Document:

<PAGE>

                                                                    EXHIBIT 4.11

                               [FACE OF SECURITY]

     THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT") AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHOM THE
TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) TO AN
INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT) IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
AVAILABLE), OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

     THIS DOLLAR SECURITY IS A GLOBAL DOLLAR SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO 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.

     UNLESS THIS DOLLAR SECURITY 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 DOLLAR
SECURITY 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 AN INTEREST HEREIN.
<PAGE>

                          EXODUS COMMUNICATIONS, INC.

                         10 3/4% Senior Notes due 2009

CUSIP No.   302088 AF 6

ISIN No.    US302088 AF 65

No. R1                                                              $369,080,000

     Exodus Communications, Inc., a corporation duly organized and existing
under the laws of Delaware (herein called the "Issuer", which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promise to pay to Cede & Co., or registered assigns, the
principal sum of Three Hundred Sixty-Nine Million Eighty Thousand Dollars (such
amount the "principal amount" of this Dollar Security), or such other principal
amount (which, when taken together with the principal amounts of all other
Outstanding Dollar Securities, shall not exceed $475,000,000 in the aggregate at
any time ($575,000,000, including the Additional Securities)) as may be set
forth in the records of the Trustee as referred to in accordance with the
Indenture, on December 15, 2009 and to pay interest thereon from December 8,
1999 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, payable in arrears semi-annually on June 15 and
December 15 in each year, commencing June 15, 2000 at the rate of 10 3/4% 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 Dollar 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 the June 1 or December 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date.  Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on the relevant Regular Record Date and may either be paid to the Person
in whose name this Dollar 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 in accordance with Section
308 of the Indenture, notice whereof shall be given to Holders of Dollar
Securities not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Dollar Securities may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in
said Indenture.  Interest on this Dollar Security shall be computed on the basis
set forth in the Indenture.

     Payment of the principal of (and premium, if any) and any such interest on
this Dollar Security will be made at the office or agency of the Issuer in the
Borough of Manhattan, The City of New York, New York, maintained for such
purpose and at any other office or agency maintained by the Issuer for such
purpose, 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 Issuer 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; provided further that all
<PAGE>

payments of the principal (and premium, if any) and interest on Dollar
Securities, the Holders of which hold more than $5.0 million in principal amount
and have given wire transfer instructions to the Issuer or its agent at least 10
Business Days prior to the applicable payment date, will be required to be made
by wire transfer of immediately available funds to the accounts specified by
such Holders in such instructions.

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

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

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

                                EXODUS COMMUNICATIONS, INC.

                                By:___________________________________
                                  Name:  Ellen M. Hancock
                                  Title: Chief Executive Officer and President

                                Attest:_______________________________
                                  Name:   Adam W. Wegner
                                  Title:  Secretary

CERTIFICATE OF AUTHENTICATION

This is one of the Dollar Securities referred to in the within-mentioned
Indenture.

Dated:   December 8, 1999

CHASE MANHATTAN BANK AND TRUST COMPANY,
National Association,
as Trustee

By:____________________________
      Authorized Signatory
<PAGE>

                             [REVERSE OF SECURITY]

     This Dollar Security is one of a duly authorized issue of Dollar Securities
of the Issuer designated as its Dollar Denominated 10 3/4% Senior Notes due 2009
(herein called the "Dollar Securities"), issued and to be issued under an
Indenture, dated as of December 1, 1999 (herein called the "Indenture", which
term shall have the meaning assigned to it in such instrument), among the Issuer
and Chase Manhattan Bank and Trust Company, National Association, as Trustee
(herein called the "Trustee", which term includes any successor trustee 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 Issuer, the Trustee and the
Holders of the Dollar Securities and of the terms upon which the Dollar
Securities are, and are to be, authenticated and delivered.

     The Dollar Securities are subject to redemption, at the option of the
Issuer, in whole or in part, at any time on or after December 15, 2004 and prior
to maturity, upon not less than 30 nor more than 60 days' notice mailed to each
Holder of Dollar Securities to be redeemed at such Holder's address appearing in
the Security Register, in amounts of $1,000 or an integral multiple of $1,000,
at the following Redemption Prices (expressed as percentages of the principal
amount) plus accrued and unpaid interest and Liquidated Damages, if any, to but
excluding the Redemption Date (subject to the right of Holders of record on the
immediately preceding Record Date to receive interest due on an Interest Payment
Date that is on or prior to the Redemption Date), if redeemed during the 12-
month period beginning December 15 of the years indicated below:

                                                                      Redemption
Year                                                                     Price
----                                                                     -----
2004                                                                    105.375%
2005                                                                    103.583%
2006                                                                    101.792%
2007 and thereafter                                                     100.000%

     In addition, at any time prior to December 15, 2002, the Issuer may redeem
up to 35% of the aggregate Outstanding principal amount of the Dollar Securities
with the Net Cash Proceeds of one or more sales of Capital Stock (other than
Disqualified Stock) at a Redemption Price equal to 110.75% of the aggregate
principal amount thereof, plus accrued and unpaid interest thereon and
Liquidated Damages, if any, to the date of redemption; provided that at least
65% of the original principal amount of the Dollar Securities remains
Outstanding immediately following such redemption. In order to effect the
foregoing redemption, the Issuer must mail a notice of redemption no later than
45 days after the related sale of Capital Stock and must consummate such
redemption within 60 days of the closing of the sale of Capital Stock.
<PAGE>

     The Dollar Securities do not have the benefit of any sinking fund
obligations.

     In the event of redemption or purchase pursuant to an Offer to Purchase of
this Dollar Security in part only, a new Dollar Security or Dollar Securities
for the unredeemed or unpurchased portion hereof will be issued in the name of
the Holder hereof upon the cancellation hereof.

     If an Event of Default shall occur and be continuing, there may be declared
due and payable the principal amount of (together with accrued and unpaid
interest on) the Dollar Securities, in the manner and with the effect provided
in the Indenture.

     The Holder of this Dollar Security (and any Person that has a beneficial
interest in this Dollar Security) is entitled to the benefits of an Exchange and
Registration Rights Agreement, dated as of December 1, 1999, and as the same may
be amended from time to time (the "Exchange and Registration Rights Agreement"),
executed by the Issuer. The Exchange and Registration Rights Agreement provides
that Liquidated Damages will be payable by the Issuer on the Dollar Securities
for specified periods if the Issuer does not comply with certain of its
obligations thereunder. Issuer agrees to pay Liquidated Damages, if any,
accruing on this Dollar Security.

     The Indenture provides that, subject to certain conditions, if (i) certain
Net Cash Proceeds are available to the Issuer as a result of an Asset Sale or
(ii) a Change of Control occurs, the Issuer shall be required to make an Offer
to Purchase for all or a specified portion of the Dollar Securities.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Securities under the Indenture at
any time by the Issuer and the Trustee with the consent of the Holders of a
majority in aggregate principal amount of the Securities at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of the Securities at the
time Outstanding, on behalf of the Holders of all the Securities, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and its consequences. Any such consent or
waiver by the Holder of this Dollar Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Dollar Security and of any
Dollar 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 Dollar Security.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Dollar Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Securities, the Holders of not less than 25% in principal amount of the
Securities at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee
and offered the Trustee reasonable indemnity and the Trustee shall not have
received from the Holders of a majority in principal amount of Securities at the
time Outstanding a direction inconsistent with such request and shall have
failed to institute any such
<PAGE>

proceeding for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to certain suits described in the
Indenture, including any suit instituted by the Holder of this Dollar Security
for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein (or, in
the case of redemption, on or after the Redemption Date or, in the case of any
purchase of this Dollar Security required to be made pursuant to an Offer to
Purchase, on the Purchase Date).

     No reference herein to the Indenture and no provision of this Dollar
Security or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of (and premium, if
any) and interest on this Dollar Security at the times, place and rate, and in
the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Dollar Security is registrable in the Security
Register, upon surrender of this Dollar Security for registration of transfer at
the office or agency of the Issuer in the Borough of Manhattan, The City of New
York, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Issuer and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Dollar Securities, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

     The Dollar Securities are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Dollar
Securities are exchangeable for a like aggregate principal amount of Dollar
Securities of a different authorized denomination, as requested by the Holder
surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Issuer 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 Dollar Security for registration of
transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Person in whose name this Dollar Security is registered as the owner
hereof for all purposes, whether or not this Dollar Security be overdue, and
neither the Issuer, the Trustee nor any such agent shall be affected by notice
to the contrary.

     Interest on this Dollar Security shall be computed on the basis of a 360-
day year of twelve 30-day months.

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

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

                      OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Dollar Security purchased in its entirety
by the Issuer pursuant to Section 1015 or 1016 of the Indenture, check the box:

     [_]

     If you want to elect to have only a part of this Dollar Security purchased
by the Issuer pursuant to Section 1015 or 1016 of the Indenture, state the
amount:

     $_____________

Dated:    Your Signature:_______________________________________________________
                         (Sign exactly as name appears on the other side of this
                         Dollar Security)

               Signature Guarantee:_____________________________________________
                                   (Signature must be guaranteed by an eligible
                                   Guarantor Institution (banks, stockbrokers,
                                   savings and loan associations and credit
                                   unions) with membership in an approved
                                   signature medallion program pursuant to
                                   Securities and Exchange Commission Rule 17Ad-
                                   15.)<PAGE>

                                                                    EXHIBIT 4.12

                               [FACE OF SECURITY]

     THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933 (THE "SECURITIES ACT") AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHOM THE
TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) TO AN
INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7)
OF REGULATION D UNDER THE SECURITIES ACT) IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
AVAILABLE), OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

     THIS EURO SECURITY IS A GLOBAL EURO SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF.  THIS EURO 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.

     UNLESS THIS EURO SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
MORGAN GUARANTY AND TRUST OF NEW YORK, BRUSSELS OFFICE, AS OPERATOR OF EUROCLEAR
("MORGAN"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY EURO SECURITY ISSUED IS REGISTERED IN THE NAME OF CHASE
NOMINEES LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF MORGAN (AND ANY PAYMENT IS MADE TO CHASE MANHATTAN BANK LONDON
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CHASE
NOMINEES LIMITED, OR OTHER NOMINEE OF EUROCLEAR, HAS AN INTEREST HEREIN.
<PAGE>

                          EXODUS COMMUNICATIONS, INC.

                         10 3/4% Senior Notes due 2009

ISIN No. XS0105280621

No. E1                                                           Euro 53,500,000

     Exodus Communications, Inc., a corporation duly organized and existing
under the laws of Delaware (herein called the "Issuer", which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promise to pay to Chase Nominees Limited, or registered
assigns, the principal sum of Fifty Three Million Five Hundred Thousand Euros
(such amount the "principal amount" of this Euro Security), or such other
principal amount (which, when taken together with the principal amounts of all
other Outstanding Euro Securities, shall not exceed Euro 225,000,000 in the
aggregate at any time) as may be set forth in the records of the Trustee or
Authentication Agent as referred to in accordance with the Indenture, on
December 15, 2009 and to pay interest thereon from December 8, 1999 or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, payable in arrears semi-annually on June 15 and December 15 in
each year, commencing June 15, 2000 at the rate of 10 3/4% 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
Euro 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 the
June 1 or December 1 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date.  Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on the
relevant Regular Record Date and may either be paid to the Person in whose name
this Euro 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 or Authentication Agent in accordance with
Section 308 of the Indenture, notice whereof shall be given to Holders of Euro
Securities not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Euro Securities may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in
said Indenture.  Interest on this Euro Security shall be computed on the basis
set forth in the Indenture.

     Payment of the principal of (and premium, if any) and any such interest on
this Euro Security will be made at the office or agency of the Euro Paying
Agent, maintained for such purpose and at
<PAGE>

any other office or agency maintained by the Issuer for such purpose, in Euros;
provided, however, that at the option of the Issuer 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; provided further that all
payments of the principal (and premium, if any) and interest on Euro Securities,
the Holders of which hold more than Euro 5.0 million in principal amount and
have given wire transfer instructions to the Issuer or its agent at least 10
Business Days prior to the applicable payment date, will be required to be made
by wire transfer of immediately available funds to the accounts specified by
such Holders in such instructions.

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

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

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

                                        EXODUS COMMUNICATIONS, INC.

                                        By:___________________________________
                                           Name:  Ellen M. Hancock
                                           Title: Chief Executive Officer and
                                                  President

                                        Attest:_______________________________
                                               Name:  Adam W. Wegner
                                               Title: Secretary

CERTIFICATE OF AUTHENTICATION

This is one of the Euro Securities referred to in the within-mentioned
Indenture.

Dated: December 8, 1999

Chase Manhattan Bank London,
as Authentication Agent

By:_____________________________
     Authorized Signatory
<PAGE>

                             [REVERSE OF SECURITY]

     This Euro Security is one of a duly authorized issue of Euro Securities of
the Issuer designated as its Euro Denominated 10 3/4% Senior Notes due 2009
(herein called the "Euro Securities"), issued and to be issued under an
Indenture, dated as of December 1, 1999 (herein called the "Indenture", which
term shall have the meaning assigned to it in such instrument), among the Issuer
and Chase Manhattan Bank and Trust Company, National Association, as Trustee
(herein called the "Trustee", which term includes any successor trustee 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 Issuer, the Trustee or
Authentication Agent and the Holders of the Euro Securities and of the terms
upon which the Euro Securities are, and are to be, authenticated and delivered.

     The Euro Securities are subject to redemption, at the option of the Issuer,
in whole or in part, at any time on or after December 15, 2004 and prior to
maturity, upon not less than 30 nor more than 60 days' notice mailed to each
Holder of Euro Securities to be redeemed at such Holder's address appearing in
the Security Register, in amounts of Euro 1,000 or an integral multiple of Euro
1,000, at the following Redemption Prices (expressed as percentages of the
principal amount) plus accrued and unpaid interest and Liquidated Damages, if
any, to but excluding the Redemption Date (subject to the right of Holders of
record on the immediately preceding Record Date to receive interest due on an
Interest Payment Date that is on or prior to the Redemption Date), if redeemed
during the 12-month period beginning December 15 of the years indicated below:

Year                                                                 Redemption
----
                                                                       Price
                                                                       -----

2004                                                                   105.375%

2005                                                                   103.583%

2006                                                                   101.792%

2007 and thereafter                                                    100.000%

     In addition, at any time prior to December 15, 2002, the Issuer may redeem
up to 35% of the aggregate Outstanding principal amount of the Euro Securities
with the Net Cash Proceeds of one or more sales of Capital Stock (other than
Disqualified Stock) at a Redemption Price equal to 110.75% of the aggregate
principal amount thereof, plus accrued and unpaid interest thereon and
Liquidated Damages, if any, to the date of redemption; provided that at least
65% of the original principal amount of the Euro Securities remains Outstanding
immediately following such redemption.  In order to effect the foregoing
redemption, the Issuer must mail a notice of redemption no later than 45 days
after the related sale of Capital Stock and must consummate such redemption
within 60 days of the closing of the sale of Capital Stock.
<PAGE>

     The Euro Securities do not have the benefit of any sinking fund
obligations.

     In the event of redemption or purchase pursuant to an Offer to Purchase of
this Euro Security in part only, a new Euro Security or Euro Securities for the
unredeemed or unpurchased portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.

     If an Event of Default shall occur and be continuing, there may be declared
due and payable the principal amount of (together with accrued and unpaid
interest on) the Euro Securities, in the manner and with the effect provided in
the Indenture.

     The Holder of this Euro Security (and any Person that has a beneficial
interest in this Euro Security) is entitled to the benefits of an Exchange and
Registration Rights Agreement, dated as of December 1, 1999, and as the same may
be amended from time to time (the "Exchange and Registration Rights Agreement"),
executed by the Issuer.  The Exchange and Registration Rights Agreement provides
that Liquidated Damages will be payable by the Issuer on the Euro Securities for
specified periods if the Issuer does not comply with certain of its obligations
thereunder. Issuer agrees to pay Liquidated Damages, if any, accruing on this
Euro Security.

     The Indenture provides that, subject to certain conditions, if (i) certain
Net Cash Proceeds are available to the Issuer as a result of an Asset Sale or
(ii) a Change of Control occurs, the Issuer shall be required to make an Offer
to Purchase for all or a specified portion of the Euro Securities.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Securities under the Indenture at
any time by the Issuer and the Trustee or Authentication Agent with the consent
of the Holders of a majority in aggregate principal amount of the Securities at
the time Outstanding.  The Indenture also contains provisions permitting the
Holders of specified percentages in aggregate principal amount of the Securities
at the time Outstanding, on behalf of the Holders of all the Securities, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and its consequences.  Any such
consent or waiver by the Holder of this Euro Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Euro Security and
of any Euro 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 Euro Security.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Euro Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or
authentication agent or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee or Authentication Agent written notice
of a continuing Event of Default with respect to the Securities, the Holders of
not less than 25% in principal amount of the Securities at the time Outstanding
shall have made written request to the Trustee or Authentication Agent to
institute proceedings in respect of such Event of Default as Trustee or
Authentication Agent and offered the Trustee or Authentication Agent reasonable
indemnity and the Trustee or Authentication Agent shall not have received from
the Holders of a
<PAGE>

majority in principal amount of Securities at the time Outstanding a direction
inconsistent with such request and shall have failed to institute any such
proceeding for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to certain suits described in the
Indenture, including any suit instituted by the Holder of this Euro Security for
the enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein (or, in the case of
redemption, on or after the Redemption Date or, in the case of any purchase of
this Euro Security required to be made pursuant to an Offer to Purchase, on the
Purchase Date).

     No reference herein to the Indenture and no provision of this Euro Security
or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of (and premium, if any) and
interest on this Euro Security at the times, place and rate, and in the coin or
currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Euro Security is registrable in the Security
Register, upon surrender of this Euro Security for registration of transfer at
the office or agency of the Issuer in the Borough of Manhattan, The City of New
York, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Issuer and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Euro Securities, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

     The Euro Securities are issuable only in registered form without coupons in
denominations of Euro 1,000 and any integral multiple thereof.  As provided in
the Indenture and subject to certain limitations therein set forth, Euro
Securities are exchangeable for a like aggregate principal amount of Euro
Securities of a different authorized denomination, as requested by the Holder
surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Issuer 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 Euro Security for registration of
transfer, the Issuer, the Trustee or Authentication Agent and any agent of the
Issuer or the Trustee or Authentication Agent may treat the Person in whose name
this Euro Security is registered as the owner hereof for all purposes, whether
or not this Euro Security be overdue, and neither the Issuer, the Trustee nor
Authentication Agent nor any such agent shall be affected by notice to the
contrary.

     Interest on this Euro Security shall be computed on the basis of a 360-day
year of twelve 30-day months.

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

     The Indenture and this Euro Security shall be governed by and construed in
accordance with the laws of the State of New York.
<PAGE>

                      OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Euro Security purchased in its entirety
by the Issuer pursuant to Section 1015 or 1016 of the Indenture, check the box:

     [_]

     If you want to elect to have only a part of this Euro Security purchased by
the Issuer pursuant to Section 1015 or 1016 of the Indenture, state the amount:

     Euro _____________

Dated:     Your Signature:__________________________________________________
                          (Sign exactly as name appears on the other side of
                          this Euro Security)

           Signature Guarantee:_____________________________________________
                               (Signature must be guaranteed by an eligible
                               Guarantor Institution (banks, stockbrokers,
                               savings and loan associations and credit unions)
                               with membership in an approved signature
                               medallion program pursuant to Securities and
                               Exchange Commission Rule 17Ad-15.)

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