Document:

<PAGE>

                                                                     Exhibit 4.6

                                WARRANT AGREEMENT

THIS WARRANT AGREEMENT (the "AGREEMENT") made as of the 11 th day of January,
1999, by and among NUR MACROPRINTERS LTD., an Israeli company (the "COMPANY")
and [Barak Zamir, Advocates] ("BZ").

WHEREAS       BZ is a service provider of the Company; and

WHEREAS       the Company desires to grant BZ and BZ desires to receive, a
              warrant (the "WARRANT") to purchase up to 15,000 (fifteen
              thousand) Ordinary Shares of par value NIS 1.00 each of the
              Company ("ORDINARY Shares"); and

WHEREAS       the parties wish to determine the terms and conditions of the
              Warrant, as set forth herein.

         NOW, THEREFORE, in the consideration of the mutual promises and
covenants set forth herein, the parties agree as follows:

         1.       GRANT.

                  Subject to the terms and conditions hereof, the Company hereby
grants BZ, the right to purchase, at any time from January 11,2000 until 5:30
P.M., Israel time, on January 11, 2004, (the "EXERCISE PERIOD"), at the initial
exercise price per share of US$2.75 (subject to adjustment as provided in
Article 8 hereof), up to 15,000 (fifteen thousand) fully paid and non-assessable
Ordinary Shares ("WARRANT SHARES").

         2.       WARRANT CERTIFICATES.

                  The Warrant certificate (the "WARRANT CERTIFICATE") delivered
and to be delivered pursuant to this Agreement shall be in the form set forth in
EXHIBIT A attached hereto and made a part hereof, with such appropriate
insertions, omissions, substitutions, and other variations as required or
permitted by this Agreement.

         3.       EXERCISE OF WARRANT.

                  The Warrant are exercisable at an initial exercise price
(subject to adjustment as provided in Section 8 hereof) per Warrant Share set
forth in Section 6 hereof, payable by certified check. Upon surrender of the
Warrant Certificate with a Notice of Election to Purchase, in the form set forth
in EXHIBIT B, duly executed, together with payment of the Purchase Price (as
hereinafter

<PAGE>

defined) for the Warrant Shares purchased at the Company's principal offices
(presently located at 5 David Navon Street, Moshav Magshimim, Israel, 56910) BZ
shall be entitled to receive a certificate or certificates for the Warrant
Shares so purchased. The purchase rights represented by each Warrant Certificate
are exercisable at the option of the BZ thereof, in whole or in part (but not as
to fractional Ordinary Shares underlying the Warrant). The Warrant may be
exercised to purchase all or part of the total number of Ordinary Shares
requested thereby. In the case of the purchase of less than all the Warrant
Shares the Company shall cancel said Warrant Certificate upon the surrender
thereof and shall execute and deliver a new Warrant Certificate of like tenor
for the balance of the Warrant Shares purchasable thereunder.

                  Without derogating from the aforesaid, immediately after the
end of the Exercise Period, the right of the BZ to exercise the Warrant shall
automatically expire.

         4.       ISSUANCE OF CERTIFICATES.

                  Upon the exercise of the Warrant, the issuance of certificates
for the Warrant Shares shall be made forthwith (and in any event within five (5)
business days thereafter) without charge to the BZ thereof, and such
certificates shall (subject to the provisions of Sections 5 and 7 hereof) be
issued in the name of, or in such names as may be directed by, the BZ thereof;
provided, however, that the Company shall not be required to pay any tax (other
than stamp duty) which may be (i) due as a result of, or in connection with, the
receipt of this Warrant by BZ and/or the issuance by the Company of the Warrant
Shares, or (ii) payable in respect of any transfer involved in the issuance and
delivery of any such certificates in a name other than that of BZ, and the
Company shall not be required to issue or deliver such certificates unless or
until the person or persons requesting the issuance thereof shall have paid to
the Company the amount of such tax or shall have established to the satisfaction
of the Company that such tax has been paid.

                  The Warrant Certificates and the certificates representing the
Warrant Shares shall be executed on behalf of the Company, as provided by its
Articles of Association..

         5. RESTRICTION ON TRANSFER OF WARRANT. BZ hereby, by its acceptance of
this certificate, covenants and agrees that the Warrant described therein are
being acquired as an investment and not with a view to the distribution thereof.

                  BZ shall not assign or transfer of any of the Warrant
Certificates to any third party, aside from assignments or transfers to entities
controlling, controlled or under common control with, BZ. For purpose of this
Section 5, "CONRTOL" shall bear the meaning of such term in Section 1 of the
Israeli Securities Law, 1968.

         6.       EXERCISE PRICE.

                  6.1 INITIAL AND ADJUSTED EXERCISE PRICE. Except as otherwise
provided in Section 8 hereof, the initial exercise price of each Warrant shall
be US$[2].00 per Warrant Share. The adjusted exercise price of each Warrant
shall be the price which shall result from time to time from

<PAGE>

any and all adjustments of the initial exercise price in accordance with the
provisions of Section 8 hereof.

                  6.2 EXERCISE PRICE. The term "EXERCISE PRICE" herein shall
mean the initial exercise price or the adjusted exercise price, depending upon
the context.

         7.       REGISTRATION RIGHTS.

                  7.1 REGISTRATION UNDER THE SECURITIES ACT OF 1933. The
Warrant, and the Warrant Shares, have not been registered under the Securities
Act of 1933, as amended (the "ACT"). Upon exercise, in part or in whole, of the
Warrant certificates representing the Warrant Shares shall bear the following
(or similar) legend:

                  "The securities represented by this certificate have not been
                  registered under the Securities Act of 1933, as amended
                  ("ACT"), and may not be offered or sold except pursuant to (i)
                  an effective registration statement under the Act, (ii) to the
                  extent applicable, Rule 144 under the Act (or any similar rule
                  under such Act relating to the disposition of securities), or
                  (iii) an opinion of counsel, if such opinion shall be
                  reasonably satisfactory to counsel to the issuer, that an
                  exemption from registration under such Act is available."

                  7.2 INCIDENTAL REGISTRATION. If the Company at any time after
the exercise of the Warrant Shares proposes to register any of its securities on
any form (other than a Registration Statement on Form S-8 or any successor form
for securities to be offered to employees of the Company pursuant to any
employee benefit plan), for its own account or for the account of any other
person it shall give notice to BZ of such intention. Upon the written request of
BZ given within twenty (20) days after receipt of any such notice, the Company
shall include in such registration all of the Warrant Shares indicated in such
request, so as to permit the disposition of the shares so registered in the
manner requested by BZ.

                  Notwithstanding any other provision of this Section 7.2, with
respect to an underwritten public offering by the Company, if the managing
underwriter advises the Company in writing that marketing or other factors
require a limitation of the number of shares to be underwritten, then there
shall be excluded from such registration and underwriting, to the extent
necessary to satisfy such limitation, (i) first, the Warrant Shares requested to
be included in such registration by BZ, and (ii) second, shares held by other
shareholders of the Company who are entitled to have their shares included in
such registration. To the extent Warrant Shares are excluded from such
underwriting, BZ shall agree not to sell its Warrant Shares for such period, not
to exceed 180 days, as may be required by the managing underwriter.

                  In connection with any underwritten offering, the Company
shall not be required under this Section 7.2 to include any of the Warrant
Shares in such underwriting unless BZ accepts the terms of the underwriting
(including standard indemnities to the underwriters and the Company) as agreed
upon between the Company and the underwriters selected by it.

<PAGE>

                  All expenses incurred in connection with any registration
under Section 7.2 shall be borne by the Company; provided, however, that BZ
shall pay its pro rata portion of the discounts payable to any underwriter.

                  BZ shall not be entitled to exercise any right provided for in
this Section 7.2, after two years following the issuance of the Warrant Shares
by the Company. In addition, the right of BZ to request registration pursuant to
Section 7.2 shall terminate upon such date that all Warrant Shares held or
proposed to be sold may immediately be sold under Rule 144 (or any successor
rule) during any sixty-day period.

         8.       ADJUSTMENTS TO EXERCISE PRICE AND NUMBER OF SECURITIES.

                  8.1 SUBDIVISION AND COMBINATION. In case the Company shall at
any time subdivide or combine the outstanding Ordinary Shares, the Exercise
Price shall forthwith be proportionately decreased in the case of subdivision or
increased in the case of combination.

                  8.2 STOCK DIVIDENDS AND DISTRIBUTIONS. In case the Company
shall pay a dividend on, or make a distribution of, Ordinary Shares or of the
Company's share capital convertible into Ordinary Shares, the Exercise Price
shall forthwith be proportionately decreased. An adjustment made pursuant to
this Section 8.2 shall be made as of the record date for the subject stock
dividend or distribution.

                  8.3 ADJUSTMENT IN NUMBER OF SECURITIES. Upon each adjustment
of the Exercise Price pursuant to the provisions of this Section 8, the number
of Ordinary Shares issuable upon the exercise of each Warrant shall be adjusted
to the nearest full amount by multiplying a number equal to the Exercise Price
in effect immediately prior to such adjustment by the number of Ordinary Shares
issuable upon exercise of the Warrant immediately prior to such adjustment and
dividing the product so obtained by the adjusted Exercise Price.

                  8.4 DEFINITION OF ORDINARY SHARES. For the purpose of this
Agreement, the term "Ordinary Shares" shall mean (i) the class of shares
designated as Ordinary Shares in the Articles of Association of the Company as
may be amended as of the date hereof, or (ii) any other class of shares
resulting from successive changes or reclassifications of such Ordinary Shares
consisting solely of changes in nominal value, or from nominal value to no
nominal value, or from no nominal value to nominal value.

                  8.5 MERGER OR CONSOLIDATION. In case of any consolidation of
the Company with, or merger of the Company with, or merger of the Company into,
or sale by the Company of all or substantially all of its assets to another
corporation (other than a consolidation or merger which does not result in any
reclassification or change of the outstanding Ordinary Shares), the corporation
formed by such consolidation or merger or acquiror of such assets shall execute
and deliver to BZ a supplemental warrant agreement providing that BZ shall have
the right thereafter (until the expiration of such Warrant) to receive, upon
exercise of such Warrant, the kind and amount of shares receivable upon such
consolidation or merger, by a holder of the number of Ordinary Shares of the
Company for which such Warrant might have been exercised immediately prior to
such consolidation, merger, sale or transfer. Such supplemental warrant
agreement shall provide for

<PAGE>

adjustments which shall be identical to the adjustments provided in Section
8. The above provision of this Subsection shall similarly apply to successive
consolidations or mergers.

                  8.6 NO ADJUSTMENT OF EXERCISE PRICE IN CERTAIN CASES. No
adjustment of the Exercise Price shall be made:

                  (a) Upon the issuance or sale of the Warrant or the Ordinary
Shares issuable upon the exercise of the Warrant, or the options, rights and
Warrant issued and outstanding on the date hereof; or

                  (b) If the amount of said adjustment shall be less than 2
cents ($.02) per Ordinary Share, provided, however, that in such case any
adjustment that would otherwise be required then to be made shall be carried
forward and shall be made at the time of and together with the next subsequent
adjustment which, together with any adjustment so carried forward, shall amount
to at least 2 cents ($.02) per Ordinary Share.

         9.       EXCHANGE AND REPLACEMENT OF WARRANT CERTIFICATES.

                  Each Warrant Certificate is exchangeable without expense, upon
the surrender thereof by the registered BZ at the principal executive office of
the Company, for a new Warrant Certificate of like tenor and date representing
in the aggregate the right to purchase the same number of Ordinary Shares in
such denominations as shall be designated by the BZ thereof at the time of such
surrender.

                  Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of any Warrant
Certificate, and, in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and reimbursement to the Company of all
reasonable expenses incidental thereto, and upon surrender and cancellation of
the Warrant, if mutilated, the Company will make and deliver a new Warrant
Certificate of like tenor, in lieu thereof.

         10.      ELIMINATION OF FRACTIONAL INTERESTS.

                  The Company shall not be required to issue certificates
representing fractions of Ordinary Shares upon the exercise of the Warrant, nor
shall it be required to issue scrip or pay cash in lieu of fractional interests,
it being the intent of the parties that all fractional interests shall be
eliminated by rounding any fraction up to the nearest whole number of Ordinary
Shares, or other securities, properties or rights.

         11.      RESERVATION AND LISTING OF SECURITIES.

                  The Company shall at all times reserve and keep available out
of its authorized Ordinary Shares, solely for the purpose of issuance upon the
exercise of the Warrant, such number of Ordinary Shares or other securities,
properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Warrant and payment of the

<PAGE>

Exercise Price therefor, all Warrant Shares shall be duly and validly issued,
full paid, non-assessable and not subject to the preemptive rights of any
shareholders.

         12.      NOTICES TO WARRANT HOLDERS.

                  Nothing contained in this Agreement shall be construed as
conferring upon BZ the right to vote or to consent or to receive notice as a
shareholder in respect of any meetings of shareholders for the election of
directors or any other matter, or as having any rights whatsoever as a
shareholder of the Company.

         13.      NOTICES.

                  All notices, requests, consents and other communications
hereunder shall be in writing and shall be deemed to have been duly made when
delivered, or mailed by registered or certified mail, return receipt requested:

                  (a) If to the registered BZ of the Warrant, to 103 Hashmonaim
St., Tel-Aviv 67133; or

                  (b) If to the Company, at P.O. Box 8440, Moshav Magshimim,
Israel, 56910 or to such other address as the Company may designate by notice to
BZ.

         14.      SUCCESSORS.

                  All the covenants and provisions of this Agreement shall be
binding upon and inure to the benefit of the Company, BZ and their respective
successors and assigns hereunder.

         15.      TERMINATION.

                  This Agreement shall terminate at the close of business on
January 11, 2004.

         16.      GOVERNING LAW; SUBMISSION TO JURISDICTION.

                  This Agreement and each Warrant Certificate issued hereunder
shall be deemed to be subject to, and construed in accordance with, the laws of
the State of Israel, without giving effect to its rules governing the conflicts
of laws.

                  The Company and BZ hereby agree that any action, proceeding or
claim against it arising out of, or relating in any way to, this Agreement shall
be brought and enforced in the courts of the Tel-Aviv district, Israel, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.

         17.      ENTIRE AGREEMENT; MODIFICATION.

<PAGE>

                  This Agreement contains the entire understanding between the
parties hereto with respect to the subject matter hereof and may not be modified
or amended except by a writing duly signed by the party against whom enforcement
of the modification or amendment is sought.

         18.      SEVERABILITY.

                  If any provision of this Agreement shall be held to be invalid
or unenforceable, such invalidity or unenforceability shall not affect any other
provision of this Agreement.

         19.      CAPTIONS.

                  The caption headings of the Sections of this Agreement are for
convenience of reference only and are not intended, nor should they be construed
as, a part of this Agreement and shall be given no substantive effect.

         20.      BENEFITS OF THIS AGREEMENT.

                  Nothing in this Agreement shall be construed to give to any
person or corporation other than the Company and any other BZ(s) of the Warrant
Certificates or Ordinary Shares any right, remedy or claim under this Agreement;
and this Agreement shall be for the sole and exclusive benefit of the Company
any other BZ(s) of the Warrant Certificates or Ordinary Shares.

         21.      COUNTERPARTS.

                  This Agreement may be executed in any number of counterparts
and each of such counterparts shall for all purposes be deemed to be an
original, and such counterparts shall together constitute but one and the same
instrument.

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

------------------------------         ----------------------------
NUR MACROPRINTERS LTD.                 BARAK ZAMIR, ADVOCATES
By: Erez Shachar, Hilel Kramer         By: Yoram Zamir, Avner Barak
                                                           Partners

<PAGE>

                                                                       EXHIBIT A

THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES ISSUABLE
UPON EXERCISE HEREOF MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (i) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), (ii) TO THE EXTENT APPLICABLE, RULE 144 UNDER SUCH ACT (OR ANY
SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii)
AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO
COUNSEL FOR THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS
AVAILABLE.

THE TRANSFER OR EXCHANGE OF THE WARRANT REPRESENTED BY THIS CERTIFICATE IS
RESTRICTED IN ACCORDANCE WITH THE WARRANT AGREEMENT REFERRED TO HEREIN.

NO. W-                                 Exercisable into 15,000 Ordinary Shares
      ------------

                               WARRANT CERTIFICATE

                  This Warrant Certificate certifies that Avner Barak and Yoram
Zamir, Advocates ("BZ") are the registered holder of a warrant exercisable, at
any time from October __, 1999 until 5:30 p.m. Israel time on October __, 2003
(the "EXERCISE PERIOD" and "EXPIRATION DATE"), up to 15,000 fully-paid and
non-assessable Ordinary Shares, NIS 1.0 nominal value per share (the "ORDINARY
SHARES" and "WARRANT SHARES") of Nur Macroprinters Ltd., an Israeli corporation
(the "COMPANY"), at the initial exercise price, subject to adjustment in certain
events, of US$[2].00 per Ordinary Share (the "EXERCISE PRICE"); upon surrender
of this Warrant Certificate and payment of the applicable Exercise Price at an
office or agency of the Company, but subject to the conditions set forth herein
and in the Warrant Agreement dated as of October __, 1999 between the Company
and BZ (the "WARRANT AGREEMENT"). Payment of the applicable Exercise Price shall
be made by certified check payable to the order of the Company.

               No Warrant may be exercised after 5:30 p.m., Israel time, on the
Expiration Date, at which time all Warrant evidenced hereby, unless exercised
prior thereto, shall thereafter be void.

               The Warrant evidenced by this Warrant Certificate are part of a
duly authorized issue of Warrant issued pursuant to the Warrant Agreement, which
Warrant Agreement is hereby incorporated by reference herein and made a part of
this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the
Company and BZ.

               The Warrant Agreement provides that upon the occurrence of
certain events, the then applicable Exercise Price and the type and/or number of
the Company's securities issuable

<PAGE>

thereupon may, subject to certain conditions, be adjusted. In such event, the
Company will, at the request of BZ, issue a new Warrant Certificate evidencing
the adjustment in the then applicable Exercise Price and the number and/or type
of securities issuable upon the exercise of the Warrant; provided, however, that
the failure of the Company to issue such new Warrant Certificates shall not in
any way change, alter, or otherwise impair, the rights of BZ as set forth in the
Warrant Agreement.

               Upon due presentment for registration of transfer of this Warrant
Certificate at an office or agency of the Company, a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrant shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided herein and in the Warrant
Agreement, without any charge except for any tax or other governmental charge
imposed in connection with such transfer.

               Upon the exercise of less than all of the Warrant evidenced by
this Certificate, the Company shall forthwith issue to BZ hereof a new Warrant
Certificate representing such number of unexercised Warrant.

               The Company may deem and treat BZ as the absolute owner(s) of
this Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof, and of
any distribution to BZ, and for all other purposes, and the Company shall not be
affected by any notice to the contrary.

               All terms used in this Warrant Certificate which are defined in
the Warrant Agreement shall have the meanings assigned to them in the Warrant
Agreement.

               IN WITNESS WHEREOF, the Company has caused this Warrant
Certificate to be duly executed under its corporate stamp.

Dated October ____, 1999

                                       ----------------------------
                                       NUR MACROPRINTERS LTD.

                                       By: Erez Shachar
                                           President & Chief Executive Officer

<PAGE>

                                                                       EXHIBIT B

                         [FORM OF ELECTION TO PURCHASE]

               The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to purchase [CHECK APPROPRIATE BOX]:

/ /     all the Ordinary Shares under the Warrant Cerfificate; or

/ /     part [__________][INDICATE NUMBER] of the Ordinary Shares under the
        Warrant Cerfificate;

and herewith tenders in payment for such securities a certified check payable to
the order of NUR MACROPRINTERS LTD. in the amount of $__________ , all in
accordance with the terms hereof. The undersigned requests that a certificate
for such securities be registered in the name of_______________________________
______________________________ whose address is _______________________________
such Certificate be delivered to ___________________________________ whose
address is____________________________________________________________________.

Dated:

                                       Signature
                                                -------------------------------

                             (Signature must conform in all respects to name of
                             holder as specified on the face of the Warrant
                             Certificate.)<PAGE>

                                                                 Exhibit No. 4.1
================================================================================

                            THE ALLSTATE CORPORATION

                                       TO

                 STATE STREET BANK AND TRUST COMPANY, as Trustee

                 -----------------------------------------------
                         FIFTH SUPPLEMENTAL INDENTURE TO
                        INDENTURE DATED DECEMBER 16, 1997
                            (SENIOR DEBT SECURITIES)

                             Dated as of May 1, 2000
                 -----------------------------------------------

                          7 7/8% Senior Notes Due 2005

================================================================================

                                 Page 26 of 40
<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                               PAGE
<S>                                                                                                              <C>
ARTICLE IRelation to Indenture; Definitions.......................................................................1
         Section 1.1..............................................................................................1
         Section 1.2..............................................................................................2

ARTICLE IIThe Series of Securities................................................................................2
         Section 2.1.      TITLE OF THE SECURITIES................................................................2
         Section 2.2.      LIMITATION ON AGGREGATE PRINCIPAL AMOUNT...............................................2
         Section 2.3.      PRINCIPAL PAYMENT DATE.................................................................2
         Section 2.4.      INTEREST AND INTEREST RATES............................................................2
         Section 2.5.      PLACE OF PAYMENT.......................................................................3
         Section 2.6.      REDEMPTION.............................................................................3
         Section 2.7.      DENOMINATION...........................................................................5
         Section 2.8.      CURRENCY...............................................................................5
         Section 2.9.      FORM OF SECURITIES.....................................................................5
         Section 2.10.     SECURITIES REGISTRAR AND PAYING AGENT..................................................5
         Section 2.11.     SINKING FUND OBLIGATIONS...............................................................5
         Section 2.12.     DEFEASANCE AND COVENANT DEFEASANCE ....................................................5
         Section 2.13.     IMMEDIATELY AVAILABLE FUNDS ...........................................................5

ARTICLE IIIExpenses...............................................................................................6
         Section 3.1.      PAYMENT OF EXPENSES....................................................................6
         Section 3.2.      PAYMENT UPON RESIGNATION OR REMOVAL....................................................6

ARTICLE IVMiscellaneous Provisions................................................................................6
         Section 4.1.      TRUSTEE NOT RESPONSIBLE FOR RECITALS...................................................6
         Section 4.2.      ADOPTION, RATIFICATION AND CONFIRMATION................................................6
         Section 4.3.      COUNTERPARTS...........................................................................6
         Section 4.4.      GOVERNING LAW..........................................................................6

</TABLE>

                                 Page 27 of 40
<PAGE>

                            THE ALLSTATE CORPORATION

                         FIFTH SUPPLEMENTAL INDENTURE TO
                        INDENTURE DATED DECEMBER 16, 1997
                            (SENIOR DEBT SECURITIES)

                                  $900,000,000

                          7 7/8% Senior Notes Due 2005

                  FIFTH SUPPLEMENTAL INDENTURE, dated as of May 1, 2000, between
THE ALLSTATE CORPORATION, a Delaware corporation (the "Company"), and STATE
STREET BANK AND TRUST COMPANY, a trust company organized under the laws of the
Commonwealth of Massachusetts, as Trustee (the "Trustee").

                                    RECITALS

                  The Company has heretofore executed and delivered to the
Trustee an Indenture for Senior Debt Securities, dated as of December 16, 1997,
as amended by the Third Supplemental Indenture dated as of July 23, 1999 (the
"Indenture"), providing for the issuance from time to time of series of the
Company's Securities.

                  Section 301 of the Indenture provides for various matters with
respect to any series of Securities issued under the Indenture to be established
in an indenture supplemental to the Indenture.

                  Section 901(7) of the Indenture provides for the Company and
the Trustee to enter into an indenture supplemental to the Indenture to
establish the form or terms of Securities of any series as provided by Sections
201 and 301 of the Indenture.

                  NOW, THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE WITNESSETH:

                  For and in consideration of the premises and the issuance of
the series of Securities provided for herein, it is mutually agreed, for the
equal and proportionate benefit of all Holders of the Securities of such series,
as follows:

                                    ARTICLE I

                       Relation to Indenture; Definitions

                  Section 1.1. RELATION TO INDENTURE. This Fifth Supplemental
Indenture constitutes an integral part of the Indenture.

                  Section 1.2. DEFINITIONS. For all purposes of this Fifth
Supplemental Indenture:

                  (a) Capitalized terms used herein without definition shall
have the meanings specified in the Indenture;

                  (b) All references herein to Articles and Sections, unless
otherwise specified, refer to the corresponding Articles and Sections of this
Fifth Supplemental Indenture; and

                  (c) The terms "herein," "hereof," "hereunder" and other words
of similar import refer to this Fourth Supplemental Indenture.

                                       -1-
                                  Page 28 of 40
<PAGE>

                                   ARTICLE II

                            The Series of Securities

                  Section 2.1. TITLE OF THE SECURITIES. There shall be a series
of Securities designated the "7 7/8% Senior Notes Due 2005" (the "Securities").

                  Section 2.2. LIMITATION ON AGGREGATE PRINCIPAL AMOUNT. The
aggregate principal amount of the Securities shall initially be limited to
$900,000,000. The Company may, without the consent of the holders of the
Securities, issue additional Securities having the same interest rate, maturity
date and other terms as described in the related prospectus supplement and
prospectus. Any additional Securities, together with the Securities offered by
the related prospectus supplement, will constitute a single series of Securities
under the Indenture. No additional Securities may be issued if an Event of
Default under the Indenture has occurred and is continuing with respect to the
Securities.

                  Section 2.3. PRINCIPAL PAYMENT DATE. The principal amount of
the Securities Outstanding (together with any accrued and unpaid interest) shall
be payable in a single installment on May 1, 2005, which date shall be the
Stated Maturity of the Securities Outstanding.

                  Section 2.4. INTEREST AND INTEREST RATES. The rate of interest
on each Security shall be 7 7/8% per annum, accruing from May 1, 2000, or from
the most recent interest payment date (each such date, an "Interest Payment
Date") to which interest has been paid or duly provided for, payable
semiannually in arrears on May 1 and November 1 of each year commencing November
1, 2000 until the principal thereof shall have become due and payable, and until
the principal thereof is paid or duly provided for or made available for
payment. The amount of interest payable on any Interest Payment Date shall be
computed on the basis of a 360-day year of twelve 30-day months. The amount of
interest payable for any partial period shall be computed on the basis of the
actual number of days elapsed in a 360-day year of twelve 30-day months. In the
event that any date on which interest is payable on any Security is not a
Business Day, then payment of interest payable on such date will be made on the
next succeeding day that is a Business Day (and without any interest or other
payment in respect of any such delay). A "Business Day" shall mean any day,
other than a Saturday or Sunday, on which banks in the City of New York and
Boston, Massachusetts are not required by law to close. The interest installment
so payable in respect of any Security, 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 such Security (or one or more Predecessor Securities) is
registered at the close of business on the April 15 or October 15 prior to such
Interest Payment Date. Any such interest installment not punctually paid or duly
provided for in respect of any Security shall forthwith cease to be payable to
the registered Holder on such Regular Record Date and may either be paid to the
Person in whose name such Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date to be fixed by the
Trustee for the payment of such Defaulted Interest, notice whereof shall be
given to the Holders of this series of Securities not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture.

                  Section 2.5. PLACE OF PAYMENT. The Place of Payment where the
Securities may be presented or surrendered for payment, where the Securities may
be surrendered for registration of transfer or exchange and where notices and
demand to or upon the Company in respect of the Securities and the Indenture may
be served shall be the Corporate Trust Office of the Trustee.

                  Section 2.6.      REDEMPTION.

                                       2
                                 Page 29 of 40
<PAGE>

                  (a) The Company may redeem the Securities, in whole or in
part, at any time at a redemption price equal to the greater of (i) 100% of the
principal amount of such securities to be redeemed or (ii) an amount, as
determined by an Independent Investment Banker, equal to the sum of the present
values of the remaining scheduled payments of principal of and interest on the
securities to be redeemed (not including any portion of such payments of
interest accrued to the date of redemption) discounted to the redemption date on
a semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Adjusted Treasury Rate, plus 20 basis points, plus, in either of the
above cases, accrued and unpaid interest thereon to the redemption date.

                  (b) For the purposes of this Section 2.6,

         "Adjusted Treasury Rate" means, with respect to any redemption date:

                  -        the yield, under the heading which represents the
                           average for the immediately preceding week, appearing
                           in the most recently published statistical release
                           designated "H.15(519)" published by the Board of
                           Governors of the Federal Reserve System (or any
                           successor publication which is published weekly by
                           the Board of Governors of the Federal Reserve System
                           and which establishes yields on actively traded
                           United States Treasury securities adjusted to
                           constant maturity) under the caption "Treasury
                           Constant Maturities," for the maturity corresponding
                           to the Comparable Treasury Issue. If no maturity is
                           within three months before or after the Remaining
                           Life, yields for the two published maturities most
                           closely corresponding to the Comparable Treasury
                           Issue shall be determined and the Adjusted Treasury
                           Rate shall be interpolated or extrapolated from such
                           yields on a straight line basis, rounding to the
                           nearest month; or

                  -        if such release (or any successor release) is not
                           published during the week preceding the calculation
                           date or does not contain such yields, the rate per
                           annum equal to the semiannual equivalent yield to
                           maturity of the Comparable Treasury Issue, calculated
                           using a price for the Comparable Treasury Issue
                           (expressed as a percentage of its principal amount)
                           equal to the Comparable Treasury Price for such
                           redemption date.

         The Adjusted Treasury Rate shall be calculated on the third business
day preceding the redemption date.

         "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the securities to be redeemed that would be used, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such securities ("Remaining Life").

         "Comparable Treasury Price" means (i) the average of five Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.

         "Independent Investment Banker" means one of the Reference Treasury
Dealers appointed by us.

         "Reference Treasury Dealer" means:

                  -        each of Morgan Stanley & Co. Incorporated, Donaldson,
                           Lufkin & Jenrette Securities Corporation and Lehman
                           Brothers Inc. and their respective successors;
                           provided, however, that if any of the foregoing shall
                           cease to be a primary U.S. Government securities
                           dealer in New York City (a "Primary Treasury
                           Dealer"), we shall substitute therefor another
                           Primary Treasury Dealer; and

                                       3
                                 Page 30 of 40
<PAGE>

                  -        any two other Primary Treasury Dealer selected by us.

         "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Independent Investment Banker, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City Time, on the third business day preceding such redemption
date.

         We will mail a notice of redemption at least 30 days but not more than
60 days before the redemption date to each holder of the securities to be
redeemed. If less than all of the securities are to be redeemed, the trustee
will select, by such method as it will deem fair and appropriate, including pro
rata or by lot, the securities to be redeemed in whole or in part.

         Unless we default in payment of the redemption price, on and after the
redemption date, interest will cease to accrue on the securities or portions
thereof called for redemption.

                  Section 2.7. DENOMINATION. The Securities of this series shall
be issuable only in registered form without coupons and in denominations of
$1,000 and integral multiples thereof.

                  Section 2.8. CURRENCY. Principal and interest on the
Securities shall be payable in such coin or currency of the United States of
America that at the time of payment is legal tender for payment of public and
private debts.

                  Section 2.9. FORM OF SECURITIES. The Securities shall be
substantially in the form attached as EXHIBIT A hereto.

                  Section 2.10. SECURITIES REGISTRAR AND PAYING AGENT. The
Trustee shall serve initially as Securities Registrar and Paying Agent.

                  Section 2.11. SINKING FUND OBLIGATIONS. The Company has no
obligation to redeem or purchase any Securities pursuant to any sinking fund or
analogous requirement or upon the happening of a specified event or at the
option of a Holder thereof.

                  Section 2.12 DEFEASANCE AND COVENANT DEFEASANCE. The Company
has elected to have both Section 1302 (relating to defeasance) and Section 1303
(relating to covenant defeasance) applied to the Securities.

                  Section 2.13 IMMEDIATELY AVAILABLE FUNDS. All payments of
principal and interest shall be made in immediately available funds.

                                   ARTICLE III

                                    Expenses

                  Section 3.1. PAYMENT OF EXPENSES. In connection with the
offering, sale and issuance of the Securities, the Company, in its capacity as
borrower with respect to the Securities, shall pay all costs and expenses
relating to the offering, sale and issuance of the Securities, including
commissions to the underwriters payable pursuant to the Underwriting Agreement,
dated April 26, 2000, and compensation and expenses of the Trustee under the
Indenture in accordance with the provisions of Section 607 of the Indenture.

                                       4
                                 Page 31 of 40
<PAGE>

                  Section 3.2. PAYMENT UPON RESIGNATION OR REMOVAL. Upon
termination of this Fifth Supplemental Indenture or the Indenture or the removal
or resignation of the Trustee, unless otherwise stated, the Company shall pay to
the Trustee all amounts accrued to the date of such termination, removal or
resignation.

                                   ARTICLE IV

                            Miscellaneous Provisions

                  Section 4.1. TRUSTEE NOT RESPONSIBLE FOR RECITALS. The
recitals herein contained are made by the Company and not by the Trustee, and
the Trustee assumes no responsibility for the correctness thereof. The Trustee
makes no representation as to the validity or sufficiency of this Fifth
Supplemental Indenture.

                  Section 4.2. ADOPTION, RATIFICATION AND CONFIRMATION. The
Indenture, as supplemented and amended by this Fifth Supplemental Indenture, is
in all respects hereby adopted, ratified and confirmed.

                  Section 4.3. COUNTERPARTS. This Fifth Supplemental Indenture
may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same
instrument.

                  Section 4.4. GOVERNING LAW. THIS FIFTH SUPPLEMENTAL INDENTURE
AND EACH SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF NEW YORK AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
THEREOF.

                                       5
                                 Page 32 of 40
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this Fifth
Supplemental Indenture to be duly executed, and their respective corporate seals
to be hereunto affixed and attested, on the date or dates indicated in the
acknowledgments and as of the day and year first above written.

                                                   THE ALLSTATE CORPORATION

                                                   By:
                                                      -------------------------
                                                   Name:
                                                   Title:

ATTEST:

By:
   -----------------------
Name:
Title:

                                            STATE STREET BANK AND TRUST COMPANY,
                                            as Trustee

                                            By:
                                               -------------------------------
                                            Name:
                                            Title:

                                       6
                                 Page 33 of 40
<PAGE>

                                                                       EXHIBIT A
                           (FORM OF FACE OF SECURITY)

                  This Security is a Global Security within the meaning of the
Indenture hereinafter referred to and is registered in the name of a Depositary
or a nominee of a Depositary. This Security is exchangeable for Securities
registered in the name of a person other than the Depositary or its nominee only
in the limited circumstances described in the Indenture, and no transfer of this
Security (other than a transfer of this Security as a whole by the Depositary to
a nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary) may be registered except in limited
circumstances.

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

Certificate No.                                              $
                                                              ------------------
                                                             CUSIP No. 020002AL5

                            THE ALLSTATE CORPORATION

                          7 7/8% Senior Notes Due 2005

                  THE ALLSTATE CORPORATION, a Delaware corporation (the
"Company," which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE
& CO. or registered assigns, the principal sum of____________ ($_________ )
on May 1, 2005. The Company further promises to pay interest on said
principal sum outstanding from May 1, 2000, or from the most recent interest
payment date (each such date, an "Interest Payment Date") to which interest
has been paid or duly provided for, semiannually (subject to deferral as set
forth herein) in arrears on May 1 and November 1 of each year commencing
November 1, 2000 at the rate of 7 7/8% per annum, until the principal hereof
shall have become due and payable and, until the principal hereof is paid or
duly provided for or made available for payment. The amount of interest
payable on any Interest Payment Date shall be computed on the basis of a
360-day year of twelve 30-day months. The amount of interest payable for any
partial period shall be computed on the basis of the number of actual days
elapsed in a 360-day year of twelve 30-day months. In the event that any date
on which interest is payable on this Security is not a Business Day, then
payment of interest payable on such date will be made on the next succeeding
day that is a Business Day (and without any interest or other payment in
respect of any such delay). A "Business Day" shall mean any day, other than a
Saturday or Sunday, on which the banks in the City of New York and Boston,
Massachusetts are not required by law to close. The interest installment 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 Security (or one or more Predecessor Securities) is registered at the
close of business on April 15 or October 15 prior to such Interest Payment
Date. Any such interest installment not punctually paid or duly provided for
shall forthwith cease to be payable to the registered Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date to be fixed by the Trustee for the payment
of such Defaulted Interest, notice whereof shall be given to the Holder of
this Security not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which this Security may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture.

                                       A-1
                                 Page 34 of 40
<PAGE>

                  The principal of (and premium, if any) and the interest on
this Security shall be payable at the office or agency of the Company maintained
for that purpose in the United States in such coin or currency of the United
States of America that at the time of payment is legal tender for payment of
public and private debts; PROVIDED, HOWEVER, that payment of interest may be
made at the option of the Company by check mailed to the registered Holder at
such address as shall appear in the Security Register. Notwithstanding the
foregoing, so long as the Holder of this Security is Cede & Co., the payment of
the principal of (and premium, if any) and interest on this Security will be
made at such place and to such account as may be designated by Cede & Co. All
payments of principal and interest hereunder shall be made in immediately
available funds.

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

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

                                       A-2
                                 Page 35 of 40
<PAGE>

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

                                           THE ALLSTATE CORPORATION

                                           By:
                                              ------------------------------
                                           Name:
                                           Title:

Attest:

By:
   ---------------------------
   Name:
   Title:

                          CERTIFICATE OF AUTHENTICATION

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

Dated:

STATE STREET BANK AND TRUST COMPANY,
as Trustee

By:
   ----------------------------------------
                  Authorized Signatory

                                       A-3
                                 Page 36 of 40
<PAGE>

                          (FORM OF REVERSE OF SECURITY)

                  This Security is one of a duly authorized issue of securities
of the Company, designated as its 7 7/8% Senior Notes (herein referred to as the
"Securities"), issued under and pursuant to an Indenture, dated as of December
16, 1997 between the Company and State Street Bank and Trust Company, as Trustee
(herein called the "Trustee," which term includes any successor trustee under
the Indenture), as supplemented by the Fifth Supplemental Indenture, dated as of
May 1, 2000, between the Company and the Trustee (the Indenture as so
supplemented, the "Indenture"), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered.

                  All terms used in this Security that are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

                  The Company may redeem the Securities, in whole or in part, at
any time at a redemption price equal to the greater of (i) 100% of the principal
amount of such securities to be redeemed or (ii) an amount, as determined by an
Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal of and interest thereon on the securities to be
redeemed (not including any portion of such payments of interest accrued to the
date of redemption) discounted to the redemption date on a semiannual basis (
assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate, plus 20 basis points, plus, in either of the above cases, accrued
and unpaid interest thereon to the redemption date.

                  "Adjusted Treasury Rate" means, with respect to any redemption
date:

                  -        the yield, under the heading which represents the
                           average for the immediately preceding week, appearing
                           in the most recently published statistical release
                           designated "H.15(519)" published by the Board of
                           Governors of the Federal Reserve System (or any
                           successor publication which is published weekly by
                           the Board of Governors of the Federal Reserve System
                           and which establishes yields on actively traded
                           United States Treasury securities adjusted to
                           constant maturity) under the caption "Treasury
                           Constant Maturities," for the maturity corresponding
                           to the Comparable Treasury Issue. If no maturity is
                           within three months before or after the Remaining
                           Life, yields for the two published maturities most
                           closely corresponding to the Comparable Treasury
                           Issue shall be determined and the Adjusted Treasury
                           Rate shall be interpolated or extrapolated from such
                           yields on a straight line basis, rounding to the
                           nearest month; or

                  -        if such release (or any successor release) is not
                           published during the week preceding the calculation
                           date or does not contain such yields, the rate per
                           annum equal to the semiannual equivalent yield to
                           maturity of the Comparable Treasury Issue, calculated
                           using a price for the Comparable Treasury Issue
                           (expressed as a percentage of its principal amount)
                           equal to the Comparable Treasury Price for such
                           redemption date.

                  The Adjusted Treasury Rate shall be calculated on the third
business day preceding the redemption date.

                  "Comparable Treasury Issue" means the United States Treasury
security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the securities to be redeemed that would be
used, at the time of selection and in accordance with customary financial
practice, in

                                       A-4
                                 Page 37 of 40
<PAGE>

pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such securities ("Remaining Life").

                  "Comparable Treasury Price" means (i) the average of five
Reference Treasury Dealer Quotations for such redemption date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the
Independent Investment Banker obtains fewer than five such Reference Treasury
Dealer Quotations, the average of all such quotations.

                  "Independent Investment Banker" means one of the Reference
Treasury Dealers appointed by us.

                  "Reference Treasury Dealer" means:

                  -        each of Morgan Stanley & Co. Incorporated, Donaldson,
                           Lufkin & Jenrette Securities Corporation and Lehman
                           Brothers Inc. and their respective successors;
                           provided, however, that if any of the foregoing shall
                           cease to be a primary U.S. Government securities
                           dealer in New York City (a "Primary Treasury
                           Dealer"), we shall substitute therefor another
                           Primary Treasury Dealer; and

                  -        any two other Primary Treasury Dealer selected by us.

                  "Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any redemption date, the average, as
determined by the Independent Investment Banker, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City Time, on the third business day preceding such redemption
date.

                  We will mail a notice of redemption at least 30 days but not
more than 60 days before the redemption date to each holder of the securities to
be redeemed. If less than all of the securities are to be redeemed, the trustee
will select, by such method as it will deem fair and appropriate, including pro
rata or by lot, the securities to be redeemed in whole or in part.

                  Unless we default in payment of the redemption price, on and
after the redemption date, interest will cease to accrue on the securities or
portions thereof called for redemption.

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

                  The Indenture contains provisions for satisfaction, discharge
and defeasance at any time of the entire indebtedness of this Security upon
compliance by the Company with certain conditions set forth in the Indenture.

                  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 Securities of
each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of
the Securities of each series at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting Holders of specified
percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any Security issued
upon the

                                       A-5
                                 Page 38 of 40
<PAGE>

registration of transfer hereof or in exchange therefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

                  No reference herein to the Indenture and no provision of this
Security or of the Indenture (other than Section 1302 and Section 1303 of the
Indenture) shall alter or impair the obligation of the Company to pay the
principal and interest on the Security at the times, place and rate, and in the
coin or currency, herein prescribed.

                  As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Securities Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company maintained under Section 1002 of
the Indenture duly endorsed by, or accompanied by a written instrument of
transfer, in form satisfactory to the Company and the Securities Registrar, duly
executed by the Holder hereof or his or her attorney duly authorized in writing,
and thereupon one or more new Securities of this series, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

                                       A-6
                                 Page 39 of 40
<PAGE>

                  Prior to due presentment of this Security 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 Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

                  This Global Security is exchangeable for Securities in
definitive form only under certain limited circumstances set forth in the
Indenture. Securities of this series so issued are issuable only in registered
form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations herein
and therein set forth, Securities of this series so issued are exchangeable for
a like aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

                  The Company and, by its acceptance of this Security or a
beneficial interest therein, the Holder of, and any Person that acquires a
beneficial interest in, this Security agree that for United States federal,
state and local tax purposes it is intended that this Security constitute
indebtedness.

                  THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE
INDENTURE AND THE SECURITIES WITHOUT REGARD TO CONFLICT OF LAW PROVISION
THEREOF.

                                       A-7
                                 Page 40 of 40

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