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Exhibit 10.13

CONFIDENTIAL SEVERANCE AGREEMENT

THIS CONFIDENTIAL SEVERANCE AGREEMENT (the "Agreement") is made and entered into by and between Frank J. Cotroneo (the "Employee") and Aspen Group, Inc. (Aspen Group, Inc. and its subsidiaries, together the "Employer" or the "Company").

WHEREAS, the Employee is a Board Member and is employed as an Officer and the Chief Financial Officer of the Employer;

WHEREAS, the Employee and the Employer mutually agree that the Employee will step down from the positions of Officer, Board Member, and Chief Financial Officer;

WHEREAS, the parties wish to resolve all outstanding claims and disputes between them in an amicable manner;

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth in this Agreement, the sufficiency of which the parties acknowledge, it is agreed as follows:

1.The Employee hereby agrees to step down as an officer, director and employee of the Employer effective the date Employee signs the Agreement, provided Employee does not revoke the Agreement pursuant to Paragraph 10 (v) of the Agreement ("Effective Date"). If Employee revokes the Agreement, then all provisions herein are null and void, and Employee is not entitled to any of the consideration set forth in the Agreement.

2.In consideration for the Employee's acknowledgments, representations, warranties, covenants, releases and agreements set forth in this Agreement, the Employer agrees to pay the Employee severance totaling One Hundred Fifty Thousand Dollars and No Cents ($150,000.00), within 10 days after Employer's receipt of the Agreement containing the signature of Employee. The severance payment shall be subject to withholding for all applicable federal, state, social security and other taxes and sums required to be withheld. The Employee acknowledges that he would not otherwise be entitled to the severance but for his promises in this Agreement.

3.As further consideration, the Employer also agrees to pay Employee Eighteen Thousand Five Hundred Sixty-Three Dollars and Zero Cents ($18,563.00) as a final bonus payment for Fiscal Year 2020 and Thirty-Three Thousand Seven Hundred Fifty Dollars and Zero Cents ($33,750.00) as a final bonus payment for Fiscal Year 2021, for a total of Fifty-Two Thousand Three Hundred Thirteen Dollars and Zero Cents ($52,313.00), within 10 days after Employer's receipt of the Agreement containing the signature of Employee. This payment shall be subject to withholding for all applicable federal, state, social security and other taxes and 
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sums required to be withheld. The Employee acknowledges that he would not otherwise be entitled to this payment but for his promises in this Agreement.

4.As further consideration, the Employer also agrees to pay Employee a sum equal to the cost for Employee to continue Employee's current medical, dental and vision insurance coverage for six months after the Effective Date through C.O.B.R.A. This payment will be made within 10 days after Employer's receipt of the Agreement containing the signature of Employee.

5.As further consideration, the Employer agrees that the unvested 13,892 non-qualified stock options to purchase shares of Aspen Group, Inc.'s Common Stock exercisable at $5.12 (the "Options") shall vest automatically on the Effective Date, provided Employee does not revoke the Agreement pursuant to Paragraph 10 (v) of the Agreement. The Employee acknowledges and agrees that the Options shall remain exercisable for one year following the Effective Date, whereupon they shall expire.

6.As further consideration, the Employer also agrees to reimburse Employee for relocation costs incurred by Employee up to Ninety-Six Thousand Two Hundred Fifty Dollars and Zero Cents ($96,250.00), after Employer's receipt of the Agreement containing the signature of Employee and within 10 days after Employee provides receipts evidencing a reimbursable relocation expense.

7.The Employee currently holds certain Restricted Stock Units ("RSUs") which are subject to vesting over time (the "Time Based RSUs") or through a combination of time and meeting a stock-based price target (the "Priced Based RSUs"). In partial consideration of the execution of this Agreement, the Employer agrees that the Time Based RSUs shall accelerate and be fully vested as of the Effective Date provided Employee does not revoke the Agreement pursuant to Paragraph 10 (v) of the Agreement, and the Price Based RSUs shall not vest, and shall terminate as of the Effective Date.

(a)Specifically, the Employer agrees that the remaining 66,667 and 13,584 unvested restricted stock units (totaling 80,251) granted on December 1, 2020 and July 8, 2020, respectively, shall vest automatically on the Effective Date, provided Employee does not revoke the Agreement pursuant to Paragraph 10 (v) of the Agreement. Employer acknowledges that all DWAC transfer instructions must be submitted before 3:45 pm Eastern Time for a stock transfer to be processed on the next business day. The Employer further agrees that it is the intent to permit the Employee to trade Aspen stock received via the DWAC stock transfer on and after March 17, 2021 or such later date as is provided in Section 7(b).

(b)On March 17, 2021 or within one (1) business day after Aspen Group, Inc. has publicly announced its results of operations for the three and nine months ended January 31, 2021 (if such results of operations are publicly announced after March 17, 2021), Employer shall deliver to its stock transfer agent such issuance instructions and resolutions which are necessary for the stock transfer agent to issue a total of 80,251 shares of Common Stock underlying the Time Based RSUs and cause its counsel to deliver a legal opinion so that the transfer agent can issue the shares of Common Stock without any restricted legend upon 
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receiving the instructions from Employer. The legal opinion shall also be addressed to Merrill Lynch. Once the foregoing results of operations are publicly announced, the Employer agrees that the Employee shall no longer have possession of material non-public information or be subject to any blackout period under the Employer's Insider Trading Policy or other restrictions imposed by the Employer. Employer represents that it will instruct its stock transfer agent to expedite delivery of the shares to the Employee/Employee's broker and will not inhibit or interfere with the transfer in anyway. Employee's W-2 income related to the issuance of said shares of Common Stock shall be the number of shares vested and delivered multiplied by the closing price of Aspen Common Stock on the day the shares are delivered to the Employee.

8.The Parties agree that Employer may issue the Press Release set forth as Exhibit A hereto within 48 hours after Employer's receipt of the Agreement containing the signature of Employee.

9.Nothing in this Agreement shall be construed as an admission of liability or wrongdoing by the Employer, its past and present subsidiaries, affiliates, officers, directors, owners, employees, attorneys, or agents, and the Employer specifically disclaims liability to or wrongful treatment of the Employee on the part of itself and its past and present subsidiaries, affiliates, officers, directors, owners, employees, attorneys, and agents.

10.The Employee covenants not to sue, and irrevocably and unconditionally fully and forever gives up, waives, releases and discharges any and all claims, charges, complaints, costs, expenses (including attorney's fees) and promises of any and every kind Employee may have against the Employer and its past and present owners, agents, officers, directors, board members, insurance carriers, reinsurance carriers, employees, attorneys, affiliated divisions and companies, subsidiaries, successors, and assigns ("Releasees") based on any conduct up to and including the date Employee signs this Agreement, including any and all claims, demands, actions, causes of actions, obligations, judgments, rights, fees, damages, debts, obligations, liabilities, and expenses (inclusive of attorneys' fees) of any kind whatsoever, whether known or unknown, from the beginning of time to the date of the Employee's execution of this Agreement; provided, however, that nothing in this Agreement shall waive any rights or claims of the Employee that arise after the Employee signs this Agreement. This general release includes but is not limited to the following:

(i)any and all claims under Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Family and Medical Leave Act, with respect to existing but not prospective claims, the Fair Labor Standards Act, the Equal Pay Act, the Employee Retirement Income Security Act (with respect to unvested benefits), the Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Worker Adjustment and Retraining Notification Act, the National Labor
Relations Act, the Age Discrimination in Employment Act, the Uniform Services Employment and Reemployment Rights Act, the Genetic Information Nondiscrimination Act of 2008, the Older Workers Benefit Protection Act of 1990, the Occupational Safety and Health Act of 1970, the
Sarbanes-Oxley Act of 2002, the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), and any other local, state or federal statutes, regulations, or executive orders and 
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all of their respective implementing regulations and any other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released;

(ii)any and all claims for compensation or related penalties of any type whatsoever, including but not limited to claims for salary, wages, reimbursement of expenses, bonuses, incentive compensation, stock options, restricted stock units, vacation, and severance that may be legally waived and released; any and all claims arising under tort, contract, and quasi-contract law, including but not limited to claims of breach of an expressed or implied contract, tortious interference with contract or prospective business advantage, breach of the covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury, personal injury or sickness, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false imprisonment, and negligent or intentional infliction of emotional distress, or any other harm;

(iii)any and all claims for monetary or equitable relief, including but not limited to injunctive relief, attorneys' fees, back pay, front pay, reinstatement, experts' fees, medical fees or expenses, costs, and disbursements; and

(i)Specific Release of ADEA Claims. In further consideration of the payments and benefits provided to or for Employee, Employee hereby irrevocably and unconditionally fully and forever waives, releases and discharges the Releasees from any and all claims, whether known or unknown, from the beginning of time to the date of the Employee's execution of this Agreement arising under the Age Discrimination in Employment Act ("ADEA"), as amended, including its implementing regulations. By signing this Agreement, the Employee hereby acknowledges and confirms that: (i) Employee has read this Agreement in its entirety and understands all of its terms; (ii) by this Agreement, the Employee has been advised in writing of the right to consult with an attorney of the Employee's choosing before executing this Agreement; (iii) Employee knowingly. freely, and voluntarily assents to all of the terms and conditions set out in this Agreement including, without limitation, the waiver, release, and promises contained in it; (iv) Employee is executing this Agreement, including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which Employee is otherwise entitled; (v) Employee was given at least twenty-one (21) days to consider the terms of this Agreement and consult with an attorney of Employee's choice, although the Employee may sign it sooner if desired and changes to this Agreement, whether material or immaterial, do not restart the running of the 21-day period; (vi) Employee understands that Employee has seven (7) days from signing this Agreement to revoke this Agreement by delivering notice of revocation to Michael Mathews, Chief Executive Officer at _____________________, by midnight on or before the seventh calendar day after the Employee signs the Agreement; and (vii) the Employee understands that the release contained in this paragraph does not apply to rights and claims that may arise after the Employee signs this Agreement.

8.The Employee represents that he (a) has not filed any complaints or charges against the Employer with the Equal Employment Opportunity Commission, or with any other federal, state or local agency or court, (b) covenants that he will not seek to recover on any 
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claim released in this Agreement, (c) is not currently suffering from any workplace injury related to Employee's employment with Employer, (d) has received reimbursement of all business expenses required to be reimbursed by Employer; and (e) has not engaged in any unlawful conduct relating to the business of the Employer. 

8.The Employee agrees that he will not encourage or assist any of the Employer's employees to litigate claims or file administrative charges against the Employer or its past and present affiliates, officers, directors, owners, employees and agents, unless required to provide testimony or documents pursuant to a lawful subpoena or other compulsory legal process.

8.Non-Disclosure of Confidential Information. (a) Confidential Information. For purposes of this Agreement, "Confidential Information" includes, but is not limited to, trade secrets, financial information, processes, policies, procedures, techniques, designs, drawings, know-how, show-how, technical information, specifications, computer software and source code, information and data relating to the development, research, testing, costs, marketing, and uses of the Services (as defined herein), the Employer's budgets and strategic plans, and the identity and special needs of Students or Professors, vendors, and suppliers, subjects and databases, data, and all technology relating to the Employer's businesses, systems, methods of operation, and Student and/or Professor lists, Student and/or Professor information, solicitation leads, marketing and advertising materials, methods and manuals and forms, all of which pertain to the activities or operations of the Employer, the names, home addresses and all telephone numbers and e-mail addresses of the Employer's directors, employees, officers, executives, former executives, Students and/or former Students or Professors and/or former Professors. In addition, Confidential Information also includes the names of Students and Professors and the identity of and telephone numbers, e-mail addresses and other addresses of Students or Professors who are the persons with whom the Employer's executives, officers, employees, and agents communicate in the ordinary course of business. Confidential Information also includes, without limitation, Confidential Information received from the Employer's subsidiaries and affiliates. For purposes of this Agreement, the following will not constitute Confidential Information (i) information which is or subsequently becomes generally available to the public through no act or fault of the Employee, (ii) information set forth in the written records of the Employee prior to disclosure to the Employee by or on behalf of the Employer which information is given to the Employer in writing as of or prior to the date of this Agreement, and (iii) information which is lawfully obtained by the Employee in writing from a third party (excluding any affiliates of the Employee) who lawfully acquired the confidential information and who did not acquire such confidential information or trade secret, directly or indirectly, from the Employee or the Employer or its subsidiaries or affiliates and who has not breached any duty of confidentiality. As used herein, the term "Services" shall include all services offered for sale and marketed by the Employer during the term of the Employee's employment, which as of the Effective Date consist of operating a for profit online university in compliance with all applicable regulatory requirements. Services also include any other services which the Employer has taken concrete steps to offer for sale, but has not yet commenced selling or marketing, during or prior to the Term. Services also include any services disclosed in the Employer's latest Form 10-K, Form l0-Q and/or Form S-1 or S-3 (or successor form) filed with the Securities and Exchange Commission. 
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    (b)    Legitimate Business Interests. The Employee recognizes that the Employer has legitimate business interests to protect and as a consequence, the Employee agrees to the restrictions contained in this Agreement because they further the Employer's legitimate business interests. These legitimate business interests include, but are not limited to (i) trade secrets; (ii) valuable confidential business, technical, and/or professional information that otherwise may not qualify as trade secrets, including, but not limited to, all Confidential Information; (iii) substantial, significant, or key relationships with specific prospective or existing Students or Professors, vendors or suppliers; (iv) Student goodwill associated with the Employer's business; and (v) specialized training relating to the Employer's technology, Services, methods, operations and procedures. Notwithstanding the foregoing, nothing in this Paragraph 10(b) shall be construed to impose restrictions greater than those imposed by other provisions of this Agreement.

    (c)    Confidentiality. The Employee agrees and covenants that the Confidential Information shall be held by the Employee in the strictest confidence and shall not, without the prior express written consent of the Employer, be disclosed to any person. The Employee further acknowledges that such Confidential Information as is acquired and used by the Employer or its subsidiaries or affiliates is a special, valuable and unique asset. The Employee shall exercise all due and diligent precautions to protect the integrity of the Employer's Confidential Information and to keep it confidential whether it is in written form, on electronic media, oral, or otherwise. The Employee shall not copy any Confidential Information nor remove any Confidential Information or copies thereof from the Employer's premises. All records, files, materials and other Confidential Information obtained by the Employee in the course of or in connection with his employment with the Employer are confidential and proprietary and shall remain the exclusive property of the Employer. Upon or before execution of this Agreement, the Employee will return to the Employer all originals and copies of any material containing confidential information. The Employee shall not use for his own benefit or the benefit of any person or entity other than the Employer or disclose any such Confidential Information to any person, firm, corporation, association or other entity for any reason or purpose whatsoever without the prior express written consent of an employee officer of the Employer. The Employee will also return to the Employer upon execution of this Agreement any other items in his possession, custody or control that are the property of the Employer, including, but not limited to a laptop computer, iPad and smartphone, his files, credit cards, identification card, flash drives, passwords and office keys.

(d)    Nothing in this Agreement shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. The Employee shall promptly provide written notice of any such order to an authorized officer of the Employer.

8.The Employee and the Employer agree that neither he nor they, nor any of either's agents or representatives will disclose, disseminate and/or publicize, or cause or permit to be 
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disclosed, disseminated or publicized, the existence of this Agreement, any of the terms of this Agreement, or any claims or allegations which the Employee believes he or they could have made or asserted against one another, specifically or generally, to any person, corporation, association or governmental agency or other entity except: (i) to the extent necessary to report income to appropriate taxing authorities and make disclosures in filings with the Securities and Exchange Commission or other governmental agencies and the Nasdaq Stock Market; (ii) in response to an order of a court of competent jurisdiction or subpoena issued under the authority thereof; or (iii) in response to any inquiry or subpoena issued by a state or federal governmental agency; provided, however, that notice of receipt of such order or subpoena shall be emailed to Aspen Group, Inc. attention Michael Mathewes, _________________, and in the case of the Employee to Frank Cotroneo at ___________________ and Milo Silberstein at ____________________, within 24 hours of the receipt of such order or subpoena, so that both the Employee and the Employer will have the opportunity to assert what rights they have to non-disclosure prior to any response to the order, inquiry or subpoena. Either party may give email notice of a different email address.

15.The Employee and the Employer agree to refrain from disparaging or making any unfavorable comments, in writing or orally, about either party, and in the case of the Employer, about its management, its operations, policies, or procedures and in the case of the Employee, to prospective employers, those making inquiry as to the reasons for his separation from the Company or to any person, company or other business entity.

16.In the event of any lawsuit or claim against the Employer that relates to alleged acts or omissions by the Employee during his employment with the Employer, the Employee agrees to cooperate with the Employer by voluntarily providing truthful and full information as reasonably necessary for the Employer to defend against such lawsuit or claim. In the event any claim is asserted against Employee in his capacity as an employee of the Employer, Board Member or Officer of the Company whether now pending or hereafter asserted, Employee shall be entitled to the same rights, protections, obligations, exclusions and exceptions applicable under the Employer's indemnification insurance coverage, Directors and Officers insurance coverage, Errors and Omissions insurance coverage and/or any other applicable insurance coverage to current and past employees, Board members and Officers at the time any such claim is asserted.

17.Nothing contained in this Agreement shall be construed to prevent the Employee from reporting any act or failure to act to the Securities and Exchange Commission or other governmental body or prevent the Employee from obtaining a fee as a "whistleblower" under Rule 21F-17(a) under the Securities and Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank Wall Street Reform Act and Consumer Protection Act.

18.Nothing contained in this Agreement shall be construed to prevent the Employee from disclosing factual information related to any future claim to law enforcement, the Equal Employment Opportunity Commission, a local commission on human rights, or an attorney retained by the Employee. However, Employee agrees that by signing this Agreement and accepting the payments described above, Employee gives up any and all rights Employee may 
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have to obtain any monetary award against the Employer or any related persons through any administrative agency, court or other forum.

19.This Agreement sets forth the entire agreement between the Employee and the Employer, and fully supersedes any and all prior agreements or understandings between them, regarding Employee's separation from Employer and the compensation, benefits and reimbursements Employee is entitled to as a result of Employee's employment with Employer and the termination of that employment relationship. To the extent there is a conflict between this Agreement and the Employment Agreement entered into by the Parties and effective on December 2, 2019, this Agreement governs. Nothing in this Agreement is intended to or shall be construed to modify, impair or terminate any obligation of the Employee pursuant to provisions of any other agreement between the Employee and the Employer that by their terms continue after the Employee's separation from the Employer's employment, including those applicable terms in the Employment Agreement. This Agreement may only be modified by written agreement signed by both Parties.

20.The Employer and the Employee agree that in the event any provision of this Agreement is deemed to be invalid or unenforceable by any court or administrative agency of competent jurisdiction, or in the event that any provision cannot be modified so as to be valid and enforceable, then that provision shall be deemed severed from the Agreement and the remainder of the Agreement shall remain in full force and effect.

21.This Agreement and all actions arising out of or in connection with this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the conflicts of law provisions of the State of Delaware or of any other state.

22.In the event that there is any controversy or claim arising out of or relating to this Agreement, or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce or contest the provisions of this Agreement, the prevailing party shall be entitled to a reasonable attorney's fee, costs and expenses.

23.This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual, electronic or facsimile signature.

PLEASE READ CAREFULLY. THIS AGREEMENT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

    Date: February 25, 2021        ASPEN GROUP, INC. 

                        By:  /s/ Michael Mathews            
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                            Michael Mathews,
                            Chief Executive Officer 

I have carefully read this Agreement and understand that it contains a release of known and unknown claims.  I acknowledge and agree to all of the terms and conditions of this Agreement.  I further acknowledge that I enter into this Agreement voluntarily with a full understanding of its terms.

Date: February 25, 2021
                        /s/ Frank J. Cotroneo                 
                            Frank J. Cotroneo
9Exhibit 4.4

 

Officers’ Certificate

Pursuant to Sections 201, 301 and 303 of the Indenture

 

Dated: July 13, 2021

 

The undersigned, Christie B. Kelly, Executive Vice
President, Chief Financial Officer and Treasurer, and Michelle Bushore, Executive Vice President, Chief Legal Officer, General Counsel
and Secretary, of Realty Income Corporation, a Maryland corporation (the “Company”), hereby certify as follows:

 

The undersigned, having read the appropriate provisions
of the Indenture dated as of October 28, 1998 (the “Indenture”) between the Company and The Bank of New York Mellon Trust
Company, N.A., as successor trustee (the “Trustee”), including Sections 201, 301 and 303 thereof and the definitions
in such Indenture relating thereto, and certain other corporate documents and records, and having made such examination and investigation
as, in the opinion of the undersigned, each considers necessary to enable the undersigned to express an informed opinion as to whether
or not conditions set forth in the Indenture relating to the establishment of the title and terms of the Company’s 1.125% Notes
due 2027 (the “2027 Notes”), which will constitute a new series of the Company’s debt securities under the Indenture,
and the title and terms of the Company’s 1.750% Notes due 2033 (the “2033 Notes” and, together with the 2027 Notes,
the “Securities”), which will also constitute a new series of the Company’s debt securities under the Indenture, and
the respective forms of certificate evidencing the Securities of each such series have been complied with, and whether the conditions
in the Indenture relating to the authentication and delivery by the Trustee of the Securities of each such series have been complied with,
certify that (i) the title and terms of the Securities of each such series were established by the undersigned pursuant to authority
delegated to them by resolutions duly adopted by the Board of Directors of the Company on June 3, 2021 and June 15, 2021 (the “Resolutions”)
and such terms are set forth and incorporated by reference in Annex A-1 hereto (in the case of the 2027 Notes) and Annex A-2 hereto
(in the case of the 2033 Notes), (ii) the respective forms of certificate evidencing the Securities of each such series were established
by the undersigned pursuant to authority delegated to them by the Resolutions and shall be in substantially the form attached hereto as
Annex B-1 (in the case of the 2027 Notes) and Annex B-2 hereto (in the case of the 2033 Notes) (it being understood that, in the
event that the Securities of either such series are ever issued in definitive certificated form, the legends appearing on the first page
of the form of certificate evidencing the Securities of such series may be removed), (iii) a true, complete and correct copy
of the Resolutions, which were duly adopted by the Board of Directors of the Company and are in full force and effect in the form adopted
on the date hereof, are attached as Annex C hereto and are also attached as an exhibit to the Certificate of the Secretary of the
Company of even date herewith, (iv) the form, title and terms of the Securities of each such series have been established pursuant
to and in accordance with Sections 201 and 301 of the Indenture and comply with the Indenture and, in the opinion of the undersigned,
all conditions provided for in the Indenture (including, without limitation, those set forth in Sections 201, 301 and 303 of the
Indenture) relating to the establishment of the title and terms of the Securities of each such series, the respective forms of certificate
evidencing the Securities of each such series and the execution, authentication and delivery of the Securities of each such series have
been complied with and (v) to the best knowledge of the undersigned, no Event of Default (as defined in the Indenture) has occurred
and is continuing with respect to the Securities of either such series.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

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

 

	 	/s/ Christie B. Kelly
	 	Christie B. Kelly
	 	Executive Vice President, Chief Financial Officer and Treasurer
	 	 
	 	/s/ Michelle Bushore
	 	Michelle Bushore
	 	Executive Vice President, Chief Legal Officer, General Counsel and Secretary

 

Signature
Page to Officers’ Certificate

Pursuant
to Sections 201, 301 and 303 of the Indenture

 

     

     

    

 

ANNEX A-1

 

Terms of the
1.125% Notes due 2027

 

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

 

(1)                
A series of debt securities is hereby established under the Indenture, and such series of debt securities shall be known and designated
as the “1.125% Notes due 2027” (the “Securities”).

 

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

 

(3)                
The Securities of such series are issuable only as Registered Securities without coupons and (notwithstanding anything to the contrary
in the Indenture) may, but need not, bear a corporate seal. The Securities of such series shall initially be issued in book-entry form
and represented by one or more permanent Global Securities of such series, the initial Common Depositary (as defined in the Form of Security)
for the Global Securities of such series shall be The Bank of New York Mellon, London Branch, as Common Depositary for Clearstream (as
defined in the Form of Security) and Euroclear (as defined in the Form of Security), and the depositary arrangements shall be those employed
by Euroclear, Clearstream and the Common Depositary from time to time. Notwithstanding the foregoing, certificated Securities of such
series in definitive form (“Certificated Securities”) may be issued in exchange for Global Securities of such series under
the circumstances contemplated by Section 305 of the Indenture (as amended and supplemented as provided in this Annex A-1).

 

(4)                 The
Securities of such series shall be sold by the Company to the several underwriters named in the Purchase Agreement dated July 8,
2021 at a price equal to 98.680% of the principal amount thereof. The initial price to public of the Securities of such series shall
be 99.305% of the principal amount thereof, plus accrued interest from July 13, 2021 if settlement occurs after that date.
Underwriting discounts and commissions shall be 0.625% of the principal amount of the Securities of such series.

 

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(5)                
The final maturity date of the Securities of such series on which the principal thereof is due and payable shall be July 13, 2027.

 

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

 

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

 

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

 

    2 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(16)              
With respect to the Securities of such series, in addition to the covenants of the Company set forth in the Indenture, the covenants
set forth in the Form of Security under the caption “Additional Covenants” (collectively, the “Additional Covenants”)
shall be and hereby are added to the Indenture for the benefit of the Securities of such series and the Holders of the Securities of such
series, and the Additional Covenants, together with the defined terms set forth in the Form of Security under the caption “Certain
Additional Definitions” (the “Additional Definitions”), are hereby incorporated by reference in and made a part of this
Annex A-1 and the Indenture as if set forth in full herein and therein; provided that the Additional Covenants and Additional Definitions
incorporated by reference in this Annex A-1 and the Indenture, and set forth in the Securities of such series, shall only be applicable
with respect to the Securities of such series; provided, further, that except as set forth in Section (24) below, the definition of “Subsidiary”
set forth in the Form of Security shall only be applicable with respect to the Additional Covenants and the Additional Definitions incorporated
by reference in this Annex A-1 and the Indenture and set forth in the Securities of such series.

 

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

 

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

 

    3 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(26)              
The Securities of such series shall have such other terms and provisions as are set forth in the Form of Security, all of which
terms and provisions are incorporated by reference in and made a part of this Annex A-1 and the Indenture as if set forth in full herein
and therein.

 

    4 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    7 

     

    

 

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

 

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

 

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

 

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

 

    8 

     

    

 

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

 

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

 

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

 

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

 

(u)               
Article One of the Indenture is hereby supplemented by adding a new Section 115 and a new Section 116, which shall appear
in the following order immediately after Section 114 of the Indenture and shall read in full as follows:

 

“SECTION 115.                      ELECTRONIC
SIGNATURES; CORPORATE SEAL

 

“The words
 “execution,” “signed,” “signature,” and words of like import in this Indenture shall include
images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation,
 “pdf,” “tif” or “jpg”) and, except as otherwise set forth in the proviso to the last sentence of
this Section 115, electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronically
transmitted signatures, electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature that is delivered physically or use of a paper-based record-keeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New
York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on
the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing and anything in this
Indenture to the contrary notwithstanding, but subject, however, to the proviso to this sentence, (a) any Security,
supplemental indenture, Officers’ Certificate, Company Order, Company Request, Opinion of Counsel or other opinion of counsel,
instrument, agreement or other document delivered pursuant to this Indenture may be executed, attested and transmitted by any of the
foregoing electronic means and formats and (b) all references in Section 303 or elsewhere in this Indenture to the
execution, attestation or authentication of any Security, coupon or certificate of authentication appearing on or attached to any
Security by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of
the foregoing electronic means or formats; provided that, notwithstanding the foregoing, no Security, coupon, Officers’
Certificate delivered pursuant to Section 201, 301 or 303 of this Indenture, Company Order delivered pursuant to Section 303 of this
Indenture or supplemental indenture may be executed or attested by DocuSign, AdobeSign or other electronic signature and no
certificate of authentication on any Security may be executed by DocuSign, AdobeSign or other electronic signature and, as provided
in the last paragraph of Section 303 of the Indenture, each certificate of authentication must be executed by the Trustee by
manual signature of an authorized signatory.

 

    9 

     

    

 

 

		“SECTION 116.	 ELECTRONIC INSTRUCTIONS

 

“The Trustee shall have the right
to accept and act upon instructions from the Company, including funds transfer instructions (“Instructions”) given pursuant
to this Indenture and delivered using Electronic Means (as defined below); provided, however, that the Company shall provide to the Trustee
an incumbency certificate listing officers with the authority to provide such Instructions (“ Relevant Officers”) and containing
specimen signatures of such Relevant Officers, which incumbency certificate shall be amended by the Company whenever a person is to be
added or deleted from the listing.  If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee
in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling
in the absence of negligence or bad faith.  The Company understands and agrees that the Trustee cannot determine the identity of
the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent
by a Relevant Officer listed on the incumbency certificate provided to the Trustee have been sent by such Relevant Officer.  The
Company shall be responsible for ensuring that only Relevant Officers transmit such Instructions to the Trustee and that the Company and
all Relevant Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords
and/or authentication keys upon receipt by the Company.  The Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding that such directions
conflict or are inconsistent with a subsequent written instruction, other than losses, costs or expenses arising from the Trustee’s
negligence or bad faith.  The Company agrees: (i) to assume (in the absence of negligence or bad faith on the part of the Trustee)
all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed
of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more
secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to
be followed in connection with its transmission of Instructions provide to the Trustee a commercially reasonable degree of protection
in light of its particular needs and circumstances ; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized
use of the security procedures.

 

“As used in this Section 116, "Electronic
Means" shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the
Trustee as available for use in connection with its services hereunder.

 

“The foregoing provisions of this
Section 116 shall not limit the provisions of Section 115 but are subject to the prohibition on the use of DocuSign, AdobeSign or other
electronic signatures under the circumstances set forth in Section 115.”

  

(30)          Anything
in the Indenture, the Form of Security or this Annex A-1 to the contrary notwithstanding, in the event of any conflict between the terms
set forth in the Form of Security and the terms set forth in this Annex A-1, the terms set forth in the Form of Security shall govern,
and in the event of any conflict between the terms set forth in the Form of Security or this Annex A-1, on the one hand, and the terms
set forth in the Indenture, on the other hand, the terms of the Form of Security or this Annex A-1, as applicable, shall govern.

 

    10 

     

    

 

ANNEX A-2

 

Terms of the
1.750% Notes due 2033

 

For purposes of this Annex A-2, the term “Securities”
shall have the meaning set forth in Section (1) below, the term “Form of Security” means the form of certificate evidencing
the Securities of the series established hereby that is attached as Annex B-2 to the Officers’ Certificate of which this Annex A-2
is a part; the term “Indenture” means the Indenture dated as of October 28, 1998 between the Company and the Trustee, as amended
or supplemented from time to time (including as provided in this Annex A-2), and including the terms of the Securities of the series established
hereby set forth and incorporated by reference in this Annex A-2; the terms “U.S. dollars,” “USD” and “$”
mean “Dollars” (as defined in the Indenture); and the terms “sterling” “£” and “GBP”
mean the lawful currency of the United Kingdom. Other capitalized terms that are used in this Annex A-2 and not otherwise defined in this
Annex A-2 but that are defined in the Indenture have the same respective meanings as in the Indenture.

 

(1)           A
series of debt securities is hereby established under the Indenture, and such series of debt securities shall be known and designated
as the “1.750% Notes due 2033” (the “Securities”).

 

(2)           The
aggregate principal amount of the Securities of such series which may be authenticated and delivered under the Indenture is limited to
 £350,000,000, except for Securities of such series authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of such series pursuant to Sections 304, 305, 306, 906 or 1107 of the Indenture; provided,
however, that such series of Securities may be re-opened by the Company from time to time for the issuance of additional Securities of
such series, so long as any such additional Securities of such series have the same form and terms (other than, if applicable, the offering
price, underwriting or other discounts and commissions, the original date of issuance, the first date on which interest thereon shall
be payable and the date from which interest thereon shall begin to accrue), and carry the same right to receive accrued and unpaid interest,
as the Securities of such series theretofore issued; provided, however, that, notwithstanding the foregoing, such series of Securities
may not be reopened if the Company has effected defeasance or covenant defeasance with respect to the Securities of such series pursuant
to Section 1402 and 1403, respectively, of the Indenture or has effected satisfaction and discharge with respect to the Securities
of such series pursuant to Section 401 of the Indenture.

 

(3)           The
Securities of such series are issuable only as Registered Securities without coupons and (notwithstanding anything to the contrary in
the Indenture) may, but need not, bear a corporate seal. The Securities of such series shall initially be issued in book-entry form and
represented by one or more permanent Global Securities of such series, the initial Common Depositary (as defined in the Form of Security)
for the Global Securities of such series shall be The Bank of New York Mellon, London Branch, as Common Depositary for Clearstream (as
defined in the Form of Security) and Euroclear (as defined in the Form of Security), and the depositary arrangements shall be those employed
by Euroclear, Clearstream and the Common Depositary from time to time. Notwithstanding the foregoing, certificated Securities of such
series in definitive form (“Certificated Securities”) may be issued in exchange for Global Securities of such series under
the circumstances contemplated by Section 305 of the Indenture (as amended and supplemented as provided in this Annex A-2).

 

(4)           The
Securities of such series shall be sold by the Company to the several underwriters named in the Purchase Agreement dated July 8, 2021
at a price equal to 99.217% of the principal amount thereof. The initial price to public of the Securities of such series shall be 99.842%
of the principal amount thereof, plus accrued interest from July 13, 2021 if settlement occurs after that date. Underwriting discounts
and commissions shall be 0.625% of the principal amount of the Securities of such series.

 

    1 

     

    

 

(5)           The
final maturity date of the Securities of such series on which the principal thereof is due and payable shall be July 13, 2033.

 

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

 

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

 

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

 

    2 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(16)         With
respect to the Securities of such series, in addition to the covenants of the Company set forth in the Indenture, the covenants set forth
in the Form of Security under the caption “Additional Covenants” (collectively, the “Additional Covenants”) shall
be and hereby are added to the Indenture for the benefit of the Securities of such series and the Holders of the Securities of such series,
and the Additional Covenants, together with the defined terms set forth in the Form of Security under the caption “Certain Additional
Definitions” (the “Additional Definitions”), are hereby incorporated by reference in and made a part of this Annex
A-2 and the Indenture as if set forth in full herein and therein; provided that the Additional Covenants and Additional Definitions incorporated
by reference in this Annex A-2 and the Indenture, and set forth in the Securities of such series, shall only be applicable with respect
to the Securities of such series; provided, further, that except as set forth in Section (24) below, the definition of “Subsidiary”
set forth in the Form of Security shall only be applicable with respect to the Additional Covenants and the Additional Definitions incorporated
by reference in this Annex A-2 and the Indenture and set forth in the Securities of such series.

 

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

 

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

 

    3 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(26)         The Securities of such series shall have such other terms and provisions as are set forth in the Form of Security, all of which
terms and provisions are incorporated by reference in and made a part of this Annex A-2 and the Indenture as if set forth in full herein
and therein.

 

    4 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    7 

     

    

 

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

 

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

 

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

 

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

 

    8 

     

    

 

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

 

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

 

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

 

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

 

(u)           Article
One of the Indenture is hereby supplemented by adding a new Section 115 and a new Section 116, which shall appear in the following
order immediately after Section 114 of the Indenture and shall read in full as follows:

 

		“SECTION 115	ELECTRONIC SIGNATURES; CORPORATE SEAL

 

“The words
 “execution,” “signed,” “signature,” and words of like import in this Indenture shall include
images of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation,
 “pdf,” “tif” or “jpg”) and, except as otherwise set forth in the proviso to the last sentence of
this Section 115, electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronically
transmitted signatures, electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature that is delivered physically or use of a paper-based record-keeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New
York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on
the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing and anything in this
Indenture to the contrary notwithstanding, but subject, however, to the proviso to this sentence, (a) any Security,
supplemental indenture, Officers’ Certificate, Company Order, Company Request, Opinion of Counsel or other opinion of counsel,
instrument, agreement or other document delivered pursuant to this Indenture may be executed, attested and transmitted by any of the
foregoing electronic means and formats and (b) all references in Section 303 or elsewhere in this Indenture to the
execution, attestation or authentication of any Security, coupon or certificate of authentication appearing on or attached to any
Security by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of
the foregoing electronic means or formats; provided that, notwithstanding the foregoing, no Security, coupon, Officers’
Certificate delivered pursuant to Section 201, 301 or 303 of this Indenture, Company Order delivered pursuant to Section 303 of this
Indenture or supplemental indenture may be executed or attested by DocuSign, AdobeSign or other electronic signature and no
certificate of authentication on any Security may be executed by DocuSign, AdobeSign or other electronic signature and, as provided
in the last paragraph of Section 303 of the Indenture, each certificate of authentication must be executed by the Trustee by
manual signature of an authorized signatory.

 

    9 

     

    

 

		“SECTION 116.	 ELECTRONIC INSTRUCTIONS

 

“The Trustee shall have the right
to accept and act upon instructions from the Company, including funds transfer instructions (“Instructions”) given pursuant
to this Indenture and delivered using Electronic Means (as defined below); provided, however, that the Company shall provide to the Trustee
an incumbency certificate listing officers with the authority to provide such Instructions (“ Relevant Officers”) and containing
specimen signatures of such Relevant Officers, which incumbency certificate shall be amended by the Company whenever a person is to be
added or deleted from the listing.  If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee
in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling
in the absence of negligence or bad faith.  The Company understands and agrees that the Trustee cannot determine the identity of
the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent
by a Relevant Officer listed on the incumbency certificate provided to the Trustee have been sent by such Relevant Officer.  The
Company shall be responsible for ensuring that only Relevant Officers transmit such Instructions to the Trustee and that the Company and
all Relevant Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords
and/or authentication keys upon receipt by the Company.  The Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding that such directions
conflict or are inconsistent with a subsequent written instruction, other than losses, costs or expenses arising from the Trustee’s
negligence or bad faith.  The Company agrees: (i) to assume (in the absence of negligence or bad faith on the part of the Trustee)
all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed
of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more
secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to
be followed in connection with its transmission of Instructions provide to the Trustee a commercially reasonable degree of protection
in light of its particular needs and circumstances ; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized
use of the security procedures.

 

“As used in this Section 116, "Electronic
Means" shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the
Trustee as available for use in connection with its services hereunder.

 

“The foregoing provisions of this
Section 116 shall not limit the provisions of Section 115 but are subject to the prohibition on the use of DocuSign, AdobeSign or other
electronic signatures under the circumstances set forth in Section 115.”

 

(30)         Anything
in the Indenture, the Form of Security or this Annex A-2 to the contrary notwithstanding, in the event of any conflict between the terms
set forth in the Form of Security and the terms set forth in this Annex A-2, the terms set forth in the Form of Security shall govern,
and in the event of any conflict between the terms set forth in the Form of Security or this Annex A-2, on the one hand, and the terms
set forth in the Indenture, on the other hand, the terms of the Form of Security or this Annex A-2, as applicable, shall govern.

 

    10 

     

    

 

ANNEX B-1

 

Form of 1.125% Note due 2027

 

     

     

    

 

 

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

 

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

 

PRINCIPAL AMOUNT:
£

 

REGISTERED NO.: R-

CUSIP NO.: 756109 BB9

ISIN NO.: XS 2364124409

Common Code: 236412440

 

REALTY INCOME CORPORATION

 

1.125% NOTES DUE 2027

 

Realty Income Corporation, a Maryland
corporation (the “Company,” which term shall include any successor under the Indenture hereinafter referred to), for
value received, hereby promises to pay to , or registered assigns, the principal sum of                Pounds Sterling (as defined below) on
July 13, 2027 (the “Final Maturity Date”), and to pay interest thereon from and including July 13, 2021, or from and
including the most recent date to which interest has been paid or duly provided for, annually in arrears on July 13 of each year
(each, an “Interest Payment Date”), commencing July 13, 2022, at the rate of 1.125% per annum, until the entire
principal amount hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (as defined below) (or
one or more Predecessor Securities) is registered in the Security Register applicable to the Notes at the close of business on the
Regular Record Date (as defined below) immediately preceding such Interest Payment Date (regardless of whether such Regular Record
Date is a Business Day (as defined below)). Any such interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture. Interest on the Notes will be computed on the basis of the actual number of days in the period for which interest is
being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or from and
including July 13, 2021 if no interest has been paid on the Notes) to but excluding the next scheduled Interest Payment Date. This
payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market
Association. If any principal of, premium, if any, or interest on, or Additional Amounts (as defined below), if any, in respect of,
any of the Notes is not paid when due, then such overdue principal and, to the extent permitted by law, such overdue premium,
interest or Additional Amounts, as the case may be, shall bear interest, until paid or until such payment is duly provided for, at
the rate of 1.125% per annum.

 

    1

     

    

 

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

 

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

 

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

 

If this Note is a Global Security, all payments of
principal of, premium, if any, and interest on, and Additional Amounts, if any, in respect of, this Note will be made by the Company by
wire transfer of immediately available funds to an account maintained by the payee. If this Note is not a Global Security (a “Certificated
Note”), payments of interest on this Note may be made, at the Company’s option, by mailing a check to the address of the Person
entitled thereto, as such address appears in the Security Register for the Notes, or by wire transfer to an account maintained by the
payee, all on the terms set forth in the Indenture; provided, however, that a Holder of £4.0 million or more in aggregate principal
amount of Certificated Notes will be entitled to receive payments of interest due on any Interest Payment Date by wire transfer of immediately
available funds to an account specified by such Holder so long as such Holder has given appropriate wire transfer instructions to the
Trustee or a Paying Agent for the Notes at least 10 calendar days prior to the applicable Interest Payment Date. Any such wire transfer
instructions will remain in effect until revoked by such Holder or until such Person ceases to be a Holder of £4.0 million or more
in aggregate principal amount of Certificated Notes.

 

    2

     

    

 

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

 

This Note is one of a duly authorized issue of Securities
of the Company (herein called the “Notes”), issued as a series of Securities under an indenture dated as of October 28, 1998
(herein called, together with all indentures supplemental thereto, the “Indenture”), between the Company and The Bank of New
York Mellon Trust Company, N.A. (successor trustee to The Bank of New York), as trustee (the “Trustee,” which term includes
any successor trustee under the Indenture with respect to the Notes), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of
the duly authorized series designated as the “1.125% Notes due 2027.” All terms used in this Note which are defined in the
Indenture and not defined herein shall have the meanings assigned to them in the Indenture.

 

Optional Redemption

 

Prior to May 13, 2027 (the “Par Call Date”),
the Notes may be redeemed at any time in whole or from time to time in part at the option of the Company at a Redemption Price equal to
the greater of:

 

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

 

(b) the sum of the present values of
the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the applicable
Redemption Date), assuming that the Notes matured and that accrued and unpaid interest on the Notes was payable on the Par Call Date,
discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate plus 15 basis points,

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

Redemption for Changes in Taxes

 

If (1)(a) as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated thereunder) or treaties of the United States (as defined below) or any political
subdivision or taxing authority thereof or therein having power to tax (each, a “Relevant Taxing Jurisdiction”), or any change
in, or amendment to, any official position regarding the application, administration or interpretation of such laws, treaties, regulations
or rulings (including by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published administrative
practice), which change or amendment becomes effective on or after July 8, 2021, the Company becomes or will become obligated to pay any
Additional Amounts or (b) any act is taken by a Relevant Taxing Jurisdiction on or after July 8, 2021, whether or not such act is taken
with respect to the Company or any affiliate of the Company, that results in a substantial probability that the Company will or may be
required to pay any Additional Amounts, and (2) the Company determines, in its business judgment, that the obligation to pay Additional
Amounts cannot be avoided by taking reasonable measures available to it, including by making payments through a different Paying Agent
(provided that such reasonable measures do not include substitution of another entity as the obligor under the Notes), then the Company
may, at its option, redeem the Notes, in whole but not in part, at a Redemption Price equal to 100% of the principal amount of the Notes,
plus accrued and unpaid interest on the Notes to the applicable Redemption Date. Notwithstanding the foregoing, installments of interest
on Notes whose Stated Maturity is on or prior to a Redemption Date for the Notes will be payable to the Persons who were the Holders of
such Notes (or one or more Predecessor Securities) registered as such at the close of business on the relevant Regular Record Dates according
to their terms and the provisions of the Indenture. No redemption pursuant to this paragraph may be made unless the Company has received
a written opinion of independent counsel to the effect that, as a result of such change or amendment the Company has become or will become
obligated to pay, or that such act taken by a Relevant Taxing Jurisdiction has resulted in a substantial probability that the Company
will or may be required to pay, any Additional Amounts, and the Company shall have delivered to the Trustee such legal opinion together
with an Officers’ Certificate stating that, based on such opinion, the Company is entitled to redeem the Notes pursuant to the provisions
described in this paragraph and the other provisions of the Notes and the Indenture. The Trustee shall be entitled to rely on such Officers’
Certificate and opinion of counsel as sufficient evidence of the existence and satisfaction of the conditions precedent as described above
in this paragraph, in which event it will be conclusive and binding on the Holders of the Notes.

 

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

 

Notice of Redemption

 

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

 

Payment of Additional Amounts

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

As used in this Note, the term “United States
Person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation,
partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District
of Columbia (other than a partnership that is not treated as a United States Person under any applicable U.S. Treasury Regulations), any
estate the income of which is subject to United States federal income taxation regardless of its source, or any trust if a court within
the United States is able to exercise primary supervision over the administration of the trust or one or more United States fiduciaries
have the authority to control all substantial decisions of the trust.

 

    6

     

    

 

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

 

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

 

Defeasance; Covenant Defeasance

 

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

 

Additional Covenants

 

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

 

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

 

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

 

    7

     

    

 

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

 

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

 

Certain Additional Definitions

 

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

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

Other

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

[Signature page follows]

 

    12

     

    

 

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

 

	 	 	REALTY INCOME CORPORATION
	 	 	 	 
	 	 	By:	 
	 	 	 	 Name:

     Title:

	 	 	 	 
	Attest:	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 Name: 	 	 	 
	 	 Title: 	 	 	 

 

[Company Signature Page to Note]

 

    13

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 
	By:	 	 
	 	   Authorized Signatory	 
	 
	Dated:  

 

[Trustee Authentication Page to Note]

 

    14

     

    

 

 

ASSIGNMENT FORM

 

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

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

(Please Print or Typewrite Name and Address

including Zip Code of Assignee)

 

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

 

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

 

Dated:

 

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

 

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

   

    15

     

    

 

ANNEX B-2

 

Form of 1.750% Note due 2033

 

    

     

    

 

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

 

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

 

PRINCIPAL AMOUNT:
£

 

REGISTERED NO.: R-

CUSIP NO.: 756109 BC7

ISIN NO.: XS 2364124664

Common Code: 236412466

 

REALTY INCOME CORPORATION

 

1.750% NOTES DUE 2033

 

Realty Income Corporation, a Maryland
corporation (the “Company,” which term shall include any successor under the Indenture hereinafter referred to), for
value received, hereby promises to pay to , or registered assigns, the principal sum of               Pounds Sterling (as defined below) on July
13, 2033 (the “Final Maturity Date”), and to pay interest thereon from and including July 13, 2021, or from and
including the most recent date to which interest has been paid or duly provided for, annually in arrears on July 13 of each year
(each, an “Interest Payment Date”), commencing July 13, 2022, at the rate of 1.750% per annum, until the entire
principal amount hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (as defined below) (or
one or more Predecessor Securities) is registered in the Security Register applicable to the Notes at the close of business on the
Regular Record Date (as defined below) immediately preceding such Interest Payment Date (regardless of whether such Regular Record
Date is a Business Day (as defined below)). Any such interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture. Interest on the Notes will be computed on the basis of the actual number of days in the period for which interest is
being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or from and
including July 13, 2021 if no interest has been paid on the Notes) to but excluding the next scheduled Interest Payment Date. This
payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market
Association. If any principal of, premium, if any, or interest on, or Additional Amounts (as defined below), if any, in respect of,
any of the Notes is not paid when due, then such overdue principal and, to the extent permitted by law, such overdue premium,
interest or Additional Amounts, as the case may be, shall bear interest, until paid or until such payment is duly provided for, at
the rate of 1.750% per annum.

 

    1

     

    

 

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

 

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

 

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

 

If this Note is a Global Security, all payments of
principal of, premium, if any, and interest on, and Additional Amounts, if any, in respect of, this Note will be made by the Company by
wire transfer of immediately available funds to an account maintained by the payee. If this Note is not a Global Security (a “Certificated
Note”), payments of interest on this Note may be made, at the Company’s option, by mailing a check to the address of the Person
entitled thereto, as such address appears in the Security Register for the Notes, or by wire transfer to an account maintained by the
payee, all on the terms set forth in the Indenture; provided, however, that a Holder of £4.0 million or more in aggregate principal
amount of Certificated Notes will be entitled to receive payments of interest due on any Interest Payment Date by wire transfer of immediately
available funds to an account specified by such Holder so long as such Holder has given appropriate wire transfer instructions to the
Trustee or a Paying Agent for the Notes at least 10 calendar days prior to the applicable Interest Payment Date. Any such wire transfer
instructions will remain in effect until revoked by such Holder or until such Person ceases to be a Holder of £4.0 million or more
in aggregate principal amount of Certificated Notes.

 

    2

     

    

 

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

 

This Note is one of a duly authorized issue of Securities
of the Company (herein called the “Notes”), issued as a series of Securities under an indenture dated as of October 28, 1998
(herein called, together with all indentures supplemental thereto, the “Indenture”), between the Company and The Bank of New
York Mellon Trust Company, N.A. (successor trustee to The Bank of New York), as trustee (the “Trustee,” which term includes
any successor trustee under the Indenture with respect to the Notes), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of
the duly authorized series designated as the “1.750% Notes due 2033.” All terms used in this Note which are defined in the
Indenture and not defined herein shall have the meanings assigned to them in the Indenture.

 

Optional Redemption

 

Prior to April 13, 2033 (the “Par Call Date”),
the Notes may be redeemed at any time in whole or from time to time in part at the option of the Company at a Redemption Price equal to
the greater of:

 

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

 

(b) the sum of the present values of
the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the applicable
Redemption Date), assuming that the Notes matured and that accrued and unpaid interest on the Notes was payable on the Par Call Date,
discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate plus 20 basis points,

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

Redemption for Changes in Taxes

 

If (1)(a) as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated thereunder) or treaties of the United States (as defined below) or any political
subdivision or taxing authority thereof or therein having power to tax (each, a “Relevant Taxing Jurisdiction”), or any change
in, or amendment to, any official position regarding the application, administration or interpretation of such laws, treaties, regulations
or rulings (including by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published administrative
practice), which change or amendment becomes effective on or after July 8, 2021, the Company becomes or will become obligated to pay any
Additional Amounts or (b) any act is taken by a Relevant Taxing Jurisdiction on or after July 8, 2021, whether or not such act is taken
with respect to the Company or any affiliate of the Company, that results in a substantial probability that the Company will or may be
required to pay any Additional Amounts, and (2) the Company determines, in its business judgment, that the obligation to pay Additional
Amounts cannot be avoided by taking reasonable measures available to it, including by making payments through a different Paying Agent
(provided that such reasonable measures do not include substitution of another entity as the obligor under the Notes), then the Company
may, at its option, redeem the Notes, in whole but not in part, at a Redemption Price equal to 100% of the principal amount of the Notes,
plus accrued and unpaid interest on the Notes to the applicable Redemption Date. Notwithstanding the foregoing, installments of interest
on Notes whose Stated Maturity is on or prior to a Redemption Date for the Notes will be payable to the Persons who were the Holders of
such Notes (or one or more Predecessor Securities) registered as such at the close of business on the relevant Regular Record Dates according
to their terms and the provisions of the Indenture. No redemption pursuant to this paragraph may be made unless the Company has received
a written opinion of independent counsel to the effect that, as a result of such change or amendment the Company has become or will become
obligated to pay, or that such act taken by a Relevant Taxing Jurisdiction has resulted in a substantial probability that the Company
will or may be required to pay, any Additional Amounts, and the Company shall have delivered to the Trustee such legal opinion together
with an Officers’ Certificate stating that, based on such opinion, the Company is entitled to redeem the Notes pursuant to the provisions
described in this paragraph and the other provisions of the Notes and the Indenture. The Trustee shall be entitled to rely on such Officers’
Certificate and opinion of counsel as sufficient evidence of the existence and satisfaction of the conditions precedent as described above
in this paragraph, in which event it will be conclusive and binding on the Holders of the Notes.

 

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

 

Notice of Redemption

 

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

 

Payment of Additional Amounts

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

As used in this Note, the term “United States
Person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation,
partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District
of Columbia (other than a partnership that is not treated as a United States Person under any applicable U.S. Treasury Regulations), any
estate the income of which is subject to United States federal income taxation regardless of its source, or any trust if a court within
the United States is able to exercise primary supervision over the administration of the trust or one or more United States fiduciaries
have the authority to control all substantial decisions of the trust.

 

    6

     

    

 

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

 

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

 

Defeasance; Covenant Defeasance

 

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

 

Additional Covenants

 

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

 

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

 

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

 

    7

     

    

 

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

 

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

 

Certain Additional Definitions

 

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

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

Other

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

[Signature page follows]

 

    12

     

    

 

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

 

	 	 	REALTY INCOME CORPORATION
	 	 	 	 
	 	 	By:	 
	 	 	 	
    Name:

    

	 	 	 	Title:
	 	 	 	 
	Attest:	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	 Name: 	 	 	 
	 	 Title: 	 	 	 
	 	 	 	 	 

 

[Company Signature Page to Note]

 

    

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 
	 	 
	Dated:  	 
	 	 	 	 

 

 [Trustee Authentication Page to Note]

 

    

     

    

 

ASSIGNMENT FORM

 

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

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

(Please Print or Typewrite Name and Address

including Zip Code of Assignee)

 

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

 

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

 

Dated:

 

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

 

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

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