of which are on file and available for inspection at the Corporate Trust Office. Under the terms of the Indenture, the Company may remove any Trustee and appoint a new Trustee. The Company shall
notify, or cause the Trustee to notify, the Holders of Notes of the appointment of any Trustee. 
 The Notes are issuable
only as fully registered Notes without coupons in denominations of $200,000 or integral multiples of $1,000 in excess thereof. 

14.        Article VIII of the Indenture, which provides for amendments to the
Indenture and the Notes, is hereby incorporated mutatis mutandis by reference herein. 

15.        Subject to the authentication of this Note by the Trustee, the Company
hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note, and to constitute the same a legal, valid and binding obligation of the
Company, enforceable in accordance with its terms, have been done and performed and have happened in due and strict compliance with all applicable law. 

16.        Claims for payment of principal in respect of this Note shall be
prescribed upon the expiry of 6 years from any redemption date and claims for payment of interest (if any) in respect of this Note shall be prescribed upon the expiry of 5 years from the due date hereof. 

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

 

	13 	 3.800 for the 2020 Notes; 4.000 for the 2021 Notes; 4.400 for the 2023 Notes; and 5.000 for the 2028 Notes.

	14 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

  
 A-1-11 

 EXHIBIT A-2 

FORM OF REGULATION S GLOBAL NOTE 

[FORM OF FACE OF NOTE] 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY JURISDICTION AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT)
EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT. TAKEDA PHARMACEUTICAL COMPANY LIMITED (THE “COMPANY”) HAS AGREED THAT THIS
LEGEND SHALL BE DEEMED TO HAVE BEEN REMOVED ON THE 41ST DAY FOLLOWING THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE FINAL DELIVERY DATE WITH RESPECT THERETO. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 INTEREST PAYMENTS ON THIS NOTE
GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE
CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS
DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A “SPECIALLY-RELATED PERSON OF THE
COMPANY”), (II) A JAPANESE FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH (28) OF THE
CABINET ORDER (CABINET ORDER NO. 43 OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES
OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS
RECEIVED SUCH PAYMENTS THROUGH A PAYMENT HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING
PARAGRAPH, OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO
JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS. 

  
 A-2-1 

 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

[3.800% Senior Notes due 2020] 

[4.000% Senior Notes due 2021] 

[4.400% Senior Notes due 2023] 

[5.000% Senior Notes due 2028] 
  

	 No. Reg S-1 
	 Principal Amount $● 

CUSIP No. ●15 

ISIN ●16 

Common Code ●17 

Takeda Pharmaceutical Company Limited (the “Company”), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal amount set forth above on November 26, ●18, and to pay interest thereon from November 26, 2018 or from the most recent Interest
Payment Date to which interest has been paid or made available for payment, semi-annually in arrears on each Interest Payment Date commencing on May 26, 2019, at the rate of ●19% per
annum, together with such Additional Amounts (if any) as may be payable under this Note, until the principal hereof is paid or made available for payment. Interest on this Note will accrue from the date of original issuance or, if interest
has already been paid, from the date it was most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. This Note
will be the Company’s direct, unsecured and unsubordinated general obligation and will have the same rank in liquidation as all of the Company’s other unsecured and unsubordinated debt. 

In any case in which any date for payment of principal or interest (or Additional Amounts, if any) falls on a day that is not
a Business Day, then payment of principal or interest (or Additional Amounts, if any) need not be made on such date but may be made on the next succeeding Business Day. Any payment made pursuant to the preceding sentence on such next succeeding
Business Day shall have the same force and effect as if made on the due date, and no interest shall accrue with respect to such payment for the period after such date. 

“Interest Payment Date” means each May 26 and November 26 during the term of this Note. 

“Business Day” means a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in The City of New York, London or Tokyo. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, and such provisions shall
for all purposes have the same effect as though fully set forth in this place. 
 This Note shall not be valid or
obligatory for any purpose until it shall have been manually signed by the Trustee for authentication. 
  

	15 	 J8129EAV0 for the 2020 Notes; J8129EAW8 for the 2021 Notes; J8129EAX6 for the 2023 Notes; and J8129EAY4 for
the 2028 Notes. 

	16 	 USJ8129EAV05 for the 2020 Notes; USJ8129EAW87 for the 2021 Notes; USJ8129EAX60 for the 2023 Notes; and
USJ8129EAY44 for the 2028 Notes. 

	17 	 190257380 for the 2020 Notes; 190256782 for the 2021 Notes; 190257347 for the 2023 Notes; and 190258165 for
the 2028 Notes. 

	18 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

	19 	 3.800 for the 2020 Notes; 4.000 for the 2021 Notes; 4.400 for the 2023 Notes; and 5.000 for the 2028 Notes.

  
 A-2-2 

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

			
	 TAKEDA PHARMACEUTICAL COMPANY LIMITED

		
	 By
	 	  

		 	 Name: [name]

		 	 Title: [title]

  

			
	 This is one of the Notes referred to

in the within-mentioned Indenture:

	
	 Dated:             
        , 20    

	
	 MUFG UNION BANK, N.A.,
as Trustee

		
	 By
	 	  

		 	 Authorized Signatory

  
 A-2-3 

 [FORM OF REVERSE OF NOTE] 

1.        The principal amount of this Note shall be paid on any redemption date, in
immediately available funds in The City of New York upon surrender of the Note at the office designated herein or pursuant hereto of MUFG Union Bank, N.A., as trustee (MUFG Union Bank, N.A. or any duly appointed successor trustee acting in such
capacity herein referred to as the “Trustee”), pursuant to an Indenture (such agreement, as it may be amended from time to time, the “Indenture”), dated as of November 26, 2018, between Takeda Pharmaceutical Company
Limited (the “Company”) and the Trustee. The office of the Trustee at which such payment shall be made is the corporate trust office located at 1251 Avenue of the Americas, 19th
Floor, New York, New York 10020 or at such other address in The City of New York as the Trustee shall specify (the “Corporate Trust Office”) by notice to the Holder (as defined in the Indenture). Terms used herein not otherwise
defined shall have the meaning ascribed to such term in the Indenture. 
 Payment of the principal of, and interest
(including Additional Amounts, if applicable) on, this Note shall be made by wire transfer in immediately available funds to a bank account in the United States designated by the Holder in a written notice received by the Trustee (a) in the
case of a payment of interest, prior to the Record Date (as defined below) immediately preceding the date on which such payment is due and (b) in the case of payment of principal on any redemption date, no less than 30 days and no more than 60
days prior to such redemption date, provided that in the case of such payment of principal, this Note shall have been surrendered to the Trustee for payment together with such notice. No interest shall accrue on this Note after redemption;
provided, however, that, to the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal not paid when due upon surrender of this Note to
the Trustee. “Record Date” means, with respect to an Interest Payment Date, the day five Business Days preceding such Interest Payment Date. 

2.        Payments of principal of and interest (including Additional Amounts, if
applicable) on this Note shall be made in United States dollars or in such other coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. Until the date on which the
Notes shall have been delivered to the Trustee for cancellation, or become due and payable and a sum sufficient to pay the principal of and interest (including Additional Amounts, if applicable) on all of the Notes shall have been made available for
payment and either paid or returned to the Company as provided herein and in the Indenture (such date being referred to herein as the “Termination Date”), the Company will at all times maintain an office or agency in the Borough of
Manhattan, The City of New York, where Notes may be presented or surrendered for payment. 

3.        This Note is transferable in whole or in part and may be exchanged for a
like aggregate principal amount of Notes of other authorized denominations by the Holder in person, or by his attorney duly authorized in writing, at the Corporate Trust Office in The City of New York, where the Trustee shall maintain a register
providing for the registration of the Notes and any exchange or transfer thereof (the “Note Register”). Upon surrender of this Note for exchange or registration of transfer, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a Note or Notes, each in a denomination of $200,000 or an integral multiple of $1,000 in excess thereof, which has or have an aggregate denomination equal to the denomination of this Note and is or are
registered in such name or names requested by the Holder. Any Note presented for exchange or registration of transfer shall be accompanied by a written instrument of transfer in form and with guarantee of signature and evidence of authority
satisfactory to the Trustee and with payment by the transferor of any stamp or other tax or governmental charge payable in connection with such transfer (or evidence that such tax or charge has been paid) and with such tax identification number or
other information for each person in whose name a new Note is to be issued as the Trustee may request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the date upon which a notice of
redemption of this Note is transmitted to the Holder. 
 Notwithstanding any other provision of this Note or the Indenture
to the contrary, this Note, if in global form (a Note in such form being referred to herein as a “Global Note”), shall be exchangeable pursuant 

  
 A-2-4 

 
to this Note and the Indenture only if: (i) the Depositary (as defined in the Indenture) notifies the Company that it is unwilling or unable to continue as depositary for a Global Note or
has ceased to be qualified to act as such as required by the Indenture or (ii) there shall have occurred and be continuing an Event of Default (as defined in the Indenture) with respect to the Notes. Upon the occurrence of any such event, this
Note shall be exchangeable for definitive Notes, as provided in the Indenture. Notwithstanding any other provision of this Note, a Global Note may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or
another nominee of DTC. In the event and for so long as definitive Notes are not issued to any owner of a beneficial interest in this Global Note after the occurrence of one of the events set forth above, the Company expressly acknowledges, with
respect to the right of a Holder to pursue a remedy pursuant to Section 4.7 or Section 4.8 of the Indenture, the right of such owner to pursue such remedy with respect to the portion of this Global Note that represents such owner’s
Notes as if such definitive Notes had been issued. 
 No service charge shall be made for any such exchange or registration
of transfer, but the Company may charge the party requesting any such exchange or registration of transfer a sum sufficient to reimburse it for any tax or other governmental charge required to be paid in connection with such exchange or
registration. 
 All Notes issued upon any exchange or registration of transfer of this Note shall be the valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits, as this Note. 
 Except in the circumstances
referred to in the second paragraph of this Section 3, the Company and the Trustee may treat the Holder as the absolute owner of this Note for the purpose of receiving payments of principal of and interest (including, Additional Amounts, as
defined in Section 5 of this Note) on this Note and for all other purposes whatsoever, and the Company and the Trustee shall not be affected by any notice to the contrary. 

4.        Except as provided in Sections 6, 7, 8 and 9 of this Note, this Note is not
redeemable or subject to payment at the option of the Company prior to November 26, ●20. 

5.        All payments of principal and interest in respect of this Note shall be
made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to
tax (“Taxes”), unless such withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to this Note under any of the following circumstances: 

(i)        the Holder or beneficial owner of this Note is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of this Note by reason of its (A) having some present or former connection
with Japan other than the mere holding of this Note or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on
Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)        the Holder or beneficial owner of this Note would otherwise be exempt
from any such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to the relevant Paying
Agent to whom this Note is presented 
  

	20 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

  
 A-2-5 

 
(where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant (as defined below) and the relevant international clearing
organization to such Paying Agent; 
 (iii)        the Holder or beneficial owner
of this Note is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest
Recipient Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the relevant Paying Agent of its
status as not being subject to Taxes to be withheld or deducted by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on this Note through a payment handling agent in Japan appointed by it);

 (iv)        this Note is presented for payment (where presentation is required)
more than 30 days after the day on which such payment on this Note became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder hereof would have been entitled to Additional Amounts on presenting the
same for payment on the last day of such period of 30 days; 
 (v)        the
withholding or deduction is imposed on a Holder or beneficial owner that could have avoided such withholding or deduction by presenting this Note (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)        the Holder is a fiduciary or partnership or is not the sole beneficial
owner of the payment of the principal of, or any interest on, this Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership
or a beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of this Note; or 

(vii)        any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Trustee, any Paying Agent or any other person shall be required to pay
any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law, regulation
or other official guidance implementing FATCA, or any agreement between the Company, the Trustee, a Paying Agent or any other Person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing FATCA. 

Where this Note is held through a participant of an international clearing organization or a financial intermediary (each, a
“Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual
non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese financial institution (each, a
“Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial owner of this Note must, at the
time of entrusting a Participant with the custody of this Note, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the Participant to establish that such
beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of this Note ceases to be so exempted (including the case where a beneficial owner of this Note that is an
individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

  
 A-2-6 

 Where this Note is not held by a Participant, in order to receive payments
free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a
non-Japanese corporation (other than a specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial
owner must, prior to each time at which it receives interest, submit to the relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form
obtainable from the Paying Agent stating, inter alia, the name and address of the beneficial owner, the title of this Note, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to
submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Trustee, and
the Trustee shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Trustee. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on this Note; provided that, except as otherwise set forth in this Note and in the Indenture, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the Indenture or as a consequence of the
initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest in
respect of this Note shall be deemed to include any Additional Amounts due which may be payable as set forth in this Note and the Indenture. 

6.        This Note may be redeemed at any time at the option and sole discretion of
the Company, in whole or in part, at any time prior to ●21 [(the “Par Call Date”)]22, upon giving not less than 30 nor
more than 60 days’ notice of redemption to the Trustee and the Holders, at a redemption price equal to the greater of (a) 100% of the principal amount of this Note being redeemed or (b) the sum of the present values of the principal and
the remaining scheduled payments of interest on this Note being redeemed (exclusive of interest accrued to the Redemption Date (as defined in the Indenture)), that would be due if this Note were [held to the maturity date]23[redeemed on the Par Call Date]24, discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Indenture) plus ●25
basis points, plus, in each case, accrued and unpaid interest on the principal amount of this Note being redeemed to, but excluding, the Redemption Date. 

[This Note may be redeemed at any time at the option and sole discretion of the Company, in whole or in part, at any time on
or after the Par Call Date, upon giving not less than 30 nor more than 60 days’ 
  

	21 	 November 26, 2020 for the 2020 Notes; October 26, 2021 for the 2021 Notes; October 26, 2023 for the 2023
Notes; and August 26, 2028 for the 2028 Notes. 

	22 	 Remove for 2020 Notes. 

	23 	 Only for the 2020 Notes 

	24 	 Only for the 2021 Notes, 2023 Notes and 2028 Notes 

	25 	 17.5 for the 2020 Notes; 20.0 for the 2021 Notes; 25.0 for the 2023 Notes; and 30.0 for the 2028 Notes.

  
 A-2-7 

 
notice of redemption to the Trustee and the Holders, at a redemption price equal to 100% of the principal amount of this Note being redeemed plus accrued and unpaid interest on the principal
amount of this Note being redeemed to, but excluding, the Redemption Date.]26 

7.        This Note may be redeemed at any time at the option and sole discretion of
the Company in whole, but not in part, subject to compliance with applicable regulatory requirements, and upon giving not less than 30 nor more than 60 days’ notice of redemption to the Trustee and the Holders (which notice shall be
irrevocable) at the principal amount of this Note together with interest accrued to the date fixed for redemption and any Additional Amounts hereon, if the Company has been or will be obliged to pay any Additional Amounts as a result of (a) any
change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or
amendment becomes effective on or after the date of the issuance of this Note or (b) after the completion of any Succession Event, any change in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of such Succession
Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available to the Company or the Successor Person, as the case may be (an “Additional Amounts
Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 7 shall be given sooner than 90 days prior to the earliest date on which the Company would actually be obliged to pay such Additional Amounts on
payments with respect to this Note. 
 Prior to the publication of any notice of redemption pursuant to this
Section 7, the Company shall deliver to the Trustee (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal
advisors of recognized standing confirming that an Additional Amounts Event has occurred. The Trustee shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be
conclusive and binding on the Holders. 
 8.        If (i) the Shire
Acquisition (as defined in the Indenture) has not been consummated on or prior to the Long Stop Date (as defined in the Indenture) or (ii) the Company otherwise publicly announces that the Shire Acquisition will not be consummated, then the
Company will be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but
excluding, the Special Mandatory Redemption Date. 
 Notwithstanding the foregoing, installments of interest on the Notes
that are due and payable on Interest Payment Dates falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in
accordance with the terms of the Notes and this Indenture. 
 The Company will cause the notice of special mandatory
redemption to be transmitted, with a copy to the Trustee, within five Business Days after the occurrence of the event triggering the special mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special
mandatory redemption price of the outstanding notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Trustee or a paying agent on or before such
Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 

Upon the consummation of the Shire Acquisition, the foregoing provisions regarding the special mandatory redemption will
cease to apply. 
  

	26 	 Only for the 2021 Notes, 2023 Notes and 2028 Notes. 

  
 A-2-8 

 9.        In the case of any
redemption of this Note as provided in Section 6, 7 or 8 of this Note, notice of redemption of this Note shall be transmitted to the Holder at its address as it shall then appear in the Note Register. If by reason of any cause, it shall be
impracticable to give notice to the Holder in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Trustee on behalf of and at the instruction of the Company shall constitute sufficient
provision of such notice, if such notification shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of redemption given
to the Holder of any other Note shall affect the sufficiency of any notice with respect to this Note. Notice of redemption of this Note having been so given, this Note shall become due and payable on the redemption date so specified and such dates
shall be deemed the maturity date of this Note. 
 10.        The Company shall, on
or before each due date of the principal of or interest on this Note, pay to the Trustee, who shall hold the same in trust for the benefit of the person entitled thereto, a sum sufficient to pay the principal or interest so becoming due until such
sum shall be paid to such person or otherwise disposed of as herein provided. Any money held by the Trustee in trust for the payment of the principal of or interest on this Note and remaining unclaimed for two years after such principal or interest
has become due and payable and paid to the Trustee shall be discharged from such trust, and repaid to the Company, and all liability of the Trustee with respect to such money shall cease. 

11.        If this Note shall at any time become mutilated, destroyed, stolen or
lost, then, provided that this Note, or evidence of the destruction, theft or loss hereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required hereunder) shall be delivered to the Trustee, a
replacement Note of like tenor and principal amount shall be authenticated and delivered by the Trustee, in exchange for this Note, in the case of mutilation, or in lieu of this Note, in the case of destruction, loss or theft, and provided further
that, if this Note is destroyed, stolen or lost, (i) neither the Company nor the Trustee shall have received notice that this Note has been acquired by a bona fide purchaser, and (ii) the Trustee shall have received (a) satisfactory
evidence (as so deemed by the Trustee in its absolute discretion) that this Note was destroyed, stolen or lost, and (b) an indemnity for the benefit of the Company and the Trustee satisfactory to each of them. All expenses and charges
associated with procuring such indemnity shall be borne by the Holder of this Note. 
 As provided in the Indenture, every
new Note issued in exchange for or in lieu of any mutilated, destroyed, stolen or lost Note shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, stolen or lost Note shall be at any
time enforceable by anyone, and shall be entitled to the benefits of the Indenture equally and proportionately with any and all other Notes duly issued thereunder. Any such new Note shall be so dated that neither gain nor loss of interest shall
result from such replacement. Upon the issuance of any such new Note, the Company may require the payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith. 

12.        All notices to the Company under this Note shall be in writing and
addressed to the Company at Takeda Pharmaceutical Company Limited, 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku, Tokyo 103-8668, Japan Attention: Global Treasury & Finance Management, Group Finance & Controlling, Global Finance, or to such other address as the Company may notify to the Holder. All notices to the
Holder shall be in writing and sent by mail or emailed, in PDF format to the Holder at his or its address as set forth in the Note Register. 

13.        This Note is one of the ●27% Senior Notes due ●28 (collectively, the “Notes” and, individually, a “Note”) issued by the Company in
accordance with the Indenture, copies of which are on file and 
  

	27 	 3.800 for the 2020 Notes; 4.000 for the 2021 Notes; 4.400 for the 2023 Notes; and 5.000 for the 2028 Notes.

	28 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

  
 A-2-9 

 
available for inspection at the Corporate Trust Office. Under the terms of the Indenture, the Company may remove any Trustee and appoint a new Trustee. The Company shall notify, or cause the
Trustee to notify, the Holders of Notes of the appointment of any Trustee. 
 The Notes are issuable only as fully
registered Notes without coupons in denominations of $200,000 or integral multiples of $1,000 in excess thereof. 

14.        Article VIII of the Indenture, which provides for amendments to the
Indenture and the Notes, is hereby incorporated mutatis mutandis by reference herein. 

15.        Subject to the authentication of this Note by the Trustee, the Company
hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note, and to constitute the same a legal, valid and binding obligation of the
Company, enforceable in accordance with its terms, have been done and performed and have happened in due and strict compliance with all applicable law. 

16.        Claims for payment of principal in respect of this Note shall be
prescribed upon the expiry of 6 years from any redemption date and claims for payment of interest (if any) in respect of this Note shall be prescribed upon the expiry of 5 years from the due date hereof. 

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

  
 A-2-10 

 EXHIBIT A-3 

FORM OF UNRESTRICTED GLOBAL NOTE 

[FORM OF FACE OF NOTE] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO TAKEDA PHARMACEUTICAL COMPANY LIMITED (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

INTEREST PAYMENTS ON THIS NOTE GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS NOTE
IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT
NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A “SPECIALLY-RELATED PERSON OF THE COMPANY”), (II) A JAPANESE FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR
DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH (28) OF THE CABINET ORDER (CABINET ORDER NO. 43 OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH
COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES OR (III) A PUBLIC CORPORATION, A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC.
DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS RECEIVED SUCH PAYMENTS THROUGH A PAYMENT HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID
ARTICLE AND COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 
 INTEREST PAYMENTS ON THIS NOTE TO AN
INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING PARAGRAPH, OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION
THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS. 

  
 A-3-1 

 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

[3.800% Senior Notes due 2020] 

[4.000% Senior Notes due 2021] 

[4.400% Senior Notes due 2023] 

[5.000% Senior Notes due 2028] 
  

	 No. 1 
	 Principal Amount $● 

CUSIP No. ● 
 ISIN ● 

Common Code ● 
 Takeda
Pharmaceutical Company Limited (the “Company”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal amount set forth above on November 26, ●29, and to pay interest thereon from November 26, 2018 or from the most recent Interest Payment Date to which interest has been paid or made available for payment, semi-annually in arrears on each
Interest Payment Date commencing on May 26, 2019, at the rate of ●30% per annum, together with such Additional Amounts (if any) as may be payable under this Note, until the principal
hereof is paid or made available for payment. Interest on this Note will accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. This Note will be the Company’s direct, unsecured and unsubordinated general obligation and will have the same rank in
liquidation as all of the Company’s other unsecured and unsubordinated debt. 
 In any case in which any date for
payment of principal or interest (or Additional Amounts, if any) falls on a day that is not a Business Day, then payment of principal or interest (or Additional Amounts, if any) need not be made on such date but may be made on the next succeeding
Business Day. Any payment made pursuant to the preceding sentence on such next succeeding Business Day shall have the same force and effect as if made on the due date, and no interest shall accrue with respect to such payment for the period after
such date. 
 “Interest Payment Date” means each May 26 and November 26 during the term of this Note.

 “Business Day” means a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which commercial banking institutions are authorized or required by law, regulation or executive order to be closed in The City of New York, London or Tokyo. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, and such provisions shall
for all purposes have the same effect as though fully set forth in this place. 
 This Note shall not be valid or
obligatory for any purpose until it shall have been manually signed by the Trustee for authentication. 
  

	29 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

	30 	 3.800 for the 2020 Notes; 4.000 for the 2021 Notes; 4.400 for the 2023 Notes; and 5.000 for the 2028 Notes.

  
 A-3-2 

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

			
	 TAKEDA PHARMACEUTICAL COMPANY LIMITED

		
	 By
	 	  

		 	 Name: [name]

		 	 Title: [title]

  

			
	 This is one of the Notes referred to

in the within-mentioned Indenture:

	
	 Dated:             
        , 20        

	
	 MUFG UNION BANK, N.A.,
as Trustee

		
	 By
	 	  

		 	 Authorized Signatory

  
 A-3-3 

 [FORM OF REVERSE OF NOTE] 

1.        The principal amount of this Note shall be paid on any redemption date, in
immediately available funds in The City of New York upon surrender of the Note at the office designated herein or pursuant hereto of MUFG Union Bank, N.A., as trustee (MUFG Union Bank, N.A. or any duly appointed successor trustee acting in such
capacity herein referred to as the “Trustee”), pursuant to an Indenture (such agreement, as it may be amended from time to time, the “Indenture”), dated as of November 26, 2018, between Takeda Pharmaceutical Company
Limited (the “Company”) and the Trustee. The office of the Trustee at which such payment shall be made is the corporate trust office located at 1251 Avenue of the Americas, 19th
Floor, New York, New York 10020 or at such other address in The City of New York as the Trustee shall specify (the “Corporate Trust Office”) by notice to the Holder (as defined in the Indenture). Terms used herein not otherwise
defined shall have the meaning ascribed to such term in the Indenture. 
 Payment of the principal of, and interest
(including Additional Amounts, if applicable) on, this Note shall be made by wire transfer in immediately available funds to a bank account in the United States designated by the Holder in a written notice received by the Trustee (a) in the
case of a payment of interest, prior to the Record Date (as defined below) immediately preceding the date on which such payment is due and (b) in the case of payment of principal on any redemption date, no less than 30 days and no more than 60
days prior to such redemption date, provided that in the case of such payment of principal, this Note shall have been surrendered to the Trustee for payment together with such notice. No interest shall accrue on this Note after redemption;
provided, however, that, to the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal not paid when due upon surrender of this Note to
the Trustee. “Record Date” means, with respect to an Interest Payment Date, the day five Business Days preceding such Interest Payment Date. 

2.        Payments of principal of and interest (including Additional Amounts, if
applicable) on this Note shall be made in United States dollars or in such other coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. Until the date on which the
Notes shall have been delivered to the Trustee for cancellation, or become due and payable and a sum sufficient to pay the principal of and interest (including Additional Amounts, if applicable) on all of the Notes shall have been made available for
payment and either paid or returned to the Company as provided herein and in the Indenture (such date being referred to herein as the “Termination Date”), the Company will at all times maintain an office or agency in the Borough of
Manhattan, The City of New York, where Notes may be presented or surrendered for payment. 

3.        This Note is transferable in whole or in part and may be exchanged for a
like aggregate principal amount of Notes of other authorized denominations by the Holder in person, or by his attorney duly authorized in writing, at the Corporate Trust Office in The City of New York, where the Trustee shall maintain a register
providing for the registration of the Notes and any exchange or transfer thereof (the “Note Register”). Upon surrender of this Note for exchange or registration of transfer, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a Note or Notes, each in a denomination of $200,000 or an integral multiple of $1,000 in excess thereof, which has or have an aggregate denomination equal to the denomination of this Note and is or are
registered in such name or names requested by the Holder. Any Note presented for exchange or registration of transfer shall be accompanied by a written instrument of transfer in form and with guarantee of signature and evidence of authority
satisfactory to the Trustee and with payment by the transferor of any stamp or other tax or governmental charge payable in connection with such transfer (or evidence that such tax or charge has been paid) and with such tax identification number or
other information for each person in whose name a new Note is to be issued as the Trustee may request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the date upon which a notice of
redemption of this Note is transmitted to the Holder. 
 Notwithstanding any other provision of this Note or the Indenture
to the contrary, this Note, if in global form (a Note in such form being referred to herein as a “Global Note”), shall be exchangeable pursuant 

  
 A-3-4 

 
to this Note and the Indenture only if: (i) the Depositary (as defined in the Indenture) notifies the Company that it is unwilling or unable to continue as depositary for a Global Note or
has ceased to be qualified to act as such as required by the Indenture or (ii) there shall have occurred and be continuing an Event of Default (as defined in the Indenture) with respect to the Notes. Upon the occurrence of any such event, this
Note shall be exchangeable for definitive Notes, as provided in the Indenture. Notwithstanding any other provision of this Note, a Global Note may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or
another nominee of DTC. In the event and for so long as definitive Notes are not issued to any owner of a beneficial interest in this Global Note after the occurrence of one of the events set forth above, the Company expressly acknowledges, with
respect to the right of a Holder to pursue a remedy pursuant to Section 4.7 or Section 4.8 of the Indenture, the right of such owner to pursue such remedy with respect to the portion of this Global Note that represents such owner’s
Notes as if such definitive Notes had been issued. 
 No service charge shall be made for any such exchange or registration
of transfer, but the Company may charge the party requesting any such exchange or registration of transfer a sum sufficient to reimburse it for any tax or other governmental charge required to be paid in connection with such exchange or
registration. 
 All Notes issued upon any exchange or registration of transfer of this Note shall be the valid obligations
of the Company, evidencing the same debt, and entitled to the same benefits, as this Note. 
 Except in the circumstances
referred to in the second paragraph of this Section 3, the Company and the Trustee may treat the Holder as the absolute owner of this Note for the purpose of receiving payments of principal of and interest (including, Additional Amounts, as
defined in Section 5 of this Note) on this Note and for all other purposes whatsoever, and the Company and the Trustee shall not be affected by any notice to the contrary. 

4.        Except as provided in Sections 6, 7, 8 and 9 of this Note, this Note is not
redeemable or subject to payment at the option of the Company prior to November 26, ●31. 

5.        All payments of principal and interest in respect of this Note shall be
made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having power to
tax (“Taxes”), unless such withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to this Note under any of the following circumstances: 

(i)        the Holder or beneficial owner of this Note is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of this Note by reason of its (A) having some present or former connection
with Japan other than the mere holding of this Note or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on
Special Measures Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

(ii)        the Holder or beneficial owner of this Note would otherwise be exempt
from any such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to the relevant Paying
Agent to whom this Note is presented 
  

	31 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

  
 A-3-5 

 
(where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant (as defined below) and the relevant international clearing
organization to such Paying Agent; 
 (iii)        the Holder or beneficial owner
of this Note is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest
Recipient Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the relevant Paying Agent of its
status as not being subject to Taxes to be withheld or deducted by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on this Note through a payment handling agent in Japan appointed by it);

 (iv)        this Note is presented for payment (where presentation is required)
more than 30 days after the day on which such payment on this Note became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder hereof would have been entitled to Additional Amounts on presenting the
same for payment on the last day of such period of 30 days; 
 (v)        the
withholding or deduction is imposed on a Holder or beneficial owner that could have avoided such withholding or deduction by presenting this Note (where presentation is required) to another Paying Agent maintained by the Company; 

(vi)        the Holder is a fiduciary or partnership or is not the sole beneficial
owner of the payment of the principal of, or any interest on, this Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership
or a beneficial owner, in each case, who would not have been entitled to such Additional Amounts had it been the Holder of this Note; or 

(vii)        any combination of (i) through (vi) above. 

For the avoidance of doubt, none of the Company, the Trustee, any Paying Agent or any other person shall be required to pay
any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty, law, regulation
or other official guidance implementing FATCA, or any agreement between the Company, the Trustee, a Paying Agent or any other Person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing FATCA. 

Where this Note is held through a participant of an international clearing organization or a financial intermediary (each, a
“Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual
non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese financial institution (each, a
“Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the Act on Special Taxation Measures, such beneficial owner of this Note must, at the
time of entrusting a Participant with the custody of this Note, provide certain information prescribed by the Act on Special Taxation Measures (“Interest Recipient Information”) to enable the Participant to establish that such
beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of this Note ceases to be so exempted (including the case where a beneficial owner of this Note that is an
individual non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Company). 

  
 A-3-6 

 Where this Note is not held by a Participant, in order to receive payments
free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of this Note is (a) an individual non-resident of Japan or a
non-Japanese corporation (other than a specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial
owner must, prior to each time at which it receives interest, submit to the relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form
obtainable from the Paying Agent stating, inter alia, the name and address of the beneficial owner, the title of this Note, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to
submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 

The Company shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese
taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted
from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Trustee, and
the Trustee shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable request to the Trustee. 

The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental charges shall
not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge which is payable
otherwise than by withholding or deduction from payments of principal or interest on this Note; provided that, except as otherwise set forth in this Note and in the Indenture, the Company will pay all stamp, court or documentary taxes or any excise
or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to the Indenture or as a consequence of the
initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest in
respect of this Note shall be deemed to include any Additional Amounts due which may be payable as set forth in this Note and the Indenture. 

6.        This Note may be redeemed at any time at the option and sole discretion of
the Company, in whole or in part, at any time prior to ●32 [(the “Par Call Date”)]33, upon giving not less than 30 nor
more than 60 days’ notice of redemption to the Trustee and the Holders, at a redemption price equal to the greater of (a) 100% of the principal amount of this Note being redeemed or (b) the sum of the present values of the principal and
the remaining scheduled payments of interest on this Note being redeemed (exclusive of interest accrued to the Redemption Date (as defined in the Indenture)), that would be due if this Note were [held to the maturity date]34[redeemed on the Par Call Date]35, discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Indenture) plus ●36
basis points, plus, in each case, accrued and unpaid interest on the principal amount of this Note being redeemed to, but excluding, the Redemption Date. 

 

	32 	 November 26, 2020 for the 2020 Notes; October 26, 2021 for the 2021 Notes; October 26, 2023 for the 2023
Notes; and August 26, 2028 for the 2028 Notes. 

	33 	 Remove for 2020 Notes. 

	34 	 Only for the 2020 Notes 

	35 	 Only for the 2021 Notes, 2023 Notes and 2028 Notes 

	36 	 17.5 for the 2020 Notes; 20.0 for the 2021 Notes; 25.0 for the 2023 Notes; and 30.0 for the 2028 Notes.

  
 A-3-7 

 [This Note may be redeemed at any time at the option and sole discretion of
the Company, in whole or in part, at any time on or after the Par Call Date, upon giving not less than 30 nor more than 60 days’ notice of redemption to the Trustee and the Holders, at a redemption price equal to 100% of the principal amount of
this Note being redeemed plus accrued and unpaid interest on the principal amount of this Note being redeemed to, but excluding, the Redemption Date.]37 

7.        This Note may be redeemed at any time at the option and sole discretion of
the Company in whole, but not in part, subject to compliance with applicable regulatory requirements, and upon giving not less than 30 nor more than 60 days’ notice of redemption to the Trustee and the Holders (which notice shall be
irrevocable) at the principal amount of this Note together with interest accrued to the date fixed for redemption and any Additional Amounts hereon, if the Company has been or will be obliged to pay any Additional Amounts as a result of (a) any
change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or
amendment becomes effective on or after the date of the issuance of this Note or (b) after the completion of any Succession Event, any change in, or amendment to, the laws or regulations of the jurisdiction of the Successor Person or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of such Succession
Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available to the Company or the Successor Person, as the case may be (an “Additional Amounts
Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 7 shall be given sooner than 90 days prior to the earliest date on which the Company would actually be obliged to pay such Additional Amounts on
payments with respect to this Note. 
 Prior to the publication of any notice of redemption pursuant to this
Section 7, the Company shall deliver to the Trustee (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been fulfilled and (ii) an opinion of independent legal
advisors of recognized standing confirming that an Additional Amounts Event has occurred. The Trustee shall accept such opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it shall be
conclusive and binding on the Holders. 
 8.        If (i) the Shire
Acquisition (as defined in the Indenture) has not been consummated on or prior to the Long Stop Date (as defined in the Indenture) or (ii) the Company otherwise publicly announces that the Shire Acquisition will not be consummated, then the
Company will be required to redeem all outstanding Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, to, but
excluding, the Special Mandatory Redemption Date. 
 Notwithstanding the foregoing, installments of interest on the Notes
that are due and payable on Interest Payment Dates falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in
accordance with the terms of the Notes and this Indenture. 
 The Company will cause the notice of special mandatory
redemption to be transmitted, with a copy to the Trustee, within five Business Days after the occurrence of the event triggering the special mandatory redemption to each Holder at its registered address. If funds sufficient to pay the special
mandatory redemption price of the outstanding notes to be redeemed on the Special Mandatory Redemption Date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the Trustee or a paying agent on or before such
Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest. 

 

	37 	 Only for the 2021 Notes, 2023 Notes and 2028 Notes. 

  
 A-3-8 

 Upon the consummation of the Shire Acquisition, the foregoing provisions
regarding the special mandatory redemption will cease to apply. 
 9.        In the
case of any redemption of this Note as provided in Section 6, 7 or 8 of this Note, notice of redemption of this Note shall be transmitted to the Holder at its address as it shall then appear in the Note Register. If by reason of any cause, it
shall be impracticable to give notice to the Holder in the manner prescribed herein, then such notification in lieu thereof as shall be made by the Company or by the Trustee on behalf of and at the instruction of the Company shall constitute
sufficient provision of such notice, if such notification shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of
redemption given to the Holder of any other Note shall affect the sufficiency of any notice with respect to this Note. Notice of redemption of this Note having been so given, this Note shall become due and payable on the redemption date so specified
and such dates shall be deemed the maturity date of this Note. 
 10.        The
Company shall, on or before each due date of the principal of or interest on this Note, pay to the Trustee, who shall hold the same in trust for the benefit of the person entitled thereto, a sum sufficient to pay the principal or interest so
becoming due until such sum shall be paid to such person or otherwise disposed of as herein provided. Any money held by the Trustee in trust for the payment of the principal of or interest on this Note and remaining unclaimed for two years after
such principal or interest has become due and payable and paid to the Trustee shall be discharged from such trust, and repaid to the Company, and all liability of the Trustee with respect to such money shall cease. 

11.        If this Note shall at any time become mutilated, destroyed, stolen or
lost, then, provided that this Note, or evidence of the destruction, theft or loss hereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required hereunder) shall be delivered to the Trustee, a
replacement Note of like tenor and principal amount shall be authenticated and delivered by the Trustee, in exchange for this Note, in the case of mutilation, or in lieu of this Note, in the case of destruction, loss or theft, and provided further
that, if this Note is destroyed, stolen or lost, (i) neither the Company nor the Trustee shall have received notice that this Note has been acquired by a bona fide purchaser, and (ii) the Trustee shall have received (a) satisfactory
evidence (as so deemed by the Trustee in its absolute discretion) that this Note was destroyed, stolen or lost, and (b) an indemnity for the benefit of the Company and the Trustee satisfactory to each of them. All expenses and charges
associated with procuring such indemnity shall be borne by the Holder of this Note. 
 As provided in the Indenture, every
new Note issued in exchange for or in lieu of any mutilated, destroyed, stolen or lost Note shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, stolen or lost Note shall be at any
time enforceable by anyone, and shall be entitled to the benefits of the Indenture equally and proportionately with any and all other Notes duly issued thereunder. Any such new Note shall be so dated that neither gain nor loss of interest shall
result from such replacement. Upon the issuance of any such new Note, the Company may require the payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith. 

12.        All notices to the Company under this Note shall be in writing and
addressed to the Company at Takeda Pharmaceutical Company Limited, 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku, Tokyo 103-8668, Japan Attention: Global Treasury & Finance Management, Group Finance & Controlling, Global Finance, or to such other address as the Company may notify to the Holder. All notices to the
Holder shall be in writing and sent by mail or emailed, in PDF format to the Holder at his or its address as set forth in the Note Register. 

  
 A-3-9 

 13.        This Note is one of the
●38% Senior Notes due ●39 (collectively, the “Notes” and, individually, a “Note”) issued by the
Company in accordance with the Indenture, copies of which are on file and available for inspection at the Corporate Trust Office. Under the terms of the Indenture, the Company may remove any Trustee and appoint a new Trustee. The Company shall
notify, or cause the Trustee to notify, the Holders of Notes of the appointment of any Trustee. 
 The Notes are issuable
only as fully registered Notes without coupons in denominations of $200,000 or integral multiples of $1,000 in excess thereof. 

14.        Article VIII of the Indenture, which provides for amendments to the
Indenture and the Notes, is hereby incorporated mutatis mutandis by reference herein. 

15.        Subject to the authentication of this Note by the Trustee, the Company
hereby certifies and declares that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note, and to constitute the same a legal, valid and binding obligation of the
Company, enforceable in accordance with its terms, have been done and performed and have happened in due and strict compliance with all applicable law. 

16.        Claims for payment of principal in respect of this Note shall be
prescribed upon the expiry of 6 years from any redemption date and claims for payment of interest (if any) in respect of this Note shall be prescribed upon the expiry of 5 years from the due date hereof. 

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

 

	38 	 3.800 for the 2020 Notes; 4.000 for the 2021 Notes; 4.400 for the 2023 Notes; and 5.000 for the 2028 Notes.

	39 	 2020 for the 2020 Notes; 2021 for the 2021 Notes; 2023 for the 2023 Notes; and 2028 for the 2028 Notes.

  
 A-3-10 

 EXHIBIT B 

FORM OF TRANSFER CERTIFICATE 
 FOR
TRANSFER FROM RULE 144A GLOBAL 
 NOTE TO REGULATION S GLOBAL NOTE 

(Transfers Pursuant to Section 2.6(e) of the Indenture) 

MUFG Union Bank, N.A. 
 as Trustee 

1251 Avenue of the Americas, 19th Floor 
 New York, New York 10020

  

	 	Re:	 Takeda Pharmaceutical Company Limited 

●% Senior Notes due ● 

Reference is hereby made to the Indenture dated as of November 26, 2018 (the “Indenture”) between Takeda
Pharmaceutical Company Limited (the “Company”) and MUFG Union Bank, N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

This letter relates to $● principal amount of ●% Senior Notes due ● which are evidenced by one or more Rule
144A Global Notes (CUSIP No. ●40; ISIN ●41; Common Code ●42) and held
with DTC in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in the Notes to a person that will take delivery thereof in the form of an equal
principal amount of Notes evidenced by one or more Regulation S Global Notes (CUSIP No. ●43; ISIN ●44; Common Code ●45). 
 In connection with such request and in respect of such Notes, the
Transferor hereby certifies that such exchange or transfer has been effected in accordance with the transfer restrictions set forth in the Notes and (i) that, with respect to transfer made in reliance on Regulation S (“Regulation
S”) under the U. S. Securities Act of 1933, as amended (the “Securities Act”): 

(a)        the offer of the Notes was made to a person other than a
“U.S. Person” (as defined in Regulation S); 

(b)        either: 

(1) at the time the buy order was originated, the transferee was outside the United States or the Transferor
and any person acting on its behalf reasonably believed that the transferee was outside the United States, or 
  

	40 	 874060AK2 for the 2020 Notes, 874060AN6 for the 2021 Notes; 874060AR7 for the 2023 Notes; and 874060AU0 for
the 2028 Notes. 

	41 	 US874060AK27 for the 2020 Notes, US874060AN65 for the 2021 Notes; US874060AR79 for the 2023 Notes; and
US874060AU09 for the 2028 Notes. 

	42 	 190258220 for the 2020 Notes, 190257363 for the 2021 Notes; 190258181 for the 2023 Notes; and 190256758 for
the 2028 Notes. 

	43 	 J8129EAV0 for the 2020 Notes; J8129EAW8 for the 2021 Notes; J8129EAX6 for the 2023 Notes; and J8129EAY4 for
the 2028 Notes. 

	44 	 USJ8129EAV05 for the 2020 Notes; USJ8129EAW87 for the 2021 Notes; USJ8129EAX60 for the 2023 Notes; and
USJ8129EAY44 for the 2028 Notes. 

	45 	 190257380 for the 2020 Notes; 190256782 for the 2021 Notes; 190257347 for the 2023 Notes; and 190258165 for
the 2028 Notes. 

  
 B-1 

 (2) the transaction was executed in, on or through the
facilities of a designated offshore securities market described in paragraph (b) of Rule 902 of Regulation S and neither the Transferor nor any person acting on its behalf knows that the transaction was
pre-arranged with a buyer in the United States; 
  

	 	(c)	 no directed selling efforts have been made in contravention of the requirements of Rule 903 or 904 of
Regulation S, as applicable; 

  

	 	(d)	 the transaction is not part of a plan or scheme to evade the registration requirements of the Securities
Act; 

  

	 	(e)	 the Transferor has advised the transferee of the transfer restrictions applicable in the Notes;

  

	 	(f)	 if the Transferor is a dealer in securities or has received a selling concession, fee or other remuneration
in respect of the Notes and the transfer is to occur prior to the expiration of the restricted period then the requirements of Rule 904(b)(1) of Regulation S have been satisfied; 

AND (II) THAT, WITH RESPECT TO TRANSFERS MADE IN RELIANCE OF RULE 144 UNDER THE SECURITIES ACT, THE TRANSFEROR HAS HELD THE INTEREST IN RULE
144A GLOBAL NOTES TO BE EXCHANGED BEYOND THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD SET FORTH IN RULE 144(D)(1) AND THE TRANSFEROR IS NOT AND HAS NOT BEEN AN AFFILIATE (AS DEFINED IN RULE 144) OF THE COMPANY DURING THE PRECEDING THREE MONTHS.

 We understand that this certificate is required in connection with certain securities laws of the United States. In
connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such
proceeding. This certificate and the statements contained herein are made for your benefit and the benefit of the Company and the initial purchasers. 

[Insert Name of Transferor] 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

 

			
	 Dated:
	 	
                       
     ,         

		
	 cc:
	 	 Takeda Pharmaceutical Company Limited

  
 B-2 

 EXHIBIT C 

FORM OF TRANSFER CERTIFICATE 
 FOR
TRANSFER FROM REGULATION S GLOBAL 
 NOTE TO RULE 144A GLOBAL NOTE 

(Transfers Pursuant to Section 2.6(f) of the Indenture) 

MUFG Union Bank, N.A. 
 as Trustee 

1251 Avenue of the Americas, 19th Floor 
 New York, New York 10020

  

			
	 Re:
	  	 Takeda Pharmaceutical Company Limited

●% Senior Notes due ●

 Reference is hereby made to the Indenture dated as of November 26, 2018 (the
“Indenture”) between Takeda Pharmaceutical Company Limited (the “Company”) and MUFG Union Bank, N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 This letter relates to $● principal amount of ●% Senior Notes due ● which are evidenced by one or more
Regulation S Global Notes (CUSIP No. ●46; ISIN ●47; Common Code ●48) and
held with DTC in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in Notes to a person that will take delivery thereof in the form of an equal
principal amount of Notes evidenced by one or more Rule 144A Global Notes (CUSIP No. ●49; ISIN ●50; Common Code ●51). 
 In connection with such request and in respect of such Notes, the
Transferor hereby certifies that (i) such Notes are being transferred to a transferee that the Transferor reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A under the U. S. Securities Act of 1933,
as amended, purchasing the Notes for its own account (or for the account of one or more qualified institutional buyers over which account the transferee exercises sole investment discretion), (ii) it has notified the transferee of the transfer
restrictions applicable to the Notes and (iii) the transfer is in accordance with any applicable securities laws of any State of the United States or any other applicable jurisdiction. 

 

	46 	 J8129EAV0 for the 2020 Notes; J8129EAW8 for the 2021 Notes; J8129EAX6 for the 2023 Notes; and J8129EAY4 for
the 2028 Notes. 

	47 	 USJ8129EAV05 for the 2020 Notes; USJ8129EAW87 for the 2021 Notes; USJ8129EAX60 for the 2023 Notes; and
USJ8129EAY44 for the 2028 Notes. 

	48 	 190257380 for the 2020 Notes; 190256782 for the 2021 Notes; 190257347 for the 2023 Notes; and 190258165 for
the 2028 Notes. 

	49 	 874060AK2 for the 2020 Notes, 874060AN6 for the 2021 Notes; 874060AR7 for the 2023 Notes; and 874060AU0 for
the 2028 Notes. 

	50 	 US874060AK27 for the 2020 Notes, US874060AN65 for the 2021 Notes; US874060AR79 for the 2023 Notes; and
US874060AU09 for the 2028 Notes. 

	51 	 190258220 for the 2020 Notes, 190257363 for the 2021 Notes; 190258181 for the 2023 Notes; and 190256758 for
the 2028 Notes. 

 This certificate and the statements contained herein are made for your
benefit and the benefit of the Company and the initial purchasers, if any, of the Notes being transferred. 
  

			
	 [Insert Name of Transferor]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

Dated:                     ,
             
 cc:
            Takeda Pharmaceutical Company Limited 

 EXHIBIT D 

FORM OF OFFICER’S CERTIFICATE AS TO DEFAULT 

(Pursuant to Section 9.4 of the Indenture) 

[Date] 
 MUFG Union Bank, N.A. 

as Trustee 
 1251 Avenue of the Americas, 19th
Floor 
 New York, New York 10020 
  

			
	 Re:
	  	 Takeda Pharmaceutical Company Limited

		  	 3.800% Senior Notes due 2020

		  	 4.000% Senior Notes due 2021

		  	 4.400% Senior Notes due 2023

		  	 5.000% Senior Notes due 2028

		  	 (collectively, the “Notes”)

 Reference is hereby made to the Indenture dated as of November 26, 2018 (the
“Indenture”) between Takeda Pharmaceutical Company Limited (the “Company”) and MUFG Union Bank, N.A., as Trustee relating to the issuance of the Notes. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
 I, [name], [title] of the Company, in such capacity, do hereby
certify, pursuant to Section 9.4 of the Indenture, that to my knowledge as at [●], [the Company is in compliance with all conditions and covenants under the Indenture / the Company has not complied with its following obligation[s] under
the Indenture]: 
 [insert details] 

IN WITNESS WHEREOF, I have hereunto signed my name as of [●]. 

 

			
	 Takeda Pharmaceutical Company Limited

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:

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