Document:

<Page>

                       MORGAN STANLEY SELECT EQUITY TRUST
                   COHEN & STEERS REIT PORTFOLIO SERIES 2001-4
                            REFERENCE TRUST AGREEMENT

          This Reference Trust Agreement dated October 23, 2001 between MORGAN
STANLEY DW INC., as Depositor, Cohen & Steers Capital Management Inc., as
Portfolio Supervisor and The Chase Manhattan Bank, as Trustee, sets forth
certain provisions in full and incorporates other provisions by reference to the
document entitled "Sears Equity Investment Trust, Trust Indenture and Agreement"
dated January 22, 1991, as amended on March 16, 1993, July 18, 1995 and December
30, 1997 (the "Basic Agreement"). Such provisions as are incorporated by
reference constitute a single instrument (the "Indenture").

                       WITNESSETH THAT:

          In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                       I.

            STANDARD TERMS AND CONDITIONS OF TRUST

          Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended in the following
manner:

          A.  Article I, Section 1.01, paragraph (29) defining
    "Trustee" shall be amended as follows:

          "'Trustee' shall mean The Chase Manhattan Bank, or any successor
          trustee appointed as hereinafter provided."

          B.   Reference to United States Trust Company of New
     York in its capacity as Trustee is replaced by The Chase
     Manhattan Bank throughout the Basic Agreement.

<Page>

          C.   Reference to "Morgan Stanley Dean Witter Select
     Equity Trust" is replaced by "Morgan Stanley Select Equity
     Trust".

          D.   Section 1.01-Definitions shall be amended to add
     the following definition at the end thereof:

          "Portfolio Supervisor" of the Trust shall have the meaning assigned to
     it in part II of the Reference Trust Agreement.

          E. Section 2.03 is amended to add the following to the end of the
     first paragraph thereof. The number of Units may be increased through a
     split of the Units or decreased through a reverse split thereof, as
     directed by the Depositor, which revised number of Units shall be recorded
     by Trustee on its books.

          F.   Section 3.01 is amended to substitute the
     following:

          SECTION 3.01. INITIAL COST The costs of organizing the Trust and sale
     of the Trust Units shall, to the extent of the expenses reimbursable to the
     Depositor provided below, be borne by the Trust, PROVIDED, HOWEVER, that,
     to the extent all of such costs are not borne by the Trust, the amount of
     such costs not borne by the Trust shall be borne by the Depositor and,
     PROVIDED FURTHER, HOWEVER, that the liability on the part of the Depositor
     under this Section shall not include any fees or other expenses incurred in
     connection with the administration of the Trust subsequent to the deposit
     referred to in Section 2.01. Upon notification from the Depositor that the
     primary offering period is concluded, the Trustee shall withdraw from the
     Account or Accounts specified in the Prospectus or, if no Account is
     therein specified, from the Principal Account, and pay to the Depositor the
     Depositor's reimbursable expenses of organizing the Trust and sale of the
     Trust Units in an amount certified to the Trustee by the Depositor. If the
     balance of the Principal Account is insufficient to make such withdrawal,
     the Trustee shall, as directed by the Depositor, sell Securities identified
     by the Depositor, or distribute to the Depositor Securities having a value,
     as determined under Section 4.01 as of the date of distribution, sufficient
     for such reimbursement. The reimbursement provided for in this Section
     shall be for the account of the Unitholders of record at the conclusion of
     the primary offering period and shall not be

<Page>

     reflected in the computation of the Unit Value prior thereto. As used
     herein, the Depositor's reimbursable expenses of organizing the Trust and
     sale of the Trust Units shall include the cost of the initial preparation
     and typesetting of the registration statement, prospectuses (including
     preliminary prospectuses), the indenture, and other documents relating to
     the Trust, SEC and state blue sky registration fees, the cost of the
     initial valuation of the portfolio and audit of the Trust, the initial fees
     and expenses of the Trustee, Portfolio Consultant fee and legal and other
     out-of-pocket expenses related thereto, but not including the expenses
     incurred in the printing of preliminary prospectuses and prospectuses,
     expenses incurred in the preparation and printing of brochures and other
     advertising materials and any other selling expenses. Any cash which the
     Depositor has identified as to be used for reimbursement of expenses
     pursuant to this Section shall be reserved by the Trustee for such purpose
     and shall not be subject to distribution or, unless the Depositor otherwise
     directs, used for payment of redemptions in excess of the per-Unit amount
     allocable to Units tendered for redemption.

          G.   Article III, entitled "Administration of Trust",
     shall be amended as follows:

          Section 3.05(c)- shall be amended by (a) deleting the first two
          references to Depositor and replacing each such reference with
          Portfolio Supervisor, (b) deleting the provisions of Section 3.05(c)
          following the first sentence thereof ending with the word "below" and
          (c) adding the following in place of the deleted sentences:

                  "The Trustee shall pay to the Portfolio Supervisor from
                  the amount so held pursuant to the immediately preceeding
                  sentence the amounts the Portfolio Supervisor is entitled
                  to receive pursuant to Section 8.07."

          H.   The third through fifth paragraphs of
     Section 3.05 shall be amended to provide as follows:

          On each Distribution Date or within a reasonable period of time
     thereafter, the Trustee shall distribute by mail to each Unit Holder of
     record at the close of business on the preceding Record Date at his address
     appearing on the registration books of the Trustee such Unit

<Page>

     Holder's income distribution, computed as hereinafter provided, plus such
     holder's pro rata share of the cash balance of the Principal Account, each
     computed as of the preceding Record Date; provided, however, that funds
     credited to the Principal Account in the event of the failure of
     consummation of a contract to purchase Securities pursuant to Section 2.01
     hereof, funds representing the proceeds of the sale of Securities pursuant
     to Section 3.08 hereof, and funds representing the proceeds of the sale of
     Securities under Sections 5.02 or 6.04 in excess of the amounts needed for
     the purposes of said Sections shall not be distributed until the next
     Distribution Date or at such earlier date as shall be determined by the
     Trustee. The Trustee shall not be required to make a distribution from the
     Principal Amount unless the cash balance on deposit therein available for
     distribution shall be sufficient to distribute at least $1.00 per Unit in
     the case of Units initially offered at approximately $1,000 or a
     proportionately lower amount in the case of Units initially offered at less
     that $1,000 (e.g. $.001 per Unit in the case of Units initially offered at
     approximately $1.00).

          The Trustee shall, as of each Record Date, compute and report to the
     Depositor the per-Unit amount of the monthly income distribution to be made
     on the next following Distribution Date (the "Monthly Income Distribution")
     by (i) estimating the annual income of the Trust for the ensuing twelve
     months (by reference to the most recent distributions made on Securities
     and any information received by the Trustee with respect to future
     dividends or other income), (ii) deducting therefrom the estimated costs
     and expenses to be incurred during the twelve-month period for which such
     income has been estimated and (iii) dividing the amount so obtained by the
     result of 12 multiplied by the number of Units outstanding on such Record
     Date. However, unless the Trustee or the Sponsor determines that the
     Monthly Income Distribution should be adjusted as provided hereafter, the
     amount of the Monthly Income Distribution shall be the amount computed by
     the Trustee on the most recent prior, or concurrently occurring, Quarterly
     Computation Date (such "Quarterly Computation Date" being the first Record
     Date and each Record Date occurring at three-month intervals thereafter).
     The Trustee will adjust the amount of the Monthly Income Distribution
     computed on each Quarterly Computation Date to reconcile, over the ensuing
     three Monthly Income Distributions, any variance between net income and
     distributions made during the preceding three months. Notwithstanding

<Page>

     the preceding, the Trustee may reduce the amount of any Monthly Income
     Distribution in the event the Trustee or the Sponsor determines that such
     adjustment is necessary to avoid, or to respond to, a significant
     discrepancy between estimated and actual net income. Notwithstanding the
     foregoing, the Trustee may adjust the amount of the Monthly Income
     Distribution in order to maintain an average annual cash balance in the
     Income Account of $0.

          In the event the amount on deposit in the Income Account of the Trust
     on a Distribution Date is not sufficient for the payment of the amount of
     income to be distributed on the basis of the aforesaid computation, the
     Trustee shall advance out of its own funds and cause to be deposited in and
     credited to the Income Account such amount as may be required to permit
     payment of the income distribution to be made on such Distribution Date and
     shall be entitled to be reimbursed, without interest, out of the income
     subsequently received on the first Record Date following the date of such
     advance on which such reimbursement may be made without reducing the cash
     balance of the Income Account to an amount less than that required for the
     next ensuing distribution. The Trustee shall have a priority claim on any
     dividends or other income received by the Trust to the extent of all
     amounts advanced by it pursuant to this paragraph, and such advances shall
     be considered a lien on the Trust prior to the interest of Unit Holders.

          The amounts to be distributed to each Unit Holder shall be that
     per-Unit income distribution and pro rata share of the cash balance of the
     Principal Account of the Trust, computed as hereinabove provided, as shall
     be represented by the Units owned by such Unit Holder as evidenced by the
     record books of the Trustee as of the applicable Record Date.

          In computing the distribution to be made to any Unit Holder, fractions
     of one cent shall be omitted. After any such distribution, any cash balance
     remaining in the Income Account or the Principal Account shall be held in
     the same manner as other amounts subsequently deposited in each of such
     Accounts, respectively.

          I.   Section 3.15 shall be amended by adding the
     following to the end thereof:

<Page>

          The Depositor represents that the price paid by any Unit holder for
     Units acquired through reinvestment of Trust distributions will be reduced
     by the aggregate amount of unpaid deferred sales charge at the time of the
     purchase to offset any subsequent collection by the Depositor of deferred
     sales charge in respect of the Units so acquired.

          J.   Reference to "Dean Witter Reynolds Inc." is
     replaced by "Morgan Stanley DW Inc."

          K.   Article VIII, entitled "Depositor", shall be
     amended as follows:

          Section 8.07-Compensation shall be amended by deleting such section
     and replacing it with the following:

                  The Portfolio Supervisor shall be paid on a quarterly basis in
                  arrears on a Record Date beginning with the January 1, 2002
                  Record Date, as compensation for providing portfolio
                  supervisory services, an annual fee equal to 0.05% of the
                  average daily net asset value of the Trust, which fee shall
                  accrue daily based on the daily net asset value of the Trust
                  computed pursuant to Section 5.01 (the fee for any day on
                  which an evaluation under Section 5.01 is not made shall be
                  based on the last preceding evaluation under such Section).
                  The Portfolio Supervisor shall also be paid a license fee for
                  licensing a service mark for use by the Trust determined and
                  paid as set forth in the previous sentence except that the
                  license fee shall be an annual fee of 0.10% of the average
                  daily net asset value of the Trust. Such fees shall be
                  deducted from the Income and Principal Accounts as provided
                  in Section 3.05. The Portfolio Supervisor may be removed by
                  the Depositor at any time upon 30 days written notice and
                  the Depositor may appoint a succesor portfolio supervisor
                  (including itself) having qualifications and a rate of
                  compensation satisfactory to the Depositor and the Trustee.

                  In connection with any disposition or other action to be
                  taken in respect of any Security, the Depositor and the
                  Trustee may rely conclusively on the advice of the
                  Portfolio Supervisor and shall have no liability for any
                  loss or depreciation resulting from any action taken in
                  reliance upon such advice.

                  The Portfolio Supervisor shall be under no liability to the
                  Unitholders for any action taken or for refraining from the
                  taking of any action in good faith pursuant to this
                  Indenture or for errors in judgment, but shall be liable only
                  for its own willful misfeasance, bad faith or gross negligence
                  in the performance of its duties or by reason of its reckless
                  disregard of its obligations and duites hereunder. The
                  Portfolio Supervisor may rely in good faith on any paper,
                  order, notice, list, affidavit, receipt, opinion,
                  endoresement, assignment, draft or any other document of any
                  kind prima facie properly executed and submitted to it by the
                  Trustee, counsel or any other persons pursuant to this
                  Indenture and in furtherance of its duties.

                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

          The following special terms and conditions are hereby agreed to:

          A.   The Trust is denominated Morgan Stanley Select
     Equity Trust Cohen & Steers REIT Portfolio Series 2001-4
     (the "REIT" Trust").

          B. The publicly traded stocks listed in Schedule A hereto are those
     which, subject to the terms of this Indenture, have been or are to be
     deposited in trust under this Indenture.

          C.   The term, "Depositor" shall mean Morgan Stanley
     DW Inc.

<Page>

          D.   The aggregate number of Units referred to in
     Sections 2.03 and 9.01 of the Basic Agreement is 25,051
     for the REIT Trust.

          E.   A Unit is hereby declared initially equal to
     1/25,051th for the REIT Trust.

          F.   The term "In-Kind Distribution Date" shall mean
     October 17, 2003.

          G.   The term "Record Date" shall mean monthly on the
     1st day of each month beginning November 1, 2001.

          H.   The term "Distribution Dates" shall mean monthly
     on the 15th day of each month beginning November 15, 2001.

          I.   The term "Termination Date" shall mean
     December 1, 2003.

          J. The "Portfolio Supervisor" shall mean Cohen & Steers Capital
     Management Inc.

          K. The Trustee's annual fee as defined in Section 6.04 of the
     Indenture shall be $0.90 per 100 Units if the greatest number of Units
     outstanding during the period is 10,000,000 or more; $0.96 per 100 Units
     if the greatest number of Units outstanding during the period is between
     5,000,000 and 9,999,999; and $1.00 per 100 Units if the greatest number of
     Units outstanding during the period is 4,999,999 or less.

          L. For a Unit Holder to receive an "in--kind" distribution during the
     life of the Trust, such Unit Holder must tender at least 25,000 Units for
     redemption. There is no minimum amount of Units that a Unit Holder must
     tender in order to receive an "in-kind" distribution on the In-Kind Date or
     in connection with a rollover.

          M. The Indenture is amended to provide that the period during which
     the Trustee shall liquidate the Trust Securities shall not exceed 30
     business days commencing on the first business day following the In-Kind
     Date.

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          (Signatures and acknowledgments on separate pages)

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          The Schedule of Portfolio Securities in the prospectus included in
     this Registration Statement is hereby incorporated by reference herein as
     Schedule A hereto.Prepared by MERRILL CORPORATION

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Exhibit 4.1    
  

    UNLESS THIS SECURITY (AS DEFINED HEREIN) IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE
"DEPOSITARY"), TO THE COMPANY (AS DEFINED HEREIN) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE TO BE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY AND ANY AMOUNT PAYABLE THEREUNDER IS MADE PAYABLE TO CEDE & CO. OR TO SUCH OTHER NAME, ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

    UNLESS
AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATED SECURITIES REGISTERED IN THE NAMES OF THE VARIOUS BENEFICIAL HOLDERS HEREOF AS THEN CERTIFIED TO THE
COMPANY BY THE DEPOSITARY OR A SUCCESSOR DEPOSITARY, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

 
 

COSTCO WHOLESALE CORPORATION
  
     % SENIOR NOTES DUE            , 20      

	No.            	 	$                 

CUSIP:                      

    COSTCO WHOLESALE CORPORATION, a Washington corporation (herein called the "Company", which term shall refer to such Company until a successor corporation shall
have become such pursuant
to the provisions of the Indenture referred to herein and thereafter "Company" shall mean such successor corporation), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of              MILLION DOLLARS ($  ,000,000) on            ,
20    , and to pay interest thereon from            ,
200  , or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually on         and         in each
year,
commencing            , 200  , at the rate of    % per annum, until the principal hereof is paid or made available for payment. 

    The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be (in each case whether or not a Business Day) the
      or            as the case may be, next preceding such Interest Payment Date. Any interest not punctually paid or duly provided for shall forthwith cease
to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may 

1

 

be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

    Payment
of the principal of (and premium, if any, on) and interest on this Security will be made at the corporate trust office of U.S. Bank, NA in St. Paul, Minnesota, or at the
office or agency of the Company maintained for that purpose in the Borough of Manhattan, in The City of New York, in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided, however, that at the option of the Company, payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

    This
security is one of a duly authorized issue of securities of the Company (herein called the "Securities"), issued and to be issued in one or more series under an Indenture, dated
as of October   , 2001 (herein called the "Indenture"), between the Company and U.S. Bank, NA, as Trustee (herein called the "Trustee," which term includes any successor trustee
or trustees under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of
the series designated on the face hereof, limited in aggregate principal amount to $            . 

    The
Securities are not redeemable at the option of the Company prior to Stated Maturity. 

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

    The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the
Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount
of the Securities at the time Outstanding of all series to be affected (acting as one class). The Indenture also provides that, regarding the Securities of any series, the Holders of not less than a
majority in principal amount of the Securities at the time Outstanding of such series may waive certain past defaults and their consequences on behalf of the Holders of all Securities of such series.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

    As
provided in the Indenture, the Company shall be discharged from its obligations with respect to the Securities of any series when (1) with respect to all Outstanding
Securities of such series, the Company has deposited or caused to be deposited with the Trustee as a trust fund specifically pledged as security for, and dedicated solely to, the benefit of the
Holders of the Securities of such series (i) money in an amount as will, or (ii) U.S. Government Obligations as will, together with the predetermined and certain income to accrue thereon
without consideration of any reinvestment thereof, or (iii) a combination of (i) and (ii) as will (in a written opinion with respect to (ii) or (iii) of independent
public accountants delivered to the Trustee), be sufficient to pay and discharge the entire indebtedness on all Outstanding Securities of such series for principal (and premium, if any) and interest,
if any, to the Stated Maturity; and (2) the Company has paid or caused to be paid all other sums payable with respect to the Outstanding Securities of such series; and (3) the Company
has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel stating that all such conditions precedent have been complied with; and (4) the Company has delivered to the
Trustee (i) a ruling directed to the Company and the Trustee from the United States Internal Revenue Service to 

2

 

the effect that Holders of the Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result thereof and will be subject to Federal income tax as if
such option had not been exercised or (ii) an Opinion of Counsel to the same effect and based upon a change in law. 

    No
reference herein to the Indenture and no provisions of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of (and premium, if any) and interest, if any, on this Security at the times, place and rate, and in the coin or currency, herein and in the Indenture provided; subject, however,
to the provisions for the discharge
of the Company from its obligations under the Securities upon satisfaction of the conditions set forth in the preceding paragraph or in the Indenture. 

    As
provided in the Indenture, upon any consolidation or merger or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety in
accordance with the provisions of the Indenture, the successor corporation formed by such consolidation or into which the predecessor corporation is merged or to which such conveyance, transfer or
lease is made shall be substituted for the predecessor corporation with the same effect as if such successor corporation had been named as the Company. Thereafter the predecessor corporation shall be
relieved of the performance and observance of all obligations and covenants of the Indenture and the Securities, including but not limited to the obligation to make payment of the principal of (and
premium, if any, on) and interest, if any, on all the Securities then Outstanding, and, in the event of any such conveyance, transfer or lease, may be liquidated and dissolved. 

    As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Security are payable, when duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series, of authorized denominations and for a like aggregate principal amount and tenor, will be issued to the designated transferee or transferees. 

    The
Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any larger amount that is an integral multiple of $1,000. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount and tenor of Securities of this series of a
different authorized denomination, upon surrender of the Securities to be exchanged at any such office or agency. 

    No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. 

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

    As
provided in the Indenture, no recourse shall be had for the payment of the principal of (or premium, if any, on) or the interest, if any, on this Security, or any part hereof, or
for any claim based hereon or otherwise in respect hereof, or of the indebtedness represented hereby, or upon any obligation, covenant or agreement of the Company in the Indenture, against any
incorporator, direct or
indirect stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation (either directly or through the Company or any such successor corporation),
whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any 

3

 

assessment or penalty or otherwise, all liability, if any, of that character against every such incorporator, stockholder, officer and director being by the acceptance hereof, and as a condition of
and as part of the consideration for the issue hereof, expressly waived and released. 

    The
Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York. 

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

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

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

	 	 	COSTCO WHOLESALE CORPORATION
	 	 	 	 
	 	 	 	 
	 	 	By:	            
 Executive Vice President
	

Attest:	
 	

 	

 
	 	 	 	 
	 	 	 	 
	  
 Secretary

	 	 	 

 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    

    This
is one of the Securities of the series designated and issued under the within mentioned Indenture. 

Dated:            ,
200  

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

4

 

 
 

ABBREVIATIONS    

    The
following abbreviations, when used in the inscription on this Security, shall be construed as though they were written out in full according to applicable laws or regulations. 

	TEN COM—	 	as tenants in common	 	UNIF GIFT MIN ACT
	

TEN ENT—	
 	

as tenants by the entireties with right of survivorship and not as tenants in common	
 	

                   Custodian

(Cust)
	

JT TEN—	
 	

as joint tenants with right of survivorship and not as tenants in common	
 	

(Minor)

Under Uniform Gifts

to Minor Act
	

 	
 	

 	
 	

(State)

    Additional
abbreviations may also be used though not in the above list. 

5

 

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

INSERT
SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF

ASSIGNEE 

    PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE 

 

 

the
within Security of Costco Wholesale Corporation, and irrevocably constitutes and appoints 

to
transfer said Security on the books of the within named Company, with full power of substitution in the premises. 

	Dated:                               	 	 
	 	 	

	

 	
 	

	 	 	The signature to this assignment must correspond with the name as written upon the face of the Security in every particular without alteration or enlargement, or any change whatsoever.
	

 	
 	

Signatures must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Security 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 Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

6

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Exhibit 4.1

COSTCO WHOLESALE CORPORATION % SENIOR NOTES DUE , 20

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

ABBREVIATIONS

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