Document:

EXHIBIT 10.3

 

CARMAX AUTO OWNER TRUST 2015-2,

as Issuer,

 

CARMAX BUSINESS SERVICES, LLC,

as Administrator,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Indenture Trustee

 

_____________________________

 

ADMINISTRATION AGREEMENT

 

Dated as of May 1, 2015

 

_____________________________

 

    	 

    	 

    

 

ADMINISTRATION AGREEMENT,
dated as of May 1, 2015 (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”),
by and among CARMAX AUTO OWNER TRUST 2015-2, a Delaware statutory trust (the “Issuer”), CARMAX BUSINESS SERVICES,
LLC, a Delaware limited liability company, as administrator (in such capacity, the “Administrator”), and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as indenture trustee
(in such capacity, the “Indenture Trustee”).

 

WHEREAS, the Issuer is
issuing 0.35000% Class A-1 Asset-backed Notes, 0.82% Class A-2a Asset-backed Notes, LIBOR + 0.28% Class A-2b Asset-backed Notes,
1.37% Class A-3 Asset-backed Notes, 1.80% Class A-4 Asset-backed Notes, 2.15% Class B Asset-backed Notes, 2.39% Class C Asset-backed
Notes and 3.04% Class D Asset-backed Notes (collectively, the “Notes”) pursuant to the Indenture, dated as of
May 1, 2015 (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”),
between the Issuer and the Indenture Trustee;

 

WHEREAS, the Issuer has
entered into certain agreements in connection with the issuance of the Notes and the issuance of certain beneficial interests in
the Issuer, including (i) a Sale and Servicing Agreement, dated as of May 1, 2015 (as amended, supplemented or otherwise modified
and in effect from time to time, the “Sale and Servicing Agreement”), by and among the Issuer, CarMax Auto Funding
LLC, a Delaware limited liability company, as depositor (in such capacity, the “Depositor”) and CarMax Business
Services, LLC, as Servicer, (ii) a Letter of Representations, dated May 13, 2015 (as amended, supplemented or otherwise modified
and in effect from time to time, the “Note Depository Agreement”), by and between the Issuer and The Depository
Trust Company relating to the Notes, and (iii) the Indenture (collectively with the Sale and Servicing Agreement and the Note Depository
Agreement, the “Related Agreements”);

 

WHEREAS, pursuant to
the Related Agreements, the Issuer and U.S. Bank Trust National Association, a national banking association, not in its individual
capacity but solely as owner trustee (in such capacity, the “Owner Trustee”), are required to perform certain
duties in connection with (i) the Notes and the collateral pledged to secure the Notes pursuant to the Indenture (the “Collateral”)
and (ii) the beneficial interests in the Issuer;

 

WHEREAS, the Issuer and
the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee referred to
in the preceding clause and to provide such additional services consistent with the terms of this Agreement and the Related Agreements
as the Issuer and the Owner Trustee may from time to time request; and

 

WHEREAS, the Administrator
has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner Trustee
on the terms set forth herein;

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

    	 

    	 

    

 

SECTION
1.    Definitions. All capitalized terms used but not defined
in this Agreement shall have the respective meanings set forth in the Indenture.

 

SECTION
2.    Duties of the Administrator.

 

(a)          Duties
with Respect to the Related Agreements.

 

(i)          The
Administrator shall perform all its duties as Administrator under the Note Depository Agreement. In addition, the Administrator
shall consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the Related Agreements. The
Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply
with the Issuer’s or the Owner Trustee’s duties under the Related Agreements. The Administrator shall prepare for execution
by the Issuer or the Owner Trustee, or shall cause the preparation by other appropriate persons of, all such documents, reports,
filings, instruments, certificates and opinions that it shall be the duty of the Issuer or the Owner Trustee to prepare, file or
deliver pursuant to the Related Agreements. In furtherance of the foregoing, the Administrator shall take all appropriate action
that the Issuer or the Owner Trustee is obligated to take pursuant to the Indenture, including, without limitation, such of the
foregoing as are required with respect to the following matters under the Indenture (references are to sections of the Indenture):

 

(A)         the
duty to cause the Note Register to be kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar
and the location, or change in location, of the Note Register (Section 2.5);

 

(B)         the
notification of Noteholders of the final principal payment on their Notes (Section 2.8(g));

 

(C)         the
preparation of or obtaining of the documents and instruments required for authentication of the Notes and delivery of the same
to the Indenture Trustee (Section 2.2, 2.3, 2.6 and 2.13);

 

(D)         the
preparation of Definitive Notes in accordance with the instructions of the Clearing Agency (Section 2.13);

 

(E)         the
preparation, obtaining or filing of the instruments, opinions, certificates and other documents required for the release of collateral
(Section 2.10);

 

(F)         the
maintenance of an office or agency in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration
of transfer or exchange (Section 3.2);

 

(G)         the
duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture
regarding funds held in trust (Section 3.3);

 

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(H)         the
direction to the Indenture Trustee to deposit monies with Paying Agents, if any, other than the Indenture Trustee (Section 3.3);

 

(I)         the
obtaining and preservation of the Issuer’s existence and qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and
each other instrument or agreement included in the Trust Estate (Section 3.4);

 

(J)         the
preparation of all supplements and amendments to the Indenture and all financing statements, continuation statements, instruments
of further assurance and other instruments and the taking of such other action as is necessary or advisable to protect the Trust
Estate (Section 3.5);

 

(K)         the
duty to use best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s
material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement,
except as expressly provided in the Indenture and the other Transaction Documents (Section 3.7(a));

 

(L)         the
delivery of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel as to the Trust Estate, and
the annual delivery of the Officer’s Certificate and certain other statements as to compliance with the Indenture (Sections
3.6 and 3.9);

 

(M)         the
identification to the Indenture Trustee in an Officer’s Certificate of a Person with whom the Issuer has contracted to perform
its duties under the Indenture (Section 3.7(b));

 

(N)         the
preparation and delivery of written notice to the Indenture Trustee, the Depositor and the Rating Agencies of an Event of Servicing
Termination under the Sale and Servicing Agreement and, if such Event of Servicing Termination arises from the failure of the Servicer
to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the taking
of all reasonable steps available to remedy such failure (Section 3.7(d));

 

(O)         the
preparation and delivery of written notice to the Depositor, the Indenture Trustee and the Rating Agencies of any termination of
the Servicer’s rights and powers under the Sale and Servicing Agreement and the preparation and delivery of written notice
to the Depositor, the Indenture Trustee and the Rating Agencies of any appointment of a Successor Servicer under the Sale and Servicing
Agreement (Section 3.7(f));

 

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(P)         the
duty to cause the Servicer to comply with Sections 3.7, 3.9, 3.10, 3.11, 3.12, 3.13 and 3.14 and Article VII of the Sale and Servicing
Agreement (Section 3.14);

 

(Q)         the
preparation and obtaining of documents and instruments required for the consolidation or merger of the Issuer (Section 3.10(a)(vi))
or the conveyance or transfer by the Issuer of its properties or assets (Section 3.10(b));

 

(R)         the
preparation and delivery of written notice to the Indenture Trustee, the Depositor and the Rating Agencies of each Event of Default
under the Indenture, each default by the Depositor or the Servicer under the Sale and Servicing Agreement and each default by the
Seller or the Depositor under the Receivables Purchase Agreement (Section 3.18);

 

(S)         upon
the request of the Indenture Trustee, the duty to execute and deliver such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purpose of the Indenture (Section 3.20);

 

(T)         the
monitoring of the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s
Certificate and the obtaining of the Opinion of Counsel and the Independent Certificate (if required) relating thereto (Section
4.1);

 

(U)         the
compliance with any written directive of the Indenture Trustee with respect to the sale of the Trust Estate at one or more public
or private sales called and conducted in any manner permitted by law if an Event of Default shall have occurred and be continuing
under the Indenture (Section 5.4);

 

(V)         the
duty to take various lawful actions upon the request of the Indenture Trustee in connection with compelling or securing the performance
and observance by the Depositor and the Servicer of their respective obligations to the Issuer under or in connection with the
Sale and Servicing Agreement or by the Seller of its obligations under or in connection with the Receivables Purchase Agreement
(Section 5.16);

 

(W)         the
preparation and delivery of written notice to the Noteholders of the removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee (Section 6.8);

 

(X)         the
preparation of any written instruments required to confirm more fully the authority of any co-trustee or separate trustee and any
written instruments necessary in connection with the resignation or removal of any co-trustee or separate trustee (Section 6.10);

 

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(Y)         the
maintenance of the effectiveness of the sales finance company licenses required under the Maryland Code and the Pennsylvania Motor
Vehicle Sales Finance Company Act (Section 3.21);

 

(Z)         the
furnishing or causing to be furnished to the Indenture Trustee of the names and addresses of Noteholders during any period when
the Indenture Trustee is not the Note Registrar (Section 7.1);

 

(AA)        the
preparation and, after execution by the Issuer, filing with the Commission, any applicable state agencies and the Indenture Trustee
of documents required to be filed on a periodic basis with, and summaries thereof as may be required by the rules and regulations
of, the Commission and any applicable state agencies and the transmission of such summaries, as necessary, to the Noteholders (Section
7.3);

 

(BB)        the
opening of one or more accounts in the Indenture Trustee’s name, the preparation and delivery of Issuer Orders, Officer’s
Certificates and Opinions of Counsel and all other actions necessary with respect to the investment and reinvestment of funds in
the Collection Account and the Reserve Account (Sections 8.2 and 8.3);

 

(CC)        the
preparation and delivery of an Issuer Request and Officer’s Certificate and the obtaining of an Opinion of Counsel and Independent
Certificates, if necessary, for the release of the Trust Estate (Sections 8.4 and 8.5);

 

(DD)        the
preparation and delivery of Issuer Orders and the obtaining of an Opinion of Counsel with respect to the execution of supplemental
indentures and the mailing to the Noteholders and the Rating Agencies, as applicable, of notices with respect to such supplemental
indentures (Sections 9.1, 9.2 and 9.3);

 

(EE)        the
execution and delivery of new Notes conforming to any supplemental indenture (Section 9.6);

 

(FF)        the
duty to notify Noteholders of redemption of the Notes or to cause the Indenture Trustee to provide such notification (Section 10.2);

 

(GG)        the
preparation and delivery of Officer’s Certificates and the obtaining of an Opinion of Counsel and Independent Certificates,
if necessary, with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section
11.1(a), (c), (d) and (e));

 

(HH)        the
preparation and delivery of Officer’s Certificates and the obtaining of Opinions of Counsel and Independent Certificates,
if necessary, for the release of property from the lien of the Indenture (Section 11.1(e));

 

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(II)        the
preparation and delivery of written notice to the Rating Agencies, upon the failure of the Indenture Trustee to give such notification,
of the information required pursuant to the Indenture (Section 11.4);

 

(JJ)        the
preparation and delivery to the Indenture Trustee of any agreements with respect to alternate payment and notice provisions (Section
11.6); and

 

(KK)      the
recording of the Indenture, if applicable (Section 11.15).

 

(ii)         The
Administrator (but not the Indenture Trustee if it is then acting as successor Administrator) shall:

 

(A)         pay
the Indenture Trustee from time to time such compensation and fees for all services rendered by the Indenture Trustee under the
Indenture as have been agreed to in a separate fee schedule between the Administrator and the Indenture Trustee (which compensation
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(B)         except
as otherwise expressly provided in the Indenture, reimburse the Indenture Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of the Indenture (including
the reasonable compensation, expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance
as may be attributable to its negligence or bad faith;

 

(C)         indemnify
the Indenture Trustee and its agents for, and hold them harmless against, any loss, liability or expense incurred without negligence
or bad faith on their part arising out of or in connection with the acceptance or administration of the transactions contemplated
by the Indenture, including the reasonable costs and expenses of defending themselves against any claim or liability in connection
with the exercise or performance of any of their powers or duties under the Indenture; and

 

(D)         indemnify
the Owner Trustee and its agents for, and hold them harmless against, any loss, liability or expense incurred without negligence
or bad faith on their part arising out of or in connection with the acceptance or administration of the transactions contemplated
by the Trust Agreement, including the reasonable costs and expenses of defending themselves against any claim or liability in connection
with the exercise or performance of any of their powers or duties under the Trust Agreement.

 

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(b)          Additional
Duties.

 

(i)          In
addition to the duties of the Administrator set forth above, the Administrator (A) shall perform such calculations and shall prepare
or shall cause the preparation by other appropriate persons of, and shall execute on behalf of the Issuer or the Owner Trustee,
all such documents, reports, filings, instruments, certificates and opinions that the Issuer or the Owner Trustee is obligated
to prepare pursuant to the Related Agreements or Section 5.5(i), (ii), (iii) or (iv) of the Trust Agreement and (B) at the request
of the Owner Trustee, shall take all appropriate action that the Issuer or the Owner Trustee is obligated to take pursuant to the
Related Agreements. In furtherance of the foregoing, the Owner Trustee shall, on behalf of itself and the Issuer, execute and deliver
to the Administrator and to each successor Administrator appointed pursuant to the terms hereof, one or more powers of attorney
substantially in the form of Exhibit A hereto, appointing the Administrator the attorney-in-fact of the Owner Trustee and the Issuer
for the purpose of executing on behalf of the Owner Trustee and the Issuer all such documents, reports, filings, instruments, certificates
and opinions. Subject to Section 6 of this Agreement, and in accordance with the directions of the Owner Trustee, the Administrator
shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the
Related Agreements) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and
are reasonably within the capability of the Administrator.

 

(ii)         Notwithstanding
anything in this Agreement or the Related Agreements to the contrary, the Administrator shall be responsible for promptly notifying
the Owner Trustee in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to
a registered holder of the beneficial interests in the Issuer as contemplated in Section 5.2(c) of the Trust Agreement. Any such
notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision.

 

(iii)        Notwithstanding
anything in this Agreement or the Transaction Documents to the contrary, the Administrator shall be responsible for performance
of the duties of the Issuer or the Owner Trustee set forth in Section 5.5(i), (ii), (iii) and (iv) and Section 5.6(a) of the Trust
Agreement with respect to, among other things, accounting and reports to the beneficial owners of the interests in the Issuer.

 

(iv)        To
the extent that any tax withholding is required as contemplated in Section 5.2(c) of the Trust Agreement, the Administrator shall
deliver to the Owner Trustee and the Indenture Trustee, on or before November 15, 2015, a certificate of an Authorized Officer
in form and substance satisfactory to the Owner Trustee as to such tax withholding and the procedures to be followed with respect
thereto to comply with the requirements of the Code. The Administrator shall update such certificate if any additional tax withholding
is subsequently required or any previously required tax withholding shall no longer be required.

 

(v)         The
Administrator shall perform the duties of the Administrator specified in Section 10.2 of the Trust Agreement required to be performed
in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by
the Administrator under the Trust Agreement or any other Related Agreement.

 

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(vi)        In
carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions
or otherwise deal with any of its affiliates; provided, however, that the terms of any such transactions or dealings
shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less
favorable to the Issuer than would be available from unaffiliated parties.

 

(vii)       The
Administrator shall give notice to each Rating Agency of (A) any merger or consolidation of the Owner Trustee pursuant to Section
10.4 of the Trust Agreement; (B) any merger or consolidation of the Indenture Trustee pursuant to Section 6.9 of the Indenture;
(C) any resignation or removal of the Indenture Trustee pursuant to Section 6.8 of the Indenture; (D) the termination of, and/or
appointment of a successor to, the Servicer pursuant to Sections 8.1 or 8.2 of the Sale and Servicing Agreement; (E) any declaration
of acceleration of the Notes or rescission and annulment thereof pursuant to Section 5.2 of the Indenture; (F) any redemption of
the Notes pursuant to Section 10.1 of the Indenture; (G) any proposed action pursuant to Section 4.1 of the Trust Agreement; and
(H) any amendment or supplement to the Trust Agreement pursuant to Section 11.1 of the Trust Agreement; in the case of each of
(A) through (H), promptly upon the Administrator being notified thereof by the Owner Trustee, the Indenture Trustee, the Servicer
or the Noteholders, as applicable.

 

(c)          Non-Ministerial
Matters.

 

(i)          The
Administrator shall not take any action with respect to matters that, in the reasonable judgment of the Administrator, are non-ministerial
unless within a reasonable time before the taking of such action the Administrator shall have notified the Issuer of the proposed
action and the Issuer shall not have withheld consent, which consent shall not be unreasonably withheld or delayed, or provided
an alternative direction. For the purpose of the preceding sentence, “non-ministerial” matters shall include, without
limitation:

 

(A)         the
amendment of or any supplement to the Indenture;

 

(B)         the
initiation of any claim or lawsuit by the Issuer or the compromise of any action, claim or lawsuit brought by or against the Issuer
(other than in connection with the collection of the Receivables or Permitted Investments);

 

(C)         the
amendment, change or modification of the Related Agreements;

 

(D)         the
appointment of successor Note Registrars, successor Paying Agents or successor Indenture Trustees pursuant to the Indenture, the
appointment of successor Administrators or Successor Servicers or the consent to the assignment by the Note Registrar, the Paying
Agent or the Indenture Trustee of its obligations under the Indenture; and

 

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(E)         the
removal of the Indenture Trustee.

 

(ii)         Notwithstanding
anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (A) make any payments to
the Noteholders under the Related Agreements or (B) take any other action that the Issuer directs the Administrator not to take
on its behalf.

 

SECTION
3.    Records. The Administrator shall maintain appropriate books of account and records relating
to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer and the Company
at any time during normal business hours.

 

SECTION
4.    Compensation. As compensation for the performance of the Administrator’s obligations
under this Agreement, and as reimbursement for its expenses related thereto, the Administrator shall be entitled to $500 per month,
which compensation shall be solely an obligation of the Servicer.

 

SECTION
5.    Additional Information to be Furnished to the Issuer.
The Administrator shall furnish to the Issuer from time to time such additional information regarding the Collateral as the Issuer
may reasonably request.

 

SECTION
6.    Independence of the Administrator. For all purposes of this Agreement, the Administrator
shall be an independent contractor and shall not be subject to the supervision of the Issuer or the Owner Trustee with respect
to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer,
the Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise
be deemed an agent of the Issuer or the Owner Trustee.

 

SECTION
7.    No Joint Venture. Nothing contained in this Agreement
(i) shall constitute the Administrator and either the Issuer or the Owner Trustee as members of any partnership, joint venture,
association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such
on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others.

 

SECTION
8.    Other Activities of Administrator. Nothing contained
in this Agreement shall prevent the Administrator or its affiliates from engaging in other businesses or, in its sole discretion,
from acting in a similar capacity as an administrator for any other person or entity even though such person or entity may engage
in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.

 

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SECTION
9.     Term of Agreement; Resignation and Removal of Administrator.

 

(a)          This
Agreement shall continue in full force and effect until the dissolution of the Issuer, upon which event this Agreement shall automatically
terminate.

 

(b)          Subject
to Sections 9(e) and 9(f), the Administrator may resign its duties hereunder by providing the Issuer with at least sixty (60) days’
prior written notice.

 

(c)          Subject
to Sections 9(e) and 9(f), the Issuer may remove the Administrator without cause by providing the Administrator with at least sixty
(60) days’ prior written notice; provided, however, that in the event the Servicer is removed as the Servicer
pursuant to Section 8.1 of the Sale and Servicing Agreement following the occurrence of an Event of Servicing Termination, the
Servicer shall be simultaneously removed as Administrator hereunder.

 

(d)          Subject
to Sections 9(e) and 9(f), at the sole option of the Issuer, the Issuer may remove the Administrator immediately upon written notice
of termination from the Issuer to the Administrator if any of the following events shall occur and be continuing:

 

(i)          the
Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default, shall
not cure such default within ten (10) days (or, if such default cannot be cured in such time, shall not give within ten (10) days
such assurance of cure as shall be reasonably satisfactory to the Issuer);

 

(ii)         a
court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not have been
vacated within sixty (60) days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect or appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation of
its affairs; or

 

(iii)        the
Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, shall consent to the appointment
of a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official for the Administrator or any substantial
part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall
make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become due.

 

If any of the events
specified in clauses (ii) or (iii) of this Section 9(d) shall occur, the Administrator shall give written notice thereof to the
Issuer and the Indenture Trustee within seven (7) days after the occurrence of such event.

 

(e)          No
resignation or removal of the Administrator pursuant to Section 9(d) shall be effective until (i) a successor Administrator shall
have been appointed by the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of
this Agreement in the same manner as the Administrator is bound hereunder. In the event that the Indenture Trustee is the successor
Administrator, CarMax’s payment obligations pursuant to Sections 5.16(a) and 6.7(a) of the Indenture shall survive any termination,
resignation or removal of CarMax as Administrator.

 

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(f)          The
appointment of any successor Administrator shall be effective only after satisfaction of the Rating Agency Condition with respect
to such appointment.

 

(g)          Subject
to Sections 9(e), 9(f) and 20, the Administrator acknowledges that upon the appointment of a Successor Servicer pursuant to the
Sale and Servicing Agreement the Administrator shall immediately resign and such Successor Servicer shall automatically become
the Administrator under this Agreement.

 

SECTION
10.   Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination
of this Agreement pursuant to Section 9(a), the resignation of the Administrator pursuant to Section 9(b) or the removal of the
Administrator pursuant to Section 9(c) or (d), the Administrator shall be entitled to be paid all fees and reimbursable expenses
accruing to it to the date of such termination, resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 9(a) deliver to the Issuer all property and documents of or relating to the Collateral then in the custody
of the Administrator. In the event of the resignation of the Administrator pursuant to Section 9(b) or the removal of the Administrator
pursuant to Section 9(c) or (d), the Administrator shall cooperate with the Issuer and take all reasonable steps requested by
the Issuer to assist the Issuer in making an orderly transfer of the duties of the Administrator.

 

SECTION
11.   Notices. All demands, notices and other communications under this Agreement shall be
in writing, personally delivered, sent by telecopier, overnight courier or mailed by certified mail, return receipt requested,
and shall be deemed to have been duly given upon receipt (i) in the case of the Issuer, to CarMax Auto Owner Trust 2015-2 c/o
the Owner Trustee at the following address: 190 South LaSalle Street, Chicago, Illinois 60603, (ii) in the case of the Administrator,
at the following address: 12800 Tuckahoe Creek Parkway, Richmond, Virginia 23238, Attention: Treasury Department, and (iii) in
the case of the Indenture Trustee, at the following address: Sixth and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota
55479, or, in each case, to such other address as any party shall have provided to the other parties in writing. If CarMax is
no longer the Administrator, the successor Administrator shall provide any notices required to be given to the Rating Agencies
to the Depositor, who shall promptly provide such notices to the Rating Agencies.

 

SECTION
12.  Amendments. This Agreement may be amended from time to
time by the Issuer, the Administrator and the Indenture Trustee, without the consent of any of the Noteholders or the Certificateholders,
to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein
or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement
which will not be inconsistent with other provisions of this Agreement; provided, however, that no such amendment
may materially adversely affect the interests of any Noteholder or any Certificateholder. This Agreement may also be amended from
time to time by the Issuer, the Administrator and the Indenture Trustee, with the consent of the Holders of Notes evidencing not
less than 51% of the Note Balance of the Controlling Class or, if the Notes have been paid in full, the Holders of Certificates
evidencing not less than 51% of the aggregate Certificate Percentage Interest, for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Agreement or modifying in any manner the rights of the Noteholders
or the Certificateholders; provided, however, that no such amendment may:

 

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(i)          increase
or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on or in respect of the Receivables
or distributions that are required to be made for the benefit of the Noteholders or the Certificateholders without the consent
of all Noteholders and Certificateholders adversely affected by such amendment; or

 

(ii)         reduce
the percentage of the Note Balance or the percentage of the aggregate Certificate Percentage Interest the consent of the Holders
of which is required for any amendment to this Agreement without the consent of all the Noteholders and Certificateholders adversely
affected by such amendment.

 

An amendment to this
Agreement shall be deemed not to materially adversely affect the interests of any Noteholder or Certificateholder if the Person
requesting such amendment obtains and delivers to the Owner Trustee and the Indenture Trustee an Opinion of Counsel to that effect
or the Rating Agency Condition is satisfied. Notwithstanding the foregoing, the Administrator may not amend this Agreement without
the consent of the Depositor, which consent shall not be unreasonably withheld. Any amendment to this Agreement that affects the
Owner Trustee’s rights, duties, liabilities or immunities under this Agreement, if any, shall require the prior written consent
of the Owner Trustee, which consent shall not be unreasonably withheld. Promptly after the execution of any such amendment, the
Administrator shall furnish a copy of such amendment to the Owner Trustee, the Indenture Trustee and the Rating Agencies.

 

SECTION
13.   Successors and Assigns. This Agreement may not be assigned by the Administrator unless such
assignment is previously consented to in writing by the Issuer and the Owner Trustee and the Rating Agency Condition has been
satisfied with respect to such assignment. An assignment with such consent and satisfaction, if accepted by the assignee, shall
bind the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this Agreement
may be assigned by the Administrator without the consent of the Issuer or the Owner Trustee to a corporation or other organization
that is a successor (by merger, consolidation or purchase of assets) to the Administrator; provided, however, that
such successor organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement in which
such corporation or other organization agrees to be bound hereunder by the terms of such assignment in the same manner as the
Administrator is bound hereunder. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.

 

    	12

    	 

    

 

SECTION
14.   GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHICH MAY REQUIRE THE
APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

SECTION
15.   Counterparts. This Agreement may be executed in two or more counterparts and by different parties
on separate counterparts, each of which shall be an original, but all of which together shall constitute but one and the same
instrument.

 

SECTION
16.   Severability. If any provision of this Agreement shall be invalid, illegal or unenforceable,
the validity, legality, and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired
thereby.

 

SECTION
17.  Not Applicable to CarMax Business Services, LLC in Other Capacities. Nothing in this Agreement shall
affect any obligation CarMax Business Services, LLC may have in any other capacity.

 

SECTION
18.    Limitation of Liability of Owner Trustee and Indenture Trustee.

 

(a)          Notwithstanding
anything contained herein to the contrary, this Agreement has been countersigned by the Owner Trustee not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer, and in no event shall the Owner Trustee in its individual capacity have
any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any
of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the
Trust Agreement.

 

(b)          Notwithstanding
anything contained herein to the contrary, this Agreement has been countersigned by the Indenture Trustee not in its individual
capacity but solely as Indenture Trustee, and in no event shall the Indenture Trustee in its individual capacity have any liability
for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.

 

SECTION
19.   Third-Party Beneficiary. The Owner Trustee is a third-party
beneficiary of this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if
it were a party hereto.

 

    	13

    	 

    

 

SECTION
20.   Successor Servicer and Administrator. The Administrator shall undertake, as promptly as possible
after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to Section 8.1 of
the Sale and Servicing Agreement, to enforce the provisions of such Section 8.1 or Section 8.2 of the Sale and Servicing Agreement,
as applicable, with respect to the appointment of a successor Servicer. Such successor Servicer shall, upon compliance with the
last sentence of Section 8.2(a) of the Sale and Servicing Agreement, become the successor Administrator hereunder; provided, however,
that if the Indenture Trustee shall become such successor Administrator, the Indenture Trustee shall not be required to perform
any obligations or duties or conduct any activities as successor Administrator that would be prohibited by law and not within
the banking and trust powers of the Indenture Trustee; and, provided further, that the Indenture Trustee as successor Administrator
shall not assume any of the obligations specified in Section 2(a)(ii). In such event, the Indenture Trustee may appoint a sub-administrator
to perform such obligations and duties. Any transfer of servicing pursuant to Section 8.2 of the Sale and Servicing Agreement
and related succession as Administrator hereunder shall not constitute an assumption by the related successor Administrator of
any liability of the related outgoing Administrator arising out of any breach by such outgoing Administrator of such outgoing
Administrator’s duties hereunder prior to such transfer.

 

SECTION
21.    Nonpetition Covenants.

 

(a)          Notwithstanding
any prior termination of this Agreement, the Depositor, the Administrator, the Owner Trustee and the Indenture Trustee shall not
at any time acquiesce, petition or otherwise invoke, or cooperate with or encourage others to acquiesce, petition or otherwise
invoke, or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining
a case against the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Issuer.

 

(b)          Notwithstanding
any prior termination of this Agreement, the Issuer, the Administrator, the Owner Trustee and the Indenture Trustee shall not at
any time acquiesce, petition or otherwise invoke, or cooperate with or encourage others to acquiesce, petition or otherwise invoke,
or cause the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a
case against the Depositor under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Depositor or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of the Depositor.

 

SECTION
22.   Regulation AB. The Administrator shall cooperate in good faith with the Issuer, the Indenture Trustee
and the Depositor to ensure compliance by the Depositor with the provisions of Subpart 229.1100 – Asset-Backed Securities
(Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such regulation may be amended, clarified or interpreted from time
to time by the Commission or its staff, and related rules and regulations of the Commission (“Regulation AB”).
The Administrator acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to
interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets,
advice of counsel or otherwise. The Administrator shall deliver to the Depositor (including any of its assignees or designees)
upon request any and all reports, statements, certifications, records and other information necessary in the good faith determination
of the Depositor to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating
to the Administrator and the Receivables, or the performance of the Administrator’s duties pursuant to this Agreement, reasonably
believed by the Depositor to be necessary in order to effect such compliance. Neither the Issuer, the Indenture Trustee nor the
Depositor shall request information or disclosures pursuant to this Section 22 other than in good faith, or for purposes other
than compliance with the Securities Act of 1933, as amended (the “Securities Act”), the Exchange Act or the
rules and regulations of the Commission under the Securities Act or the Exchange Act.

 

[SIGNATURE PAGE FOLLOWS]

 

    	14

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their respective officers, thereunto duly authorized, all as of
the day and year first above written.

 

	 	CARMAX AUTO OWNER TRUST 2015-2
	 	 
	 	By: U.S. BANK TRUST NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely
	 	as Owner Trustee
	 	 
	 	By:	/s/ Christopher J. Nuxoll
	 	Name: Christopher J. Nuxoll
	 	Title: Vice President
	 	 	 
	 	WELLS FARGO BANK,
	 	NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely
	 	as Indenture Trustee
	 	 
	 	By:	/s/ Tara H. Anderson
	 	Name: Tara H. Anderson
	 	Title: Vice President
	 	 
	 	CARMAX BUSINESS SERVICES, LLC,
	 	as Administrator
	 	 
	 	By:	/s/ Andrew J. McMonigle
	 	Name: Andrew J. McMonigle
	 	Title: Vice President and Treasurer

 

Administration Agreement (CAOT 2015-2)

 

    	 

    	 

    

 

EXHIBIT A

 

POWER OF ATTORNEY

 

	STATE OF _____________	)
	 	)
	COUNTY OF ___________	)

 

KNOW ALL MEN BY THESE
PRESENTS, that U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely
as owner trustee (the “Owner Trustee”) for CARMAX AUTO OWNER TRUST 2015-2, a Delaware statutory trust (the “Issuer”),
does hereby make, constitute and appoint CARMAX BUSINESS SERVICES, LLC, a Delaware limited liability company (the “Administrator”),
as administrator under the Administration Agreement dated as of May 1, 2015 (the “Administration Agreement”),
among the Issuer, the Administrator and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee,
as the same may be amended from time to time, and its agents and attorneys, as attorneys-in-fact to execute on behalf of the Owner
Trustee or the Issuer all such documents, reports, filings, instruments, certificates and opinions as the Owner Trustee or the
Issuer is obligated to prepare, file or deliver pursuant to the Related Agreements or pursuant to Section 5.5(i), (ii), (iii) or
(iv) of the Trust Agreement, including, without limitation, to appear for and represent the Owner Trustee and the Issuer in connection
with the preparation, filing and audit of federal, state and local tax returns pertaining to the Issuer, and with full power to
perform any and all acts associated with such returns and audits that the Owner Trustee could perform, including without limitation,
the right to distribute and receive confidential information, defend and assert positions in response to audits, initiate and defend
litigation, and to execute waivers of restrictions on assessments of deficiencies, consents to the extension of any statutory or
regulatory time limit and settlements. All powers of attorney for this purpose heretofore filed or executed by the Owner Trustee
are hereby revoked. All capitalized terms used but not defined in this power of attorney shall have the respective meanings set
forth in the Administration Agreement.

 

    	Ex. A-1

    	 

    

 

EXECUTED this __ day of May 2015.

 

	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely as Owner
	 	Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	STATE OF _____________	)
	 	) ss. :
	COUNTY OF ___________	)

 

BEFORE ME, the undersigned
authority, a Notary Public in and for said county and state, on this day personally appeared ____________________, known to me
to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the
act of U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association, and that said person executed the same for the purpose
and consideration therein expressed, and in the capacities therein stated.

 

GIVEN UNDER MY HAND AND
SEAL OF OFFICE, this __ day of May 2015.

 

	 	________________________
	 	Notary Public in and for
	 	the State of __________

 

[SEAL]

 

My commission expires: ____________

  

    	Ex. A-2EX-4.1

 Exhibit 4.1 

APPLE INC. 

Officer’s Certificate 

Pursuant to Sections 102 and 301 of the Indenture dated as of April 29, 2013 (the “Indenture”) by and between Apple Inc.
(the “Issuer”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), the undersigned officer does hereby certify, in connection with the issuance of (i) $250,000,000 aggregate
principal amount of Floating Rate Notes due 2017 (“2017 Floating Rate Notes”), (ii) $500,000,000 aggregate principal amount of Floating Rate Notes due 2020 (“2020 Floating Rate Notes”), (iii) $750,000,000
aggregate principal amount of 0.900% Notes due 2017 (“2017 Notes”), (iv) $1,250,000,000 aggregate principal amount of 2.000% Notes due 2020 (“2020 Notes”), (v) $1,250,000,000 aggregate principal amount of
2.700% Notes due 2022 (“2022 Notes”), (vi) $2,000,000,000 aggregate principal amount of 3.200% Notes due 2025 (“2025 Notes”) and (vii) $2,000,000,000 aggregate principal amount of 4.375% Notes due 2045
(“2045 Notes” and, together with the 2017 Floating Rate Notes, 2020 Floating Rate Notes, 2017 Notes, 2020 Notes, 2022 Notes and 2025 Notes, the “Notes”), that the terms of the Notes are as follows: 

Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Indenture. 

 

	1.	Floating Rate Notes due 2017 

  

			
	Title:		Floating Rate Notes due 2017
		
	Issuer:		Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:		The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.		$250,000,000
		
	Principal Payment Date:		May 12, 2017
		
	Interest:		Floating rate equal to three-month LIBOR plus 0.050%
		
	Date from which Interest will Accrue:		May 13, 2015
		
	Interest Payment Dates:		February 13, May 13, August 13 and November 13, beginning on August 13, 2015 and on the principal payment date; provided, that if an Interest Payment Date for this Note falls on a day that is not a Business Day the Interest
Payment Date shall be postponed to the next succeeding Business Day, unless such next succeeding Business Day would be in the following month, in which case the Interest Payment Date shall be the immediately preceding Business
Day.

			
		
	Conversion:		None
		
	Sinking Fund:		None
		
	Redemption:		The 2017 Floating Rate Notes shall not be redeemable prior to their maturity.
		
	Denominations:		$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:		The terms of the 2017 Floating Rate Notes shall include such other terms as are set forth in the form of 2017 Floating Rate Notes attached hereto as Exhibit A and in the Indenture. In addition, the global notes for
the 2017 Floating Rate Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	2.	Floating Rate Notes due 2020  

  

			
	Title:		Floating Rate Notes due 2020
		
	Issuer:		Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:		The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.		$500,000,000
		
	Principal Payment Date:		May 6, 2020
		
	Interest:		Floating rate equal to three-month LIBOR plus 0.300%
		
	Date from which Interest will Accrue:		May 13, 2015

  
 2 

			
		
	Interest Payment Dates:		February 13, May 13, August 13 and November 13, beginning on August 13, 2015 and on the principal payment date; provided, that if an Interest Payment Date for this Note falls on a day that is
not a Business Day the Interest Payment Date shall be postponed to the next succeeding Business Day, unless such next succeeding Business Day would be in the following month, in which case the Interest Payment Date shall be the immediately preceding
Business Day.
		
	Conversion:		None
		
	Sinking Fund:		None
		
	Redemption:		The 2020 Floating Rate Notes shall not be redeemable prior to their maturity.
		
	Denominations:		$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:		The terms of the 2020 Floating Rate Notes shall include such other terms as are set forth in the form of 2020 Floating Rate Notes attached hereto as Exhibit B and in the Indenture. In addition, the global notes for
the 2020 Floating Rate Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	3.	2017 Notes 

  

			
	Title:		0.900% Notes due 2017
		
	Issuer:		Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:		The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.		$750,000,000
		
	Principal Payment Date:		May 12, 2017

  
 3 

			
		
	Interest:		0.900% per annum
		
	Date from which Interest will Accrue:		May 13, 2015
		
	Interest Payment Dates:		May 13 and November 13, beginning on November 13, 2015 and on the principal payment date
		
	Redemption:		The 2017 Fixed Rate Notes shall not be redeemable prior to their maturity.
		
	Conversion:		None
		
	Sinking Fund:		None
		
	Denominations:		$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:		The terms of the 2017 Notes shall include such other terms as are set forth in the form of 2017 Notes attached hereto as Exhibit C and in the Indenture. In addition, the global notes for the 2017 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	4.	2020 Notes 

  

			
	Title:		2.000% Notes due 2020
		
	Issuer:		Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:		The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.		$1,250,000,000
		
	Principal Payment Date:		May 6, 2020
		
	Interest:		2.000% per annum
		
	Date from which Interest will Accrue:		May 13, 2015

  
 4 

			
		
	Interest Payment Dates:		May 13 and November 13, beginning on November 13, 2015 and on the principal payment date
		
	Redemption:		 The Issuer may at its option redeem the 2020 Notes in whole or in part, at any time or from time to time prior to their maturity, on at
least 30 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2020 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 
 (i) 100% of the principal amount of the 2020 Notes being redeemed; or

 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the
applicable Treasury Rate (as defined in the 2020 Notes) plus 10 basis points,
  
 plus, in
each case, accrued and unpaid interest thereon to the date of redemption.

		
	Conversion:		None
		
	Sinking Fund:		None
		
	Denominations:		$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:		The terms of the 2020 Notes shall include such other terms as are set forth in the form of 2020 Notes attached hereto as Exhibit D and in the Indenture. In addition, the global notes for the 2020 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	5.	2022 Notes 

  

			
	Title:		2.700% Notes due 2022
		
	Issuer:		Apple Inc.

  
 5 

			
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:		The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.		$1,250,000,000
		
	Principal Payment Date:		May 13, 2022
		
	Interest:		2.700% per annum
		
	Date from which Interest will Accrue:		May 13, 2015
		
	Interest Payment Dates:		May 13 and November 13, beginning on November 13, 2015 and on the principal payment date
		
	Redemption:		 The Issuer may at its option redeem the 2022 Notes in whole or in part, at any time or from time to time prior to their maturity, on at
least 30 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2022 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 
 (i) 100% of the principal amount of the 2022 Notes being redeemed; or

 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the
applicable Treasury Rate (as defined in the 2022 Notes) plus 15 basis points,
  
 plus, in
each case, accrued and unpaid interest thereon to the date of redemption.

		
	Conversion:		None
		
	Sinking Fund:		None
		
	Denominations:		$2,000 and any integral multiple of $1,000 in excess thereof.

  
 6 

			
		
	Miscellaneous:		The terms of the 2022 Notes shall include such other terms as are set forth in the form of 2022 Notes attached hereto as Exhibit E and in the Indenture. In addition, the global notes for the 2022 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	6.	2025 Notes 

  

			
	Title:		3.200% Notes due 2025
		
	Issuer:		Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:		The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.		$2,000,000,000
		
	Principal Payment Date:		May 13, 2025
		
	Interest:		3.200% per annum
		
	Date from which Interest will Accrue:		May 13, 2015
		
	Interest Payment Dates:		May 13 and November 13, beginning on November 13, 2015 and on the principal payment date
		
	Redemption:		 The Issuer may at its option redeem the 2025 Notes in whole or in part, at any time or from time to time prior to their maturity, on at
least 30 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2025 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 
 (i) 100% of the principal amount of the 2025 Notes being redeemed; or

 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the
applicable Treasury Rate (as defined in the 2025 Notes) plus 15 basis points,

  
 7 

			
		
			plus, in each case, accrued and unpaid interest thereon to the date of redemption.
		
	Conversion:		None
		
	Sinking Fund:		None
		
	Denominations:		$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:		The terms of the 2025 Notes shall include such other terms as are set forth in the form of 2025 Notes attached hereto as Exhibit F and in the Indenture. In addition, the global notes for the 2025 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	7.	2045 Notes 

  

			
	Title:		4.375% Notes due 2045
		
	Issuer:		Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:		The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.		$2,000,000,000
		
	Principal Payment Date:		May 13, 2045
		
	Interest:		4.375% per annum
		
	Date from which Interest will Accrue:		May 13, 2015
		
	Interest Payment Dates:		May 13 and November 13, beginning on November 13, 2015 and on the principal payment date
		
	Redemption:		The Issuer may at its option redeem the 2045 Notes in whole or in part, at any time or from time to time prior to their maturity, on at least 30 days, but not more than 60 days, prior notice mailed or electronically delivered to
the registered address of each holder of record of the 2045 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:
		
			(i) 100% of the principal amount of the 2045 Notes being redeemed; or

  
 8 

			
		
			 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of
interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined in the 2045
Notes) plus 25 basis points,
  
 plus, in each case, accrued and unpaid interest thereon
to the date of redemption.

		
	Conversion:		None
		
	Sinking Fund:		None
		
	Denominations:		$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:		The terms of the 2045 Notes shall include such other terms as are set forth in the form of 2045 Notes attached hereto as Exhibit G and in the Indenture. In addition, the global notes for the 2045 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

 Subject to the covenants described in the Indenture, as amended or supplemented from time to time, the Issuer
shall be entitled, subject to authorization by the Board of Directors of the Issuer and an Officer’s Certificate, to issue additional notes from time to time under each series of notes issued hereby. Any such additional notes of a series shall
have identical terms as the 2017 Floating Rate Notes, 2020 Floating Rate Notes, 2017 Notes, 2020 Notes, 2022 Notes, 2025 Notes and 2045 Notes, as the case may be, issued on the issue date, other than with respect to the date of issuance and the
issue price, the date interest begins to accrue and, in certain circumstances, the first interest payment date (together the “Additional Notes”). Any Additional Notes will be issued in accordance with Section 301 of the
Indenture. 
 The officer has read and understands the provisions of the Indenture and the definitions relating thereto. The statements made
in this Officer’s Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the Issuer. In such officer’s opinion, they have made such examination or investigation as is
necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the issuance, authentication and delivery of the Notes have been complied with. In such officer’s
opinion, such covenants and conditions have been complied with. 

  
 9 

 IN WITNESS WHEREOF, the undersigned officer of the Issuer has duly executed this certificate as
of May 13, 2015. 
  

			
	APPLE INC.
		
	By:		 /s/ Gary Wipfler

	Name:		Gary Wipfler
	Title:		Vice President and Corporate Treasurer

 [Signature Page to Officer’s Certificate Pursuant to the Indenture] 

 EXHIBIT A 

FORM OF FLOATING RATE NOTE DUE 2017 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 APPLE INC. 

Floating Rate Note due 2017 
  

			
	 No.    
		CUSIP No.: 037833 BC3
			ISIN No.: US037833BC34
		
			$250,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 250,000,000 DOLLARS on May 12, 2017. 
 Interest Payment Dates:
February 13, May 13, August 13 and November 13, beginning on August 13, 2015, and on the principal payment date (each, an “Interest Payment Date”). 

Interest Record Dates: the Business Day preceding the Interest Payment Date (the “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:		  

	Name:		Gary Wipfler
	Title:		Vice President and Corporate Treasurer

  

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: May 13, 2015 
  

			
	 The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	By:		  

			Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 Floating Rate Note due
2017 
  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described below. Cash interest on the Notes will accrue from May 13, 2015 or the most recent Interest Payment Date to which payment has been paid or provided for; provided, that if an Interest Payment
Date for this Note falls on a day that is not a Business Day the Interest Payment Date shall be postponed to the next succeeding Business Day, unless such next succeeding Business Day would be in the following month, in which case the Interest
Payment Date shall be the immediately preceding Business Day. Interest on this Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest quarterly in arrears on each Interest Payment Date, commencing
August 13, 2015. Interest will be computed on the basis of the actual number of days in an interest period and a 360-day year. 
 The
Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

The interest rate for each interest period will be determined by the Trustee (as defined below) or its successor. The interest rate for a
particular interest period will be a per annum rate equal to three-month LIBOR as determined on the interest determination date plus 0.050%. The interest determination date for an interest period will be the second London business day preceding the
first day of such interest period. 
 A London business day is a day on which dealings in deposits in U.S. dollars are transacted in the
London interbank market. 
 On any interest determination date, LIBOR will be equal to the offered rate for deposits in U.S. dollars having
an index maturity of three months, as such rate appears on the Reuters Page LIBOR 01 (or on such other page as may replace Reuters Page LIBOR 01 on that service, or such other service or services as may be nominated for the purpose of displaying
London interbank offered rates for U.S. dollar deposits by ICE Benchmark Administration Limited (“IBA”) or its successor or such other entity assuming the responsibility of IBA or its successor in calculating LIBOR in the event IBA or its
successor no longer does so) as of approximately 11:00 a.m., London time, on such interest determination date. 

 If no offered rate appears on Reuters Page LIBOR 01 or such other service as described above on
an interest determination date at approximately 11:00 a.m., London time, then the Issuer (after consultation with the Trustee) will select four major reference banks in the London interbank market and the Trustee shall request each of their
principal London offices to provide a quotation of the rate at which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime banks in the London interbank market, on that date and at that time, that is
representative of single transactions at that time. If at least two quotations are provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the Issuer (after consultation with the Trustee) will select three major
reference banks in New York City and shall request each of them to provide a quotation of the rate offered by them at approximately 11:00 a.m., New York City time, on the interest determination date for loans in U.S. dollars to leading European
banks having an index maturity of three months for the applicable interest period in an amount of at least $1,000,000 that is representative of single transactions at that time. If three quotations are provided, LIBOR will be the arithmetic average
of the quotations provided. If the banks selected by the Issuer (after consultation with the Trustee) are not providing quotations in the manner specified above, the rate of LIBOR for the next interest period will be set equal to the three-month
LIBOR in effect prior to such interest determination date. 
 All percentages resulting from any calculation of any interest rate for this
Note will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 3.876545% (or .03876545) would be rounded to 3.87655% (or .0387655)), and all U.S.
dollar amounts will be rounded to the nearest cent, with one-half cent being rounded upward. Each calculation of the interest rate on this Note by the Trustee will (in the absence of manifest error) be final and binding on the Holders of this Note
and the Issuer. 
 Upon written request from any Holder, the Trustee will provide the interest rate in effect on the Notes for the current
interest period and, if it has been determined, the interest rate to be in effect for the next interest period. 
 The interest rate on this
Note will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. 
  

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the Floating Rate Notes due 2017 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated May 13, 2015, issued
pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	7.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 

	 	8.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
  

	 	9.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	10.	Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                     Your Signature:
                                        

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
					  
 Signature

			
	Signature Guarantee:				
			
	  
 Signature must be
guaranteed
				  
 Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
principal amount of this
Global Note	  	Amount of increase in
principal amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease (or
increase)	  	Signature of authorized
officer of Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 EXHIBIT B 

FORM OF FLOATING RATE NOTE DUE 2020 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 APPLE INC. 

Floating Rate Note due 2020 
  

			
	No.    		CUSIP No.: 037833 BE9
			ISIN No.: US037833BE99
		
			$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on May 6, 2020. 
 Interest Payment Dates:
February 13, May 13, August 13 and November 13, beginning on August 13, 2015, and on the principal payment date (each, an “Interest Payment Date”). 

Interest Record Dates: the Business Day preceding the Interest Payment Date (the “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:		  

	Name:		Gary Wipfler
	Title:		Vice President and Corporate Treasurer

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: May 13, 2015 
  

			
	 The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	By:		  

			Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 Floating Rate Note due
2020 
  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described below. Cash interest on the Notes will accrue from May 13, 2015 or the most recent Interest Payment Date to which payment has been paid or provided for; provided, that if an Interest Payment
Date for this Note falls on a day that is not a Business Day the Interest Payment Date shall be postponed to the next succeeding Business Day, unless such next succeeding Business Day would be in the following month, in which case the Interest
Payment Date shall be the immediately preceding Business Day. Interest on this Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest quarterly in arrears on each Interest Payment Date, commencing
August 13, 2015. Interest will be computed on the basis of the actual number of days in an interest period and a 360-day year. 
 The
Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

The interest rate for each interest period will be determined by the Trustee (as defined below) or its successor. The interest rate for a
particular interest period will be a per annum rate equal to three-month LIBOR as determined on the interest determination date plus 0.300%. The interest determination date for an interest period will be the second London business day preceding the
first day of such interest period. 
 A London business day is a day on which dealings in deposits in U.S. dollars are transacted in the
London interbank market. 
 On any interest determination date, LIBOR will be equal to the offered rate for deposits in U.S. dollars having
an index maturity of three months, as such rate appears on the Reuters Page LIBOR 01 (or on such other page as may replace Reuters Page LIBOR 01 on that service, or such other service or services as may be nominated for the purpose of displaying
London interbank offered rates for U.S. dollar deposits by ICE Benchmark Administration Limited (“IBA”) or its successor or such other entity assuming the responsibility of IBA or its successor in calculating LIBOR in the event IBA or its
successor no longer does so) as of approximately 11:00 a.m., London time, on such interest determination date. 

 If no offered rate appears on Reuters Page LIBOR 01 or such other service as described above on
an interest determination date at approximately 11:00 a.m., London time, then the Issuer (after consultation with the Trustee) will select four major reference banks in the London interbank market and the Trustee shall request each of their
principal London offices to provide a quotation of the rate at which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime banks in the London interbank market, on that date and at that time, that is
representative of single transactions at that time. If at least two quotations are provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the Issuer (after consultation with the Trustee) will select three major
reference banks in New York City and shall request each of them to provide a quotation of the rate offered by them at approximately 11:00 a.m., New York City time, on the interest determination date for loans in U.S. dollars to leading European
banks having an index maturity of three months for the applicable interest period in an amount of at least $1,000,000 that is representative of single transactions at that time. If three quotations are provided, LIBOR will be the arithmetic average
of the quotations provided. If the banks selected by the Issuer (after consultation with the Trustee) are not providing quotations in the manner specified above, the rate of LIBOR for the next interest period will be set equal to the three-month
LIBOR in effect prior to such interest determination date. 
 All percentages resulting from any calculation of any interest rate for this
Note will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 3.876545% (or .03876545) would be rounded to 3.87655% (or .0387655)), and all U.S.
dollar amounts will be rounded to the nearest cent, with one-half cent being rounded upward. Each calculation of the interest rate on this Note by the Trustee will (in the absence of manifest error) be final and binding on the Holders of this Note
and the Issuer. 
 Upon written request from any Holder, the Trustee will provide the interest rate in effect on the Notes for the current
interest period and, if it has been determined, the interest rate to be in effect for the next interest period. 
 The interest rate on this
Note will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. 
  

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the Floating Rate Notes due 2020 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated May 13, 2015, issued
pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	7.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 

	 	8.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
  

	 	9.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	10.	Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                     Your Signature:
                                        

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
					  
 Signature

			
	Signature Guarantee:				
			
	  
 Signature must be
guaranteed
				  
 Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
principal amount of this
Global Note	  	Amount of increase in
principal amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease (or
increase)	  	Signature of authorized
officer of Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 EXHIBIT C 

FORM OF NOTE DUE 2017 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 APPLE INC. 

0.900% Note due 2017 
  

			
	No.		CUSIP No.: 037833 BB5
			ISIN No.: US037833BB50
		
			$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on May 12, 2017. 
 Interest Payment Dates:
May 13 and November 13, beginning on November 13, 2015, and on the principal payment date (each, an “Interest Payment Date”). 

Interest Record Dates: April 29 and October 30 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:		  

	Name:		Gary Wipfler
	Title:		Vice President and Corporate Treasurer

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: May 13, 2015 
  

			
	 The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	By:		  

			Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 0.900% Note due 2017

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from May 13, 2015. Interest on this Note will be paid to
but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing November 13, 2015. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day
months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on overdue principal
from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 
  

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 0.900% Notes due 2017 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated May 13, 2015 issued
pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 
  

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. 

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	7.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	8.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 

	 	9.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	10.	Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                     Your Signature:
                                        

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
					  
 Signature

			
	Signature Guarantee:				
			
	  
 Signature must be
guaranteed
				  
 Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
principal amount of this
Global Note	  	Amount of increase in
principal amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease (or
increase)	  	Signature of authorized
officer of Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 EXHIBIT D 

FORM OF NOTE DUE 2020 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 APPLE INC. 

2.000% Note due 2020 
  

			
	No.    		CUSIP No.: 037833 BD1
			ISIN No.: US037833BD17
		
			$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on May 6, 2020. 
 Interest Payment Dates:
May 13 and November 13, beginning on November 13, 2015, and on the principal payment date (each, an “Interest Payment Date”). 

Interest Record Dates: April 29 and October 30 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:		  

	Name:		Gary Wipfler
	Title:		Vice President and Corporate Treasurer

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: May 13, 2015 
  

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:		  

			Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 2.000% Note due 2020

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from May 13, 2015. Interest on this Note will be paid
to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing November 13, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

 

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 2.000% Notes due 2020 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated May 13, 2015 issued
pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 
  

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part except the unredeemed
portion of any Note being redeemed in part. 

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Redemption. 

 The Issuer may at its option redeem any of the Notes in whole or in part at any
time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be
redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be
redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate
(as defined below) plus 10 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding
the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the
relevant record date according to the Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 

 “Independent Investment Banker” means one of the Reference Treasury Dealers that
the Issuer shall appoint to act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer”
means (1) each of Goldman, Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors, unless any of them ceases to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer the Issuer shall select. 

“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 applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per year equal to: (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable
Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or obligated by law or executive order to close. 
 The provisions of Article XI of the Indenture shall apply to any
redemption of the Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or
portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes represented by a Global Note, or by lot, in the
case of Notes that are not represented by a Global Note. 

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
  

	 	10.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	11.	Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                                         
     Your Signature:
                                         
                        
  

 
 Sign exactly as your name appears on the other side of
this Note. 
  

					
					  

					Signature
			
	Signature Guarantee:				
			
	  
				  

	Signature must be guaranteed				Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
principal amount of this
Global Note	  	Amount of increase in
principal amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease (or
increase)	  	Signature of authorized
officer of Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 EXHIBIT E 

FORM OF NOTE DUE 2022 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 APPLE INC. 

2.700% Note due 2022 
  

			
	No.		CUSIP No.: 037833 BF6
			ISIN No.: US037833BF64
		
			$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on May 13, 2022. 
 Interest Payment Dates:
May 13 and November 13 (each, an “Interest Payment Date”), beginning on November 13, 2015. 
 Interest
Record Dates: April 29 and October 30 (each, an “Interest Record Date”). 
 Reference is made to the further
provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:		  

	Name:		Gary Wipfler
	Title:		Vice President and Corporate Treasurer

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: May 13, 2015 
  

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:		  

			Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 2.700% Note due 2022

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from May 13, 2015. Interest on this Note will be paid
to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing November 13, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

 

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 2.700% Notes due 2022 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated May 13, 2015, issued
pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 
  

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part except the unredeemed
portion of any Note being redeemed in part. 

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Redemption. 

 The Issuer may at its option redeem any of the Notes in whole or in part at any
time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be
redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be
redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate
(as defined below) plus 15 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding
the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the
relevant record date according to the Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 

 “Independent Investment Banker” means one of the Reference Treasury Dealers that
the Issuer shall appoint to act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer”
means (1) each of Goldman, Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors, unless any of them ceases to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer the Issuer shall select. 

“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 applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per year equal to: (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable
Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or obligated by law or executive order to close. 
 The provisions of Article XI of the Indenture shall apply to any
redemption of the Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or
portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes represented by a Global Note, or by lot, in the
case of Notes that are not represented by a Global Note. 

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
  

	 	10.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	11.	Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                     Your Signature:
                                        

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
					  

					Signature
			
	Signature Guarantee:				
			
	  
				  

	Signature must be guaranteed				Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
principal amount of this
Global Note	  	Amount of increase in
principal amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease (or
increase)	  	Signature of authorized
officer of Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 EXHIBIT F 

FORM OF NOTE DUE 2025 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 APPLE INC. 

3.200% Note due 2025 
  

			
	No.		CUSIP No.: 037833 BG4
			ISIN No.: US037833BG48
		
			$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on May 13, 2025. 
 Interest Payment Dates:
May 13 and November 13 (each, an “Interest Payment Date”), beginning on November 13, 2015. 
 Interest
Record Dates: April 29 and October 30 (each, an “Interest Record Date”). 
 Reference is made to the further
provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:		  

	Name:		Gary Wipfler
	Title:		Vice President and Corporate Treasurer

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

							
	Dated: May 13, 2015						
			
					 The Bank of New York Mellon Trust

Company, N.A., as Trustee

				
					By:		
                     
                                         
       

							Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 3.200% Note due 2025

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from May 13, 2015. Interest on this Note will be paid
to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing November 13, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

 

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 3.200% Notes due 2025 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated May 13, 2015, issued
pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 
  

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part except the unredeemed
portion of any Note being redeemed in part. 

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Redemption. 

 The Issuer may at its option redeem any of the Notes in whole or in part at any
time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be
redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be
redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate
(as defined below) plus 15 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding
the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the
relevant record date according to the Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 

 “Independent Investment Banker” means one of the Reference Treasury Dealers that
the Issuer shall appoint to act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer”
means (1) each of Goldman, Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors, unless any of them ceases to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer the Issuer shall select. 

“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 applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per year equal to: (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable
Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or obligated by law or executive order to close. 
 The provisions of Article XI of the Indenture shall apply to any
redemption of the Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or
portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes represented by a Global Note, or by lot, in the
case of Notes that are not represented by a Global Note. 

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
  

	 	10.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	11.	Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                      Your Signature:
                                        

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
					  

					Signature
			
	Signature Guarantee:				
			
	  
				  

	Signature must be guaranteed				Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
principal amount of this
Global Note	  	Amount of increase in
principal amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease (or
increase)	  	Signature of authorized
officer of Trustee
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 EXHIBIT G 

FORM OF NOTE DUE 2045 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 APPLE INC. 

4.375% Note due 2045 
  

			
	No.		CUSIP No.: 037833 BH2
			ISIN No.: US037833BH21
		
			$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on May 13, 2045. 
 Interest Payment Dates:
May 13 and November 13 (each, an “Interest Payment Date”), beginning on November 13, 2015. 
 Interest
Record Dates: April 29 and October 30 (each, an “Interest Record Date”). 
 Reference is made to the further
provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:		  

	Name:		Gary Wipfler
	Title:		Vice President and Corporate Treasurer

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

							
	Dated: May 13, 2015						
			
					 The Bank of New York Mellon Trust

Company, N.A., as Trustee

				
					By:		
                     
                                         
       

							Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 4.375% Note due 2045

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from May 13, 2015. Interest on this Note will be paid
to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing November 13, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

 

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 4.375% Notes due 2045 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated May 13, 2015, issued
pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 
  

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part except the unredeemed
portion of any Note being redeemed in part. 

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Redemption. 

 The Issuer may at its option redeem any of the Notes in whole or in part at any
time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be
redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be
redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate
(as defined below) plus 25 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding
the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the
relevant record date according to the Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 

 “Independent Investment Banker” means one of the Reference Treasury Dealers that
the Issuer shall appoint to act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer”
means (1) each of Goldman, Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors, unless any of them ceases to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer the Issuer shall select. 

“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 applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per year equal to: (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable
Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or obligated by law or executive order to close. 
 The provisions of Article XI of the Indenture shall apply to any
redemption of the Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or
portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes represented by a Global Note, or by lot, in the
case of Notes that are not represented by a Global Note. 

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
  

	 	10.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	11.	Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
  

									
	Date:		  
		Your Signature:		  
		

  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
					  

	 		 		Signature
			
	Signature Guarantee:				
			
	  
				  

	Signature must be guaranteed				Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of this
Global
Note
	 	 Amount of increase in
principal amount of this
Global
Note
	  	Principal amount of this
Global Note following
such decrease (or
increase)	  	Signature of authorized
officer of Trustee

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