Document:

EX-4.3

 Exhibit 4.3 
 EXECUTION VERSION 
  
  

 
 ASHLAND INC. 

as Company 

INDENTURE 

Dated as of February 26, 2013 
 U.S. BANK NATIONAL ASSOCIATION 
 as Trustee, Registrar and Paying Agent

  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
 DEFINITIONS AND INCORPORATION BY REFERENCE
	   

  

			
	Section 1.01.	 	 Definitions
	  	 	1	  
	Section 1.02.	 	 Other Definitions
	  	 	7	  
	Section 1.03.	 	 Incorporation by Reference of Trust Indenture Act
	  	 	7	  
	Section 1.04.	 	 Rules of Construction
	  	 	7	  
	
	 ARTICLE 2
 THE NOTES
	   

  

			
	Section 2.01.	 	 Amount of Notes; Terms
	  	 	8	  
	Section 2.02.	 	 Forms Generally
	  	 	11	  
	Section 2.03.	 	 Execution and Authentication
	  	 	11	  
	Section 2.04.	 	 Registrar and Paying Agent
	  	 	12	  
	Section 2.05.	 	 Paying Agent to Hold Money in Trust
	  	 	12	  
	Section 2.06.	 	 Holder Lists
	  	 	13	  
	Section 2.07.	 	 Transfer and Exchange
	  	 	13	  
	Section 2.08.	 	 Replacement Notes
	  	 	16	  
	Section 2.09.	 	 Outstanding Notes
	  	 	16	  
	Section 2.10.	 	 Cancellation
	  	 	17	  
	Section 2.11.	 	 Payment of Interest; Defaulted Interest
	  	 	17	  
	Section 2.12.	 	 CUSIP Numbers, ISINs, Etc.
	  	 	17	  
	Section 2.13.	 	 Calculation of Principal Amount of Notes
	  	 	17	  
	
	 ARTICLE 3
 REDEMPTION
	   

  

			
	Section 3.01.	 	 Applicability of Article
	  	 	18	  
	Section 3.02.	 	 Notices to Trustee
	  	 	18	  
	Section 3.03.	 	 Selection of Notes to be Redeemed
	  	 	18	  
	Section 3.04.	 	 Notice of Optional Redemption
	  	 	18	  
	Section 3.05.	 	 Effect of Notice of Redemption
	  	 	19	  
	Section 3.06.	 	 Deposit of Redemption Price
	  	 	20	  
	Section 3.07.	 	 Notes Redeemed in Part
	  	 	20	  
	
	 ARTICLE 4
 COVENANTS
	   

  

			
	Section 4.01.	 	 Payment of Notes
	  	 	20	  
	Section 4.02.	 	 Reports and Other Information
	  	 	20	  
	Section 4.03.	 	 Compliance Certificate
	  	 	21	  
	Section 4.04.	 	 Maintenance of Office or Agency
	  	 	21	  

  
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	 	 	 	  	Page	 
	 ARTICLE 5
 SUCCESSOR COMPANY
	   

  

			
	Section 5.01.	 	 When Company May Merge or Transfer Assets
	  	 	22	  
	Section 5.02.	 	 Successor Company Substituted
	  	 	22	  
	
	 ARTICLE 6
 DEFAULTS AND REMEDIES
	   

  

			
	Section 6.01.	 	 Events of Default
	  	 	22	  
	Section 6.02.	 	 Acceleration; Rescission
	  	 	24	  
	Section 6.03.	 	 Other Remedies
	  	 	25	  
	Section 6.04.	 	 Waiver of Past Defaults
	  	 	25	  
	Section 6.05.	 	 Control by Majority
	  	 	25	  
	Section 6.06.	 	 Limitation on Suits
	  	 	25	  
	Section 6.07.	 	 Rights of the Holders to Receive Payment
	  	 	26	  
	Section 6.08.	 	 Collection Suit by Trustee
	  	 	26	  
	Section 6.09.	 	 Trustee May File Proofs of Claim
	  	 	26	  
	Section 6.10.	 	 Priorities
	  	 	27	  
	Section 6.11.	 	 Undertaking for Costs
	  	 	27	  
	Section 6.12.	 	 Waiver of Stay or Extension Laws
	  	 	27	  
	
	 ARTICLE 7
 TRUSTEE AND AGENTS
	   

  

			
	Section 7.01.	 	 Duties of Trustee
	  	 	28	  
	Section 7.02.	 	 Rights of Trustee
	  	 	29	  
	Section 7.03.	 	 Individual Rights of Trustee
	  	 	31	  
	Section 7.04.	 	 Trustee’s Disclaimer
	  	 	31	  
	Section 7.05.	 	 Notice of Defaults
	  	 	31	  
	Section 7.06.	 	 Reports by Trustee to the Holder
	  	 	31	  
	Section 7.07.	 	 Compensation and Indemnity
	  	 	31	  
	Section 7.08.	 	 Replacement of Trustee and Agents
	  	 	32	  
	Section 7.09.	 	 Successor Trustee or Agent by Merger
	  	 	33	  
	Section 7.10.	 	 Eligibility; Disqualification
	  	 	34	  
	Section 7.11.	 	 Preferential Collection of Claims Against the Company
	  	 	34	  
	
	 ARTICLE 8
 DISCHARGE OF INDENTURE; DEFEASANCE
	   

  

			
	Section 8.01.	 	 Discharge of Liability on Notes; Defeasance
	  	 	34	  
	Section 8.02.	 	 Conditions to Defeasance
	  	 	36	  
	Section 8.03.	 	 Application of Trust Money
	  	 	37	  
	Section 8.04.	 	 Repayment to Company
	  	 	37	  
	Section 8.05.	 	 Indemnity for Government Obligations
	  	 	37	  
	Section 8.06.	 	 Reinstatement
	  	 	37	  

  
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	 	 	 	  	Page	 
	 ARTICLE 9
 AMENDMENTS AND WAIVERS
	   

  

			
	Section 9.01.	 	 Without Consent of the Holders
	  	 	37	  
	Section 9.02.	 	 With Consent of the Holders
	  	 	39	  
	Section 9.03.	 	 Compliance with Trust Indenture Act
	  	 	40	  
	Section 9.04.	 	 Revocation and Effect of Consents and Waivers
	  	 	40	  
	Section 9.05.	 	 Notation on or Exchange of Notes
	  	 	41	  
	Section 9.06.	 	 Trustee to Sign Amendments
	  	 	41	  
	Section 9.07.	 	 Additional Voting Terms
	  	 	41	  
	Section 9.08.	 	 Payments for Consents
	  	 	41	  
	
	 ARTICLE 10
 MISCELLANEOUS
	   

  

			
	Section 10.01.	 	 Trust Indenture Act Controls
	  	 	42	  
	Section 10.02.	 	 Notices
	  	 	42	  
	Section 10.03.	 	 Communication by the Holders with Other Holders
	  	 	43	  
	Section 10.04.	 	 Certificate and Opinion as to Conditions Precedent
	  	 	43	  
	Section 10.05.	 	 Statements Required in Certificate or Opinion
	  	 	43	  
	Section 10.06.	 	 When Notes Disregarded
	  	 	43	  
	Section 10.07.	 	 Rules by Trustee, Paying Agent and Registrar
	  	 	44	  
	Section 10.08.	 	 Legal Holidays
	  	 	44	  
	Section 10.09.	 	 Governing Law
	  	 	44	  
	Section 10.10.	 	 No Recourse Against Others
	  	 	44	  
	Section 10.11.	 	 Successors
	  	 	44	  
	Section 10.12.	 	 Multiple Originals
	  	 	44	  
	Section 10.13.	 	 Table of Contents; Headings
	  	 	44	  
	Section 10.14.	 	 Indenture Controls
	  	 	44	  
	Section 10.15.	 	 Severability
	  	 	45	  
	Section 10.16.	 	 PATRIOT Act
	  	 	45	  

  
 -iii-

 CROSS-REFERENCE TABLE 

 

					
	TIA
Section	 	 	  	Indenture
Section
	310	 	(a)	  	7.10
		 	(b)	  	7.08; 7.10
		 	(c)	  	N.A.
	311	 	(a)	  	7.11
		 	(b)	  	7.11
		 	(c)	  	N.A.
	312	 	(a)	  	N.A.
		 	(b)	  	11.03
		 	(c)	  	11.03
	313	 	(a)	  	7.06
		 	(b)	  	7.06
		 	(c)	  	N.A.
		 	(d)	  	N.A.
	314	 	(a)	  	4.07
		 	(b)	  	N.A.
		 	(c)	  	2.03
		 	(d)	  	N.A.
		 	(e)	  	N.A.
		 	(f)	  	N.A.
	315	 	(a)	  	N.A.
		 	(b)	  	N.A.
		 	(c)	  	N.A.
		 	(d)	  	N.A.
		 	(e)	  	N.A.
	316	 	(a) (last sentence)	  	N.A.
		 	(a)(1)(A)	  	N.A.
		 	(a)(1)(B)	  	N.A.
		 	(a)(2)	  	N.A.
		 	(b)	  	N.A.
	317	 	(a)(1)	  	N.A.
		 	(a)(2)	  	N.A.
		 	(b)	  	N.A.
	318	 	(a)	  	N.A.

 N.A. Means Not Applicable. 
 Note: This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 

  
 -iv-

 INDENTURE dated as of February 26, 2013 between ASHLAND INC., a Kentucky corporation
(the “Company”), and U.S. BANK NATIONAL ASSOCIATION, as trustee, registrar and paying agent (the “Trustee”). 
 The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the holders of the debt securities issued under this Indenture (the
“Notes”): 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 
 Certain terms used herein and not defined
herein shall have the meanings assigned to them pursuant to a Board Resolution, and set forth or determined in the manner provided in, an Officer’s Certificate of the Company or in a Company Order, or established in one or more indentures
supplemental hereto. The following terms shall have the following meanings: 
 “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 purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 “Agent” means any Registrar or Paying Agent, including any permitted successors or assigns thereto. 
 “Board of Directors” means, as to any Person, the board of directors or supervisory board of such Person, or equivalent governing body (or, if such Person is a partnership or limited
liability company, the board of directors or other governing body of the general partner or manager of such Person) or any duly authorized committee thereof. 
 “Board Resolution” means a copy of a resolution certified by a Vice President, the Secretary or an Assistant Secretary of the applicable Person to have been duly adopted by the Board of
Directors of such Person and to be in full force and effect on the date of such certification. 
 “Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banking institutions in New York City are authorized or required by law or executive order to close. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations
or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such equity. 

“Clearstream” means Clearstream Banking S.A. 
 “Company Order” means a written request or order signed on behalf of the Company by an Officer of the Company, who must fulfill the function of the principal executive officer, the
principal financial officer, the treasurer or the principal accounting officer of the Company and delivered to the Trustee. 

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Corporate Office of the Trustee” shall be the address of the Trustee specified in Section 10.02 hereof or such
other address as to which the Trustee may give notice to the Company. 
 “Default” means any event which is, or
after notice or passage of time or both would be, an Event of Default. 
 “Definitive Note” means a
certificated Note registered in the name of the holder thereof and issued in accordance with Section 2.07, except that such Note shall not bear the Global Note Legend and shall not have a schedule of exchanges of interests in the Global Note
attached thereto. 
 “Depositary” means, with respect to any Notes issuable or issued in whole or in part in
the form of Global Notes, the Person specified pursuant to Section 2.01 as the depositary with respect to such Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable
provision of this Indenture. 
 “DTC” means The Depository Trust Company, its nominees and successors.

 “Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system, and its successors. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Excluded Subsidiary” means (i) any Receivables Subsidiary, (ii) any
Qualified Non-Recourse Subsidiary, (iii) any Special Purpose Subsidiary and (iv) any Foreign Subsidiary. 

“Foreign Subsidiary” means a Subsidiary not organized or existing under the laws of the United States of America or any
state or territory thereof or the District of Columbia and any direct or indirect Subsidiary of such Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements
of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a
significant segment of the accounting profession of the United States, as in effect from time to time. At any time after the date of this Indenture, the Company may irrevocably elect to apply International Financial Reporting Standards
(“IFRS”) as issued by the International Accounting Standards Board in lieu of GAAP with respect to any Series of Notes issued or to be issued pursuant to this Indenture and, upon any such election, references in this Indenture for
purposes of any such Series to GAAP shall thereafter be construed to mean IFRS as in effect from time to time. The Company shall give notice of any such election to the Trustee. 

“Global Note” when used with respect to any Series of Notes issued hereunder, means a Note which is executed by the
Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and an indenture supplemental hereto, if any, or Board Resolution and pursuant to an
Officer’s Certificate of the Company or a Company Order, which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to

  
 -2-

 
the aggregate principal amount of, all the outstanding Notes of such Series or any portion thereof, in either case having the same terms, including, without limitation, the same original issue
date or dates on which principal is due, and interest rate or method of determining interest and which shall bear the legend as prescribed by Section 2.07(b). 
 “Global Note Legend” means the legend set forth in Section 2.07(b), which is required to be placed on all Global Notes issued under this Indenture. 

“Government Obligations” means securities that are: 

(1) direct Obligations of the United States of America for the timely payment of which its full faith and credit is
pledged, or 
 (2) Obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit Obligation by the United States of America, which, in each case, are not callable or redeemable at the option of the issuer thereof,
and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. government Obligations or a specific payment of principal of or interest on any such
U.S. government Obligations held by such custodian for the account of the holder of such depository receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. government Obligations or the specific payment of principal of or interest on the U.S. government Obligations evidenced by such
depository receipt. 
 “holder” means the Person in whose name a Note is registered on the Registrar’s
books. 
 “Indebtedness” means indebtedness for borrowed money. 

“Indenture” means this Indenture as amended, supplemented, modified, extended, restructured, renewed or restated in
whole or in part from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in
a Global Note through a Participant. 
 “Interest Payment Date” when used with respect to any Series of Notes,
means the date specified in such Notes for the payment of any installment of interest on those Notes. 
 “Joint
Venture” means any joint venture entity, whether a company, unincorporated firm, association, partnership or any other entity which, in each case, is not a Subsidiary or any of its Subsidiaries but in which the Company or a Subsidiary has a
direct or indirect equity or similar interest. 
 “Obligations” means any principal, interest, penalties, fees,
indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any indebtedness;
provided that Obligations with respect to the Notes shall not include fees or indemnifications in favor of the Trustee and other third parties other than the holders of the Notes. 

  
 -3-

 “Officer” means the Chairman of the Board, Chief Executive Officer, Chief
Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer, any Assistant Treasurer, any Financial Director or the Secretary or Assistant Secretary of any Person (or, with respect to a Person
that is a limited partnership, the general partner of such Person), or any other officer designated by the Board of Directors serving in a similar capacity. 
 “Officer’s Certificate” means a certificate signed on behalf of any Person by an Officer of such Person, who must fulfill the function of the principal executive officer, the
principal financial officer, the treasurer or the principal accounting officer of such Person, which meets the requirements set forth in this Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or to the Trustee.
Counsel giving any Opinion of Counsel shall be entitled to rely on an Officer’s Certificate as to any factual matters relevant to such opinion. 
 “Original Issue Discount Note” means any Note that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.02. 
 “Participant” means, with respect to DTC, Euroclear,
Clearstream or any other entity serving as the Depositary, a Person who has an account with DTC, Euroclear, Clearstream or such other entity, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Property” means any property or assets. 
 “Qualified
Non-Recourse Debt” means Indebtedness that (1) is (a) incurred by a Qualified Non-Recourse Subsidiary to finance (whether prior to or within one year after) the acquisition, lease, construction, repair, replacement or improvement
of any Property (real or personal) or equipment (whether through the direct purchase of Property or the Capital Stock of any Person owning such Property and whether in a single acquisition or a series of related acquisitions) or (b) assumed by
a Qualified Non-Recourse Subsidiary, (2) is non-recourse to the Company and (3) is non-recourse to any Subsidiary that is not a Qualified Non-Recourse Subsidiary. 
 “Qualified Non-Recourse Subsidiary” means (1) a Subsidiary that is formed or created after the date of this Indenture in order to finance an acquisition, lease, construction, repair,
replacement or improvement of any Property or equipment (directly or through one of its Subsidiaries) that secures Qualified Non-Recourse Debt and (2) any Subsidiary of a Qualified Non-Recourse Subsidiary. 

“Qualified Receivables Financing” means the securitization of accounts receivables and related assets of the Company and
its Subsidiaries on customary market terms (including, without limitation, Standard Securitization Undertakings and a Receivables Repurchase Obligation) as determined in good faith by the Company to be in the aggregate commercially fair and
reasonable to the Company and its Subsidiaries taken as a whole. For the avoidance of doubt, the Company’s accounts receivable securitization facility entered into on August 31, 2012 constitutes a Qualified Receivables Financing.

  
 -4-

 “Receivables Repurchase Obligation” means any obligation of a seller of
receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any
asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 
 “Receivables Subsidiary” means a Subsidiary of the Company (or another Person formed for the purposes of engaging in Qualified Receivables Financing with the Company in which the Company
or any Subsidiary makes an investment and to which the Company or any Subsidiary transfers accounts receivable and related assets) which engages in no activities other than in connection with the financing of accounts receivable of the Company and
its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Company (as provided
below) as a Receivables Subsidiary and: 
  

	 	(1)	no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any other Subsidiary (excluding
guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any other Subsidiary in any way other than pursuant to
Standard Securitization Undertakings, or (iii) subjects any property or asset of the Company or any other Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization
Undertakings; 

  

	 	(2)	with which neither the Company nor any other Subsidiary has any material contract, agreement, arrangement or understanding other than on terms which the Company
reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company; and 

 

	 	(3)	to which neither the Company nor any other Subsidiary has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve
certain levels of operating results. 

 The foregoing conditions shall not be violated by reason of any
contractual obligation on the part of the Company to maintain the solvency of any Receivables Subsidiary on terms that the Company has determined in good faith to be reasonably necessary to facilitate a Qualified Receivables Financing. Any such
designation by the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Company giving effect to such designation and an Officer’s Certificate certifying that
such designation complied with the foregoing conditions. For the avoidance of doubt, CVG Capital III LLC, an indirect subsidiary of the Company, constitutes a Receivables Subsidiary. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
this Indenture. 

  
 -5-

 “SEC” means the U.S. Securities and Exchange Commission or any successor
agency or commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder. 
 “Series” or “Series of Notes” means each
series of debt securities of the Company created pursuant to Section 2.01 hereof. 
 “Special Purpose
Subsidiary” means any Subsidiary whose material assets are comprised solely of the Capital Stock of a Joint Venture, where the pledge of such Capital Stock would be prohibited by any contractual requirement pertaining to such Joint Venture.

 “Standard Securitization Undertakings” means representations, warranties, undertakings, covenants,
indemnities and guarantees of performance entered into by the Company or any Subsidiary which the Company has determined in good faith to be customary in a Qualified Receivables Financing. 

“Subsidiary” means, with respect to any Person, (1) any corporation, association or other business entity (other
than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Voting Stock thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or
more of the other Subsidiaries of that Person or a combination thereof; or (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting
interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of
membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. Unless otherwise qualified, all references to a
“Subsidiary” or to “Subsidiaries” in this Indenture shall refer to a Subsidiary or Subsidiaries of the Company. 
 “Subsidiary Guarantee” means a guarantee of payment of any Series of Notes by a Subsidiary of the Company. 
 “TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture. 

“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the
successor. 
 “Uniform Commercial Code” or “UCC” means the New York Uniform Commercial Code as
in effect from time to time. 
 “U.S. Legal Tender” means such coin or currency of the United States of America
that at the time of payment shall be legal tender for the payment of public and private debts. 
 “Voting
Stock” of any Person means the Capital Stock of such Person that is at the time entitled to vote generally in the election of the Board of Directors of such Person. 

  
 -6-

 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person
100% of the outstanding Capital Stock of which (other than directors’ qualifying shares or shares required to be held by others in Foreign Subsidiaries) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of
such Person. 
 Section 1.02. Other Definitions. 

 

			
	 Term
	  	 Defined in
Section

	 “Authentication Order”
	  	2.03
	 “Bankruptcy Law”
	  	6.01
	 “Company”
	  	Preamble
	 “covenant defeasance option”
	  	8.01(b)
	 “Custodian”
	  	6.01
	 “Event of Default”
	  	6.01
	 “incorporated provision”
	  	10.01
	 “legal defeasance option”
	  	8.01(b)
	 “Notes”
	  	Preamble
	 “Notice of Default”
	  	6.01(c)
	 “Paying Agent”
	  	2.04
	 “protected purchaser”
	  	2.08
	 “Registrar”
	  	2.04

 Section 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture is subject to
the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 

“indenture security holder” means a holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company and any other obligor on the Notes. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC
rule have the meanings assigned to them by such definitions. 
 Section 1.04. Rules of Construction. Unless the
context otherwise requires: 
 (a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

  
 -7-

 (d) “including” means including without limitation;

 (e) words in the singular include the plural and words in the plural include the singular; 

(f) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; 
 (g) the principal amount of any non-interest bearing or other discount
security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(h) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting
determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; and 
 (i) “$” and “U.S. dollars” each refer to United States dollars, or such other money of the United States of America that at the time of payment is legal tender for
payment of public and private debts. 
 ARTICLE 2 
 THE NOTES 
 Section 2.01. Amount of Notes;
Terms. The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited. The Notes may be issued in one or more Series. There shall be established in or pursuant to a Board Resolution, and set
forth, or determined in the manner provided, in an Officer’s Certificate of the Company or in a Company Order, or established in one or more indentures supplemental hereto, prior to the issuance of Notes of any Series: 

(1) the title of the Notes of such Series (which shall distinguish the Notes of such Series from the Notes of all other
Series); 
 (2) if there is to be a limit, the limit upon the aggregate principal amount of the Notes of such
Series that may be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of such Series and except for any Notes that are
deemed never to have been authenticated and delivered hereunder); provided, however, that unless otherwise provided in the terms of such Series, the authorized aggregate principal amount of such Series may be increased before or after the
issuance of any Notes of the Series by a Board Resolution (or action pursuant to a Board Resolution) to such effect; 
 (3) whether any Notes of such Series are to be issuable in the form of Global Notes, whether temporary or permanent, and, if so, whether beneficial owners of interests in any such Global Notes may
exchange such interests for Definitive Notes of such Series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, and the initial Depositary for any Global Notes of such Series;

  
 -8-

 (4) any restrictions or other provisions with respect to the transfer or
exchange of Notes of such Series, which may amend, supplement, modify or supersede those contained in this Article 2; 
 (5) the manner in which any interest payable on a temporary Global Note on any Interest Payment Date will be paid if other than in the manner provided in Section 2.11; 

(6) the date or dates on which the principal of and premium (if any) on the Notes of such Series is payable or the method
of determination thereof; 
 (7) the rate or rates, or the method of determination thereof, at which the Notes of
such Series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the record date for the interest payable on any Notes on any Interest Payment
Date, or if other than provided herein, the Person to whom any interest on Notes of such Series shall be payable; 
 (8) the place or places where, subject to the provisions of Section 4.04, the principal of, premium (if any) and interest on the Notes of the Series shall be payable; 

(9) the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at
which and the terms and conditions upon which, Notes of such Series may be redeemed, in whole or in part, at the option of the Company, if the Company is to have that option, and the manner in which the Company must exercise any such option, if
different from those set forth in Article 3; 
 (10) whether Notes of such Series are entitled to the benefits of
any guarantee of any guarantor, the identity of any such guarantors at the time of initial issuance of the Notes of such Series, whether notations of guarantees are to be included on such Notes and any terms of such guarantee with respect to the
Notes of such Series; 
 (11) the obligation, if any, of the Company to redeem, purchase or repay Notes of such
Series pursuant to any sinking fund or analogous provisions or at the option of a holder thereof and the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions
upon which, Notes of such Series shall be redeemed, purchased or repaid in whole or in part pursuant to such obligation; 
 (12) if other than denominations of $2,000 principal amount at maturity and any integral multiple of $1,000 in excess thereof, the denomination in which any Notes of such Series shall be issuable;

 (13) if other than U.S. dollars, the currency or currencies (including composite currencies) or the form,
including equity securities, other debt securities (including Notes), warrants or any other securities or property of the Company or any other Person, in which payment of the principal of, premium (if any) and interest on the Notes of such Series
shall be payable; 

  
 -9-

 (14) if the principal of, premium (if any) or interest on the Notes of such
Series are to be payable, at the election of the Company or a holder thereof, in a currency or currencies (including composite currencies) other than that in which the Notes are stated to be payable, the currency or currencies (including composite
currencies) in which payment of the principal of, premium (if any) and interest on Notes of such Series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be
made; 
 (15) if the amount of payments of principal of, premium (if any) and interest on the Notes of such
Series may be determined with reference to any commodities, currencies or indices, values, rates or prices or any other index or formula, the manner in which such amounts shall be determined; 

(16) the applicability of, and any addition to or change in, the covenants (and the related definitions) set forth in
Articles 4 or 5 which applies to the Notes of such Series; 
 (17) any deletions or modifications of or additions
to the Events of Default set forth in Section 6.01 or any other provision of Article 6 pertaining to the Notes of such Series; 
 (18) if other than the entire principal amount thereof, the portion of the principal amount of Notes of such Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant
to Section 6.02; 
 (19) any additional means of satisfaction and discharge of this Indenture and any
additional conditions or limitations to discharge with respect to Notes of such Series pursuant to Article 8 or any modifications of or deletions from such conditions or limitations; 

(20) if applicable, that the Notes of such Series, in whole or any specified part, shall not be defeasible pursuant to
Article 8; 
 (21) if such Notes may be defeased, in whole or in part, pursuant to such Article, any provisions
to permit a pledge of obligations other than Government Obligations (or the establishment of other arrangements) to satisfy the requirements of Section 8.02 for defeasance of such Notes and any other provisions applicable to such defeasance;

 (22) if the Notes of such Series are to be convertible into or exchangeable for Capital Stock, other debt
securities (including Notes), warrants, other equity securities or any other securities or property of the Company or any other Person, at the option of the Company or the holder or upon the occurrence of any condition or event, the terms and
conditions for such conversion or exchange; 
 (23) the terms applicable to Original Issue Discount Notes,
including the rate or rates at which original issue discount will accrue; and 
 (24) any other terms of the
Notes of such Series (which terms shall not be prohibited by the provisions of this Indenture). 

  
 -10-

 All Notes of any one Series shall be substantially identical except as to denomination and
except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 2.02) set forth, or determined in the manner provided, in the Officer’s Certificate or Company Order referred to above or
in any such indenture supplemental hereto. 
 Section 2.02. Forms Generally. The Notes of each Series shall be in
fully registered form and in substantially such form or forms (including temporary or permanent Global Notes) established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto. The Notes may have notations, legends or
endorsements required by law, securities exchange rules, the Company’s certificate of incorporation, bylaws or other similar governing documents, agreements to which the Company is subject, if any, or usage (provided that any such notation,
legend or endorsement is in a form acceptable to the Company). The Notes of each Series shall be issuable in such denominations as shall be specified as contemplated by Section 2.01. In the absence of any such provisions with respect to the
Notes of any Series, the Notes of such Series denominated in U.S. dollars shall be issuable in minimum denominations of $2,000 principal amount at maturity and integral multiples of $1,000 in excess thereof. 

Section 2.03. Execution and Authentication. One Officer shall sign the Notes for the Company by manual or facsimile
signature. If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note shall nevertheless be valid. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Notes in accordance with this Section 2.03. The signature shall be
conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee’s certificate of
authentication shall be in substantially the following form: 
 “This is one of the Notes of the Series designated therein
referred to in the within-mentioned Indenture. 
  

			
	U.S. Bank National Association, as Trustee
		
	 By:
	 	 
		 	 Authorized Signatory”

 At any time, from time to time, the Trustee shall upon receipt of a Company Order (an
“Authentication Order”) authenticate and deliver any Notes for an aggregate principal amount specified in such Authentication Order for such Notes issued hereunder. Such Company Order may authorize (1) authentication and
delivery of Notes of such Series for original issue from time to time, with certain terms (including, without limitation, the maturity dates or dates, original issue date or dates and interest rate or rates) that differ from Note to Note and
(2) may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. Prior to the issuance of Notes of any Series,
the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution, Company Order, Officer’s Certificate or supplemental indenture establishing the form or forms of the Notes
of such Series or of Notes 

  
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within such Series and the terms of the Notes of such Series or of Notes within such Series, (b) an Officer’s Certificate complying with Section 10.05, and (c) an Opinion of
Counsel complying with Section 10.05. If all the Notes of any Series are not to be issued at one time, it shall not be necessary to deliver an Officer’s Certificate and Opinion of Counsel at the time of issuance of each such Note, but such
Officer’s Certificate and Opinion of Counsel shall be delivered at or before the time of issuance of the first Note of the Series to be issued. 
 The Trustee may appoint one or more authenticating agents reasonably acceptable to the Company to authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Responsible
Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent shall have the same rights as an Agent to deal with holders or an Affiliate of the Company. The Trustee hereby appoints U.S. Bank National Association as authenticating agent for
the Notes and U.S. Bank National Association accepts such appointment. 
 Section 2.04. Registrar and Paying Agent.
The Company shall maintain an office or agency, where (a) Notes may be presented or surrendered for registration of transfer or for exchange (“Registrar”), (b) Notes may be presented or surrendered for payment and
(c) notices and demands to or upon the Company in respect of the Notes and this Indenture may be served, which will initially be 60 Livingston Ave. Mail Station EP-MN-WS2N St. Paul, MN 55107. The Registrar shall keep a register of the Notes and
of their transfer and exchange. The Company, upon notice to the Trustee, may have one or more co-registrars and one or more additional paying agents reasonably acceptable to the Trustee. The term “Paying Agent” includes U.S. Bank
National Association, as Paying Agent, and any additional paying agent and the term “Registrar” includes U.S. Bank National Association, as Registrar, and any co-registrar. The Company may change the Paying Agent or Registrar
without notice to any holder and the Company may act as Paying Agent or Registrar. 
 The Company shall enter into an
appropriate agency agreement with any Agent not a party to this Indenture, which agreement shall incorporate the provisions of the TIA and implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee, in
advance, of the name and address of any such Agent. If the Company fails to maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such. 

The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee;
provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Company and such successor Registrar or
Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The
Registrar or Paying Agent may resign upon 30 days prior written notice to the Company and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in
accordance with Section 7.08. 
 Section 2.05. Paying Agent to Hold Money in Trust. With respect to the Notes
of any Series, prior to 12:00 p.m. (noon) New York City time, on each due date of the principal of or interest on any Note, the Company shall deposit with each Paying Agent (or if the Company or a Wholly Owned Subsidiary is acting as Paying
Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal or interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing
that a Paying Agent shall hold in trust for the 

  
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benefit of holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes of any Series, and shall notify the Trustee of any default by the
Company in making any such payment. If the Company or a Wholly Owned Subsidiary of the Company acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further liability for the
money delivered to the Trustee. 
 Section 2.06. Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of holders of each Series of Notes. If the Trustee is not the Registrar, the Company shall furnish, or cause the Registrar to furnish, to the Trustee, in writing
at least five Business Days before each Interest Payment Date with respect to a Series of Notes and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names
and addresses of holders of such Series. 
 Section 2.07. Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.07, a Global Note may be
transferred, in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor thereto. A beneficial interest in a Global Note of any Series may not be exchanged for a Definitive Note unless
(A) the Depositary (x) notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act, and, in either case, a successor
Depositary is not appointed by the Company within 120 days, (B) if the Company elects to exchange all Global Notes of such Series for Definitive Notes or (C) there shall have occurred and be continuing a Default with respect to the Notes
of such Series and the Indirect Participant or Participant requests such exchange in writing delivered through the Depositary. Upon the occurrence of any of the preceding events in (A), (B) or (C) above, Definitive Notes delivered in
exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Section 2.08. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.07 or Section 2.08,
shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in (A), (B) or (C) above and pursuant to the Officer’s Certificate of the
Company, Company Order, or one or more indentures supplemental hereto. A Global Note may not be exchanged for another Note other than as provided in this Section 2.07(a); provided, however, beneficial interests in a Global Note
may be transferred and exchanged as provided for such Series of Notes in the Officer’s Certificate of the Company, Company Order, or indentures supplemental hereto. 
 (b) Global Note Legend. Unless specifically stated otherwise in the applicable provisions of this Indenture or the Officer’s Certificate of the Company, Company Order, or one or more
indentures supplemental hereto applicable to such Series of Notes, each Global Note representing Notes of any Series shall bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES 

  
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EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.05(c) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 
 (c) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has
been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee and/or Registrar in accordance with Section 2.10. At any time prior to such cancellation, if any
beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such
Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Registrar or by the Depositary at the direction of the Registrar to reflect such reduction; and if the beneficial interest is being exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Registrar or by the
Depositary at the direction of the Registrar to reflect such increase. 
 (d) General Provisions Relating to Transfers and
Exchanges. Unless specifically stated otherwise in the Officer’s Certificate of the Company, Company Order, or one or more indentures supplemental hereto applicable to such Series of Notes, the following provisions shall apply to transfers
and exchanges of Notes. 

  
 -14-

 (i) To permit registrations of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.03 or at the Registrar’s request. 

(ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a holder of a Definitive
Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.08, 3.07 and 9.05). 
 (iii) Neither
the Registrar nor the Company shall be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or
Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 (v) The Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes
during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.03 and ending at the close of business on the day of selection or (B) to register the transfer of or to
exchange a Note between a record date and the next succeeding Interest Payment Date. 
 (vi) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of (and premium, if any) and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(vii) Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant
to Section 4.04, the Company shall execute, and, upon receipt of an Authentication Order in accordance with Section 2.03, the Trustee shall authenticate and the Registrar shall mail, in the name of the designated transferee or transferees,
one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount. 
 (viii) At the option of the holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged
at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and the Registrar shall mail, the replacement Global Notes and Definitive Notes
which the holder making the exchange is entitled to in accordance with the provisions of Section 2.03. 

(ix) All certifications, certificates, Officer’s Certificates and Opinions of Counsel required to be submitted to the
Registrar and/or Trustee pursuant to this Section 2.07 to effect a registration of transfer or exchange may be submitted by facsimile. 

  
 -15-

 (x) 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 Depositary Participants or beneficial
owners of interests in any Global Notes) 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. Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 

(xi) Any request to the Trustee shall be in writing and may be transmitted electronically. 

Section 2.08. Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the holder of a Note claims that
the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the holder
(a) satisfies the Company and the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes
such request to the Company and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other
reasonable requirements of the Trustee. If required by the Trustee or the Company, such holder shall furnish an indemnity bond sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, a Paying Agent and the
Registrar from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Company and the Trustee may charge the holder for their expenses in replacing a Note (including without
limitation, attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, or is about to be redeemed or repurchased by the
Company pursuant to this Indenture, the Company in its discretion may pay such Note instead of issuing a new Note in replacement thereof. 
 Every replacement Note is an additional Obligation of the Company. 
 The
provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 

Section 2.09. Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those
canceled by the Trustee and/or Registrar, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 10.06, a Note does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant to Section 2.08 (other than a mutilated Note
surrendered for replacement), it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such
Note and replacement thereof pursuant to Section 2.08. 

  
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 If a Paying Agent segregates and holds in trust, in accordance with this Indenture, on a
redemption date, repurchase date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed, repurchased or maturing, as the case may be, and no Paying
Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 

Section 2.10. Cancellation. The Company at any time may deliver Notes to the Trustee and/or Registrar for cancellation. The
Trustee and/or Registrar and each Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The
Trustee and/or Registrar and each Paying Agent shall give written notice to the Trustee of any Notes delivered to them and cancelled. Subject to Section 2.08, the Company may not issue new Notes to replace Notes it has redeemed, paid or
delivered to the Trustee and/or Registrar for cancellation. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture. However, if the Company shall acquire any of the Notes, such
acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.10. 

Section 2.11. Payment of Interest; Defaulted Interest. Unless otherwise provided as contemplated by Section 2.01 with
respect to the Notes of any Series, interest, if any, on any Note of such Series which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more
predecessor Notes) is registered at the close of business on the regular record date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 2.04. Unless otherwise provided as contemplated by
Section 2.01 with respect to the Notes of any Series, if the Company defaults in a payment of interest on the Notes, the Company shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted interest to the
extent lawful) in any lawful manner. The Company may pay the defaulted interest to the Persons who are holders on a subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to the
reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed to each affected holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

Section 2.12. CUSIP Numbers, ISINs, Etc. The Company in issuing the Notes of any Series may use CUSIP numbers, ISINs
and “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and Common Code numbers in notices of redemption or optional repurchase as a convenience to holders; provided,
however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes of such Series or as contained in any notice of a redemption or optional repurchase, that reliance may
be placed only on the other identification numbers printed on the Notes and that any such redemption or optional repurchase shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee of any change in the
CUSIP numbers, ISINs and Common Code numbers. 
 Section 2.13. Calculation of Principal Amount of Notes. The
aggregate principal amount of the Notes of any Series, at any date of determination, shall be the principal amount of the Notes of such Series at such date of determination. With respect to any matter requiring consent, waiver, approval or other
action of the holders of a specified percentage of the principal amount of all the Notes of a Series, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of
determination, of the Notes of such Series, the holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes of such Series then outstanding, in each case, as determined in accordance
with the preceding sentence, Section 2.09 and Section 10.06 of this Indenture. Any such calculation made pursuant to this Section 2.13 shall be made by the Company and delivered to the Trustee pursuant to an Officer’s
Certificate. 

  
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 In determining whether the holders of the requisite principal amount of outstanding Notes
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Note that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
 ARTICLE 3 
 REDEMPTION 

Section 3.01. Applicability of Article. Redemption of Notes of any Series at the election of the Company or otherwise, as
permitted or required by any provision of this Indenture or the Officer’s Certificate of the Company, Company Order, or one or more indentures supplemental hereto applicable to such Series of Notes, shall be made in accordance with such
provision and (except as otherwise provided as contemplated by Section 2.01 with respect to the Notes of any Series) this Article 3. 
 Section 3.02. Notices to Trustee. If the Company elects to redeem Notes of any Series pursuant to the optional redemption provisions of such Series, it shall notify the Trustee, Registrar and
each Paying Agent in writing of (a) the Section of this Indenture or the paragraph of the Notes of such Series pursuant to which the redemption shall occur, (b) the redemption date, (c) the principal amount of Notes of such Series to
be redeemed and (d) the redemption price. The Company shall give notice to the Trustee provided for in this paragraph at least 45 days but not more than 60 days before a redemption date, unless a shorter period is acceptable to the Trustee.
Such notice shall be accompanied by an Officer’s Certificate and Opinion of Counsel from the Company to the effect that such redemption will comply with the conditions herein, as well as such notice required to be delivered under
Section 3.04 below. If fewer than all the Notes of a Series are to be redeemed, the record date relating to such redemption shall be selected by the Company and given to the Trustee, which record date shall be not fewer than 15 days after the
date of notice to the Trustee. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any holder and shall thereby be void and of no effect. 

Section 3.03. Selection of Notes to be Redeemed. Selection of Notes for redemption will be made by the Trustee on a pro
rata basis, by lot or by such other method as the Trustee shall deem appropriate in accordance with industry standards at the time of such redemption or otherwise in accordance with the procedures of the Depositary to the extent practicable;
provided that no Notes of $2,000 principal amount at maturity or less shall be redeemed in part. 
 If less than all the
Notes of a Series are to be redeemed at any time and the Notes are in the form of Global Notes, the Depositary will select the Notes of such Series to be redeemed in accordance with its procedures. If the Notes are not in the form of Global Notes
held by the Depositary, the Trustee will select the Notes of such Series for redemption on a pro rata basis, by lot or by such method as the Trustee shall deem appropriate in accordance with industry standards at the time of such redemption.

 Section 3.04. Notice of Optional Redemption. 

(a) At least 30 days but not more than 60 days before a redemption date pursuant to the optional redemption provisions of any Series of
Notes, the Company shall mail or cause to be mailed by first-class mail a notice of redemption to each holder whose Notes are to be redeemed. The Company may provide in any such notice that payment of the redemption price or performance of its
obligations with respect to the redemption or purchase may be performed by another Person. 

  
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 Any such notice shall identify the Notes of the applicable Series to be redeemed and shall
state: 
 (i) the redemption date, and any conditions precedent to such redemption; 

(ii) the redemption price or the formula for determining the redemption price and the amount of accrued interest, if any,
to the redemption date; 
 (iii) the name and address of the Paying Agent; 

(iv) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(v) if fewer than all the outstanding Notes of the applicable Series are to be redeemed, the certificate numbers and
principal amounts of the particular Notes of such Series to be redeemed, the aggregate principal amount of Notes of such Series to be redeemed and the aggregate principal amount of Notes of such Series to be outstanding after such partial
redemption; 
 (vi) that, unless the Company defaults in making such redemption payment or the Paying Agent is
prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes (or a portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(vii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed; and

 (viii) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or
“Common Code” number, if any, listed in such notice or printed on the Notes. 
 (b) At the Company’s request, the
Registrar and each Paying Agent shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall provide the Trustee, Registrar and each Paying Agent with the information required by
this Section at least one Business Day prior to the date such notice is to be provided to holders in the final form such notice is to be delivered to holders and such notice may not be canceled. 

Section 3.05. Effect of Notice of Redemption. 
 (a) Once notice of redemption is mailed in accordance with Section 3.04, unless such redemption is subject to any conditions pursuant to clause (b) below, Notes called for redemption become due
and payable on the redemption date and at the redemption price set forth in or calculated in accordance with the notice. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price set forth in or calculated in accordance
with the notice. Failure to give notice or any defect in the notice to any holder shall not affect the validity of the notice to any other holder. 

  
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 (b) Any notice of redemption may be given prior to the completion of any event or
transaction related to such redemption, and any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more
conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. 
 Section 3.06. Deposit of Redemption Price. With respect to any Notes, prior to 11:00 a.m. New York City time, on each due date, the Company shall deposit with the Paying Agent U.S. Legal
Tender (or any other applicable currency specified in accordance with Section 2.01) funds sufficient to pay the redemption price of, plus accrued and unpaid interest on, the Notes to be redeemed on that date. The Paying Agent shall promptly
return to the Company any U.S. Legal Tender (or any other applicable currency specified in accordance with Section 2.01) so deposited that is not required for that purpose, except with respect to monies owed as Obligations to the Trustee
pursuant to Article 7. 
 Unless the Company fails to comply with the preceding paragraph and defaults in the payment of such
redemption price, interest on the Notes to be redeemed will cease to accrue on and after the applicable redemption date, whether or not such Notes are presented for payment. 
 Section 3.07. Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate
for the holder at the expense of the Company a new Note of such Series in a principal amount equal to the unredeemed portion of the original Note in the name of the holder thereof upon cancellation of the original Note. 

ARTICLE 4 

COVENANTS 
 Section 4.01. Payment of Notes. The Company shall promptly pay the principal of and interest on the Notes of a Series on the dates and in the manner provided in the Notes of such Series and in
this Indenture. An installment of principal of or interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 12:00 p.m. (noon) New York City time money sufficient to pay all principal and
interest then due on the applicable Notes and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture. 

The Company shall pay interest on overdue principal at the rate specified therefor in the Notes of a Series, and it shall pay interest on
overdue installments of interest at the same rate borne by the Notes of such Series to the extent lawful. 
 Notwithstanding
anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments
hereunder. 
 Section 4.02. Reports and Other Information. 

(a) So long as Notes of any Series are outstanding, unless otherwise indicated in a Board Resolution, an Officer’s Certificate or a
supplemental indenture hereto, notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall furnish to the Trustee and the holders copies of such annual reports
and such information, documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a domestic registrant subject to such Sections. 

  
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 (b) Notwithstanding the foregoing, the Company will be deemed to have furnished such reports
referred to in clause (a) above to the Trustee and holders if the Company has filed such reports with the SEC via the EDGAR filing system (or any successor system) or if the Company is not subject to reporting under Section 13 or 15(d) of
the Exchange Act and is not permitted to file such reports with the SEC, if the Company posts such reports on its publicly-available website. 
 (c) Reports by the Company delivered to the Trustee should be considered for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

Section 4.03. Compliance Certificate. So long as Notes of any Series are outstanding, the Company shall deliver to the
Trustee within 120 days after the end of each fiscal year of the Company, beginning with the fiscal year ending on September 30, 2013, an Officer’s Certificate stating that in the course of the performance by the signer of his or her
duties as an Officer of the Company he or she would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period. If he or she does, the certificate shall describe the Default, its status
and what action the Company is taking or proposes to take with respect thereto. The Company also shall comply with Section 314(a)(4) of the TIA. Except with respect to receipt of payments of principal and interest on the Notes and any Default
or Event of Default information contained in the Officer’s Certificate delivered to it pursuant to this Section 4.03, the Trustee shall have no duty to review, ascertain or confirm the Company’s compliance with or the breach of any
representation, warranty or covenant made in this Indenture. 
 Section 4.04. Maintenance of Office or Agency.

 (a) The Company shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or
Registrar) where Notes of a Series may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes of such Series and this Indenture may be served. The Company shall 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 as set forth in Section 10.02. 
 (b) The Company may also from time to time designate one or more other offices or agencies where the Notes of a Series 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 for such purposes. The Company shall 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. 
 (c) The Company hereby designates the corporate trust office of the Trustee or its agent as such office or agency of the Company in accordance with Section 2.04. 

  
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 ARTICLE 5 
 SUCCESSOR COMPANY 
 Section 5.01. When
Company May Merge or Transfer Assets. 
 (a) The Company may consolidate or merge with or into any other corporation, or
lease, sell or transfer all or substantially all of its property and assets if: 
 (i) the corporation formed by
such consolidation or into which the Company is merged, or the party which acquires by lease, sale or transfer all or substantially all of the Company’s property and assets is a corporation organized and existing under the laws of the United
States, any state in the United States or the District of Columbia; 
 (ii) the corporation formed by such
consolidation or into which the Company is merged, or the party which acquires by lease, sale or transfer all or substantially all of the Company’s property and assets, agrees to pay the principal of, and any premium and interest on, each
Series of the Notes, perform and observe all covenants and conditions of the Indenture by executing and delivering to the Trustee a supplemental indenture and assumes all of the Company’s obligations under any applicable registration rights
agreement; and 
 (iii) immediately after giving effect to such transaction and treating Indebtedness which
becomes the Company’s obligation or an obligation of a Subsidiary (other than an Excluded Subsidiary) as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Default or Event
of Default has happened and is continuing. 
 Section 5.02. Successor Company Substituted. In case of any such
consolidation, merger, lease, sale or transfer in accordance with Section 5.01, and the execution of any requisites supplemental indenture, such successor corporation 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 it had been named as the Company herein, and thereupon the predecessor entity shall be relieved of all obligations and covenants under this Indenture and the Notes. 

Nothing contained in this Indenture or in any of the Notes shall prevent the Company from any consolidation, merger, lease, sale transfer
or other disposition of property and assets solely between or among the Company and one or more Subsidiaries (other than an Excluded Subsidiary). 
 ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01. Events of Default. Unless either inapplicable to a particular Series of Notes or specifically
deleted or modified in or pursuant to the supplemental indenture, Board Resolution, Officer’s Certificate or Company Order establishing such Series of Notes or in the form of Note for such Series, an “Event of Default” with
respect to Notes of any Series occurs if: 
 (a) there is a failure to pay interest upon the Notes of such Series
that continues for a period of 30 days after payment is due; 

  
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 (b) there is a failure to pay the principal or premium, if any, on the Notes
of such Series when due upon maturity, redemption, acceleration or otherwise; 
 (c) there is a failure to comply
with any of the Company’s or any Subsidiary’s other agreements contained in this Indenture applicable to the Notes of such Series (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this
Section 6.01 specifically dealt with), for a period of 90 days after written notice to the Company of such failure from the Trustee (or to the Company and the Trustee from the holders of at least 25% of the principal amount of the Notes of such
Series then outstanding to which such agreements relate) specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(d) there is a failure by the Company or any Subsidiary to pay any Indebtedness (other than Indebtedness owing to the
Company or a Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated
exceeds $100.0 million or its foreign currency equivalent; or 
 (e) the Company pursuant to or within the
meaning of any Bankruptcy Law: 
 (i) commences a voluntary insolvency proceeding; 

(ii) consents to the entry of an order for relief against it in an involuntary insolvency proceeding or consents to its
dissolution or winding-up; 
 (iii) consents to the appointment of a Custodian of it or for any substantial part
of its property; or 
 (iv) makes a general assignment for the benefit of its creditors or takes any comparable
action under any foreign laws relating to insolvency; or 
 (f) a court of competent jurisdiction enters an order
or decree under any Bankruptcy Law that: 
 (i) is for relief against the Company in an involuntary case;

 (ii) appoints a Custodian of the Company or for any substantial part of its property; 

(iii) orders the winding up or liquidation of the Company; or 

(iv) orders the presentation of any plan or arrangement, compromise or reorganization of the Company; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days. 

The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or
involuntary or is 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. 

  
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 The term “Bankruptcy Law” means Title 11, United States Code, or any
similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

For the avoidance of doubt, a Default under one Series of Notes is not automatically a Default under any other Series of Notes.

 The Company shall deliver to the Trustee, within five (5) Business Days after the occurrence thereof, written notice in
the form of an Officer’s Certificate of any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Company is taking or propose to take with respect thereto.

 Section 6.02. Acceleration; Rescission. If an Event of Default (other than an Event of Default specified in
Section 6.01(e) or 6.01(f) hereof with respect to the Company) occurs and is continuing with respect to any Series of Notes, the Trustee or the holders of at least 25% in aggregate principal amount of outstanding Notes of such Series, by notice
to the Company may declare the principal (or, in the case of Original Issue Discount Notes, the portion thereby specified in the terms of such Note) of, premium, if any, and accrued but unpaid interest on all the Notes of such Series to be due and
payable. Upon such a declaration, such amounts with respect to a Series of Notes shall be due and payable immediately. If an Event of Default specified in Section 6.01(e) or 6.01(f) with respect to the Company occurs, the principal of (or, in
the case of Original Issue Discount Notes, the portion thereby specified in the terms of such Note) premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the
Trustee or any holders. 
 After any such acceleration, but before a judgment or decree based on acceleration is obtained by the
Trustee, the registered holders of a majority in aggregate principal amount of the then outstanding Notes of a Series may rescind and annul such acceleration (i) if the rescission would not conflict with any judgment or decree, (ii) if all
existing Events of Default with respect to such Series have been cured or waived except nonpayment of principal, premium or interest that has become due solely because of the acceleration, (iii) to the extent the payment of such interest is
lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid, (iv) if the Company has paid the Trustee its reasonable compensation and
reimbursed the Trustee for its expenses, disbursements and advances and all other amounts due to the Trustee under Section 7.07, (v) in the event of the cure or waiver of an Event of Default of the type described in either
Section 6.01(e) or 6.01(f), the Trustee shall have received an Officer’s Certificate to the effect that such Event of Default has been cured or waived and (vi) in the event of any Event of Default specified in Section 6.01(d) the
Trustee shall have received an Officer’s Certificate to the effect that (x) the Indebtedness that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice
or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes
as described above be annulled, waived or rescinded upon the happening of any such events. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

Subject to Section 7.01, in case an Event of Default shall occur and be continuing with respect to any Series of the Notes, the
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any of the holders of Notes of such Series, unless such holders shall have offered to the Trustee security or indemnity
reasonably satisfactory to it. 

  
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 Section 6.03. Other Remedies. If an Event of Default occurs and is continuing
with respect to any Series of the Notes, the Trustee may pursue any available remedy at law or in equity to collect the payment of principal of (or, in the case of Original Issue Discount Notes, the portion thereby specified in the terms of such
Note) or interest on the Notes of such Series or to enforce the performance of any provision of the Notes of such Series or this Indenture applicable thereto. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes of a Series or does not produce any of them in the proceeding. A delay or omission by the Trustee or any holder in
exercising any right or remedy accruing upon an Event of Default with respect to any Series of Notes shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy.
To the extent required by law, all available remedies are cumulative. 
 Section 6.04. Waiver of Past Defaults.
Provided the Notes of such Series are not then due and payable by reason of a declaration of acceleration, the holders of a majority in principal amount of the Notes of a Series by written notice to the Trustee may waive an existing Default and its
consequences except (a) a Default in the payment of the principal of (or, in the case of Original Issue Discount Notes, the portion thereby specified in the terms of such Note) or interest on a Note of such Series, (b) a Default arising
from the failure to redeem or purchase any Note of such Series when required pursuant to the terms of this Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each holder
affected. When a Default is waived, it is deemed cured and the Company, the Trustee and the holders will be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or
impair any consequent right. Any such waiver may be obtained in connection with a purchase of, or tender offer or exchange offer for, Notes. 
 Section 6.05. Control by Majority. The holders of a majority in principal amount of Notes of any Series may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to such Series. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, if the Trustee, being advised by
counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or Responsible
Officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability or expense for which it is not adequately indemnified, or subject to Section 7.01, that the Trustee determines is unduly
prejudicial to the rights of any other holder of the applicable Series or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnification and security reasonably
satisfactory to it against all losses and expenses caused by taking or not taking such action. 
 Section 6.06.
Limitation on Suits. 
 (a) No holder of any Note of any Series will have any right to institute any proceeding with
respect to this Indenture, or for the appointment of a receiver or trustee, or for any remedy hereunder, unless: 

(i) the holder gives the Trustee written notice of a continuing Event of Default with respect to the Notes of such Series,

  
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 (ii) the holders of at least 25% in aggregate principal amount of the
outstanding Notes of such Series make a written request to the Trustee to institute such proceeding or pursue such remedy as trustee, 
 (iii) such holder or holders offer the Trustee security or indemnity reasonably satisfactory to the Trustee against any costs, liability or expense, 

(iv) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity,
and 
 (v) during such 60-day period the holders of at least a majority in aggregate principal amount of the
outstanding Notes of such Series do not give the Trustee a direction that is inconsistent with the request. 
 However, such limitations do not
apply to a suit instituted by a holder of any Note for enforcement of payment of the principal of (or, in the case of Original Issue Discount Notes, the portion thereby specified in the terms of such Note), and premium, if any, or interest on, such
Note on or after the respective due date expressed in such Note. 
 (b) A holder of Notes of any Series may not use this
Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder of such Series. 

Section 6.07. Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of
any holder to receive payment of principal of (or, in the case of Original Issue Discount Notes, the portion thereby specified in the terms of such Note) and interest on the Notes held by such holder, on or after the respective due dates expressed
or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder. 

Section 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor on the Notes of such Series for the whole amount then due and owing (together with interest on overdue principal
and (to the extent lawful) on any unpaid interest at the rate provided for in the applicable Notes of such Series) and the amounts provided for in Section 7.07. 
 Section 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim, statements of interest and other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems necessary, advisable or
appropriate)) and the holders of Notes allowed in any judicial proceedings relative to the Company, its creditors or its property, shall be entitled to participate as a member, voting or otherwise, of any official committee of creditors appointed in
such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the holders of Notes in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial
proceeding is hereby authorized by each holder of Notes to make payments to the Trustee and, in the event that the 

  
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Trustee shall consent to the making of such payments directly to the holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 Section 6.10.
Priorities. Any money or property collected by the Trustee pursuant to this Article 6 and any other money or property distributable in respect of the Company’s obligations under this Indenture in respect of any Series of Notes after an
Event of Default shall be applied in the following order: 
 FIRST: to the Trustee, its agents, professionals and
counsel and the Agents for amounts due under this Indenture; 
 SECOND: to the holders for amounts due and unpaid
on the Notes of such Series in respect of which or for the benefit of which such money has been collected, for principal (or, in the case of Original Issue Discount Notes, the portion thereby specified in the terms of such Note), premium, if any,
and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes of such Series for principal (or, in the case of Original Issue Discount Notes, the portion thereby specified in the terms of
such Note) and interest, respectively; and 
 THIRD: to the Company. 

The Trustee may fix a record date and payment date for any payment to the holders of Notes pursuant to this Section 6.10. At least
15 days before such record date, the Trustee shall mail to each holder affected thereby and the Company a notice that states the record date, the payment date and amount to be paid. 

Section 6.11. 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 or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not
apply to a suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes of any Series. 
 Section 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall 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 shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been
enacted. 

  
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 ARTICLE 7 
 TRUSTEE AND AGENTS 

Section 7.01. Duties of Trustee. 
 (a) The Trustee, prior to the occurrence of an Event of Default with respect to the Notes of any Series and after the curing or waiving of all Events of Default which may have occurred with respect to
such Series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in them by this
Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default with respect to the Notes of any Series: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture
with respect to such Series and no implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a
duty); and 
 (ii) 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. The Trustee shall be under no duty to make any investigation as to any
statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case of certificates or opinions required by any provision
hereof to be provided to it, the Trustee shall examine such certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit
the effect of Section 7.01(b); 
 (ii) the Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer or Agent unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 

(iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial
or personal liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

  
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 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The Trustee shall not be liable for interest on any
money received by it except as the Trustee may agree in writing with the Company. 
 (f) Money held in trust by the Trustee need
not be segregated from other funds except to the extent required by law or any other provision of this Indenture. 
 (g) Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section and the Trustee shall be subject to the provisions of the TIA. 

(h) Unless otherwise specifically provided in this Indenture, any demand, request or direction from the Company shall be sufficient if
evidenced by a Company Order. 
 Section 7.02. Rights of Trustee. 

(a) The Trustee may conclusively rely on any document (whether in its original, facsimile form or in PDF format) believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents
and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not
be responsible or liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct
does not constitute willful misconduct or negligence. 
 (e) The Trustee may consult with counsel of its own selection and the
advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel. 
 (f) 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, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so
by the holders of not less than a majority in principal amount of the Notes of any Series at the time outstanding, but the Trustee, in its discretion, may (but shall not be obligated to) 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, the Trustee shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, at the expense
of the Company and shall incur no liability of any kind by reason of such inquiry or investigation. Any and all notices, instructions, demands, requests, consents, appraisals, correspondence or other communications shall be in writing and delivered
in accordance with Section 10.02. 

  
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 (g) 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 and indemnity reasonably satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction. 
 (h) The rights, privileges,
protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee and Agents in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder. 
 (i) The Trustee shall not be responsible or liable for any action taken or omitted by it in good
faith at the direction of the holders of not less than a majority in principal amount of the Notes of any Series as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power
conferred by this Indenture in respect of the Notes of such Series. 
 (j) Any action taken, or omitted to be taken, by the
Trustee in good faith pursuant to this Indenture upon the request or authority or consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon
future holders of such Notes and upon such Notes executed and delivered in exchange therefor or in place thereof. 
 (k) The
Trustee shall not be deemed to have notice of any Default or Event of Default with respect to any Series of Notes unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice from the Company or the holders of at
least 25% in aggregate principal amount of the Notes of such Series then outstanding of any event which is in fact such a Default is received by the Trustee at the Corporate Office of the Trustee, and such notice references the Notes of such Series
and this Indenture. 
 (l) The Trustee 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 Indenture, 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. 
 (m) The Trustee shall not
be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 (n) The Trustee shall not be required to give any bond or surety in respect of the
execution of the trusts and powers under this Indenture. 
 (o) The Trustee shall not be responsible or liable for any failure
or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism;
wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and
governmental action. 

  
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 Section 7.03. Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights. However, the
Trustee must comply with Sections 7.10 and 7.11. 
 Section 7.04. Trustee’s Disclaimer. The Trustee shall not
be responsible for and make no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible for any statement of
the Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge of any Default or Event of
Default under Sections 6.01(c)-6.01(f) or of the identity of any Subsidiary unless either (a) a Responsible Officer shall have actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance with
Section 10.02 hereof from the Company or any holder. In accepting the trust hereby created, the Trustee acts solely as Trustee for the holders of the Notes and not in their respective individual capacities and all persons, including without
limitation the holders of Notes and the Company having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein. 

Section 7.05. Notice of Defaults. If a Default with respect to the Notes of any Series occurs and is continuing and if it is
actually known to the Trustee, the Trustee shall mail to each holder of Notes of such Series notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a Responsible Officer or written notice of it
is received by the Trustee, unless the Default was already cured or waived. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Note of any Series, the Trustee may withhold the notice if and so long as
a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the holders of such Series. 
 Section 7.06. Reports by Trustee to the Holder. As promptly as practicable after each June 30 beginning with the June 30 following the date of this Indenture, and in any event prior
to July 30 in each year, for so long as Notes of any Series remain outstanding under this Indenture, the Trustee shall mail to each holder a brief report dated as of such June 30 that complies with Section 313(a) of the TIA if and to
the extent required thereby. The Trustee shall also comply with Section 313(b) of the TIA. 
 A copy of each report at the
time of its mailing to the holders of Notes of any Series shall be filed with the SEC and each stock exchange (if any) on which the Notes of such Series are listed. The Company agrees to notify promptly the Trustee whenever the Notes become listed
on any stock exchange and of any delisting thereof. 
 Section 7.07. Compensation and Indemnity. The Company shall
pay to the Trustee and Agents from time to time such compensation, as the Company and the Trustee and Agents shall from time to time agree in writing, for the Trustee’s and Agent’s acceptance of this Indenture and its applicable services
hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee or Agents upon request for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements 

  
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and advances of the Trustee’s or Agents’ applicable agents and counsel. The Company shall indemnify and hold harmless the Trustee and Agents and their respective directors, employees
and agents against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses except for such actions to the extent caused by any negligence, bad faith or willful misconduct on their part) incurred
by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending
itself against or investigating any claim (whether asserted by the Company, any holder or any other Person). The obligation to pay such amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of the Trustee
or Agents or the termination of this Indenture. The Trustee and Agents shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to
notify the Company shall not relieve the Company of its indemnity obligations hereunder. The Company shall defend the claim and the indemnified party shall provide reasonable cooperation at the Company’s expense in the defense. Such indemnified
parties may have separate counsel and the Company shall pay the fees and expenses of such counsel; provided, however, that the Company shall not be required to pay such fees and expenses if it assumes such indemnified parties’
defense and, in such indemnified parties’ reasonable judgment, there is no conflict of interest between the Company and such indemnified parties in connection with such defense; provided, further, that, unless the Company
otherwise agrees in writing, the Company shall not be liable to pay fees and expenses of more than one counsel at any given time located within one particular jurisdiction. The Company need not reimburse any expense or indemnify against any loss,
liability or expense incurred by an indemnified party through such party’s own willful misconduct, negligence or bad faith. 
 To secure the Company’s payment obligations in this Section, the Trustee and Agents shall have a lien prior to the Notes on all money or property held or collected by the Trustee and Agents other
than money or property held in trust to pay principal of and interest on particular Notes. 
 The Company’s payment and
indemnity obligations pursuant to this Section shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee or Agents. Without
prejudice to any other rights available to the Trustee and Agents under applicable law, when the Trustee and Agents incur expenses after the occurrence of a Default specified in Section 6.01(e) or 6.01(f) with respect to the Company, the
expenses are intended to constitute expenses of administration under the Bankruptcy Law. 
 No provision of this Indenture shall
require either the Trustee or the Agents to expend or risk its own funds or otherwise incur any financial or personal liability in the performance of either of its duties hereunder, or in the exercise of any of either of its rights or powers, if
repayment of such funds or adequate indemnity and security against such risk or liability is not assured to each of their satisfaction. 
 Section 7.08. Replacement of Trustee and Agents. 
 (a) The Trustee or
Agents may resign with respect to the Notes of one or more Series by so notifying the Company in writing at least 30 days in advance. The holders of a majority in principal amount of the then outstanding Notes of any Series may remove the Trustee or
Agents with respect to the Notes of such Series by so notifying the Company and the applicable Trustee or Agent and may appoint a successor Trustee or Agent with the Company’s consent. A resignation or removal of a Trustee or Agent and
appointment of a successor Trustee or Agent shall become effective only with the successor Trustee’s or Agent’s acceptance of appointment as provided in this Section 7.08. The Company shall remove the Trustee or Agent if: 

(i) the Trustee fails to comply with Section 7.10; 

  
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 (ii) the Trustee or Agent is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee or Agent otherwise becomes incapable of acting. 

(b) If the Trustee or any Agent resigns, is removed by the Company or by the holders of a majority in principal amount of the then
outstanding Notes of any Series with respect to such Series and the holders of such Series do not reasonably promptly appoint a successor Trustee or Agent, or if a vacancy exists in the office of Trustee or an Agent for any reason (the Trustee or
Agent in such event being referred to herein as the retiring Trustee or retiring Agent), the Company shall promptly appoint a successor Trustee or Agent. 
 (c) The successor Trustee or Agent shall deliver a written acceptance of its appointment to the retiring Trustee or Agent and to the Company. Thereupon the resignation or removal of the retiring Trustee
shall become effective, and the successor Trustee or Agent shall have all the rights, powers and duties of the Trustee or Agent under this Indenture. The successor Trustee or Agent shall mail a notice of its succession to the holders of Notes of the
applicable Series. The retiring Trustee or Agent shall promptly transfer all property held by it as Trustee or Agent to the successor Trustee or Agent, subject to the lien provided for in Section 7.07. 

(d) If a successor Trustee or Agent does not take office within 60 days after the retiring Trustee or Agent resigns or is removed, the
retiring Trustee or Agent or the holders of 10% in principal amount of the Notes of the applicable Series may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee or Agent. 

(e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in
Section 310(b) of the TIA, any holder of the applicable Series of Notes who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee. 
 (f) Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s
obligations under Section 7.07 shall continue for the benefit of the retiring Trustee or Agent. 
 Section 7.09.
Successor Trustee or Agent by Merger. If the Trustee or Agent consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be the successor Trustee or Agent; provided, however, that such corporation shall be otherwise qualified and eligible under this Article 7. 

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee or Agent shall succeed to the
trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee or Agent may adopt the certificate of authentication of any predecessor trustee or agent, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or Agent may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the
Trustee or agent; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificates of the Trustee or Agent shall have. 

  
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 Section 7.10. Eligibility; Disqualification. The Trustee shall at all times
satisfy the requirements of Section 310(a) of the TIA. The Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition. The Trustee shall comply with
Section 310(b) of the TIA, subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the operation of
Section 310(b)(1) of the TIA any Series of securities issued under this Indenture and any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if
the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met. 
 Section 7.11.
Preferential Collection of Claims Against the Company. The Trustee shall comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed
shall be subject to Section 311(a) of the TIA to the extent indicated. 
 ARTICLE 8 

DISCHARGE OF INDENTURE; DEFEASANCE 

Section 8.01. Discharge of Liability on Notes; Defeasance. 

(a) This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of registration of transfer
or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes of a Series when: 

(i) either (A) all the Notes of such Series theretofore authenticated and delivered (except lost, stolen or destroyed
Notes of such Series which have been replaced or paid and Notes of such Series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust) have been delivered to the Trustee for cancellation or (B) all of the Notes of such Series not previously delivered for cancelation (1) have become due and payable, (2) have been called for redemption or are to be called
for redemption 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 has irrevocably deposited or caused to be deposited
with the Trustee funds in an amount sufficient, in the written opinion of a nationally recognized firm of independent accountants, to pay and discharge the entire indebtedness on the Notes of such Series not theretofore delivered to the Trustee for
cancellation, for principal of, premium, if any, and interest on the Notes of such Series to the date of deposit together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof at maturity or
redemption, as the case may be; 
 (ii) no Default or Event of Default with respect to the Notes of such Series
has occurred and is continuing on the date of the deposit; 
 (iii) the Company has paid or caused to be paid all
sums payable by it under this Indenture with respect to the Notes of such Series; and 

  
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 (iv) the Company has delivered irrevocable instructions to the Trustee under
this Indenture to apply the deposited money toward the payment of the Notes of such Series at maturity or the redemption date. 

In addition, the Company shall deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions
precedent to satisfaction and discharge have been satisfied and at the cost and expense of the Company. 
 (b) Unless
inapplicable to a specific Series of Notes pursuant to the supplemental indenture, Board Resolution, Company Order or Officer’s Certificate establishing the terms of such Series of Notes, and subject to Section 8.02, the Company may at any
time elect to terminate some or all of its obligations under the outstanding Notes of any Series and this Indenture in respect of Notes of such Series (hereinafter, “legal defeasance option”) except for obligations under Sections
2.04, 2.08, 4.01, 7.01, 7.02 and 7.07 and obligations in respect thereof under the TIA. Unless inapplicable to a specific Series of Notes pursuant to the supplemental indenture, Board Resolution, Company Order or Officer’s Certificate
establishing the terms of such Series of Notes, the Company may at any time elect to terminate its obligations with respect to the Notes of any Series (i) under Sections 4.02, 4.04 and 5.01 and any other covenants specified pursuant to the
supplemental indenture, Board Resolution, Company Order or Officer’s Certificate establishing the terms of such Series of Notes and (ii) under Sections 6.01(c), and 6.01(d) and any other Event of Default specified pursuant to the
supplemental indenture, Board Resolution, Company Order or Officer’s Certificate establishing the terms of such Series of Notes, on a date the conditions set forth in Section 8.02 are satisfied (hereinafter, “covenant defeasance
option”) and thereafter, any omission to comply with any covenant referred to in clause (i) above will not constitute a Default or an Event of Default with respect to the Notes of such Series. The Company may exercise its legal
defeasance option with respect to a Series of Notes notwithstanding its prior exercise of its covenant defeasance option with respect to such Series of Notes. 
 (c) If the Company exercises its legal defeasance option with respect to any Series of Notes, payment of the Notes of such Series may not be accelerated because of an Event of Default with respect
thereto. If the Company exercises its covenant defeasance option with respect to a Series of Notes, payment of the Notes of such Series may not be accelerated because of an Event of Default specified in Sections 6.01(c) or 6.01(d) or any other Event
of Default specified pursuant to the supplemental indenture, Board Resolution, Company Order or Officer’s Certificate establishing the terms of such Series of Notes. 
 (d) Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates.

 (e) Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.06, 2.07, 2.08,
2.09, 7.07, 7.08, 9.05 and 9.06 and this Article 8 shall survive until such time as the Notes have been paid in full. Thereafter, the Company’s obligations in Sections 7.07, 8.05 and 8.06 shall survive. 

  
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 Section 8.02. Conditions to Defeasance. 

(a) The Company may exercise its legal defeasance option or its covenant defeasance option with respect to the Notes of any Series only
if: 
 (i) the Company irrevocably deposits in trust with the Trustee cash in U.S. dollars or Government
Obligations in such amounts or a combination thereof as will be sufficient to pay the principal of (or, in the case of Original Issue Discount Notes, the portion thereby specified in the terms of such Note) and premium (if any) and interest on the
Notes of such Series when due at maturity or redemption, as the case may be, including interest thereon to maturity or such redemption date; 
 (ii) the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and
without reinvestment on the deposited Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal (or, in the case of Original Issue Discount Notes,
the portion thereby specified in the terms of such Note), premium, if any, and interest when due on all the Notes of such Series to maturity or redemption, as the case may be; 

(iii) the deposit does not constitute a default under any other agreement binding on the Company; 

(iv) in the case of its legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel
stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case
to the effect that, and based thereon such Opinion of Counsel shall confirm that, the holders of the Notes of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be
subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred. Notwithstanding the foregoing, the Opinion of Counsel required by the
immediately preceding sentence with respect to a legal defeasance need not be delivered if all of the Notes of such Series not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and
payable at their maturity 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; 

(v) the Company does not impair the right of any holder of the Notes of such Series to receive payment of principal of,
premium, if any, and interest on such holder’s Notes of such Series on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes of such Series; 

(vi) in the case of its covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel
to the effect that the holders of the Notes of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(vii) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge of the Notes of such Series to be so defeased and discharged as contemplated by this Article 8 have been complied with. 

  
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 (b) If the Notes of the applicable Series are subject to redemption at the option of the
Company, before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date in accordance with Article 3. 

Section 8.03. Application of Trust Money. The Trustee shall hold in trust money or Government Obligations (including proceeds
thereof) deposited with it pursuant to this Article 8 in respect of the outstanding Notes of each applicable Series. It shall apply the deposited money and the money from Government Obligations, through the Paying Agent and in accordance with this
Indenture to the payment of principal of and interest on the Notes of each applicable Series so discharged or defeased. 

Section 8.04. Repayment to Company. Each of the Trustee and each Paying Agent shall promptly turn over to the Company upon
request any money or Government Obligations held by it as provided in this Article 8 which, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if
Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article 8. 

Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Company upon written request any
money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Company for payment as general creditors, and the Trustee and each Paying Agent shall
have no further liability with respect to such monies. 
 Section 8.05. Indemnity for Government Obligations. The
Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited Government Obligations or the principal and interest received on such Government Obligations. 

Section 8.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government Obligations in
accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this
Indenture and the Notes of the applicable Series so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or any Paying Agent is permitted to apply all such
money or Government Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment of principal of, or interest on, any such Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the holders of such Notes to receive such payment from the money or Government Obligations held by the Trustee or any Paying Agent. 
 ARTICLE 9 
 AMENDMENTS AND WAIVERS

 Section 9.01. Without Consent of the Holders. 

(a) Except as otherwise set forth with respect to a specific Series of Notes pursuant to the supplemental indenture, Board Resolution,
Company Order or Officer’s Certificate establishing the terms of such Series of Notes, the Company and the Trustee may modify or amend this Indenture with respect to the Notes of such Series or the Notes of such Series without notice to or
consent of any holder: 

  
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 (i) to cure any ambiguity, omission, defect or inconsistency to correct or
supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this
Indenture, or to make any other provisions as may be necessary or desirable, including the making of any modifications in the applicable form of the Note, provided that such actions shall not adversely affect the interests of the holders of
the Notes of the relevant Series in any material respect; 
 (ii) to provide for the assumption by a successor of
the Obligations of the Company under this Indenture and any Series of the Notes; 
 (iii) to evidence or release
any Subsidiary Guarantee in accordance with the terms of this Indenture; 
 (iv) to provide for uncertificated
Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes
are described in Section 163(f)(2)(B) of the Code; 
 (v) to conform the text of this Indenture, any Notes
or any applicable registration rights agreement relating to any Notes to any description thereof in any prospectus, prospectus supplement, offering memorandum or other definitive offering document of the Company with respect to the offer and sale of
Notes of such Series to the extent that such provision in the applicable prospectus, prospectus supplement, offering memorandum or other definitive offering document was intended to be a verbatim recitation of a provision of this Indenture, the
Notes or the applicable registration rights agreement; 
 (vi) to evidence and provide acceptance of the
appointment of a successor Trustee, Registrar or Paying Agent under this Indenture; 
 (vii) to comply with the
rules of any applicable securities depository; 
 (viii) to add collateral or security to secure any of the Notes
of such Series; 
 (ix) to add to the covenants of the Company or the Subsidiaries for the benefit of the holders
of the Notes of such Series or to surrender any right or power herein conferred upon the Company or the Subsidiaries with respect to the Notes of such Series; 
 (x) to comply with any requirement of the SEC in connection with qualifying or maintaining the qualification of, this Indenture under the TIA; 

(xi) to make any change that would provide any additional benefit or rights to the holders of the Notes of such Series or
that does not adversely affect in any material respect the legal rights of any holder of the Notes of such Series; 
 (xii) to provide for the issuance of Notes issued in exchange for Notes initially issued under Rule 144A promulgated under the Securities Act (or any successor rule) or Regulation S promulgated under the
Securities Act, which Notes issued in exchange therefor shall have terms substantially identical in all material respects to the Notes initially issued under Rule 144A promulgated 

  
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under the Securities Act (or any successor rule) or Regulation S promulgated under the Securities Act, and which shall be treated, together with any outstanding Notes of such Series initially
issued under Rule 144A promulgated under the Securities Act (or any successor rule) or Regulation S promulgated under the Securities Act, as a single issue of securities; 

(xiii) to add any additional Events of Default with respect to the Notes of such Series; 

(xiv) to add circumstances under which the Company will pay additional interest on the Notes of such Series; 

(xv) to change or eliminate any of the provisions of this Indenture; provided that any such change or elimination
shall become effective only when there is no outstanding Note of any Series created prior to the execution of such amendment or supplemental indenture that is adversely affected in any material respect by such change in or elimination of such
provision; 
 (xvi) to supplement any of the provisions of this Indenture to such extent as shall be necessary to
permit or facilitate the defeasance and discharge of the Notes of such Series pursuant to Article 8; provided, however, that any such action shall not adversely affect the interest of the holders of Notes of such Series in any material
respect; 
 (xvii) to evidence and provide for the acceptance under this Indenture of a successor trustee with
respect to the Notes of such Series and to add to or change any of the provisions of this Indenture necessary to provide for or facilitate the administration of the trusts under this Indenture; or 

(xviii) to provide for the issuance of and establish the form or terms of Notes of any Series as permitted by
Section 2.01. 
 (b) The Trustee may require an Officer’s Certificate or Opinion of Counsel that such amendment under
this Section 9.01 is permitted under this Indenture and that all conditions have been complied with. Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the addition of a Subsidiary guarantor under this
Indenture upon execution and delivery by such Subsidiary guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as an exhibit to a supplemental indenture hereto, and delivery of an Officer’s
Certificate. 
 (c) After an amendment under this Section 9.01 becomes effective, the Company shall mail to the holders of
the Notes of each Series affected thereby a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 Section 9.02. With Consent of the Holders. 

(a) Except as otherwise set forth with respect to a specific Series of Notes pursuant to the supplemental indenture, Board Resolution,
Company Order or Officer’s Certificate establishing the terms of such Series of Notes, the Company and the Trustee may modify, waive, supplement or amend this Indenture, including to release Subsidiary Guarantees (if any) the release of which
would not otherwise be permitted pursuant to this Indenture, with the written consent (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes of such Series) of the holders of at least a majority
in aggregate principal amount of the Notes of such Series then outstanding affected by the modification, waiver or amendment (including consents obtained in connection with a tender offer or exchange for Notes of such Series). 

  
 -39-

 (b) However, without the consent of each holder of an outstanding Note of such Series
affected thereby, no amendment, waiver or modification may, 
 (i) change the due date of the principal of, or
any installment of principal of or interest on any Note of such Series or the redemption terms with respect to such Notes; 
 (ii) reduce the principal amount of, or any premium or interest rate on, the Notes of such Series; 
 (iii) change the place or currency of payment of principal of, or any premium or interest on, the Notes of such Series; 

(iv) impair the right to institute suit for the enforcement of any payment on or with respect to the Notes of such Series
after the due date thereof; or 
 (v) reduce the percentage in principal amount of the then outstanding Notes of
such Series, the consent of whose holders is required for modification or amendment of this Indenture, for waiver of compliance with certain provisions of this Indenture or for waiver of certain defaults. 

(c) It shall not be necessary for the consent of the holders of Notes under this Section 9.02 to approve the particular form of any
proposed amendment, waiver or modification, but it shall be sufficient if such consent approves the substance thereof. 
 (d)
After an amendment, waiver or modification under this Section 9.02 becomes effective, the Company shall mail to the holders of the Notes of each Series affected thereby a notice briefly describing such amendment, waiver or modification. The
failure to give such notice to all holders of Notes of the applicable Series, or any defect therein, shall not impair or affect the validity of an amendment, waiver or modification under this Section 9.02. 

(e) A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or more particular Series of Notes, or which modifies the rights of the holders of such Series of Notes with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the holders of any other Series. 
 Section 9.03. Compliance with Trust Indenture Act. From the date on
which this Indenture is qualified under the TIA, every amendment, waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect. 
 Section 9.04. Revocation and Effect of Consents and Waivers. 
 (a) A
consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion of the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or
waiver is not made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s Note or portion of the 

  
 -40-

 
Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate from the Company certifying that the requisite principal amount
of Notes of the applicable Series have consented. After an amendment or waiver with respect to the Notes becomes effective, it shall bind every holder of Notes of such Series. An amendment or waiver becomes effective upon the (i) receipt by the
Company or the Trustee of consents by the holders of the requisite principal amount of Notes, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or
waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Company and the Trustee. 
 (b)
The Company may, but shall not be obligated to, fix a record date for the purpose of determining the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If
a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were holders of Notes at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to
revoke any consent previously given or to take any such action, whether or not such Persons continue to be holders of Notes of the applicable Series after such record date. No such consent shall be valid or effective for more than 120 days after
such record date. 
 Section 9.05. Notation on or Exchange of Notes. If an amendment, supplement or waiver changes
the terms of a Note of any Series, the Company may require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the holder. Alternatively, if the
Company or the Trustee so determines, the Company in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect
the validity of such amendment, supplement or waiver. 
 Section 9.06. Trustee to Sign Amendments. The Trustee shall
sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such
amendment, the Trustee shall be entitled to receive indemnity and security reasonably satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company, enforceable against them in
accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03, Section 10.04 and Section 10.05). 
 Section 9.07. Additional Voting Terms. All Notes of a Series issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes of such Series may vote)
as one class. Determinations as to whether holders of the requisite aggregate principal amount of Notes of a Series have concurred in any direction, waiver or consent shall be made in accordance with this Article 9 and Section 2.13. 

Section 9.08. Payments for Consents. The Company will not, and the Company will not permit any of its Subsidiaries to,
directly or indirectly, pay or cause to be paid any consideration, including any related tender offer consideration, whether by way of interest, fee or otherwise, to any holder of Notes of any Series for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Notes of such Series unless the same consideration is offered to be paid or agreed to be paid to all other holders of the Notes of such Series that consent, waive or agree to amend

  
 -41-

 
such term or provision within the time period set forth in the solicitation documents relating to the consent, waiver or amendment. When determining “reasonably equivalent
consideration” the Company may without limitation consider the relative trading values, remaining life and/or yield to maturity of the Notes of the applicable Series. 
 ARTICLE 10 
 MISCELLANEOUS 

Section 10.01. Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318 of the TIA, inclusive, such imposed duties or incorporated provision shall
control. 
 Section 10.02. Notices. 
 (a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile, overnight mail/courier or mailed by first-class mail addressed as follows:

 if to the Company: 
 Ashland Inc. 
 50 East RiverCenter Boulevard 

P.O. Box 391 

Covington, Kentucky 41012-0391 
 Facsimile: (859) 815-5053 
 Attention: General Counsel 

with a copy to: 
 Cravath, Swaine & Moore LLP 
 825 Eighth Avenue 

New York, NY 10019 
 Facsimile: (212) 474-3700 
 Attention: Andrew J. Pitts, Esq. 

if to the Trustee Paying Agent or Registrar: 
 U.S. Bank National Association 
 425 Walnut Street 

6th Floor 
 Cincinnati, Ohio 45202 
 Facsimile: 513-632-5511 

Attention: William Sicking 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

  
 -42-

 (b) Any notice or communication mailed to a holder shall be mailed, first class mail, to the
holder at the holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 (c) Failure to mail a notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other holders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 
 Section 10.03. Communication by the Holders with Other Holders. The holders may communicate pursuant to Section 312(b) of the TIA with other holders with respect to their rights under
this Indenture or the Notes. The Company, the Trustee, the Registrar and other Persons shall have the protection of Section 312(c) of the TIA. 
 Section 10.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this
Indenture, the Company shall furnish to the Trustee at the request of the Trustee: 
 (a) an Officer’s
Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with. 
 Section 10.05. Statements Required in Certificate or Opinion.
Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.03) shall include: 

(a) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(b) 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; 
 (c) a statement that, in the opinion of 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 covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied
with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 10.06. When Notes Disregarded. In determining whether the holders of the required principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be
outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver 
 or
consent, only Notes which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 

  
 -43-

 Section 10.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may
make reasonable rules for action by or a meeting of the holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 
 Section 10.08. Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that
would have been otherwise payable on such payment date if it were a Business Day for the intervening period. 

Section 10.09. Governing Law. THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVE, 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 10.10. No Recourse Against Others. No director, officer, employee, manager, incorporator or stockholder of the
Company, Company, any Subsidiary or any direct or indirect parent corporation, as such, shall have any liability for any Obligations of the Company under the Notes of any Series or this Indenture or for any claim based on, in respect of, or by
reason of, such Obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 10.11. Successors. All agreements of the Company in this Indenture and the Notes shall bind their successors. All
agreements of the Trustee in this Indenture shall bind its successors. 
 Section 10.12. Multiple Originals. The
parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 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 for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 10.13.
Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and
shall not modify or restrict any of the terms or provisions hereof. 
 Section 10.14. Indenture Controls. Except as
otherwise provided as contemplated by Section 2.01 with respect to the Notes of any Series, if and to the extent any provision of the Notes of any Series limits, qualifies or conflicts with a provision of this Indenture, such provision of this
Indenture shall control. 

  
 -44-

 Section 10.15. Severability. In case any provision in this Indenture 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 and such provision shall be ineffective only to the extent of such invalidity, illegality
or unenforceability. 
 Section 10.16. PATRIOT Act. The parties hereto acknowledge that in accordance with
Section 326 of the USA PATRIOT Act, the Trustee and the Agents, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each
person or legal entity that establishes a relationship or opens an account. The parties to this agreement agree that they will provide to the Trustee and the Agents with such information as it may request in order to satisfy the requirements of the
USA PATRIOT Act. 
 [Remainder of page intentionally left blank] 

  
 -45-

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above. 
  

			
	COMPANY:
	
	 ASHLAND INC.

		
	 By:    
	 	/s/ Eric N. Boni
		 	Name:    Eric N. Boni
		 	Title:      Vice President and Treasurer

 [Signature Page to the Indenture] 

 
			
	TRUSTEE, REGISTRAR AND PAYING AGENT:
	
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:    
	 	/s/ William E. Sicking
		 	Name:    William E. Sicking
		 	Title:      Vice President & Trust Officer

 [Signature Page to the Indenture]EX-4.4

 Exhibit 4.4 
 EXECUTION VERSION 
  
  

 
 FIRST SUPPLEMENTAL INDENTURE

 dated as of February 26, 2013 
 between 
 ASHLAND INC. 

and 
 U.S.
BANK NATIONAL ASSOCIATION 
 as Trustee, Registrar and Paying Agent 

to the 

INDENTURE 

dated as of February 26, 2013 
 between 
 ASHLAND INC. 

and 
 U.S.
BANK NATIONAL ASSOCIATION 
 as Trustee, Registrar and Paying Agent 

 
  

 

 TABLE OF CONTENTS 

 

							
	ARTICLE 1	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.01.
	 	Definitions	  	 	1	  
	 Section 1.02.
	 	Other Definitions	  	 	8	  
	 Section 1.03.
	 	Incorporation by Reference of Trust Indenture Act	  	 	8	  
	 Section 1.04.
	 	Rules of Construction	  	 	8	  
		
	ARTICLE 2	  			
		
	 APPLICATION OF SUPPLEMENTAL INDENTURE

AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES
	  			
			
	 Section 2.01.
	 	Application of this First Supplemental Indenture	  	 	8	  
	 Section 2.02.
	 	Creation of the Notes	  	 	9	  
	 Section 2.03.
	 	Form of the Notes	  	 	9	  
	 Section 2.04.
	 	Terms of the Notes	  	 	9	  
	 Section 2.05.
	 	Transfer and Exchange	  	 	11	  
		
	ARTICLE 3	  			
		
	REDEMPTION	  			
			
	 Section 3.01.
	 	Optional Redemption	  	 	24	  
	 Section 3.02.
	 	Mandatory Redemption; Sinking Fund	  	 	24	  
		
	ARTICLE 4	  			
		
	COVENANTS	  			
			
	 Section 4.01.
	 	Restrictions on Secured Debt	  	 	25	  
	 Section 4.02.
	 	Restrictions on Sale and Lease-Back Transactions	  	 	27	  
	 Section 4.03.
	 	Change of Control	  	 	27	  
	 Section 4.04.
	 	Future Subsidiary Guarantors	  	 	29	  
	 Section 4.05.
	 	Reports and Other Information	  	 	30	  

  
 i 

							
		
	ARTICLE 5	  			
		
	MISCELLANEOUS	  			
			
	 Section 5.01.
	 	Ratification of Indenture	  	 	31	  
	 Section 5.02.
	 	Trust Indenture Act Controls	  	 	31	  
	 Section 5.03.
	 	Notices	  	 	31	  
	 Section 5.04.
	 	Governing Law	  	 	31	  
	 Section 5.05.
	 	Successors	  	 	32	  
	 Section 5.06.
	 	Multiple Originals	  	 	32	  
	 Section 5.07.
	 	Headings	  	 	32	  
	 Section 5.08.
	 	Trustee Not Responsible for Recitals	  	 	32	  

  
 ii 

 This FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”),
dated as of February 26, 2013, between ASHLAND INC., a Kentucky corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 

RECITALS 

WHEREAS, the Company and the Trustee have heretofore executed and delivered an indenture, dated as of the date hereof (the
“Indenture”), providing for the issuance by the Company from time to time of its debt securities to be issued in one or more Series; 
 WHEREAS, Sections 2.01 and 9.01 of the Indenture provide, among other things, that the Company and the Trustee may, without the consent of holders, enter into indentures supplemental to the Indenture to
provide for specific terms applicable to any Series of Notes; 
 WHEREAS, Section 2.01 of the Indenture provides, among
other things, that there shall be established in or pursuant to a Board Resolution, and set forth, or determined in the manner provided, in an Officers’ Certificate or in a Company Order, or established in one or more indentures supplemental to
the Indenture, prior to the issuance of Notes of any Series, certain terms of the Notes of such Series; 
 WHEREAS, the Company
intends by this First Supplemental Indenture to create and provide for the issuance of three new Series of Notes to be designated as (i) the “3.000% Senior Notes due 2016” (the “2016 Notes”), (ii) the
“3.875% Senior Notes due 2018” (the “2018 Notes”) and (iii) the “6.875% Senior Notes due 2043” (the “2043 Notes”); 
 WHEREAS, pursuant to Sections 9.01(a)(xviii) of the Indenture, the Company and the Trustee are authorized to execute and deliver this First Supplemental Indenture to amend or supplement the
Indenture, without notice to or consent of any holder of Notes; and 
 WHEREAS, all things necessary to make the Notes, when
executed by the Company and authenticated and delivered by the Trustee, issued upon the terms and subject to the conditions set forth hereinafter and in the Indenture and delivered as provided in the Indenture against payment therefor, valid,
binding and legal obligations of the Company according to their terms, and all actions required to be taken by the Company under the Indenture to make this First Supplemental Indenture a valid, binding and legal agreement of the Company, have been
done. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the sufficiency and
adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 
 (a) All capitalized terms used herein and
not otherwise defined herein shall have the meanings ascribed thereto in the Indenture. 

 (b) The following are definitions used in this First Supplemental Indenture, and to the
extent that a term is defined both herein and in the Indenture, the definition in this First Supplemental Indenture shall govern with respect to the Notes. 
 “144A Global Note” means a Global Note substantially in the form of Exhibits A1-A3 hereto, bearing the Global Note Legend and the Private Placement Legend and deposited with
or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes of the applicable Series sold in reliance on Rule 144A. 

“Additional Interest” means all additional interest then owing in respect of a Note pursuant to the Registration Rights
Agreement. 
 “Additional Notes” means additional 2016 Notes, 2018 Notes and 2043 Notes (other than the Initial
Notes and other than the Exchange Notes issued for such Initial Notes) issued from time to time in accordance with Section 2.04(F) hereof. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such
transfer or exchange. 
 “Attributable Debt” means, in the context of a Sale and Lease-Back Transaction, what
the Company believes in good faith to be the present value, discounted at the interest rate implicit in the lease involved in such Sale and Lease-Back Transaction, of the lessee’s obligation under the lease for rental payments during the
remaining term of such lease, as it has been extended. In the case of any lease that is terminable by the lessee upon the payment of a penalty, the net amount of rent will be the lesser of (x) the net amount determined assuming termination upon
the first date the lease may be terminated (in which case the net amount will also include the amount of the penalty, but will not include any rent that would be required to be paid under the lease subsequent to the first date upon which it may be
so terminated) or (y) the net amount determined assuming no such termination. For purposes of this definition, any amounts lessee must pay, whether or not designated as rent or additional rent, on account of maintenance and repairs, insurance,
taxes, assessments, water rates or similar charges or any amounts lessee must pay under the lease contingent upon the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges are not included in the
determination of lessee’s obligations under the lease. 
 “Broker-Dealer” means any broker or dealer
registered under the Exchange Act. 
 “Capital Lease” means a lease with respect to which the lessee is
required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with generally accepted accounting principles in effect in the United States as of the date of the Indenture. 

“Capital Markets Debt” means any debt securities evidenced by notes, bonds or debentures (excluding, for the avoidance
of doubt, any term loan, revolving loan or Qualified Receivables Financing) issued in the capital markets by the Company or any Subsidiary, whether issued in a public offering or private placement, including pursuant to Section 4(2) of the
Securities Act or Rule 144A, Regulation S or Regulation D under the Securities Act. 
 “Cash Equivalents” means
(a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that
the full faith and credit of the United States is pledged in support thereof; (b) time deposits with, or 

  
 2 

 
insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) is organized under the laws of the United States, any state thereof or the District of Columbia
or is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which
issues) commercial paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1.0 billion, in each case with maturities of not more than 180 days from the date of acquisition thereof;
(c) commercial paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent
grade) by S&P, in each case with maturities of not more than 270 days from the date of acquisition thereof; (d) investments, classified in accordance with GAAP as current assets of the Company or any of its Subsidiaries, in money market
investment programs registered under the Investment Company Act of 1940 the portfolios of which are limited solely to investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition;
(e) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (b) above; and
(f) in the case of any Foreign Subsidiary, investments which are similar to the items specified in subsections (a) through (e) of this definition made in the ordinary course of business. 

“Change of Control” means the occurrence of any of the following: 

 

	 	(1)	the sale, lease or transfer, in one transaction or a series of related transactions, of all or substantially all of the property and assets of the Company and its
Subsidiaries, taken as a whole, to any Person other than the Company or any of its Subsidiaries (other than an Excluded Subsidiary); or 

  

	 	(2)	the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the
acquisition by any Person or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of acquisition, merger, amalgamation, consolidation, transfer, conveyance or other business combination or purchase of
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company, other than by virtue of (a) the
imposition of a holding company or (b) the reincorporation of the Company in another jurisdiction, if in the case of either (a) or (b) the beneficial owners of the Voting Stock of the Company immediately prior to such transaction
directly or indirectly hold a majority of the voting power of the Voting Stock of such holding company or reincorporation entity immediately thereafter. 

 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Ratings Event. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes of the applicable Series. 

  
 3 

 “Comparable Treasury Price” means, with respect to any date of redemption,
(1) the average of two Reference Treasury Dealer Quotations for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations or (2) if the Quotation Agent obtains fewer than four Reference Treasury
Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 
 “Consolidated EBITDA”
means, in respect of any Person for any period, the consolidated operating income plus consolidated depreciation, amortization and other non-cash charges and losses and minus consolidated non-cash credits, gains and income, in each case of such
Person and its Subsidiaries for such period; it being understood that such amounts may be determined on a combined basis for a disposed group. 
 “Consolidated Net Secured Leverage Ratio” means the ratio of the aggregate of all consolidated Secured Indebtedness of such Person and its Subsidiaries (less any unrestricted cash and
Cash Equivalents) at the end of the most recent fiscal period for which financial information in respect thereof is available immediately preceding the date of the transaction giving rise to the need to calculate such amount to the aggregate
Consolidated EBITDA of such Person for the prior four fiscal quarters (treated as one period) for which financial information in respect thereof is available immediately preceding such date, and in each case, calculated on a pro forma basis.

 “Consolidated Net Tangible Assets” means, with respect to any Person, the Total Assets of such Person and
its Subsidiaries less goodwill and intangibles (other than intangibles arising from, or relating to, intellectual property, licenses or permits (including, but not limited to, emissions rights) of such Person), in each case calculated in accordance
with GAAP, provided that in the event that such Person or any of its Subsidiaries assumes or acquires any assets in connection with the acquisition by such Person and its Subsidiaries of another Person subsequent to the commencement of the
period for which the Consolidated Net Tangible Assets is being calculated but prior to the event for which the calculation of the Consolidated Net Tangible Assets is made, then the Consolidated Net Tangible Assets shall be calculated giving pro
forma effect to such assumption or acquisition of assets, as if the same had occurred at the beginning of the applicable period. 
 “Credit Agreement” means (x) the credit agreement, dated as of August 23, 2011, among the Company, the lenders party thereto, The Bank of Nova Scotia, as administrative agent,
swing line lender and L/C issuer and the other agents, arrangers and lenders party thereto, together with any related documents (including any security documents and guarantee agreements), as the same may be amended, modified, supplemented,
extended, renewed, refinanced, replaced or substituted from time to time (which for the avoidance of doubt includes the “proposed credit facility refinancing” described in the Offering Memorandum) and (y) any other Indebtedness of the
Company, in an aggregate amount outstanding at any time under clauses (x) and (y) not to exceed the greater of (A) $4,150.0 million and (B) an amount such that the Consolidated Net Secured Leverage Ratio of the Company shall not
exceed 2.50:1.00. Notwithstanding the foregoing, the maximum amount of secured Indebtedness that may be incurred pursuant to Section 4.01(b)(vii) hereof as a result of clause (B) above shall not be deemed to be exceeded with respect to any
Indebtedness incurred to refinance any outstanding Indebtedness if such outstanding Indebtedness was permitted to be incurred under clause (B) at the time of original incurrence. 

“Domestic Subsidiary” means a Subsidiary that is not a Foreign Subsidiary. 

“Exchange Notes” means the Notes of a Series issued in an Exchange Offer in exchange for Initial Notes of such Series
pursuant to Section 2.05(f) hereof. For all purposes of the Indenture and this First Supplemental Indenture, the term “Notes” shall also include any Exchange Notes. 

  
 4 

 “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. 
 “Global Note Legend” means the legend set forth in Section 2.05(g)(ii) hereof, which is
required to be placed on all Global Notes issued under this First Supplemental Indenture. 
 “Global Notes”
means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibits A1-A3 hereto, as applicable, issued in accordance with Section 2.03, 2.05(b), 2.05(d)
or 2.05(f) hereof. 
 “Indebtedness” means indebtedness for borrowed money. 

“Initial Purchasers” means Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Deutsche Bank Securities Inc., Scotia Capital (USA) Inc., PNC Capital Markets LLC, J.P. Morgan Securities LLC, RBS Securities Inc., U.S. Bancorp Investments, Inc., Credit Agricole Securities (USA) Inc., Fifth Third Securities, Inc., HSBC Securities
(USA) Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., SMBC Nikko Capital Markets Limited, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC. 

“Interest Payment Date” has the meaning set forth in Exhibits A1-A3 hereto, as applicable. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB - (or
the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 
 “Issue Date” means
February 26, 2013. 
 “Long-Term Indebtedness” means any Indebtedness maturing by its terms more than one
year from its date of issuance (notwithstanding that any portion of such Indebtedness is included in current liabilities). 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 “Offering Memorandum” means the confidential offering memorandum dated February 21, 2013. 

“Private Placement Legend” means the legend set forth in Section 2.05(g)(i) hereof to be placed on all Notes issued
under this First Supplemental Indenture, except where otherwise permitted by the provisions of this First Supplemental Indenture. 
 “Qualified Institutional Buyer” or “QIB” has the meaning specified in Rule 144A. 
 “Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company as Quotation Agent. 
 “Rating Agency” means (1) S&P, (2) Moody’s or (3) if either of S&P or Moody’s shall not then exist, a nationally recognized securities rating agency or
agencies, as the case may be, selected by the Company, which shall be substituted for S&P or Moody’s, as the case may be. 

  
 5 

 “Ratings Event” means with respect to the Notes of any Series at any time
from or after the occurrence of a Change of Control and, until the earlier to occur of (x) 60 days after the later of (i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control (which
period shall be extended so long as the rating of the Notes of such Series is under publicly announced consideration for a possible downgrade by either of the Rating Agencies) and (y) both Rating Agencies publicly issuing or reaffirming an
Investment Grade Rating on the Notes of such Series following such Change of Control, the Notes of such Series have a below Investment Grade Rating by both Rating Agencies. 
 “Record Date” for the interest payable on any applicable Interest Payment Date means, (i) with respect to the 2016 Notes, the March 1 and September 1 (whether or not a
Business Day) immediately preceding such Interest Payment Date, (ii) with respect to the 2018 Notes, the April 1 and October 1 (whether or not a Business Day) immediately preceding such Interest Payment Date and (iii) with
respect to the 2043 Notes, the May 1 and November 1 (whether or not a Business Day) immediately preceding such Interest Payment Date. 
 “Reference Treasury Dealer” means (1) Citigroup Global Markets Inc. and its successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York
City (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer and (2) three other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by the Quotation Agent, 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 Quotation Agent by that Reference Treasury
Dealer at 5:00 P.M., New York City time, on the third Business Day preceding that redemption date. 
 “Registration
Rights Agreement” means the Registration Rights Agreement relating to the Notes dated as of February 26, 2013 between the Company and Citigroup Global Markets Inc., as representative for the Initial Purchasers. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a permanent Global Note in the form of Exhibits A1-A3 hereto, bearing the
Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee issued in a denomination equal to the outstanding principal amount of the Notes of a Series initially
sold in reliance on Rule 903. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private
Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend.

 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S.

 “Rule 144” means Rule 144 promulgated under the Securities Act (or any successor rule). 

“Rule 144A” means Rule 144A promulgated under the Securities Act (or any successor rule). 

  
 6 

 “Rule 903” means Rule 903 promulgated under the Securities Act (or any
successor rule). 
 “Rule 904” means Rule 904 promulgated under the Securities Act (or any successor rule).

 “S&P” means Standard & Poor’s Ratings Group or any successor to the rating agency business
thereof. 
 “Sale and Lease-Back Transaction” means the leasing by the Company or any Subsidiary of any
Property, whether owned at the date of this First Supplemental Indenture or acquired after the date of this First Supplemental Indenture (except for temporary leases for a term, including any renewal term, of up to three years and except for leases
between the Company and any Subsidiary or between Subsidiaries), which Property has been or is to be sold or transferred by the Company or such Subsidiary to any party with the intention of taking back a lease of such Property. 

“Secured Indebtedness” means Indebtedness secured by a Mortgage. 

“Shelf Registration Statement” means a Shelf Registration Statement in respect of the Notes as defined in the
Registration Rights Agreement. 
 “Total Assets” means, with respect to any Person, the total consolidated
assets of such Person and its Subsidiaries, without giving effect to any amortization of the amount of intangible assets since the Issue Date, (x) as shown on the most recent balance sheet of such Person, or (y) in regards to the Company
only, as shown on the most recent balance sheet of the Company. 
 “Treasury Rate” means, with respect to any
date of redemption, the rate per year equal to: (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or
any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable Treasury Issue; provided that, if no maturity is within three months before or after the remaining term of the Series of the Notes to be
redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis,
rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to
maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that date of redemption.

 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to
bear the Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note, substantially
in the form of Exhibits A1-A3 attached hereto, that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and
registered in the name of the Depositary, representing Notes of a Series that do not bear the Private Placement Legend. 

  
 7 

 “Wholly Owned Domestic Subsidiary” means any Wholly Owned Subsidiary that
is a Domestic Subsidiary. 
 Section 1.02. Other Definitions. 

 

			
	 Term
	  	 Defined in
Section

	 “Change of Control Offer”
	  	4.03
	 “Initial Notes”
	  	2.02
	 “Interest Payment Date”
	  	Exhibits A1-A3
	 “Mortgage”
	  	4.01(a)

 Section 1.03. Incorporation by Reference of Trust Indenture Act. This First Supplemental
Indenture is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this First Supplemental Indenture. The following TIA terms used in this First Supplemental Indenture have the following meanings:

 “indenture securities” means the Notes; 

“indenture security holder” means a holder of a Note; 

“indenture to be qualified” means the Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company and any other obligor on the Notes. 

All other TIA terms used in this First Supplemental Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by SEC rule have the meanings assigned to them by such definitions. 
 Section 1.04. Rules of Construction.
Unless the context otherwise requires, whenever in the Indenture, this First Supplemental Indenture or the Notes there is mentioned, in any context, principal, interest or any other amount payable under or with respect to any Notes, such mention
shall be deemed to include mention of the payment of Additional Interest, to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof. 

ARTICLE 2 

APPLICATION OF SUPPLEMENTAL INDENTURE 
 AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES 
 Section 2.01.
Application of this First Supplemental Indenture. Notwithstanding any other provision of this First Supplemental Indenture, the provisions of this First Supplemental Indenture, including the covenants set forth herein, are expressly and
solely for the benefit of the holders of the 2016 Notes, the 2018 Notes and the 2043 Notes. Each of the 2016 Notes, the 2018 Notes and the 2043 Notes constitute a separate Series of Notes as provided in Section 2.01 of the Indenture.

  
 8 

 Section 2.02. Creation of the Notes. In accordance with Section 2.01 of the
Indenture, the Company hereby creates each of the 2016 Notes, the 2018 Notes and the 2043 Notes as a separate Series of Notes issued pursuant to the Indenture. The 2016 Notes shall be issued initially in an aggregate principal amount of $600,000,000
on the date hereof; the 2018 Notes shall be issued initially in an aggregate principal amount of $700,000,000 on the date hereof; and the 2043 Notes shall be issued initially in an aggregate principal amount of $350,000,000 on the date hereof (such
2016 Notes, 2018 Notes and 2043 Notes collectively, the “Initial Notes”). 
 Section 2.03. Form of
the Notes. 
 (a) The Notes of each Series initially shall be issued in the form of a Global Note, duly executed by the
Company and authenticated by the Trustee, which shall be deposited with the Trustee as custodian for DTC and registered in the name of “Cede & Co.,” as the nominee of DTC. The Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibits A1-A3 hereto. 
 (b) Global Notes. Notes issued
in the form of Global Notes shall be substantially in the form of Exhibits A1-A3 attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes
issued in the form of Definitive Notes shall be substantially in the form of Exhibits A1-A3 attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note”
attached thereto). Each Global Note shall represent such of the outstanding Notes of the applicable Series as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it
shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes of the applicable Series represented thereby may from time to time be reduced or increased,
as applicable, to reflect exchanges, repurchases and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes of the applicable Series represented thereby
shall be made by the Registrar or the Custodian, at the direction of the Trustee, in accordance with instructions given by the holder thereof as required by Section 2.05 hereof. 

(c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial
interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 
 Section 2.04.
Terms of the Notes. 
 The Notes shall be governed by all the terms of the Indenture, as supplemented by this First
Supplemental Indenture. In particular, the following provisions shall be terms of the Notes: 
 (A) Title and
Conditions of the Notes. The title of each Series of the Notes shall be as specified in the Recitals; and the aggregate principal amount of the Notes of each Series shall be unlimited. 

(B) Stated Maturity. The Notes shall mature, and the principal of the Notes shall be due and payable in
U.S. dollars to the holders thereof, together with all accrued and unpaid interest thereon, on: with respect to the 2016 Notes, March 15, 2016; with respect to the 2018 Notes, April 15, 2018; and, with respect to the 2043 Notes,
May 15, 2043. 

  
 9 

 (C) Payment of Principal and Interest. 

(1) The 2016 Notes shall bear interest at 3.000% per annum, from and including February 26, 2013, or from the
most recent Interest Payment Date on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any overdue principal. Interest on the 2016 Notes shall be payable semi-annually in arrears in U.S. dollars
on March 15 and September 15 of each year, commencing on September 15, 2013. 
 (2) The 2018 Notes
shall bear interest at 3.875% per annum, from and including February 26, 2013, or from the most recent Interest Payment Date on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any
overdue principal. Interest on the 2018 Notes shall be payable semi-annually in arrears in U.S. dollars on April 15 and October 15 of each year, commencing on October 15, 2013. 

(3) The 2043 Notes shall bear interest at 6.875% per annum, from and including February 26, 2013, or from the
most recent Interest Payment Date on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any overdue principal. Interest on the 2043 Notes shall be payable semi-annually in arrears in U.S. dollars
on May 15 and November 15 of each year, commencing on November 15, 2013. 
 Payments of interest
shall be made to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on the Record Date applicable to such Series of Notes. Interest shall be calculated on the basis
of a 360-day year comprised of twelve 30-day months. 
 (D) Registration and Form. The Notes shall be
issuable as registered securities as provided in Section 2.03 hereof. The form of the Notes shall be as set forth in Exhibits A1-A3 attached hereto. The Notes shall be issued and may be transferred only in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. All payments of principal, redemption price, any purchase price relating to a Change of Control Offer and accrued unpaid interest in respect of the Notes of a Series shall be made by the
Company as set forth in the Notes of such Series. 
 (E) Legal Defeasance and Covenant Defeasance. The
provisions for legal defeasance and covenant defeasance in Section 8.01(b) of the Indenture shall be applicable to the Notes. If the Company exercises its covenant defeasance option with respect to any Series of the Notes pursuant to
Section 8.01(b) of the Indenture, in addition to those covenants and agreements set forth in such Section 8.01(b), the Company’s obligations to comply with the covenants and agreements set forth in Article 4 of this First Supplemental
Indenture with respect to such Series of Notes will terminate and payment of the Notes of such Series may not be accelerated because of the failure of the Company to comply with any of the covenants or agreements set forth in such
Section 8.01(b) or with Article 4 hereof with respect thereto. Notwithstanding Section 8.01 of the Indenture, the Company’s obligations in Section 2.05 hereof shall survive with respect to a Series of Notes until such time as the
Notes of such Series have been paid in full. 

  
 10 

 (F) Further Issuance. Additional Notes of any Series ranking pari
passu with the Initial Notes of such Series may be created and issued under this First Supplemental Indenture from time to time by the Company without notice to or consent of the holders of Notes of such Series and shall be consolidated with and
form a single class with the Initial Notes of the applicable Series and shall have the same terms as to status, redemption or otherwise as the Initial Notes of such Series other than the initial payment date; provided that the Company’s
ability to issue Additional Notes of any Series shall be subject to the Company’s compliance with the Indenture and this First Supplemental Indenture. The Initial Notes of a Series and any Additional Notes of such Series subsequently issued
under this First Supplemental Indenture shall be treated as a single class for all purposes under the Indenture and this First Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. Any
Additional Notes of a Series subsequently issued under this Indenture shall be issued with the same CUSIP number as the Initial Notes of such Series only if, for U.S. federal income tax purposes, such Additional Notes are part of the same
“issue” as the Initial Notes or such Additional Notes are not issued with more than a de minimis amount of original issue discount. Unless the context otherwise requires, for all purposes of the Indenture, references to the Notes of a
Series include any Additional Notes of such Series actually issued. 
 (G) Redemption. The Notes are
subject to redemption by the Company in whole or in part in the manner described herein. 
 (H) Mandatory
Redemption; Sinking Fund. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 (I) Other Terms and Conditions. The Notes of each Series shall have such other terms and conditions as provided in the applicable form thereof attached as Exhibits A1-A3 hereto.

 Section 2.05. Transfer and Exchange. 
 (a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.05, a Global Note may be transferred, in whole and not in part, only to another nominee of the
Depositary or to a successor thereto or a nominee of such successor thereto. A beneficial interest in a Global Note of any Series may not be exchanged for a Definitive Note unless (A) the Depositary (x) notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act, and, in either case, a successor Depositary is not appointed by the Company within 120 days,
(B) if the Company elects to exchange all Global Notes of such Series for Definitive Notes or (C) there shall have occurred and be continuing a Default with respect to the Notes of such Series and the Indirect Participant or Participant
requests such exchange in writing delivered through the Depositary. Upon the occurrence of any of the preceding events in (A), (B) or (C) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein
will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Section 2.08 of the Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion 

  
 11 

 
thereof, pursuant to this Section 2.05 or Section 2.08 of the Indenture, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes
issued subsequent to any of the preceding events in (A), (B) or (C) above and pursuant to Section 2.05(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section 2.05(a);
provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.05(b), (c) or (f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes representing Notes shall be effected through the
Depositary in accordance with the provisions of the Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes and any Regulation S Global Note (during the Restricted Period) shall be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as
well as one or more of the other following subparagraphs, as applicable: 
  

	 	(i)	Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.05(b)(i). 

  

	 	(ii)	 All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.05(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary
in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and
(2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (B)(1) above. Upon consummation of an Exchange Offer by the Company in
accordance with Section 2.05(f) hereof, the requirements of this Section 2.05(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the holder of
such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or 

  
 12 

	 	
exchange of beneficial interests in Global Notes contained in the Indenture and the Notes or otherwise applicable under the Securities Act and as set forth in an Officer’s Certificate, the
Registrar shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.05(h) hereof. 

  

	 	(iii)	Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes
delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.05(b)(ii) hereof and the Registrar receives the following: 

 

	 	(A)	if the transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item 1 thereof; or 

  

	 	(B)	if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item 2 thereof. 

  

	 	(iv)	Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted 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 Section 2.05(b)(ii) hereof and: 

  

	 	(A)	such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be
transferred, 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 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 the Company; 

  

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

 

	 	(C)	such transfer is effected by a Broker-Dealer pursuant to an Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or

  

	 	(D)	the Registrar receives the following: 

  

	 	(1)	if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global
Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item 1(a) thereof; or 

  
 13 

	 	(2)	if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item 4 thereof; 

and, in each such case set forth in this subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 of the Indenture, 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 (B) or (D) 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 Restricted Global Note.

 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

 

	(i)	Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence of any of the events in
subsection (A), (B) or (C) of Section 2.05(a) hereof and receipt by the Registrar of the following documentation: 

  

	 	(A)	if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from
such holder substantially in the form of Exhibit C hereto, including the certifications in item 2(a) thereof; 

  

	 	(B)	if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form of Exhibit B hereto,
including the certifications in item 1 thereof; 

  

	 	(C)	if such beneficial interest is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item 2 thereof; 

  
 14 

	 	(D)	if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a
certificate substantially in the form of Exhibit B hereto, including the certifications in item 3(a) thereof; 

  

	 	(E)	if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate substantially in the form of Exhibit B hereto,
including the certifications in item 3(b) thereof; or 

  

	 	(F)	if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item 3(c) thereof, 

 the Registrar shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.05(h) hereof, and the Company shall execute and, upon receipt of an Authentication Order in accordance with Section 2.03 of the Indenture, the
Trustee shall authenticate and the Registrar shall mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.05(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and
the Participant or Indirect Participant. The Registrar shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant
to this Section 2.05(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  

	 	(ii)	Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such
beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in subsection (A),
(B) or (C) of Section 2.05(a) hereof and if: 

 (A) such exchange or transfer is
effected pursuant to an 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 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 the Company; 

(B) such transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to an Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 

  
 15 

 (D) the Registrar receives the following: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item 1(b) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item 4 thereof; 

and, in each such case set forth in this subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

  

	 	(iii)	Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note
proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in subsection (A),
(B) or (C) of Section 2.05(a) hereof and satisfaction of the conditions set forth in Section 2.05(b)(ii) hereof, the Registrar shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly
pursuant to Section 2.05(h) hereof, and the Company shall execute and, upon receipt of an Authentication Order in accordance with Section 2.03 of the Indenture, the Trustee shall authenticate and mail to the Person designated in the
instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.05(c)(iii) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Registrar shall mail such Definitive Notes to
the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.05(c)(iii) shall not bear the Private Placement Legend. 

 

	 	(d)	Transfer and Exchange of Definitive Notes for Beneficial Interests. 

 

	 	(i)	Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any holder of a Restricted Definitive Note proposes to exchange such Note for
a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the
following documentation: 

 (A) if the holder of such Restricted Definitive Note proposes to
exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item 2(b) thereof; 

  
 16 

 (B) if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item 1 thereof; 
 (C) if such Restricted Definitive Note is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item 2 thereof; 
 (D) if such Restricted
Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item 3(a) thereof; 
 (E) if such Restricted Definitive Note is being transferred to the Company or any of its
Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item 3(b) thereof; or 
 (F) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B
hereto, including the certifications in item 3(c) thereof, 
 the Trustee and/or Registrar shall cancel the Restricted Definitive Note, increase
or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global Note, in the case of clause (B) above, the applicable 144A Global Note, in the case of clause (C) above, the
applicable Regulation S Global Note, and in the case of clause (D) above, the applicable Unrestricted Global Note. 
  

	 	(ii)	Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of a Restricted Definitive Note may exchange such Note for a
beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 

(A) such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights
Agreement and the holder, 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 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 the Company; 
 (B) such
transfer is effected pursuant to a Shelf Registration Statement in accordance with the Registration Rights Agreement; 

  
 17 

 (C) such transfer is effected by a Broker-Dealer pursuant to an Exchange
Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar
receives the following: 
 (1) if the holder of such Definitive Notes proposes to exchange such Notes for a
beneficial interest in the Unrestricted Global Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item 1(c) thereof; or 

(2) if the holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item 4 thereof; 

and, in each such case set forth in this subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.05(d)(ii), the Trustee and/or
Registrar shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
  

	 	(iii)	Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of an Unrestricted Definitive Note may exchange such Note for a
beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee and/or Registrar shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or
(iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 of the Indenture, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a holder of Definitive Notes and such holder’s compliance with the provisions of this Section 2.05(e),
the Registrar shall register the transfer or exchange of Definitive Notes. In the event of a partial transfer of a holding of Definitive Notes represented by one Definitive Note, a Definitive Note shall be issued to the transferee in respect of the
part transferred, and a new Definitive Note in respect of the balance of the holding not transferred or redeemed shall be issued to the transferor or holder, as applicable; provided that no Definitive Note in a denomination less than $2,000
shall be issued. Prior to such registration of transfer or exchange, the requesting holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by 

  
 18 

 
a written instruction of transfer in form satisfactory to the Registrar duly executed by such holder or by its attorney, duly authorized in writing. In addition, the requesting holder shall
provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.05(e): 
  

	 	(i)	Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take
delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

 (A) if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate substantially in the form of Exhibit B hereto, including the
certifications in item 1 thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item 2 thereof; or 
 (C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications required by item 3 thereof, if applicable. 
  

	 	(ii)	Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the holder thereof for an Unrestricted
Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

 (A) such exchange or transfer is effected pursuant to an Exchange Offer in accordance with the Registration Rights Agreement and the holder, 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 Broker-Dealer, (2) a Person participating in the distribution of the Exchange Notes or (B) a Person who is an affiliate (as defined in Rule 144) of the
Company; 
 (B) any such transfer is effected pursuant to a Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
 (C) any such transfer is effected by a Broker-Dealer pursuant to an Exchange
Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar
receives the following: 
 (1) if the holder of such Restricted Definitive Notes proposes to exchange such Notes
for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item 1(d) thereof; or 

(2) if the holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item 4 thereof; 

  
 19 

 and, in each such case set forth in this subparagraph (D), an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act. 
  

	 	(iii)	Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the holder thereof.

 (f) Exchange Offer. Upon the occurrence of an Exchange Offer in accordance with the Registration Rights
Agreement, the Company shall issue and, upon receipt of an Authentication Order and Officer’s Certificate and Opinion of Counsel conforming with Section 314(c) of the TIA in accordance with Section 2.03 of the Indenture, the Trustee
shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the
applicable Letters of Transmittal that (x) they are not 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 Restricted Definitive Notes tendered for acceptance by Persons that certify in the applicable Letters of
Transmittal that (x) they are not 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. Concurrently with the issuance of such Notes, the Registrar shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and, upon receipt of an
Authentication Order in accordance with Section 2.03 of the Indenture, the Trustee shall authenticate and the Registrar shall mail to the Persons designated by the holders of Definitive Notes so accepted Unrestricted Definitive Notes in the
applicable principal amount. Any Notes of a Series that remain outstanding after the consummation of an Exchange Offer, and Exchange Notes of such Series issued in connection with an Exchange Offer, shall be treated as a single class of securities
under the Indenture. 
 (g) Legends. The following legends shall appear on the face of all Global Notes and Definitive
Notes issued under the Indenture unless specifically stated otherwise in the applicable provisions of the Indenture: 

  
 20 

 (i) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 

“THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE
SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT: 
 (A) SUCH SECURITY MAY BE, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY: 
 (i) (a) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT, OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO
REQUESTS), 
 (ii) TO THE ISSUER, OR 

(iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, 

AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION; AND 
 (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM
IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 NO REPRESENTATION CAN BE MADE AS
TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 

  
 21 

 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraph (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.05 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend and the
Private Placement Legend may be removed from the Regulation S Global Notes upon completion of the Restricted Period. 
  

	 	(ii)	Global Note Legend. Each Global Note representing Notes shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.05(h) OF THE FIRST SUPPLEMENTAL
INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.05(a) OF THE FIRST SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE
INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
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.”

 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee and/or Registrar in
accordance with Section 2.10 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced 

  
 22 

 
accordingly and an endorsement shall be made on such Global Note by the Registrar or by the Depositary at the direction of the Registrar to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note
by the Registrar or by the Depositary at the direction of the Registrar to reflect such increase. 
  

	 	(i)	General Provisions Relating to Transfers and Exchanges. 

  

	 	(i)	To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an
Authentication Order in accordance with Section 2.03 of the Indenture or at the Registrar’s request. 

  

	 	(ii)	No service charge shall be made to a holder of a beneficial interest in a Global Note or to a holder of a Definitive Note for any registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.08, 3.07 and 9.05 of the Indenture and Section 4.03 of this First Supplemental Indenture). 

  

	 	(iii)	Neither the Registrar nor the Company shall be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part. 

  

	 	(iv)	All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the
Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

 

	 	(v)	The Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.03 of the Indenture and ending at the close of business on the day of selection or (B) to register the transfer of or to exchange a Note between a Record Date and the
next succeeding Interest Payment Date. 

  

	 	(vi)	Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest (including Additional Interest, if any) on such Notes and for all other purposes, and none of the Trustee, any
Agent or the Company shall be affected by notice to the contrary. 

  

	 	(vii)	 Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant to Section 4.04 of the
Indenture, the Company shall execute, and, upon receipt of an Authentication Order in accordance with 

  
 23 

	 	
Section 2.03 of the Indenture, the Trustee shall authenticate and the Registrar shall mail, in the name of the designated transferee or transferees, one or more replacement Notes of any
authorized denomination or denominations of a like aggregate principal amount. 

  

	 	(viii)	At the option of the holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender
of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and the Registrar shall mail, the replacement Global
Notes and Definitive Notes which the holder making the exchange is entitled to in accordance with the provisions of Section 2.03 of the Indenture. 

  

	 	(ix)	All certifications, certificates, Officer’s Certificates and Opinions of Counsel required to be submitted to the Registrar and/or Trustee pursuant to this
Section 2.05 to effect a registration of transfer or exchange may be submitted by facsimile. 

  

	 	(x)	The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary Participants or beneficial owners of interests in any Global Notes) 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, the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 

  

	 	(xi)	Any request to the Trustee shall be in writing and may be transmitted electronically. 

ARTICLE 3 

REDEMPTION 

Section 3.01. Optional Redemption. Each Series of Notes may be redeemed, in whole, or from time to time in part, subject to
the conditions and at the redemption prices set forth in Section 5 of the applicable form of Note set forth in Exhibits A1-A3 hereto, which are incorporated by reference and made a part hereof. 

Section 3.02. Mandatory Redemption; Sinking Fund. The Company is not required to make mandatory redemption or sinking fund
payments with respect to any series of the Notes. 

  
 24 

 ARTICLE 4 
 COVENANTS 
 In addition to the covenants in Article 4 of the
Indenture, which shall in all respects be applicable in respect of the Notes, the following additional covenants shall be applicable to the Notes (subject in each case to the Company’s right to exercise its legal defeasance option or covenant
defeasance option with respect to one or more Series of Notes). 
 Section 4.01. Restrictions on Secured Debt.

 (a) After the Issue Date, neither the Company nor any Subsidiary (other than an Excluded Subsidiary) shall create, incur,
issue, assume or guarantee any Indebtedness secured by a mortgage, security interest, pledge or lien (hereinafter called “Mortgage”) on or upon any of their Property, whether owned at the date of this First Supplemental Indenture or
acquired after the date of this First Supplemental Indenture, without ensuring that each Series of the Notes (together with, if the Company shall so determine, any other Indebtedness created, issued, assumed or guaranteed by the Company or any
Subsidiary then existing or thereafter created) shall be secured by such Mortgage equally and ratably with (or, at the option of the Company, prior to) such Indebtedness. 
 (b) The provisions of Section 4.01(a) shall not, however, apply to Indebtedness secured by any of the following: 
  

	 	(i)	Mortgages on any Property acquired, leased, constructed or improved by, or on any shares of Capital Stock or Indebtedness acquired by, the Company or any Subsidiary
after the date of this First Supplemental Indenture to secure Indebtedness incurred for the purpose of financing or refinancing all or any part of the purchase price of such Property, shares of Capital Stock or Indebtedness or of the cost of any
construction or improvements on such Property, including Mortgages created as a result of an acquisition by way of Capital Lease, in each case, to the extent that the Indebtedness is incurred prior to or within one year after the applicable
acquisition, lease, completion of construction or improvement or beginning of commercial operation of such Property, as the case may be, provided, however, for the avoidance of doubt, that any improvements that become subject to any
pre-existing Mortgage on the Property to which such improvements are made need not be completed within one year after the incurrence of the Indebtedness giving rise to such Mortgage; 

 

	 	(ii)	Mortgages on any Property, shares of Capital Stock or Indebtedness existing at the time the Company or any Subsidiary acquires any of the same and on any subsequent
improvements to such Property, provided, however, that any such Mortgage in respect of Indebtedness existing at the time of acquisition of any such Property may apply to any subsequent improvements to such Property;

  

	 	(iii)	Mortgages on Property of a Person existing at the time the Company or any Subsidiary merges or consolidates with such Person or at the time the Company or any
Subsidiary acquires all or substantially all of the Properties or Capital Stock of such Person; 

  
 25 

	 	(iv)	Mortgages on (a) any Property of, or shares of Capital Stock or Indebtedness of, a Person existing at the time such Person becomes a Subsidiary or (b) any
shares of Capital Stock or Indebtedness of a Joint Venture; 

  

	 	(v)	Mortgages in favor of the Company or any Subsidiary; 

  

	 	(vi)	Mortgages in favor of the United States or any state thereof, or political subdivision of the United States or any state thereof, or any department, agency or
instrumentality of the United States or any state thereof or any such political subdivision, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure Indebtedness incurred or guaranteed to finance or
refinance all or any part of the purchase price of the Property, shares of Capital Stock or Indebtedness subject to any such Mortgage, or the cost of constructing or improving the Property subject to such Mortgage; 

 

	 	(vii)	Mortgages to secure the Credit Agreement; 

  

	 	(viii)	Mortgages on accounts receivables and related assets of the Company and its Subsidiaries pursuant to Qualified Receivables Financing; 

 

	 	(ix)	Mortgages securing industrial revenue, pollution control or similar bonds issued or guaranteed by the United States or any state thereof, or political subdivision of
the United States or any state thereof, or any department, agency or instrumentality of the United States or any state thereof or any such political subdivision; 

 

	 	(x)	Mortgages securing obligations owed in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated
clearinghouse transfers of funds; and 

  

	 	(xi)	extensions, renewals or replacements of any Mortgage existing on the date of this First Supplemental Indenture (excluding Indebtedness under the Credit Agreement) or
any Mortgage referred to above; provided, however, that the principal amount of Indebtedness secured thereby may not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal or replacement (other than any
increases attributable to (a) any premium required to be paid in connection with such refinancing pursuant to the terms of the Indebtedness so refinanced, (b) the amount of any premium reasonably determined by the Board of Directors of the
Company as necessary to accomplish such refinancing by means of a tender offer or privately negotiated repurchase and (c) any expenses incurred in connection with such refinancing), and such extension, renewal or replacement will be limited to
all or a part of the Property (plus improvements and construction on such Property), shares of Capital Stock or Indebtedness which was subject to the Mortgage so extended, renewed or replaced. 

(c) Notwithstanding the provisions of Section 4.01(a) hereof, the Company or any Subsidiary may, without equally and ratably
securing the Notes of any Series, issue, assume or guarantee Indebtedness secured by a Mortgage not excepted by clauses (i) through (xi) of Section 4.01(b) hereof, if at the time of such issuance, assumption or guarantee, after giving
effect thereto 

  
 26 

 
and to the retirement of any Indebtedness which is concurrently being retired, the aggregate principal amount of all such Indebtedness secured by Mortgages which would otherwise be subject to
such restriction (other than any Indebtedness secured by Mortgages permitted as described in clauses (i) through (xi) of Section 4.01(b) hereof) plus the aggregate amount (without duplication) of all Attributable Debt of the Company
and any of its Subsidiaries (other than Excluded Subsidiaries) in respect of Sale and Lease-Back Transactions (with the exception of such transactions which are permitted under clauses (i) and (ii) of Section 4.02(a) hereof) does not
exceed 15% of Consolidated Net Tangible Assets of the Company. 
 Section 4.02. Restrictions on Sale and Lease-Back
Transactions. 
 (a) The Company will not, and will not permit any of its Subsidiaries (other than Excluded Subsidiaries)
to, enter into any Sale and Lease-Back Transaction with respect to any of their Property unless, 
  

	 	(i)	the Company or such Subsidiary would (at the time of entering into such arrangement) be entitled pursuant to clause (i) or (vi) of Section 4.01(b) hereof
to create, issue, assume or guarantee Indebtedness secured by a Mortgage on such Property to be leased without having to equally and ratably secure the Notes of any Series; or 

 

	 	(ii)	the Company or such Subsidiary applies an amount (equaling at least the greater of the net proceeds of the sale of Property or the Attributable Debt in respect of such
Sale and Lease-Back Transaction) within a period commencing one year prior to the consummation of such Sale and Lease-Back Transaction and ending one year after the consummation thereof, to make non-mandatory prepayments on Long-Term Indebtedness,
retire Long-Term Indebtedness or acquire, construct or improve long-term assets; or 

  

	 	(iii)	the Attributable Debt of the Company or such Subsidiary in respect of such Sale and Lease-Back Transaction and all other Sale and Lease-Back Transactions entered into
after the Issue Date (other than any such Sale and Lease-Back Transaction as would be permitted as described in clauses (i) and (ii) of this Section 4.02(a)), plus the aggregate principal amount (without duplication) of Indebtedness
secured by Mortgages then outstanding (not including any such Indebtedness secured by Mortgages described in clauses (i) through (xi) of Section 4.01(b) hereof) which do not equally and ratably secure the Notes of any Series (or
secure the Notes of any Series on a basis that is prior to other Indebtedness secured thereby) would not exceed 15% of Consolidated Net Tangible Assets of the Company. 

Section 4.03. Change of Control. 
 (a) Upon the occurrence of a Change of Control Repurchase Event with respect to a Series of the Notes, each holder of Notes of such Series will have the right to require the Company to repurchase all or
any part of such holder’s Notes of such Series at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase (subject to the right of
holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), except to the extent the Company has previously or concurrently elected to redeem the Notes of such Series pursuant to Article 3 hereof.

  
 27 

 (b) Within 30 days following any Change of Control Repurchase Event with respect to a Series
of Notes, except to the extent that the Company has exercised its right to redeem the Notes of such Series by delivery of a notice of redemption pursuant to Article 3 of the Indenture, the Company shall mail a notice (a “Change of Control
Offer”) to each holder of Notes of the applicable Series with a copy to the Trustee stating: 
  

	 	(i)	that a Change of Control Repurchase Event has occurred with respect to such Series of Notes and that such holder has the right to require the Company to repurchase such
holder’s Notes of such Series at a repurchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase (subject to the right of holders of
record on a Record Date to receive interest on the relevant Interest Payment Date); 

  

	 	(ii)	the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); and 

 

	 	(iii)	the instructions determined by the Company, consistent with this Section 4.03, that a holder must follow in order to have its Notes purchased.

 (c) Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form
duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one
Business Day prior to the purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered for purchase by the holder and a statement that such holder is
withdrawing his election to have such Note purchased. For holders whose Notes are purchased only in part, the Company shall issue, and the Trustee shall authenticate new Notes of such Series equal in principal amount to the unpurchased portion of
the Notes surrendered. 
 (d) On the repurchase date, all Notes purchased by the Company under this Section 4.03 shall be
delivered to the Trustee for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest and Additional Interest, if any, to the holders entitled thereto. 

(e) A Change of Control Offer may be made in advance of a Change of Control Repurchase Event, and conditioned upon such Change of Control
Repurchase Event, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 
 (f) Notwithstanding the foregoing provisions of this Section 4.03, the Company shall not be required to make a Change of Control Offer with respect to the Notes of any Series upon the consummation of
a Change of Control Repurchase Event if a third party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this Section 4.03 applicable to a Change of Control Offer made by
the Company and purchases all Notes of such Series properly tendered and not withdrawn under such Change of Control Offer. 

  
 28 

 (g) Notes repurchased by the Company pursuant to a Change of Control Offer will have the
status of Notes issued but not outstanding or will be retired and canceled at the option of the Company. Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and outstanding. 

(h) At the time the Company delivers Notes to the Trustee which are to be accepted for purchase, the Company shall also deliver an
Officer’s Certificate stating that such Notes are to be accepted by the Company pursuant to and in accordance with the terms of this Section 4.03. A Note shall be deemed to have been accepted for purchase at the time the Trustee, directly
or through an agent, mails or delivers payment therefor to the surrendering holder. 
 (i) Prior to any Change of Control Offer,
the Company shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent contained herein to the right of the Company to make such offer have been complied with. 

(j) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.03. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.03, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.03 by virtue thereof. 
 Section 4.04. Future Subsidiary Guarantors. The Company will cause each Wholly Owned Domestic Subsidiary of the Company, other than, at the election of the Company, an Excluded Subsidiary,
that incurs, as an issuer, co-issuer, borrower or guarantor of, any Capital Markets Debt after the Issue Date, in an amount that, together with any other such Indebtedness (excluding any Indebtedness incurred as permitted pursuant to the definition
of Credit Agreement) issued, co-issued or guaranteed by such Wholly Owned Domestic Subsidiary and then outstanding, exceeds at the time of such incurrence, 15% of Consolidated Net Tangible Assets of the Company, to execute and deliver to the Trustee
a supplemental indenture joining such Subsidiary of the Company to the Indenture substantially in the form of Exhibit D hereto, pursuant to which such Subsidiary will provide a Subsidiary Guarantee for so long as such Indebtedness giving
rise to such guarantee obligation remains an obligation of such Subsidiary. In addition, the Company may cause other Subsidiaries to guarantee the Notes of any Series at its option. The Subsidiary Guarantee of any such Subsidiary will be released
upon: 
  

	 	(i)	the sale or disposition (whether by merger, stock purchase, asset sale or otherwise) of a Subsidiary guarantor (or all or substantially all its assets or its Capital
Stock) to a person which is not (after giving effect to such transaction) a Subsidiary or the Company; 

  

	 	(ii)	such Subsidiary becoming an Excluded Subsidiary; 

  

	 	(iii)	discharge of the Indenture or legal defeasance or covenant defeasance; or 

  

	 	(iv)	such Subsidiary guarantor ceasing to guarantee or be the issuer or borrower of all Capital Markets Debt in excess of the dollar threshold specified above;

  
 29 

 and in each such case such Subsidiary shall be deemed automatically and unconditionally released and
discharged from all the Subsidiary’s obligations under its Subsidiary Guarantee with respect to each Series of the Notes without any further action required on the part of the Subsidiary, the Company, the Trustee or any holder of the Notes. In
the event of the sale or disposition (whether by merger, stock purchase, asset sale or otherwise) of a Subsidiary (or all or substantially all its assets or its Capital Stock) to a person which is not (after giving effect to such transaction) a
Subsidiary or the Company, such person shall not be subject to the Subsidiary’s obligations under its Subsidiary Guarantee. 
 Section 4.05. Reports and Other Information. So long as any Notes are outstanding, the Company shall: 
 (a) notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided
for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Company shall file with the SEC (and provide the Trustee and holders with copies thereof, without cost to each holder, within 15 days after it
files them with the SEC), 
  

	 	(i)	within the time period specified in the SEC’s rules and regulations for non-accelerated filers, annual reports on Form 10-K (or any successor or comparable form)
containing the information required to be contained therein (or required in such successor or comparable form), 

  

	 	(ii)	within the time period specified in the SEC’s rules and regulations for non-accelerated filers, reports on Form 10-Q (or any successor or comparable form)
containing the information required to be contained therein (or required in such successor or comparable form), 

  

	 	(iii)	promptly from time to time after the occurrence of an event required to be therein reported (and in any event within the time period specified in the SEC’s rules
and regulations), such other reports on Form 8-K (or any successor or comparable form), and 

  

	 	(iv)	any other information, documents and other reports which the Company would be required to file with the SEC if it were subject to Section 13 or 15(d) of the
Exchange Act; 

 provided, however, that (1) if the Company is not subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, the Company may complete any such reports as though its only registered securities are non-convertible debt securities and (2) the Company shall not be so obligated to file such reports with the SEC
if the SEC does not permit such filing, in which event, the Company will make available such information to prospective purchasers of Notes in addition to providing such information to the Trustee and the holders, in each case within 15 days after
the time the Company would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act. 
 (b) The Company will make such reports referred to in clause (a) above available to prospective investors upon request. In addition, for so long as any Notes remain outstanding during any period when
it is not subject to Section 13 or 15(d) of the Exchange Act, the Company will furnish to the holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act. 

  
 30 

 (c) Reports by the Company delivered to the Trustee should be considered for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 (d) Solely with respect
to the 2016 Notes, the 2018 Notes and the 2043 Notes, the provisions of Section 4.05(a) and (b) hereof shall replace Section 4.02(a) of the Indenture and such provisions of Section 4.02(a) shall not apply to such Series of Notes.

 ARTICLE 5 
 MISCELLANEOUS 
 Section 5.01. Ratification of Indenture.

 This First Supplemental Indenture is executed and shall be constructed as an indenture supplement to the Indenture, and as
supplemented and modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this First Supplemental Indenture shall be read, taken and constructed as one and the same instrument. 

Section 5.02. Trust Indenture Act Controls. 
 If any provision of this First Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in this First Supplemental Indenture by the TIA, the
required or deemed provision shall control. 
 Section 5.03. Notices. 

All notices and other communications shall be given as provided in the Indenture. 

Section 5.04. Governing Law. 
 THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE
COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVE, 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 FIRST SUPPLEMENTAL INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY. 

  
 31 

 Section 5.05. Successors. 

All agreements of the Company in this First Supplemental Indenture and the Notes shall bind their successors. All agreements of the
Trustee in this First Supplemental Indenture shall bind its successors. 
 Section 5.06. Multiple Originals.

 The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. One signed copy is enough to prove this First Supplemental Indenture. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 5.07. Headings.

 The headings of the Articles and Sections of this First Supplemental Indenture have been inserted for convenience of
reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 5.08. Trustee Not Responsible for Recitals. 
 The recitals contained
herein shall be taken as 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 First Supplemental Indenture, except that
the Trustee represents that it is duly authorized to execute and deliver this First Supplemental Indenture and perform its obligations hereunder. 

  
 32 

 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
	 COMPANY:
  

ASHLAND INC.

		
	By:	 	/s/ Eric N. Boni
		 	Name:   Eric N. Boni
		 	Title:     Vice President and Treasurer

 
			
	 TRUSTEE, REGISTRAR AND PAYING AGENT:

 
 U.S. BANK NATIONAL ASSOCIATION

		
	By:	 	/s/ William E. Sicking
		 	Name:   William E. Sicking
		 	Title:     Vice President & Trust Officer

 EXHIBIT A1 
 FORM OF 2016 NOTE 
 [Face of Note] 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A1-1

 CUSIP: 144A: [•]/REG. S: [•] 

ISIN: 144A: [•]/REG. S: [•] 
 [RULE 144A] [REGULATION S] GLOBAL NOTE 
 3.000% Senior Notes due 2016

  

			
	No.             	  	[$            ]

 ASHLAND INC., a Kentucky corporation, promises to pay to Cede & Co., or registered assigns, the principal sum
set forth on the Schedule of Increases or Decreases in Global Note attached hereto on March 15, 2016. 
 Interest Payment Dates:
March 15 and September 15 
 Record Dates: March 1 and September 1 
 Additional provisions of this Note are set forth on the other side of this Note. 

  
 A1-2

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	ASHLAND INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: [•], 20[•] 

  
 A1-3

 This is one of the Notes of the Series designated therein referred to in the within-mentioned Indenture.

  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Dated: [•], 20[•] 

  
 A1-4

 [Back of Note] 
 Ashland Inc. 
 3.000% Senior Notes due 2016 

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

1. Ashland Inc., a Kentucky corporation (the “Company”), promises to pay interest on the principal amount of this Note at
3.000% per annum from February 26, 2013 until maturity and shall pay the Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any,
semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). If a Record Date is not a Business Day,
the Record Date shall not be affected. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date; provided that the first Interest Payment Date shall be
September 15, 2013. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall
pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the
interest rate on the Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. Method of
Payment. The Company will pay interest on the Notes and Additional Interest, if any, to the Persons who are registered holders of Notes at the close of business on the March 1 and September 1 (whether or not a Business Day), as the
case may be, next preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest.
Payment of interest and Additional Interest, if any, may be made by check mailed to the holders at their addresses set forth in the register of holders; provided that payment by wire transfer of immediately available funds will be required
with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall
be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. Trustee; Paying Agent and Registrar. U.S. Bank National Association will be the Trustee, Paying Agent and Registrar (the
“Trustee”) under the Indenture with regard to the Notes. 
 4. Indenture. The Company issued the Notes under an
Indenture, dated as of February 26, 2013, between the Company and the Trustee, as amended by the First Supplemental Indenture, dated as of February 26, 2013, between the Company and the Trustee (the indenture, as so supplemented, the
“Indenture”). This Note is one of a duly authorized issue of Notes of the Company designated as its 3.000% Senior Notes due 2016 (the “Notes”). The Company shall be entitled to issue additional Notes pursuant to
Section 2.01 of the Indenture and Additional Notes pursuant to Section 2.04(F) of the First Supplemental Indenture. The Notes of a Series issued under the Indenture (including any Exchange Notes issued in exchange therefor) shall be
treated as a single class of securities under the Indenture, unless otherwise specified in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 A1-5

 5. Optional Redemption. 
 (a) The Company may, in whole at any time or in part from time to time prior to February 15, 2016, redeem the Notes (including any Additional Notes) at the Company’s option upon not less than 30
nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to (1) the greater of (x) 100% of the principal amount of the Notes to be redeemed and (y) the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the redemption date) from the redemption date through the scheduled maturity date of the Notes to
be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points as calculated by the Quotation Agent, plus (2) accrued and unpaid
interest and Additional Interest, if any, to, but not including, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

(b) At any time on or after February 15, 2016, the Company may, in whole at any time or in part from time to time, redeem the Notes (including any
Additional Notes) at the Company’s option upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to (1) 100% of the principal amount
thereof plus (2) accrued and unpaid interest and Additional Interest, if any, to, but not including, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date). 
 6. [Reserved]. 
 7. Mandatory Redemption; Sinking Fund. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

8. Notice of Redemption. Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption
date to each holder of Notes to be redeemed at his, her or its registered address. In the case of any partial redemption, selection of the Notes for redemption will be made as set forth in the Indenture; provided that no Notes of $2,000 (and
integral multiples of $1,000 in excess thereof), principal amount or less shall be redeemed in part. The notice of redemption relating to such Note selected to be redeemed shall state the portion of the principal amount thereof to be redeemed.

 If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the
redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for redemption.

 9. Offers to Repurchase. Upon the occurrence of a Change of Control Repurchase Event with respect to the Notes, each holder shall have
the right, subject to certain conditions specified in the Indenture, to cause the Company to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, to the date of repurchase (subject to the right of the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms
of, the Indenture. 

  
 A1-6

 10. Denominations, Transfer, Exchange. The Notes are in fully registered form only, without coupons,
in denominations of $2,000 and integral multiples of $1,000. A holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Registrar may require a holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer or exchange of any Notes during a period beginning 15
days before the mailing of a redemption notice for any Notes or portions thereof selected for redemption. 
  

	11.	Persons Deemed Owners. The registered holder of a Note may be treated as its owner for all purposes. 

12. Amendment, Supplement and Waiver. The Indenture or the Notes may be amended or supplemented as provided in the Indenture. 

13. Defaults and Remedies. If an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or
reorganization of the Company) and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding Notes, including any Additional Notes, in each case, by notice to the Company, may declare the principal
of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal of, premium, if any, and
interest on all the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in aggregate principal amount of the
outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 
 14. Authentication. This Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 
 15. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to holders of Notes under the Indenture, holders of Restricted Global
Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, including the right to receive Additional Interest (as defined in the Registration Rights Agreement). 

16. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES, WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAW. 
 17. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company will furnish to any holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to the Company at the following
address: 
 Ashland Inc. 
 50 East RiverCenter Boulevard 
 P.O. Box 391 

Covington, Kentucky 41012-0391 
 Facsimile: (859) 815-5053 
 Attention: Peter J. Ganz, Esq.

  
 A1-7

 Ashland Inc. 
 3.000% Senior Notes due 2016 
 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	 
		 	(Insert assignee’s legal name)
	
	 
	(Insert assignee’s Soc. Sec. or tax I.D. no.)
	
	 
	(Print or type assignee’s name, address and zip code)

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

					
	Date:             	 	
			
		 	Your Signature:	 	 
		 		 	 (Sign exactly as your name appears
 on the face of this Note)

 Signature
Guarantee*:                                 

 

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

  
 A1-8

 Ashland Inc. 
 3.000% Senior Notes due 2016 
 OPTION OF HOLDER TO ELECT PURCHASE

 If you want to elect to have this Note purchased by Ashland Inc. (the “Company”) pursuant to Section 4.03 of the First
Supplemental Indenture, check the box below: 
 [    ] Section 4.03 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.03 of the First Supplemental Indenture, state the
amount you elect to have purchased: 
 $            

  

					
	Date:             	 	
			
		 	Your Signature:	 	 
		 		 	 (Sign exactly as your name appears
 on the face of this Note)

					
			
		 	Tax Identification No.:	 	 

 Signature
Guarantee*:                             

 

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

  
 A1-9

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

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

 

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

  

 

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

  
 A1-10

 EXHIBIT A2 
 FORM OF 2018 NOTE 
 [Face of Note] 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A2-1

 CUSIP: 144A: [•]/REG. S: [•] 

ISIN: 144A: [•]/REG. S: [•] 
 [RULE 144A] [REGULATION S] GLOBAL NOTE 
 3.875% Senior Notes due 2018

  

			
	No.             	  	[$            ]

 ASHLAND INC., a Kentucky corporation, promises to pay to Cede & Co., or registered assigns, the principal sum
set forth on the Schedule of Increases or Decreases in Global Note attached hereto on April 15, 2018. 
 Interest Payment Dates:
April 15 and October 15 
 Record Dates: April 1 and October 1 
 Additional provisions of this Note are set forth on the other side of this Note. 

  
 A2-2

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

							
		 		 	ASHLAND INC.
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:

 Dated: [•], 20[•] 

  
 A2-3

 This is one of the Notes of the Series designated therein referred to in the within-mentioned Indenture.

  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Dated: [•], 20[•] 

  
 A2-4

 [Back of Note] 
 Ashland Inc. 
 3.875% Senior Notes due 2018 

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

1. Ashland Inc., a Kentucky corporation (the “Company”), promises to pay interest on the principal amount of this Note at
3.875% per annum from February 26, 2013 until maturity and shall pay the Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any,
semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). If a Record Date is not a Business Day,
the Record Date shall not be affected. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date; provided that the first Interest Payment Date shall be
October 15, 2013. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the interest
rate on the Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. Method of Payment.
The Company will pay interest on the Notes and Additional Interest, if any, to the Persons who are registered holders of Notes at the close of business on the April 1 and October 1 (whether or not a Business Day), as the case may be, next
preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest. Payment of interest
and Additional Interest, if any, may be made by check mailed to the holders at their addresses set forth in the register of holders; provided that payment by wire transfer of immediately available funds will be required with respect to
principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin
or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3. Trustee;
Paying Agent and Registrar. U.S. Bank National Association will be the Trustee, Paying Agent and Registrar (the “Trustee”) under the Indenture with regard to the Notes. 
 4. Indenture. The Company issued the Notes under an Indenture, dated as of February 26, 2013, between the Company and the Trustee, as amended by the First Supplemental Indenture, dated as of
February 26, 2013, between the Company and the Trustee (the indenture, as so supplemented, the “Indenture”). This Note is one of a duly authorized issue of Notes of the Company designated as its 3.875% Senior Notes due 2018
(the “Notes”). The Company shall be entitled to issue additional Notes pursuant to Section 2.01 of the Indenture and Additional Notes pursuant to Section 2.04(F) of the First Supplemental Indenture. The Notes of a Series
issued under the Indenture (including any Exchange Notes issued in exchange therefor) shall be treated as a single class of securities under the Indenture, unless otherwise specified in the Indenture. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and holders are referred to the Indenture and the
Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 A2-5

 5. Optional Redemption. 
 (a) The Company may, in whole at any time or in part from time to time prior to March 15, 2018, redeem the Notes (including any Additional Notes) at the Company’s option upon not less than 30
nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to (1) the greater of (x) 100% of the principal amount of the Notes to be redeemed and (y) the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the redemption date) from the redemption date through the scheduled maturity date of the Notes to
be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points as calculated by the Quotation Agent, plus (2) accrued and unpaid
interest and Additional Interest, if any, to, but not including, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

(b) At any time on or after March 15, 2018, the Company may, in whole at any time or in part from time to time, redeem the Notes (including any
Additional Notes) at the Company’s option upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to (1) 100% of the principal amount
thereof plus (2) accrued and unpaid interest and Additional Interest, if any, to, but not including, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date). 
 6. [Reserved]. 
 7. Mandatory Redemption; Sinking Fund. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

8. Notice of Redemption. Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption
date to each holder of Notes to be redeemed at his, her or its registered address. In the case of any partial redemption, selection of the Notes for redemption will be made as set forth in the Indenture; provided that no Notes of $2,000 (and
integral multiples of $1,000 in excess thereof), principal amount or less shall be redeemed in part. The notice of redemption relating to such Note selected to be redeemed shall state the portion of the principal amount thereof to be redeemed.

 If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the
redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for redemption.

 9. Offers to Repurchase. Upon the occurrence of a Change of Control Repurchase Event with respect to the Notes, each holder shall have
the right, subject to certain conditions specified in the Indenture, to cause the Company to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, to the date of repurchase (subject to the right of the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms
of, the Indenture. 

  
 A2-6

 10. Denominations, Transfer, Exchange. The Notes are in fully registered form only, without coupons,
in denominations of $2,000 and integral multiples of $1,000. A holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Registrar may require a holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer or exchange of any Notes during a period beginning 15
days before the mailing of a redemption notice for any Notes or portions thereof selected for redemption. 
 11. Persons Deemed Owners.
The registered holder of a Note may be treated as its owner for all purposes. 
 12. Amendment, Supplement and Waiver. The Indenture or
the Notes may be amended or supplemented as provided in the Indenture. 
 13. Defaults and Remedies. If an Event of Default occurs (other
than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding Notes, including any
Additional Notes, in each case, by notice to the Company, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. If an Event of Default relating to certain events of bankruptcy,
insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under
certain circumstances, the holders of a majority in aggregate principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 
 14. Authentication. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.

 15. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to
holders of Notes under the Indenture, holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, including the right to receive Additional Interest (as defined in the
Registration Rights Agreement). 
 16. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE, THE NOTES, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 17. CUSIP and ISIN Numbers. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company will furnish to any holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests
may be made to the Company at the following address: 
 Ashland Inc. 

50 East RiverCenter Boulevard 
 P.O. Box 391 
 Covington, Kentucky 41012-0391 

Facsimile: (859) 815-5053 
 Attention: Peter J. Ganz, Esq. 

  
 A2-7

 Ashland Inc. 
 3.875% Senior Notes due 2018 
 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	 
		  	(Insert assignee’s legal name)
	
	 
	(Insert assignee’s Soc. Sec. or tax I.D. no.)
	
	 
	(Print or type assignee’s name, address and zip code)

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

 

					
	Date:             	 	
			
		 	Your Signature:	 	 
		 		 	 (Sign exactly as your name appears
 on the face of this Note)

		 		 	

 Signature
Guarantee*:                         

 

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

  
 A2-8

 Ashland Inc. 
 3.875% Senior Notes due 2018 
 OPTION OF HOLDER TO ELECT PURCHASE

 If you want to elect to have this Note purchased by Ashland Inc. (the “Company”) pursuant to Section 4.03 of the First
Supplemental Indenture, check the box below: 
 [    ] Section 4.03 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.03 of the First Supplemental Indenture, state the
amount you elect to have purchased: 

$                    

  

							
	Date:             	 		 	
				
		 		 	Your Signature:	 	 
		 		 		 	 (Sign exactly as your name appears
 on the face of this Note)

							
				
		 		 	Tax Identification No.:	 	 

 Signature
Guarantee*:                         

 

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

  
 A2-9

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

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

 

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

  

 

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

  
 A2-10

 EXHIBIT A3 
 FORM OF 2043 NOTE 
 [Face of Note] 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A3-1

 CUSIP: 144A: [•]/REG. S: [•] 

ISIN: 144A: [•]/REG. S: [•] 
 [RULE 144A] [REGULATION S] GLOBAL NOTE 
 6.875% Senior Notes due 2043

  

			
	No.             	  	[$            ]

 ASHLAND INC., a Kentucky corporation, promises to pay to Cede & Co., or registered assigns, the principal sum
set forth on the Schedule of Increases or Decreases in Global Note attached hereto on May 15, 2043. 
 Interest Payment Dates: May 15
and November 15 
 Record Dates: May 1 and November 1 
 Additional provisions of this Note are set forth on the other side of this Note. 

  
 A3-2

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	ASHLAND INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: [•], 20[•] 

  
 A3-3

 This is one of the Notes of the Series designated therein referred to in the within-mentioned Indenture.

  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Dated: [•], 20[•] 

  
 A3-4

 [Back of Note] 
 Ashland Inc. 
 6.875% Senior Notes due 2043 

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

1. Ashland Inc., a Kentucky corporation (the “Company”), promises to pay interest on the principal amount of this Note at
6.875% per annum from February 26, 2013 until maturity and shall pay the Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any,
semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). If a Record Date is not a Business Day, the
Record Date shall not be affected. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date; provided that the first Interest Payment Date shall be
November 15, 2013. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the interest
rate on the Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. Method of Payment.
The Company will pay interest on the Notes and Additional Interest, if any, to the Persons who are registered holders of Notes at the close of business on the May 1 and November 1 (whether or not a Business Day), as the case may be, next
preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest. Payment of interest
and Additional Interest, if any, may be made by check mailed to the holders at their addresses set forth in the register of holders; provided that payment by wire transfer of immediately available funds will be required with respect to
principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin
or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3. Trustee;
Paying Agent and Registrar. U.S. Bank National Association will be the Trustee, Paying Agent and Registrar (the “Trustee”) under the Indenture with regard to the Notes. 
 4. Indenture. The Company issued the Notes under an Indenture, dated as of February 26, 2013, between the Company and the Trustee, as amended by the First Supplemental Indenture, dated as of
February 26, 2013, between the Company and the Trustee (the indenture, as so supplemented, the “Indenture”). This Note is one of a duly authorized issue of Notes of the Company designated as its 6.875% Senior Notes due 2043
(the “Notes”). The Company shall be entitled to issue additional Notes pursuant to Section 2.01 of the Indenture and Additional Notes pursuant to Section 2.04(F) of the First Supplemental Indenture. The Notes of a Series
issued under the Indenture (including any Exchange Notes issued in exchange therefor) shall be treated as a single class of securities under the Indenture, unless otherwise specified in the Indenture. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and holders are referred to the Indenture and the
Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 A3-5

 5. Optional Redemption. 
 (a) The Company may, in whole at any time or in part from time to time prior to February 15, 2043, redeem the Notes (including any Additional Notes) at the Company’s option upon not less than 30
nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to (1) the greater of (x) 100% of the principal amount of the Notes to be redeemed and (y) the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the redemption date) from the redemption date through the scheduled maturity date of the Notes to
be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points as calculated by the Quotation Agent, plus (2) accrued and unpaid
interest and Additional Interest, if any, to, but not including, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

(b) At any time on or after February 15, 2043, the Company may, in whole at any time or in part from time to time, redeem the Notes (including any
Additional Notes) at the Company’s option upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to (1) 100% of the principal amount
thereof plus (2) accrued and unpaid interest and Additional Interest, if any, to, but not including, the applicable redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date). 
 6. [Reserved]. 
 7. Mandatory Redemption; Sinking Fund. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

8. Notice of Redemption. Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption
date to each holder of Notes to be redeemed at his, her or its registered address. In the case of any partial redemption, selection of the Notes for redemption will be made as set forth in the Indenture; provided that no Notes of $2,000 (and
integral multiples of $1,000 in excess thereof), principal amount or less shall be redeemed in part. The notice of redemption relating to such Note selected to be redeemed shall state the portion of the principal amount thereof to be redeemed.

 If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the
redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for redemption.

 9. Offers to Repurchase. Upon the occurrence of a Change of Control Repurchase Event with respect to the Notes, each holder shall have
the right, subject to certain conditions specified in the Indenture, to cause the Company to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, to the date of repurchase (subject to the right of the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms
of, the Indenture. 

  
 A3-6

 10. Denominations, Transfer, Exchange. The Notes are in fully registered form only, without coupons,
in denominations of $2,000 and integral multiples of $1,000. A holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Registrar may require a holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer or exchange of any Notes during a period beginning 15
days before the mailing of a redemption notice for any Notes or portions thereof selected for redemption. 
 11. Persons Deemed Owners.
The registered holder of a Note may be treated as its owner for all purposes. 
 12. Amendment, Supplement and Waiver. The Indenture or
the Notes may be amended or supplemented as provided in the Indenture. 
 13. Defaults and Remedies. If an Event of Default occurs (other
than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the outstanding Notes, including any
Additional Notes, in each case, by notice to the Company, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. If an Event of Default relating to certain events of bankruptcy,
insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under
certain circumstances, the holders of a majority in aggregate principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 
 14. Authentication. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.

 15. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to
holders of Notes under the Indenture, holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, including the right to receive Additional Interest (as defined in the
Registration Rights Agreement). 
 16. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE, THE NOTES, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 17. CUSIP and ISIN Numbers. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company will furnish to any holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests
may be made to the Company at the following address: 
 Ashland Inc. 

50 East RiverCenter Boulevard 
 P.O. Box 391 
 Covington, Kentucky 41012-0391 

Facsimile: (859) 815-5053 
 Attention: Peter J. Ganz, Esq. 

  
 A3-7

 Ashland Inc. 
 6.875% Senior Notes due 2043 
 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	 
		  	(Insert assignee’s legal name)
		
	 	  	 
	(Insert assignee’s Soc. Sec. or tax I.D. no.)
		
	 	  	 
	(Print or type assignee’s name, address and zip code)

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

 

					
	Date:                 	 	
			
		 	Your Signature:	 	 
		 		 	 (Sign exactly as your name appears
 on the face of this Note)

 Signature
Guarantee*:                         

 

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

  
 A3-8

 Ashland Inc. 
 6.875% Senior Notes due 2043 
 OPTION OF HOLDER TO ELECT PURCHASE

 If you want to elect to have this Note purchased by Ashland Inc. (the “Company”) pursuant to Section 4.03 of the First
Supplemental Indenture, check the box below: 
 [    ] Section 4.03 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.03 of the First Supplemental Indenture, state the
amount you elect to have purchased: 

$                 

 

					
	Date:            	 	
			
		 	Your Signature:	 	 
		 		 	 (Sign exactly as your name appears
 on the face of this Note)

					
			
		 	Tax Identification No.:	 	 
		 		 	

 Signature
Guarantee*:                 
  

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

  
 A3-9

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

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

 

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

  

 

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

  

  
 A3-10

 EXHIBIT B 
 Ashland Inc. 
 [•]% Senior Notes due 20[•] 

FORM OF CERTIFICATE OF TRANSFER 
 Ashland Inc. 
 Facsimile: (859) 815-5053 

Attention: General Counsel 
 U.S. Bank National
Association 
 425 Walnut Street 
 6th Floor

 Cincinnati, Ohio 45202 
 Facsimile:
513-632-5511 
 Email: William.Sicking@usbank.com 
  

	Re:	[—]% Senior Notes due 20[•] 

 Reference is hereby made to the Indenture, dated as of February [•], 2013, between Ashland Inc. (the “Company”) and U.S. Bank National Association, as Trustee and Paying Agent, as
amended by the First Supplemental Indenture, dated as of February [•], 2013, between the Company and U.S. Bank National Association, as Trustee and Paying Agent (the indenture, as so supplemented, the “Indenture”). Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture. 

                         
            (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
[$]                 in such Note[s] or interests (the “Transfer”), to
                                     (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
 1. [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the
meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. 
 2. [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is
being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies 

  
 B-1

 
that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market
and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act. 
 3. [    ] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE
144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act
and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
  

	(a)	[    ] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
  

	(b)	[    ] such Transfer is being effected to the Company or a subsidiary thereof; 

or 
  

	(c)	[    ] such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the
prospectus delivery requirements of the Securities Act. 

 4. [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF
A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 
 (a) [    ] CHECK IF TRANSFER
IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture. 
 (b) [    ] CHECK IF TRANSFER IS PURSUANT TO REGULATION S.
(i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities

  
 B-2

 
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c) [    ]
CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

  
 B-3

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company. 
  

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                   

  
 B-4

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 
  

	 	(a)	[    ] a beneficial interest in the: 

  

	 	(i)	[    ] 144A Global Note ([CUSIP: ] [Common [ISIN: ]), or 

 

	 	(ii)	[    ] Regulation S Global Note ([CUSIP: ] [ISIN: ]), or 

 

	 	(b)	[    ] a Restricted Definitive Note. 

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
  

	 	(a)	[    ] a beneficial interest in the: 

  

	 	(i)	[    ] 144A Global Note ([CUSIP: ] [Common [ISIN: ]), or 

 

	 	(ii)	[    ] Regulation S Global Note ([CUSIP: ] [Common [ISIN: ]), or 

 

	 	(iii)	[    ] Unrestricted Global Note ([    ] [    ]); or 

 

	 	(b)	[    ] a Restricted Definitive Note; or 

  

	 	(c)	[    ] an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

  
 B-5

 EXHIBIT C 
 Ashland Inc. 
 [•]% Senior Notes due 20[•] 

FORM OF CERTIFICATE OF EXCHANGE 
 Ashland Inc. 
 Facsimile: (859) 815-5053 

Attention: General Counsel 
 U.S. Bank National
Association 
 425 Walnut Street 
 6th Floor

 Cincinnati, Ohio 45202 
 Facsimile:
513-632-5511 
 Email: William.Sicking@usbank.com 
  

	Re:	[—]% Senior Notes due 20[•] 

 Reference is hereby made to the Indenture, dated as of February [•], 2013, as amended by the First Supplemental Indenture, dated as of February [•], 2013, between the Company and U.S. Bank
National Association, as Trustee and Paying Agent (the indenture, as so supplemented, the “Indenture”), between Ashland Inc. (the “Company”) and U.S. Bank National Association, as Trustee and Paying Agent.
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                         
            (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of
[$]                         in such Note[s] or interests (the “Exchange”). In connection with the
Exchange, the Owner hereby certifies that: 
 1. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR
UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE. 
 (a) [    ] CHECK IF EXCHANGE IS
FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
 (b) [    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner

  
 C-1

 
hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (c) [    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted
Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(d) [    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 2. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES. 
 (a) [    ] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b) [    ] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted
Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ] Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

  
 C-2

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company and are dated             . 
  

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                     

  
 C-3

 EXHIBIT D 
 [FORM OF SUPPLEMENTAL INDENTURE RELATED 
 TO SUBSIDIARY GUARANTORS]

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of [        ],
between [GUARANTOR] (the “New Guarantor”), a subsidiary of ASHLAND INC., a Kentucky corporation (or its successor) (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a company, as trustee under the indenture
referred to below (the “Trustee”). 
 W I T N E S S E T H : 

WHEREAS the Company has heretofore executed and delivered to the Trustee an indenture dated as of February 26, 2013, as supplemented by the First
Supplemental Indenture dated as of February 26, 2013 (the indenture, as so supplemented, and as further amended, supplemented or otherwise modified, the “Indenture”) providing for the issuance of the Company’s $600,000,000
aggregate principal amount of 3.000% Senior Notes due 2016, $700,000,000 aggregate principal amount of 3.875% Senior Notes due 2018 and $350,000,000 aggregate principal amount of 6.875% Senior Notes due 2043 (collectively, the
“Notes”); 
 WHEREAS Section 4.04 of the First Supplemental Indenture provides that under certain circumstances the
Company is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Company’s Obligations under the Notes and the Indenture
pursuant to a guarantee on the terms and conditions set forth herein; and 
 WHEREAS pursuant to Section 9.01 of the Indenture, the
Trustee, the Company and any other existing Subsidiary guarantors, if any, are authorized to execute and deliver this Supplemental Indenture; 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New
Guarantor, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as
therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such holders.
The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section
hereof. 
 2. Agreement to Guarantee. (a) The New Guarantor hereby agrees, jointly and severally with all existing guarantors (if
any), to irrevocably and unconditionally guarantee on an unsubordinated basis, as a primary obligor and not merely as a surety, to each holder and to the Trustee and its successors and assigns (i) the full and punctual payment when due, whether
at maturity, by acceleration, by redemption or otherwise, of all Obligations of the Company under the Indenture (including obligations to the Trustee and the Agents) and the Notes, whether for payment of principal of, premium, if any, or interest on
in respect of the Notes (the “Guarantee”) and all other monetary obligations of the Company under the Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations
of the Company whether for fees, expenses, indemnification or otherwise under the Indenture and the 

  
 D-1

 
Notes (all the foregoing, including the Guarantee, being hereinafter collectively called the “Guaranteed Obligations”). The New Guarantor further agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice or further assent from such New Guarantor, and that the New Guarantor shall remain bound under its Guarantee notwithstanding any extension or renewal of any Guaranteed
Obligation. 
 (b) To the extent applicable, the New Guarantor waives presentation to, demand of payment from and protest to the
Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. The New Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of the New Guarantor hereunder shall not be
affected by (i) the failure of any holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under the Indenture, the Notes or any other agreement or otherwise; (ii) any
extension or renewal of the Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture, the Notes or any other agreement; (iv) the failure of any
holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (v) any change in the ownership of the New Guarantor. The New Guarantor hereby waives any right to which it may be entitled to have
its Obligations hereunder divided among any other existing Subsidiary Guarantees, such that the New Guarantor’s obligations would be less than the full amount claimed. 
 (c) The New Guarantor hereby waives any right to which it may be entitled to have the assets of the Company first be used and depleted as payment of the Company’s or the New Guarantor’s
obligations hereunder prior to any amounts being claimed from or paid by the New Guarantor hereunder. The New Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an action being initiated
against the New Guarantor. 
 (d) The New Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment,
performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any holder or the Trustee to any security held for payment of the Guaranteed Obligations. 

(e) The Guarantee of the New Guarantor is the unsubordinated unsecured Obligations of the New Guarantor, equal in right of payment to all
existing and future unsubordinated indebtedness of the New Guarantor. 
 (f) Except as expressly set forth in the Indenture, the
obligations of the New Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any
defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the
New Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any holder or the Trustee to assert any claim or demand or to enforce any remedy under the Indenture, the Notes or any other agreement, by any waiver or
modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any
extent vary the risk of the New Guarantor or would otherwise operate as a discharge of the New Guarantor as a matter of law or equity. 

  
 D-2

 (g) The New Guarantor agrees that its Guarantee shall remain in full force and effect until
payment in full of all the Guaranteed Obligations. The New Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or
interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise. 

(h) In furtherance of the foregoing and not in limitation of any other right which any holder or the Trustee has at law or in equity
against the New Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or
to perform or comply with any other Guaranteed Obligation, the New Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the holders or the Trustee an amount equal to
the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary
obligations of the Company to the holders, the Trustee and Agents. 
 (i) The New Guarantor agrees that it shall not be entitled
to any right of subrogation in relation to the holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. The New Guarantor further agrees that, as between it, on the one hand, and the
holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6 of the Indenture, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Company for the purposes of this Guarantee. 
 (j) The New Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee, the Agents or any holder in enforcing any rights
under this Guarantee. 
 (k) Upon request of the Trustee, the New Guarantor shall execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of the Indenture. 

(l) Any term or provision of this Guarantee to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by the New Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Guarantee, as it relates to the New Guarantor, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors generally. The Guaranteed Obligations of the New Guarantor will be limited as necessary to recognize certain defenses generally available to guarantors (including those that
relate to fraudulent conveyance or transfer, voidable preference, financial assistance, corporate purpose, capital maintenance or similar laws, regulations or defenses affecting the rights of creditors generally) or other considerations under
applicable law. 
 3. Notices. All notices or other communications to the New Guarantor shall be given as provided in Section 10.02
of the Indenture. 

  
 D-3

 4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended
hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every
holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5. GOVERNING LAW. THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 6. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

8. Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof. 

  
 D-4

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the
date first above written. 
  

			
	[NEW GUARANTOR]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 U.S. BANK NATIONAL

ASSOCIATION, as Trustee

		
	By:	 	 
		 	Name:
		 	Title:

  
 D-5

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